Distribution Reinvestment & Share Purchase Plan

Our Distribution Reinvestment and Share Purchase Plan (Centerspace Direct) provides participants a convenient way to purchase Centerspace common shares by automatically reinvesting cash distributions on all or a portion of their common shares and units, and to make monthly voluntary cash contributions under the terms of Centerspace Direct.

Key features of this voluntary cash contribution option include:

$250 - $10,000 investment per month

Common shares are purchased on the 5th of each month

A discount*, when applicable**, below the market price (NYSE volume weighted average price) for common shares on the investment date

No cost to purchase shares or additional account maintenance fees

Distribution reinvestment

One time $15 New Account Enrollment Fee, if applicable

As of September 1, 2015, the rates of the discounts described above that will apply on October 1, 2015, and until further notice, beyond, shall be as follows:

Dividend Reinvestment Discount: 0%

Optional Cash Discount: 0%

*The discounts remain subject to the terms of Centerspace Direct.

**The granting of a discount in any one month or quarter will not ensure the availability of a discount or the same discount in future months or quarters. Each month or quarter, we may, at our discretion, adjust or eliminate discounts after providing notice, at least 30 days prior to the next Investment Date, in this Distribution Reinvestment and Share Purchase Plan section of our website. Discounts are, when applicable, granted on newly-issued common shares only, not on shares acquired through open market or privately negotiated transactions.

How To Enroll:

Download and carefully read Centerspace’s Distribution Reinvestment and Share Purchase Plan Prospectus before making any investment decision to enroll in Centerspace Direct.
If you would like to enroll in Centerspace Direct, you will need to complete the following forms:
- New Account Enrollment Form if you are not currently a shareholder or if you would like the shares purchased under the voluntary cash contribution option to be held in a different account.
- IRS Form W-9 if you are completing the New Account Enrollment Form.
- Distribution Reinvestment and Share Purchase Plan Enrollment Form.
- Direct Deposit Form for Cash Distributions if you elect to reinvest less than 100% of your cash distributions and would like the remainder to be directly deposited into a savings or checking account. (Please include the additional documents as requested by the form)
Send the completed forms and requested documents to the following address:

American Stock Transfer and Trust Company, LLC
Investors Real Estate Trust
6201 15th Ave
Brooklyn NY 11219
Phone: 888-200-3167

How To Change or Terminate Enrollment:

If you would like to change or terminate your enrollment in Centerspace Direct, you will need to complete the Distribution Reinvestment and Share Purchase Plan Change in Enrollment Form.
Send the completed form to the following address:

American Stock Transfer and Trust Company, LLC
Investors Real Estate Trust
6201 15th Ave
Brooklyn NY 11219
Phone: 888-200-3167