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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0001508544-10-000002.txt : 20101223
<SEC-HEADER>0001508544-10-000002.hdr.sgml : 20101223
<ACCEPTANCE-DATETIME>20101223130228
ACCESSION NUMBER:		0001508544-10-000002
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20101221
FILED AS OF DATE:		20101223
DATE AS OF CHANGE:		20101223

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Holmes Ted E
		CENTRAL INDEX KEY:			0001508544

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-14851
		FILM NUMBER:		101271562

	MAIL ADDRESS:	
		STREET 1:		3015 16TH STREET SW, SUITE 100
		CITY:			MINOT
		STATE:			ND
		ZIP:			58701

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:			0408

	BUSINESS ADDRESS:	
		STREET 1:		3015 16TH STREET SW, SUITE 100
		STREET 2:		PO BOX 1988
		CITY:			MINOT
		STATE:			ND
		ZIP:			58702-1988
		BUSINESS PHONE:		701-837-4738

	MAIL ADDRESS:	
		STREET 1:		3015 16TH STREET SW, SUITE 100
		STREET 2:		PO BOX 1988
		CITY:			MINOT
		STATE:			ND
		ZIP:			58702-1988
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>primary_doc.xml
<DESCRIPTION>PRIMARY DOCUMENT
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0203</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2010-12-21</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001508544</rptOwnerCik>
            <rptOwnerName>Holmes Ted E</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>3015 16TH STREET SW, SUITE 100</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>MINOT</rptOwnerCity>
            <rptOwnerState>ND</rptOwnerState>
            <rptOwnerZipCode>58701</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>SVP, Finance</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Shares of Beneficial Interest</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>334.049</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <ownerSignature>
        <signatureName>/S/ Michelle R. Saari, Attorney-in-Fact</signatureName>
        <signatureDate>2010-12-23</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-24
<SEQUENCE>2
<FILENAME>tholmespoa.htm
<DESCRIPTION>POWER OF ATTORNEY
<TEXT>
<HTML>
<HEAD>
  <META NAME="GENERATOR" CONTENT="Adobe PageMill 3.0 Win">
  <TITLE>POA Ted Eric Holmes</TITLE>
</HEAD>
<BODY BGCOLOR="#ffffff">

<P><CENTER><B>POWER OF ATTORNEY <BR>
</B></CENTER></P>

<P>KNOW ALL BY THESE PRESENTS, that the undersigned (the &quot;Reporting
Person&quot;) hereby constitutes and appoints each of Michael
Bosh, Diane Bryantt, Michelle Saari, Lindsey Knoop Anderson, and
Karin Wentz, signing singly, as the Reporting Person's true and
lawful attorney-in-fact to: <BR>
</P>

<BLOCKQUOTE>
  <P>1. execute for and on behalf of the Reporting Person, in the
  Reporting Person's capacity as an officer and/or trustee of Investors
  Real Estate Trust (the &quot;Company&quot;), Forms 3, 4 and 5
  in accordance with Section 16(a) of the Securities Exchange Act
  of 1934, as amended, and the rules thereunder;<BR>
  </P>
  <P>2. do and perform any and all acts for and on behalf of the
  undersigned which may be necessary or desirable to complete and
  execute any such Form 3, 4 or 5 and timely file such forms with
  the United States Securities and Exchange Commission and any
  stock exchange or other authority where such filing is required;
  and<BR>
  </P>
  <P>3. take any other action of any type whatsoever in connection
  with the foregoing which, in the opinion of such attorney-in-fact,
  may be of benefit to, in the best interest of, or legally required
  of, the Reporting Person. <BR>
  </P>
</BLOCKQUOTE>

<P>The Reporting Person hereby grants to each such attorney-in-fact
full power and authority to do and perform any and every act and
thing whatsoever requisite, necessary, or proper to be done in
the exercise of any of the rights and powers herein granted, as
fully to all intents and purposes as the Reporting Person might
or could do if personally present, with full power of substitution
or revocation, hereby ratifying and confirming all that such attorney-in-fact,
or such attorney-in-fact's substitute or substitutes, shall lawfully
do or cause to be done by the virtue of this power of attorney
and the rights and powers herein granted. The Reporting Person
acknowledges that the foregoing attorneys-in-fact, in serving
in such capacity at the request of the Reporting Person, are not
assuming, nor is the Company assuming, any of the Reporting Person's
responsibilities to comply with Section 16 of the Securities Exchange
Act of 1934. <BR>
</P>

<P>This Power of Attorney shall remain in full force and effect
until the Reporting Person is no longer required to file Forms
3, 4 and 5 with respect to the Reporting Person's holdings of
and transactions in securities issued by the Company, unless earlier
revoked by the Reporting Person in a signed writing delivered
to the foregoing attorneys-in-fact. <BR>
</P>

<P>IN WITNESS WHEREOF, the Reporting Person has caused this Power
of Attorney to be executed as of this 16th day of September, 2009.</P>

<P><U>/s/ Ted E. Holmes<BR>
</U>Reporting Person</P>

<P><U>/s/ Charles A. Greenberg</U><BR>
Witness</P>

<P>&nbsp;

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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