CENTERSPACE — Director's Dealing 2021

Jan 5, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: INVESTORS REAL ESTATE TRUST (CSR)
CIK: 0000798359
Period of Report: 2021-01-01

Reporting Person: Kirchmann John (EVP and CFO)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2021-01-01	Restricted Stock Units	$	A	914	Acquired		Common Shares of Beneficial Interest (914)	Direct
2021-01-01	Option (right to buy)	$10.45	A	6220	Acquired	2031-01-01	Common Shares of Beneficial Interest (6220)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares of Beneficial Interest	1897	Indirect
Common Shares of Beneficial Interest	100	Indirect
Common Shares of Beneficial Interest	184	Indirect
Common Shares of Beneficial Interest	11276	Direct

Footnotes

F1: Each restricted stock unit represents a contingent right to receive one IRET common share.

F2: The restricted stock units vest in three equal installments on January 1, 2022; January 1, 2023 and January 1, 2024.

F3: The options vest in four equal installments on January 1, 2022; January 1, 2023, January 1, 2024 and January 1, 2025.