SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Schedule 13G

Under the Securities Exchange Act of 1934
(New)

INVESTORS REAL ESTATE TRUST
(Name of Issuer)

Investment
(Title of Class of Securities)

461730103
(CUSIP Number)

December 31, 2007
(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:

[X] Rule 13d-1(b)

*The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior page.

The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

CUSIP No. 461730103
 ---------

------------------------------------------------------------------------------
 (1) Names of Reporting Persons.
 I.R.S. Identification Nos. of above persons (entities only).

 BARCLAYS GLOBAL INVESTORS, NA., 943112180
------------------------------------------------------------------------------
(2) Check the appropriate box if a member of a Group*
(a) / /
(b) /X/
------------------------------------------------------------------------------
(3) SEC Use Only

------------------------------------------------------------------------------
(4) Citizenship or Place of Organization
 U.S.A.
------------------------------------------------------------------------------
Number of Shares (5) Sole Voting Power
Beneficially Owned 1,646,327
by Each Reporting ------------------------------
Person With (6) Shared Voting Power
 -
 ------------------------------
 (7) Sole Dispositive Power
 2,017,654
 ------------------------------
 (8) Shared Dispositive Power
 -
------------------------------------------------------------------------------
(9) Aggregate Amount Beneficially Owned by Each Reporting Person
 2,017,654
------------------------------------------------------------------------------
(10) Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares*

------------------------------------------------------------------------------
(11) Percent of Class Represented by Amount in Row (9)
 3.57%
------------------------------------------------------------------------------
(12) Type of Reporting Person*
 BK
------------------------------------------------------------------------------



CUSIP No. 461730103
 ---------

------------------------------------------------------------------------------
 (1) Names of Reporting Persons.
 I.R.S. Identification Nos. of above persons (entities only).

 BARCLAYS GLOBAL FUND ADVISORS
------------------------------------------------------------------------------
(2) Check the appropriate box if a member of a Group*
(a) / /
(b) /X/
------------------------------------------------------------------------------
(3) SEC Use Only

------------------------------------------------------------------------------
(4) Citizenship or Place of Organization
 U.S.A.
------------------------------------------------------------------------------
Number of Shares (5) Sole Voting Power
Beneficially Owned 858,095
by Each Reporting ------------------------------
Person With (6) Shared Voting Power
 -
 ------------------------------
 (7) Sole Dispositive Power
 858,095
 ------------------------------
 (8) Shared Dispositive Power
 -
------------------------------------------------------------------------------
(9) Aggregate Amount Beneficially Owned by Each Reporting Person
 858,095
------------------------------------------------------------------------------
(10) Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares*

------------------------------------------------------------------------------
(11) Percent of Class Represented by Amount in Row (9)
 1.52%
------------------------------------------------------------------------------
(12) Type of Reporting Person*
 IA
------------------------------------------------------------------------------




CUSIP No. 461730103
 ---------

------------------------------------------------------------------------------
 (1) Names of Reporting Persons.
 I.R.S. Identification Nos. of above persons (entities only).

 BARCLAYS GLOBAL INVESTORS, LTD
------------------------------------------------------------------------------
(2) Check the appropriate box if a member of a Group*
(a) / /
(b) /X/
------------------------------------------------------------------------------
(3) SEC Use Only

------------------------------------------------------------------------------
(4) Citizenship or Place of Organization
 England
------------------------------------------------------------------------------
Number of Shares (5) Sole Voting Power
Beneficially Owned 3,852
by Each Reporting ------------------------------
Person With (6) Shared Voting Power
 -
 ------------------------------
 (7) Sole Dispositive Power
 3,852
 ------------------------------
 (8) Shared Dispositive Power
 -
------------------------------------------------------------------------------
(9) Aggregate
 3,852
------------------------------------------------------------------------------
(10) Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares*

------------------------------------------------------------------------------
(11) Percent of Class Represented by Amount in Row (9)
 0.01%
------------------------------------------------------------------------------
(12) Type of Reporting Person*
 BK
------------------------------------------------------------------------------

CUSIP No. 461730103
 ---------

------------------------------------------------------------------------------
 (1) Names of Reporting Persons.
 I.R.S. Identification Nos. of above persons (entities only).

 BARCLAYS GLOBAL INVESTORS JAPAN TRUST AND BANKING COMPANY LIMITED
------------------------------------------------------------------------------
(2) Check the appropriate box if a member of a Group*
(a) / /
(b) /X/
------------------------------------------------------------------------------
(3) SEC Use Only

------------------------------------------------------------------------------
(4) Citizenship or Place of Organization
 Japan
------------------------------------------------------------------------------
Number of Shares (5) Sole Voting Power
Beneficially Owned
by Each Reporting ------------------------------
Person With (6) Shared Voting Power
 -
 ------------------------------
 (7) Sole Dispositive Power
 -
 ------------------------------
 (8) Shared Dispositive Power
 -
------------------------------------------------------------------------------
(9) Aggregate
 -
------------------------------------------------------------------------------
(10) Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares*

------------------------------------------------------------------------------
(11) Percent of Class Represented by Amount in Row (9)
 0.00%
------------------------------------------------------------------------------
(12) Type of Reporting Person*
 BK
------------------------------------------------------------------------------

CUSIP No. 461730103
 ---------

------------------------------------------------------------------------------
 (1) Names of Reporting Persons.
 I.R.S. Identification Nos. of above persons (entities only).

