-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 M1a0R2Ao1qvIeCU7KTE2vX3zLEOm4cwtdrs6RrrpAF0eDDhW/lZ7O1ZlEuzUyBrp
 cf1c0sYtn8ClrRtpP+546w==

<SEC-DOCUMENT>0001232569-03-000001.txt : 20030513
<SEC-HEADER>0001232569-03-000001.hdr.sgml : 20030513
<ACCEPTANCE-DATETIME>20030513171300
ACCESSION NUMBER:		0001232569-03-000001
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030501
FILED AS OF DATE:		20030513

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:			HOYT STEVEN B
		CENTRAL INDEX KEY:			0001232569

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-14851
		FILM NUMBER:		03696294

	BUSINESS ADDRESS:	
		STREET 1:		2865 LITTLE ORCHARD WAY
		CITY:			ORONO
		STATE:			MN
		ZIP:			55391
		BUSINESS PHONE:		9522490688

	MAIL ADDRESS:	
		STREET 1:		2865 LITTLE ORCHARD WAY
		CITY:			ORONO
		STATE:			MN
		ZIP:			55391
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>primary_doc.xml
<DESCRIPTION>PRIMARY DOCUMENT
<TEXT>
<XML>
<?xml version="1.0"?>

<ownershipDocument>

    <documentType>3</documentType>

    <periodOfReport>2003-05-01</periodOfReport>


    <noSecuritiesOwned>0</noSecuritiesOwned>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001232569</rptOwnerCik>
            <rptOwnerName>HOYT STEVEN B</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>  </rptOwnerStreet1>
            <rptOwnerStreet2>  </rptOwnerStreet2>
            <rptOwnerCity>  </rptOwnerCity>
            <rptOwnerState>  </rptOwnerState>
            <rptOwnerZipCode>  </rptOwnerZipCode>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeSecurity>
        <securityTitle>
            <value>Shares of Beneficial Interest</value>
        </securityTitle>
        <transactionAmounts>
            <transactionShares>
                <value>42498</value>
            </transactionShares>
        </transactionAmounts>
        <ownershipNature>
            <directOrIndirectOwnership>
                <value>D</value>
                <footnoteId id="F1"/>
            </directOrIndirectOwnership>
        </ownershipNature>
    </nonDerivativeSecurity>

    <footnotes>
        <footnote id="F1">owned with wife as TC</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>Steven B. Hoyt</signatureName>
        <signatureDate>2003-05-01</signatureDate>
    </ownerSignature>

</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----