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Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington , D.C. 20549 ✔ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 ( d ) OF THE SECURITIES EXCHANGE ACT OF 1934 For the year ended December 31 , 2020 or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 ( d ) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from FORM 10 - K to North Dakota ( State or other jurisdiction of incorporation or organization ) 3100 10th Street SW Minot Commission File Number 001-35624 INVESTORS REAL ESTATE TRUST ( Exact name of Registrant as specified in its charter ) Large accelerated filer Non - accelerated filer Title of each class Common Shares of Beneficial Interest , no par value Series C Cumulative Redeemable Preferred Shares ( Address of principal executive offices ) Post Office Box 1988 ND 701-837-4738 ( Registrant's telephone number , including area code ) Securities registered pursuant to Section 12 ( b ) of the Securities Exchange Act of 1934 : Trading Symbol ( s ) CSR CSR - PRC Securities registered pursuant to Section 12 ( g ) of the Act : None 45-0311232 ( IRS Employer Identification No. ) Accelerated filer Smaller reporting company 58702-1988 ( Zip code ) Name of each exchange on which registered New York Stock Exchange New York Stock Exchange Yes ■ Yes ✔ No Indicate by check mark if the Registrant is a well - known seasoned issuer , as defined in Rule 405 of the Securities Act . Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15 ( d ) of the Exchange Act . Indicate by check mark whether the Registrant : ( 1 ) has filed all reports required to be filed by Section 13 or 15 ( d ) of the Securities Exchange Act of 1934 during the preceding 12 months ( or for such shorter period that the Registrant was required to file such reports ) , and ( 2 ) has been subject to such filing requirements for the past 90 days . Yes No Indicate by checkmark whether the Registrant has submitted electronically and posted on its corporate Website , if any , every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S - T ( §229.405 of this chapter ) during the preceding 12 months ( or for such shorter period that the Registrant was required to submit and post such files ) . Yes No Indicate by check mark whether the Registrant is a large accelerated filer , an accelerated filer , a non - accelerated filer , or a smaller reporting company . See the definitions of " large accelerated filer , " " accelerated filer , " " smaller reporting company ” and “ emerging growth company " in Rule 12b - 2 of the Exchange Act . No Emerging growth company If an emerging growth company , indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13 ( a ) of the Exchange Act . Indicate by check mark whether the Registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404 ( b ) of the Sarbanes - Oxley Act ( 15 U.S.C 7262 ( b ) ) by the registered public accounting firm that prepared or issued its audit report . ✔ Indicate by check mark whether the Registrant is a shell company ( as defined in Rule 12b - 2 of the Exchange Act ) . Yes ✔ No The aggregate market value of the Registrant's outstanding common shares of beneficial interest held by non - affiliates of the Registrant as of June 30 , 2020 was 895,669,484 based on the last reported sale price on the New York Stock Exchange on June 30 , 2020. For purposes of this calculation , the Registrant has assumed that its trustees and executive officers are affiliates . The number of common shares of beneficial interest outstanding as of February 15 , 2021 , was 13,053,065 . References in this Report to the " Company , " " Centerspace , " " we , " " us , " or " our " include consolidated subsidiaries , unless the context indicates otherwise . Documents Incorporated by Reference : Portions of Centerspace's definitive Proxy Statement for its 2021 Annual Meeting of Shareholders will be incorporated by reference into Part III ( Items 10 , 11 , 12 , 13 and 14 ) hereof .