D/B/A Centerspace Watch

from 8-K 94 pages Centerspace, LP 800 Lasalle Avenue, Suite 1600, Minneapolis, Mn 55402 Re: Amendment No. 2 to Note Purchase and Private Shelf Agreement Ladies and Gentlemen

from 8-K 21 pages Guaranty Agreement Dated as of September 17, 2021 Re: $35,000,000 2.50% Series 2021-A Senior Notes Due September 17, 2030 $50,000,000 2.62% Series 2021-B Senior Notes Due September 17, 2031 $25,000,000 2.68% Series 2021-C Senior Notes Due September 17, 2032 $15,000,000 2.78% Series 2021-D Senior Notes Due September 17, 2034 of Centerspace, LP

from 8-K 2 pages [Form of Series 2021-D Note] Centerspace, LP 2.78% Series 2021-D Senior Note Due September 17, 2034

from 8-K 2 pages [Form of Series 2021-C Note] Centerspace, LP 2.68% Series 2021-C Senior Note Due September 17, 2032

from 8-K 2 pages [Form of Series 2021-B Note] Centerspace, LP 2.62% Series 2021-B Senior Note Due September 17, 2031

from 8-K 2 pages [Form of Series 2021-A Note] Centerspace, LP 2.50% Series 2021-A Senior Note Due September 17, 2030

from 8-K 83 pages Centerspace, LP Note Purchase Agreement $125,000,000 2.50% Series 2021-A Senior Notes Due September 17, 2030 2.62% Series 2021-B Senior Notes Due September 17, 2031 2.68% Series 2021-C Senior Notes Due September 17, 2032 2.78% Series 2021-D Senior Notes Due September 17, 2034 Dated as of September 17, 2021

from 8-K 4 pages Confirmation of Guaranty Agreement

from 8-K 3 pages Form Centerspace, LP 2.70% Senior Series C Note Due June 6, 2030

from 8-K 6 pages Centerspace, LP 800 Lasalle Avenue, Suite 1600 Minneapolis, Minnesota 55402 Re: Amendment No. 1 to Note Purchase and Private Shelf Agreement Ladies and Gentlemen

from 10-K 14 pages Description of the Registrant’s Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934

from 8-K 3 pages Shelf Note IRET Properties, a North Dakota Limited Partnership 3.69% Series B Senior Note Due September 30, 2028

from 8-K ~10 pages Guaranty Agreement Dated as of September 13, 2019 Re: $75,000,000 3.84% Series a Senior Notes Due September 13, 2029 of IRET Properties, a North Dakota Limited Partnership

from 8-K 1 page Form of Series a Note IRET Properties, a North Dakota Limited Partnership 3.84% Series a Senior Note Due September 13, 2029

from 8-K 69 pages IRET Properties, a North Dakota Limited Partnership Note Purchase and Private Shelf Agreement $75,000,000 3.84% Series a Senior Notes Due September 13, 2029 and $75,000,000 Private Shelf Facility Dated as of September 13, 2019

from 8-A12B 2 pages Transferable Only on the Books of Investors Real Estate Trust (The “Trust”) (Except as Noted on the Reverse of This Certificate) by the Holder Hereof in Person or by Duly Authorized Attorney Upon Surrender of This Certificate Properly Endorsed. This Certificate and the Shares Represented Hereby Are Issued and Shall Be Held Subject to All of the Provisions of the Articles of Amendment and Third Restated Declaration of Trust of the Trust (The “Declaration of Trust”), Any Articles Supplementary to the Declaration of Trust (The “Articles Supplementary”), the Fifth Restated Trustees’ Regulation (Bylaws) of the Trust (The “Bylaws”), North Dakota Law and Any Amendments Thereto. in Witness Whereof, the Trustees of Said Real Estate Investment Trust Have Caused This Certificate to Be Signed by the Trust’s Duly Authorized Officers This Day of , Cusip No. 035710 870 Executive Vice President and Chief Financial Officer President and Chief Executive Officer Investors Real Estate Trust

from S-3ASR 1 page Indenture or similar

from S-3ASR 49 pages Investors Real Estate Trust, as Issuer, and , as Trustee Indenture Dated as of , 201 Senior Debt Securities Reconciliation and Tie Between Trust Indenture Act of 1939 and Indenture

from S-3 1 page Stock Certificate

from S-3 2 pages Form of Common Share Certificate