John Kirchmann - May 26, 2021 Form 4 Insider Report for INVESTORS REAL ESTATE TRUST (CSR)

Role: EVP and CFO
Signature: Anne Olson, Attorney in Fact for John Kirchmann
Stock symbol: CSR
Transactions as of: May 26, 2021
Transactions value $: -$94,182
Form type: 4
Date filed: 5/28/2021, 01:38 PM
Next filing: Jan 4, 2022

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	CSR	Common Shares of Beneficial Interest	Award	$0	+4.37K	+36.55%	$0.00	16.3K	May 26, 2021	Direct	F1
transaction	CSR	Common Shares of Beneficial Interest	Tax liability	-$94.2K	-1.34K	-8.19%	$70.39	15K	May 26, 2021	Direct
holding	CSR	Common Shares of Beneficial Interest						1.9K	May 26, 2021	By IRA
holding	CSR	Common Shares of Beneficial Interest						184	May 26, 2021	By Daughter IRA
holding	CSR	Common Shares of Beneficial Interest						100	May 26, 2021	By Daughter

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	On July 20, 2018, the reporting person was granted a performance share award based on the Company's total shareholder return ("TSR") compared to the MSCI U.S. REIT Index (the "Index") for the measurement period of May 1, 20218 and April 30, 2021. For the measurement period, the Company's TSR was at the 66th percentile of the Index, resulting in a payout at 162% of target, or 4,372 shares, being earned under the performance share award.

Content

On July 20, 2018, the reporting person was granted a performance share award based on the Company's total shareholder return ("TSR") compared to the MSCI U.S. REIT Index (the "Index") for the measurement period of May 1, 20218 and April 30, 2021. For the measurement period, the Company's TSR was at the 66th percentile of the Index, resulting in a payout at 162% of target, or 4,372 shares, being earned under the performance share award.