Hello, everyone, and welcome to the 20 21 Annual Meeting of Shareholders for Investors Real Estate Trust doing business at CenterSpace. Before we get started, I'd like to go over a few items so you know how to participate in today's meeting. First, you've joined the Annual Meeting via live webcast 2021 using your 16 digit control number. 2nd, at the end of the meeting, you will have the opportunity to submit questions to today's presenters by typing your questions into the questions chat panel of the control panel. You may also send in your questions at any time during the meeting.
We will collect these and address them during the Q and A session at the end of today's shareholders meeting. Lastly, today's meeting is being recorded. I'd now like to introduce Jeff Kyra, Chair of the Board of Trustees of CenterSpace, formerly known as Investors Real Estate Trust.
Thank you, Mark. Good morning, everyone. Welcome to CenterSpace's 51st Annual Meeting of Shareholders. My name is Jeff Kyra and I am Chair with Board of Trustees. We are excited to be hosting our virtual meeting, which allows us to be more inclusive and reach a greater number of our stockholders.
On behalf of the Board and CenterSpace, I want to thank you for your participation in this virtual meeting and your continued interest in the company. As Chair, I will be presiding over the meeting and I hereby call this meeting to order. First, I would like to acknowledge the other current members of the Board of Trustees who are joining us virtually: Michael Dance, Emily Nagle Greene, Linda Hall, 2 of the 2nd, Terry Maxwell, John Schissel and Mary Twine. There are also panelists with us today, Mark Decker, Jr, a fellow Steve, who is also the Chief Executive Officer and President and Anne Olson, Executive Vice President and Chief Operating Officer, who will also act as Secretary of the meeting. I would like to recognize the rest of CenterSpace's employees with us today and thank them for their work on behalf of the company.
I am very grateful for the hard work and commitment they have shown to our mission of providing great homes. Finally, I would like to note the virtual attendance of 2nd question. Grant Thornton LLP, Center Space's independent auditor. Each of you should have received registered online for this meeting. Upon logging on to the meeting website, each of you was presented with an agenda for the meeting and a list of the rules of conduct for the annual meeting.
We ask that you abide by these rules to be fair to the other shareholders present and to allow the meeting to be conducted in an orderly manner. As stated in the rules of conduct, only shareholders may address the meeting. Shareholders can post questions online either before or during the meeting. We ask that you restrict your remarks and questions to the 5 proposals on the agenda. Thank you for your cooperation with these rules.
The Secretary has delivered an affidavit of distribution establishing that notice of this meeting was duly given. A copy of the notice of meeting and the affidavit of distribution will be incorporated into the minutes of this meeting. All shareholders of record at the close of business on March 22, 2021, are entitled to vote at the Annual Meeting. Our first order of business this meeting is to determine whether the shares represented at the meeting, either in person or by proxy, are sufficient to constitute a quorum for the purposes of transacting business. Based on a report from the Secretary, as of March 22, 2021, the record date, there were 13,219,000 845 common shares outstanding.
At the beginning of the meeting, they were represented in person or by proxy 11,000,000 777,807 shares or approximately 85.3% of all shares entitled to vote at this meeting. Accordingly, a quorum is present and I declare the meeting to be duly convened for the purposes of transacting such business as may properly come before it. There are 5 proposals that were presented in the proxy statements of the shareholders for voting: 1, the election of 7 trustees 2, an advisory vote on executive compensation 3, the approval of an amendment to the company's articles of amendment and third restated declaration of trust of Investors Real Estate Trust as amended, to change the name of the company from Investors Real Estate Trust to CenterSpace 4, the approval of an amendment to the amended and restated 2015 incentive plan and 5, the ratification of Grant Thornton LLP as the company's independent auditors for the year ending December 31, 2021. In the first proposal, there are 7 trustees to be elected at the annual meeting, serve for 1 year and until their successors are elected and qualified. On March 12, 2021, Terrence P.
Maxwell notified the Board he was retiring and would not be standing for reelection. With the conclusion of Mr. Maxwell's term, the size of the Board shall be decreased to 7 trustees. The trustees were reviewed by CenterSpace's Nominating and Governance Committee, which is composed of 3 independent trustees. The Nominating and Governance Committee also considers individuals recommended for nomination by shareholders in accordance with the requirements of CenterSpace's bylaws.
No shareholder recommendations were received from shareholders regarding this annual meeting. The Nominating and Governance Committee recommended and the Board approved the nomination of the following 7 individuals to stand for reelection as trustees as set forth in the proxy statement: Jeffrey Kyra, Michael Dance, Mark Decker, Jr, Emily Nagel Green, Linda Hall, John Schissel and Mary Twine. In the second proposal, under the Dodd Frank Wall Street Reform and Consumer Protection Act, CenterSpace's shareholders are entitled to cast an advisory vote at this year's annual meeting to indicate whether they approve the compensation of CenterSpace's named executive officers for the year ended December 31, 2020, as disclosed in this year's proxy statement. This proposal is commonly known as the Say on Pay proposal, and it gives shareholders the opportunity to express their views on the compensation of CenterSpace's named executive officers. The say on pay vote is advisory and therefore not binding on CenterSpace.
