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EARNINGS PER SHARE (Details)
$ / shares in Units, $ in Thousands
 3 Months Ended 8 Months Ended 12 Months Ended
Dec. 31, 2020
USD ($)
$ / shares
Sep. 30, 2020
USD ($)
$ / shares
Jun. 30, 2020
USD ($)
$ / shares
Mar. 31, 2020
USD ($)
$ / shares
Dec. 31, 2019
USD ($)
$ / shares
Sep. 30, 2019
USD ($)
$ / shares
Jun. 30, 2019
USD ($)
$ / shares
Mar. 31, 2019
USD ($)
$ / shares
Dec. 31, 2018
USD ($)
$ / shares
shares
Dec. 31, 2020
USD ($)
$ / shares
shares
Dec. 31, 2019
USD ($)
$ / shares
shares
Apr. 30, 2018
USD ($)
$ / shares
shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]                        
Ratio of units exchanged for shares                   1    
NUMERATOR                        
Income (loss) from continuing operations – controlling interests                 $ (4,908) $ 4,441 $ 78,669 $ (30,266)
Income (loss) from discontinued operations – controlling interests                 510 0 0 147,054
Net income (loss) attributable to controlling interests $ (4,378) $ 19,629 $ (3,803) $ (7,007) $ 48,658 $ 31,596 $ 3,113 $ (4,698) (4,398) 4,441 78,669 116,788
Dividends to preferred shareholders                 (4,547) (6,528) (6,821) (8,569)
Redemption of preferred shares                 0 297 0  
Redemption of preferred shares                       (3,657)
Net income (loss) available to common shareholders $ (5,985) $ 18,021 $ (5,387) $ (8,439) $ 46,953 $ 29,891 $ 1,407 $ (6,403) (8,945) (1,790) 71,848 104,562
Net (income) loss attributable to noncontrolling interests – Operating Partnership                 (1,032) (212) 6,752 12,702
Dividends to preferred unitholders                 0 640 537 0
Numerator for diluted earnings (loss) per share                 $ (9,977) $ (1,362) $ 79,137 $ 117,264
DENOMINATOR                        
Denominator for basic earnings per share weighted average shares (in shares) | shares                 11,937,000 12,564,000 11,744,000 11,998,000
Effect of redeemable operating partnership units (in shares) | shares                 1,387,000 1,030,000 1,237,000 1,462,000
Effect of Series D preferred units (in shares) | shares                 0 0 193,000 0
Effect of diluted restricted stock awards and restricted stock units (in shares) | shares                 0 0 8,000 0
Denominator for diluted earnings per share (in shares) | shares                 13,324,000 13,594,000 13,182,000 13,460,000
BASIC                        
Earnings (loss) per common share from continuing operations – Investors Real Estate Trust – basic and diluted (in dollars per share) | $ / shares                 $ (0.79) $ (0.15) $ 6.06 $ (3.54)
Earnings (loss) per common share from discontinued operations – basic (in dollars per share) | $ / shares                 0.04 0 0 12.25
NET EARNINGS (LOSS) PER COMMON SHARE – BASIC & DILUTED (in dollars per share) | $ / shares                 (0.75) (0.15) 6.06 8.71
DILUTED                        
Earnings (loss) per common share from continued operations – diluted (in dollars per share) | $ / shares                 (0.79) (0.15) 6.00 (3.54)
Earnings (loss) per common share from discontinued operations - diluted (in dollars per share) | $ / shares                 0.04 0 0 12.25
NET EARNINGS (LOSS) PER COMMON SHARE - DILUTED (in dollars per share) | $ / shares $ (0.46) $ 1.38 $ (0.44) $ (0.67) $ 3.89 $ 2.54 $ 0.11 $ (0.54) $ (0.75) $ (0.15) $ 6.00 $ 8.71
Performance Shares And Restricted Stock Units                        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]                        
Antidilutive securities excluded (in shares) | shares                 25,300,000 26,994 37,822  
Preferred Units                        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]                        
Antidilutive securities excluded (in shares) | shares                   228,000    
Restricted Stock Units (RSU)                        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]                        
Antidilutive securities excluded (in shares) | shares                   13,000    
Weighted Average Stock Options                        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]                        
Antidilutive securities excluded (in shares) | shares                   86,000