<SEC-DOCUMENT>0001437749-19-002691.txt : 20190214
<SEC-HEADER>0001437749-19-002691.hdr.sgml : 20190214
<ACCEPTANCE-DATETIME>20190214190054
ACCESSION NUMBER:		0001437749-19-002691
CONFORMED SUBMISSION TYPE:	5
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20181231
FILED AS OF DATE:		20190214
DATE AS OF CHANGE:		20190214

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Olson Anne
		CENTRAL INDEX KEY:			0001705454

	FILING VALUES:
		FORM TYPE:		5
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35624
		FILM NUMBER:		19609201

	MAIL ADDRESS:	
		STREET 1:		800 LASALLE AVENUE
		STREET 2:		SUITE 1600
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55402

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:			1231

	BUSINESS ADDRESS:	
		STREET 1:		1400 31ST AVENUE SW, SUITE 60
		STREET 2:		PO BOX 1988
		CITY:			MINOT
		STATE:			ND
		ZIP:			58702-1988
		BUSINESS PHONE:		701-837-4738

	MAIL ADDRESS:	
		STREET 1:		1400 31ST AVENUE SW, SUITE 60
		STREET 2:		PO BOX 1988
		CITY:			MINOT
		STATE:			ND
		ZIP:			58702-1988
</SEC-HEADER>
<DOCUMENT>
<TYPE>5
<SEQUENCE>1
<FILENAME>rdgdoc.xml
<DESCRIPTION>FORM 5
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0306</schemaVersion>

    <documentType>5</documentType>

    <periodOfReport>2018-12-31</periodOfReport>

    <form3HoldingsReported>0</form3HoldingsReported>

    <form4TransactionsReported>1</form4TransactionsReported>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001705454</rptOwnerCik>
            <rptOwnerName>Olson Anne</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O INVESTORS REAL ESTATE TRUST</rptOwnerStreet1>
            <rptOwnerStreet2>1400 31ST AVE. SW, SUITE 60</rptOwnerStreet2>
            <rptOwnerCity>MINOT</rptOwnerCity>
            <rptOwnerState>ND</rptOwnerState>
            <rptOwnerZipCode>58702</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isOfficer>1</isOfficer>
            <officerTitle>COO, Gen Counsel and Secretary</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Shares of Beneficial Interest</value>
            </securityTitle>
            <transactionDate>
                <value>2018-06-21</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>5</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness>
                <value>L</value>
            </transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>415</value>
                    <footnoteId id="F1"/>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F2"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>2205</value>
                    <footnoteId id="F1"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Common Shares of Beneficial Interest</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F2"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2018-06-21</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness>
                <value>L</value>
            </transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>415</value>
                    <footnoteId id="F1"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2018-06-21</value>
                <footnoteId id="F3"/>
            </exerciseDate>
            <expirationDate>
                <value>2020-05-01</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Shares of Beneficial Interest</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>1247</value>
                    <footnoteId id="F1"/>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>832</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Effective at the close of market on December 27, 2018, the Issuer effected a 1-for-10 reverse stock split of its issued and outstanding common shares of beneficial interest, resulting in a proportional decrease in the total common shares beneficially owned by the reporting person.  All previously reported restricted stock unit and option grants, option exercise prices, and securities convertible into common stock were proportionally adjusted to reflect the reverse split.  The reporting person will receive cash in lieu of fractional shares in the reverse stock split.</footnote>
        <footnote id="F2">Each restricted stock unit represents a contingent right to receive one share of IRET common stock.</footnote>
        <footnote id="F3">Restricted stock units vest in three cumulative annual installments beginning the date shown.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Anne Olson</signatureName>
        <signatureDate>2019-02-14</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
