Form 4 - Investors Real Estate Trust - Diane K. Bryantt

U.S. Securities & Exchange Commission
Washington, D.C. 20549

FORM 4

Statement of Changes in 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 Act of 1935 or
Section 30(f) of the Investment Company Act of 1940


1. Name and Business Address of Reporting Person

LAST

Bryantt

FIRST

Diane

MIDDLE

K.

STREET

18 Kittelson Drive

CITY

Burlington

STATE

North Dakota

ZIP

58722


2. State of Incorporation

N/A

3. If an amendment, give date of statement amended. (Month/Day/Year)

N/A

4. Name of Company

Investors Real Estate Trust SEC File No. #0-14851

5. IRS or SS identifying number of reporting person

501-76-7043

6. Statement for Calendar Month of (Month/Year)

January/2002

7. Date of Last Previous Statement (Month/Day/Year)

12/31/01

8. Relationships of Reporting Person to Company

Secretary & Chief Financial Officer

TABLE I. Securities Bought, Sold or Otherwise Acquired or Disposed of

Furnish the information required by the following table as to securities of the company bought or sold or otherwise acquired or disposed of by the reporting person during the month for which this statement is filed (See Instruction 5) and as to securities of the company beneficially owned, directly or indirectly, at the end of the month. However, transaction involving the acquisition or disposition of puts, calls, options or other rights or obligations to buy or sell securities of the company shall be reported in Table II.

1.
Title of
Securities		 2.
(FOR
SEC USE
ONLY)		 3.
Date of
Transaction		 4.
Amount of
Securities
Acquired		 5.
Amount of
Securities
Disposed of		 6.
Character of
Transaction
Reported		 7.
Purchase or
Sale Price
Per Share or
Other Unit		 8.
Amount
Owned at
End of
Month		 9.
Nature of
Ownership of
Securities
Owned at End
of Month
Shares of Beneficial Interest   01/17/02

37.491

N/A
 Share Dividend

8.80

--
 PSP 401K at 1st Western Bank, Minot, ND
                 
Shares of Beneficial Interest   

01/31/02

24.062

N/A
 Purchase

8.312

2,260.994

 PSP 401K at 1st Western Bank, Minot, ND
                 
Shares of Beneficial Interest   

01/17/02 

3.724 

N/A
 Share Dividend

8.80

222.173

 Owned with husband and JT
                 
Shares of Beneficial Interest   

01/17/02 

18.576

N/A
 Share Dividend

 8.80

1,108.396

 Sole Owner
                 
Shares of Beneficial Interest   

01/17/02 

 1.033

N/A
 Share Dividend

8.80

61.616

 IRA in husband's name at 1st Western Bank


Form 4 (Continued)


TABLE II. Puts, Calls, Options and Other Rights or Obligations

If during the month for which this statement is filed the reporting person acquired or disposed of any put, call, option or other right or obligation (all hereinafter referred to as "options") to buy or sell, or be required to buy or sell, securities of the company, furnish the information required by the following table. (See Instruction 5) However, the acquisition or disposition of transferable warrants issued by the company are to be reported in Table I. Options exempted by Rule 16a-6 need not be reported.

1.
Title of
Securities
Subject to
Option		 2.
(FOR SEC
USE ONLY)		 3.
Date of
Transaction		 4.
Nature of
Option		 5.
Amount of
Securities
Subject to
Option		 6.
Character of
Transaction,
if any,
Reported		 7.
Purchase or
Sale Price of
Securities
Subject to
Option		 8.
Date of
Expiration
of Option

Explanation of items in Tables:

N/A

Date of Statement:

January 31, 2002

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