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

OMB APPROVAL

OMB Number:            3235-0287
Expires:           January 31, 2005
     Estimated average burden
hours per response….............0.5

1. Name and Address of Reporting Person*

Jones, Patrick G.

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
_____Officer (give title below) ____Other (Specify below)

____________________________

(Last) (First) (Middle)

PO Box 179

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

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

IRET Shares of Beneficial Interest

10/01/02

151.129

9.975

9,814.634

IRA @ 1st Western

IRET Shares of Beneficial Interest

10/01/02

147.218

9.975

9,560.670

Wife's IRA @ 1st Western

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)

Page 1

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

(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

Page 2

INVESTORS REAL ESTATE TRUST 4