-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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<SEC-DOCUMENT>0001052952-04-000003.txt : 20040322
<SEC-HEADER>0001052952-04-000003.hdr.sgml : 20040322
<ACCEPTANCE-DATETIME>20040322114251
ACCESSION NUMBER:		0001052952-04-000003
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040318
FILED AS OF DATE:		20040322

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INVESTORS REAL ESTATE TRUST
		CENTRAL INDEX KEY:			0000798359
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				450311232
		STATE OF INCORPORATION:			ND
		FISCAL YEAR END:			0430

	BUSINESS ADDRESS:	
		STREET 1:		12 S MAIN STREET
		STREET 2:		SUITE 100
		CITY:			MINOT
		STATE:			ND
		ZIP:			58701
		BUSINESS PHONE:		701-837-4738

	MAIL ADDRESS:	
		STREET 1:		PO BOX 1988
		STREET 2:		SUITE 100
		CITY:			MINOT
		STATE:			ND
		ZIP:			58702-1988

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			FEIST DANIEL
		CENTRAL INDEX KEY:			0001052952
		STATE OF INCORPORATION:			ND
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-14851
		FILM NUMBER:		04681539

	BUSINESS ADDRESS:	
		STREET 1:		C/O INVESTORS REAL ESTATE TRUST
		STREET 2:		12 SOUTH MAIN STREET
		CITY:			MINOT
		STATE:			ND
		ZIP:			58701
		BUSINESS PHONE:		701-837-4738

	MAIL ADDRESS:	
		STREET 1:		C/O INVESTORS REAL ESTATE TRUST
		STREET 2:		12 SOUTH MAIN STREET
		CITY:			MINOT
		STATE:			ND
		ZIP:			58701
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>primary_doc.xml
<DESCRIPTION>PRIMARY DOCUMENT
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2004-03-18</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000798359</issuerCik>
        <issuerName>INVESTORS REAL ESTATE TRUST</issuerName>
        <issuerTradingSymbol>IRETS</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001052952</rptOwnerCik>
            <rptOwnerName>FEIST DANIEL</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O INVESTORS REAL ESTATE TRUST</rptOwnerStreet1>
            <rptOwnerStreet2>12 SOUTH MAIN STREET</rptOwnerStreet2>
            <rptOwnerCity>MINOT</rptOwnerCity>
            <rptOwnerState>ND</rptOwnerState>
            <rptOwnerZipCode>58701</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Shares of Beneficial Interest</value>
            </securityTitle>
            <transactionDate>
                <value>2004-03-18</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>5</transactionFormType>
                <transactionCode>G</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F1"/>
            </transactionCoding>
            <transactionTimeliness>
                <value>E</value>
            </transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>1500</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>239171.292</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Shares of Beneficial Interest</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>423208.64</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                    <footnoteId id="F2"/>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Shares of Beneficial Interest</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>16462.924</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                    <footnoteId id="F3"/>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Shares of Beneficial Interest</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>129358.871</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>Owned by wife, Regina Feist.</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Shares of Beneficial Interest</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>18260.088</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>BNC Partnership FBO Regina Feist IRA</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">Gift to family member not in the same household.</footnote>
        <footnote id="F2">BNC Partnership FBO American Memorial Life Annuity Contracts for Daniel L. Feist.</footnote>
        <footnote id="F3">BNC Partnership FBO Daniel Feist IRA.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>Michelle R. Saari as Power of Attorney for Daniel L. Feist dated November 19, 2003</signatureName>
        <signatureDate>2004-03-22</signatureDate>
    </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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