Investors Real Estate Trust : Investor Presentation - January 2021

Investor Presentation

January 2021

SAFE HARBOR STATEMENT AND LEGAL DISCLOSURE

Certain statements in this presentation are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from expected results. These statements may be identified by our use of words such as "expects," "plans," "estimates," "anticipates," "projects," "intends," "believes," and similar expressions that do not relate to historical matters. Such risks, uncertainties, and other factors include, but are not limited to, changes in general and local economic and real estate market conditions, rental conditions in our markets, fluctuations in interest rates, the effect of government regulations, the availability and cost of capital and other financing risks, risks associated with our value-add and redevelopment opportunities, the failure of our property acquisitions and disposition activities to achieve expected results, competition in our markets, our ability to attract and retain skilled personnel, our ability to maintain our tax status as a real estate investment trust (REIT), and those risks and uncertainties detailed from time to time in our filings with the Securities and Exchange Commission, including the "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" contained in our Form 10- K for the period ended December 31, 2019. We assume no obligation to update or supplement forward- looking statements that become untrue due to subsequent events.

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IRET IS NOW CENTERSPACE

Better Every Days

A lot has changed since our business began, and our new name is a reflection of who we have become.

The rebrand of the company reflects our mission to provide great homes for our residents, our teams, and our investors. It is about coming together for the benefit of everyone - something in which each and every member of our team believes.

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"The new name and brand platform embody our desire to provide better every days for our residents and team as we work to create belonging, satisfaction, purpose, and growth. This is our way forward. We are proud of our previous 50 years and are excited for the future as Centerspace."

-Mark O. Decker, Jr, President and CEO

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COMPANY SNAPSHOT

F o c u s e d o n G r o w t h i n M u l t i f a m i l y

PORTFOLIO SUMMARY

• Founded in 1970, celebrating 50 Years
• Apartment owner/operator with 12,166(1) homes
• Publicly traded since 1997
• Portfolio transformation from diversified to focused multifamily from 2017-2019
• Total capitalization of $1.7 billion(2)
• Added to the S&P SmallCap 600 Index in 2020

Multifamily and Other % of Gross Real Estate Assets

Multifamily

Other

100%

50%

0%

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

1. Includes Union Pointe acquired in January 2021
2. See page 12 for breakdown

Differentiated

Markets

Internal Growth

Opportunity

Value-Add

Opportunity

Balance Sheet

Flexibility

Experienced

Leadership

Strong Midwest markets led by

Minneapolis and Denver

Nashville a new target market

Enhanced operating platform

Deep value-add pipeline

Strong balance sheet with sufficient

liquidity to capitalize on future

opportunities

High caliber management and board

executing a sound strategic plan

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