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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1. Name and Address of Reporting Person*

Wentz, Jr., Thomas A.

2. Issuer Name and Ticker or Trading Symbol

Investors Real Estate Trust / IRETS

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

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

Senior Vice President & General Counsel

(Last) (First) (Middle)

PO Box 1988

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

###-##-####

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)

Minot, North Dakota 58702-1988

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

Amount

(A)
or
(D)

Price

INVESTORS REAL ESTATE TRUST 4