FORM 4

FORM 4

___Check this box if no longer
        subject to Section 16.  Form 4 or
        Form 5 obligations may continue.
        See Instruction 1(b).
      (Print or Type Responses)

 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility
Holding Company At of 1935 or Section 30(h) of the Investment Company Act of 1940

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Expires:           January 31, 2005
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hours per response….............0.5

 

1.  Name and Address of Reporting Person*

Bryantt, Diane K.

2.  Issuer Name and Ticker or Trading Symbol

Investors Real Estate Trust / IRETS

6.  Relationship of Reporting Persons(s) to Issuer
     (Check all applicable)

_____Director                                     ____10% Owner
__X__Officer (give title below)                ____Other (Specify below)

Senior Vice President & Chief Financial Officer

(Last)                    (First)                (Middle)

18 Kittelson Drive

3.  I.R.S.          
     Identification
     Number of     
     Reporting
     Person, if an
     entity
     (Voluntary)

501-76-7043

4.  Statement for
     Month/Day/Year

10/01/2002


7.  Individual or Joint/Group Filing
     (Check Applicable Line)


_____Form filed by One Reporting Person
__X__Form filed by More than One Reporting Person

(Street)

Burlington, North Dakota 58722

5.  If Amendment,
     Date of Original
     (Month/Day/Year)

N/A

(City)                   (State)                      (Zip)

 

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.  Title of Security
     (Instr. 3)

 

2.  Trans-
     action
     Date
     (Month/
     Day/
     Year)

2A.
     Deemed
     Execution
     Date, if
     any
     (Month/
     Day/
     Year)

3.  Trans-
     action
     Code
     (Instr. 8)

4.  Securities Acquired (A)
     or Disposed of (D)
     (Instr. 3, 4 and 5)

 5. Amount of
    Securities
    Beneficially
    Owned
    Following
    Reported
    Transactions(s)
    (Instr. 3 and 4)

6.  Owner-
     ship
     Form:
     Direct
     (D) or
     Indirect
     (I)
     (Instr. 4)

7.  Nature of
     Indirect
     Beneficial
     Owner-
     Ship
     (Instr. 4)

Code

V

Amount

(A)
or
(D)

Price

IRET Shares of Beneficial Interest

10/01/02

-

P

 

38.914

A

9.975

-

D

401K PSP

IRET Shares of Beneficial Interest

 10/08/02

-

P

 

11.080

A

9.025

2,538.240

D

401K PSP

IRET Shares of Beneficial Interest

 10/01/02

-

P

 

23.245

A

9.975

1,509.595

D

JT with Husband

IRET Shares of Beneficial Interest

10/01/02

-

P

 

2.401

A

9.975

155.909

I

Husband's IRA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reminder:  Report on a separate line for each class of securities beneficially owned directly or indirectly.
*  If the form is filed by more than one reporting person, see Instruction 4(b)(v).

 

Persons who respond to the collection of information contained in this form are not required to
respond unless the form displays a currently valid OMB control number.

(Over)
SEC 1474 (9-02)

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FORM 4 (continued)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1.  Title of     
     Derivative
     Security
     (Instr. 3)

2.  Conver-
     sion or
     Exercise
     Price of
     Deri-
     vative
     Security

3.  Trans-
     action
     Date 
     (Month/
     Day/
     Year)

3A.
    Deemed     Execution     Date, if any     (Month/
    Day/
    Year)

4.  Trans-
     action     
     Code                (Instr. 8)

5.  Number of
     Derivative     
     Securities     
     Acquired (A)
     or Disposed of
     (D) (Instr. 3, 4,
     and 5)

6.  Date Exer-    
     cisable and     
     Expiration     
     Date                   
     (Month/Day/
     Year)

7.  Title and Amount of
     Underlying Securities
     (Instr. 3 and 4)

8.  Price
     of
     Deriv-
     ative
     Secur-
     ity
     (Instr.  
     5)

9.  Number
     of deriv-
     ative
     Secur-
     ities
     Bene-
     ficially   
     Owned           Follow-
     ing
     Reported
     Trans-
     actions(s)
     (Instr. 4)

10.Owner-
     ship
     Form of
     Deriv-
     ative
     Security:
     Direct
     (D) or
     Indirect
     (I)
     (Instr. 4)

11.Nature
     of     
     Indirect           Benefi-
     cial     
     Owner-
     ship
     (Instr. 4)

Code

V

 

 

(A)

(D)

Date
Exer-
cisable

Expir-
ation
Date

Title

 

Amount or
Number of
Shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Explanation of Responses:

 

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations.
        See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note:      File three copies of this Form, one of which must be manually signed.  If space is insufficient,
                See Instruction 6 of procedure.

Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

/S/ Thomas A. Wentz, Sr.                                   
**Signature of Reporting Person

October 11, 2002
Date

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