However, the Board and the compensation committee value the opinions of shareholders. And to the extent there are a significant number of votes against the named executive officers' compensation, shareholders' concerns will be considered and the compensation committee will evaluate what might be necessary to address those concerns. In the 3rd proposal, the company is requesting that shareholders nineteen amendment to the Company's articles of amendment and 3rd restated declaration of trust as amended. The name change amendment was approved by the Board of Trustees on March 12, 2021, subject to shareholder approval. If this proposal is approved by shareholders, it will officially change the name of the company from Investors Real Estate Trust to CenterSpace.
In the 4th proposal, shareholders are being asked to approve an amendment to CenterSpace's amended and restated 2015 incentive plan, the 2015 plan. Under the amended plan, as described in the proxy statement, CenterSpace will be able to increase the number of shares $200,000 authorized and reserved for issuance by $350,000 increasing the amount from $425,000 $75,000 subject to adjustment as provided therein. If the 2015 plan is not approved by shareholders, The equity awards will continue to be granted under the existing 2015 plan to the extent shares authorized and reserved for issuance thereunder
are available. In the
5th proposal, shareholders are being asked to ratify the appointment of Grant Thornton LLP as the Trust's 2 independent auditor for the current fiscal year as approved by the Board's audit committee. The polls are now open for voting online 18 months, if you have not already voted your shares or if you would like to change your prior vote. If you wish to vote your shares now, you 2nd quarter, we'll need to provide the 16 digit control number provided to you when you access the meeting website. If you are a beneficial shareholder, you will be required to present a legal proxy from your broker in order to vote at the meeting. If you have previously voted by proxy, you do not need to vote today unless you wish to change your vote.
We'll now wait 2, I hereby declare that the polls are now closed. 2nd quarter. For the preliminary vote totals as to Proposal 1, based on a report from the Secretary as of the beginning of the meeting, each of the nominees had received significant support from the shareholders, with each trustee receiving at least seat, the affirmative vote of a majority of the votes of the shareholders present in person or by proxy and entitled to vote for the election of trustees, All of the nominees have been elected as trustees. As to Proposal 2, based on a preliminary report from the Secretary As of the beginning of the meeting, the proposal received substantial support from the shareholders with 8,157,000 537 shares representing 85.57 percent of the shares cast by the shareholders present in person or by proxy voted in the affirmative. Accordingly, this proposal has been approved on an advisory basis.
As to Proposal 3, based on a report from the Secretary, as of the beginning of the year, we ended the year with 913 shares, percent, representing 99.06 percent of the shares cast by the shareholders present in person or by proxy voted in the affirmative 2nd quarter. Accordingly, this proposal has been approved. Ester Proposal 4, based on a report from the Secretary as of the beginning of the meeting, 8,974,000 537 shares, representing 94.11 percent of the shares cast by the shareholders present in person or by proxy voted in the affirmative. Accordingly, this proposal has been approved. As to Proposal 5, Based on a report from the Secretary, as of the beginning of the meeting, 11,203,868 shares, representing 99.45 percent of the shares cast by the shareholders present in person or by proxy 2nd consecutive quarter.
The final vote on each of the proposals will be disclosed in our current report on Form 8 ks to be filed with the SEC no later than 4 business days after this meeting and will be placed on CenterSpace's website. As I mentioned earlier, Terry Maxwell will be retiring from the CenterSpace Board at the conclusion of this annual meeting. On behalf of the Board, I would like to thank Terry for his 8 years of service on behalf of CenterSpace and its shareholders. Terry, your contributions and insights have been invaluable and your presence, not to mention your friendship, will be missed. There being no additional business to be properly brought before the meeting, the annual meeting is hereby officially closed 21 Annual Meeting is hereby adjourned.
On behalf of CenterSpace and the Board, I would like to express our appreciation to the shareholders who attended today's virtual meeting as well as those who submitted their proxies but were not able to attend. We appreciate your interest in the company.
Thank you, Jeff. 2. This is Mark Decker, and we're now going to begin answering any questions submitted during today's shareholder meeting. As a reminder, you can still submit questions through the questions chat panel on the control panel. 2nd question.
All right, Jeff, I'm not seeing any questions. So I believe this concludes the Annual Meeting of Shareholders.
I'm not seeing any either. So, thank you to all the shareholders for attending today's