CENTERSPACE - Director's Dealing 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: Olson Anne (COO, Gen Counsel and Secretary)

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2021-01-01	Restricted Stock Units	$	A	1619	Acquired		Common Shares of Beneficial Interest (1619)	Direct
2021-01-01	Option (right to buy)	$10.45	A	11024	Acquired	2031-01-01	Common Shares of Beneficial Interest (11024)	Direct

Security	Shares	Ownership
Common Shares of Beneficial Interest	4938	Direct

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.