 BARCLAYS GLOBAL INVESTORS JAPAN LIMITED
------------------------------------------------------------------------------
(2) Check the appropriate box if a member of a Group*
(a) / /
(b) /X/
------------------------------------------------------------------------------
(3) SEC Use Only

------------------------------------------------------------------------------
(4) Citizenship or Place of Organization
 Japan
------------------------------------------------------------------------------
Number of Shares (5) Sole Voting Power
Beneficially Owned 26,052
by Each Reporting ------------------------------
Person With (6) Shared Voting Power
 -
 ------------------------------
 (7) Sole Dispositive Power
 26,052
 ------------------------------
 (8) Shared Dispositive Power
 -
------------------------------------------------------------------------------
(9) Aggregate
 26,052
------------------------------------------------------------------------------
(10) Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares*
------------------------------------------------------------------------------
(11) Percent of Class Represented by Amount in Row (9)
 0.05%
------------------------------------------------------------------------------
(12) Type of Reporting Person*
 IA
------------------------------------------------------------------------------






CUSIP No. 461730103
 ---------

------------------------------------------------------------------------------
 (1) Names of Reporting Persons.
 I.R.S. Identification Nos. of above persons (entities only).

 BARCLAYS GLOBAL INVESTORS CANADA LIMITED
------------------------------------------------------------------------------
(2) Check the appropriate box if a member of a Group*
(a) / /
(b) /X/
------------------------------------------------------------------------------
(3) SEC Use Only

------------------------------------------------------------------------------
(4) Citizenship or Place of Organization
 Canada
------------------------------------------------------------------------------
Number of Shares (5) Sole Voting Power
Beneficially Owned
by Each Reporting ------------------------------
Person With (6) Shared Voting Power
 -
 ------------------------------
 (7) Sole Dispositive Power
 -
 ------------------------------
 (8) Shared Dispositive Power
 -
------------------------------------------------------------------------------
(9) Aggregate
 -
------------------------------------------------------------------------------
(10) Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares*

------------------------------------------------------------------------------
(11) Percent of Class Represented by Amount in Row (9)
 0.00%
------------------------------------------------------------------------------
(12) Type of Reporting Person*
 IA
------------------------------------------------------------------------------



CUSIP No. 461730103
 ---------

------------------------------------------------------------------------------
 (1) Names of Reporting Persons.
 I.R.S. Identification Nos. of above persons (entities only).

 BARCLAYS GLOBAL INVESTORS AUSTRALIA LIMITED
------------------------------------------------------------------------------
(2) Check the appropriate box if a member of a Group*
(a) / /
(b) /X/
------------------------------------------------------------------------------
(3) SEC Use Only

------------------------------------------------------------------------------
(4) Citizenship or Place of Organization
 Australia
------------------------------------------------------------------------------
Number of Shares (5) Sole Voting Power
Beneficially Owned
by Each Reporting ------------------------------
Person With (6) Shared Voting Power
 -
 ------------------------------
 (7) Sole Dispositive Power
 -
 ------------------------------
 (8) Shared Dispositive Power
 -
------------------------------------------------------------------------------
(9) Aggregate
 -
------------------------------------------------------------------------------
(10) Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares*

------------------------------------------------------------------------------
(11) Percent of Class Represented by Amount in Row (9)
 0.00%
------------------------------------------------------------------------------
(12) Type of Reporting Person*
 IA
------------------------------------------------------------------------------



CUSIP No. 461730103
 ---------

------------------------------------------------------------------------------
 (1) Names of Reporting Persons.
 I.R.S. Identification Nos. of above persons (entities only).

 Barclays Global Investors (Deutschland) AG
------------------------------------------------------------------------------
(2) Check the appropriate box if a member of a Group*
(a) / /
(b) /X/
------------------------------------------------------------------------------
(3) SEC Use Only

------------------------------------------------------------------------------
(4) Citizenship or Place of Organization
 Germany
------------------------------------------------------------------------------
Number of Shares (5) Sole Voting Power
Beneficially Owned
by Each Reporting ------------------------------
Person With (6) Shared Voting Power
 -
 ------------------------------
 (7) Sole Dispositive Power
 -
 ------------------------------
 (8) Shared Dispositive Power
 -
------------------------------------------------------------------------------
(9) Aggregate
 -
------------------------------------------------------------------------------
(10) Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares*

------------------------------------------------------------------------------
(11) Percent of Class Represented by Amount in Row (9)
 0.00%
------------------------------------------------------------------------------
(12) Type of Reporting Person*
 IA
------------------------------------------------------------------------------


ITEM 1(A). NAME OF ISSUER
 INVESTORS REAL ESTATE TRUST
------------------------------------------------------------------------------
ITEM 1(B). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES
 12 Main St South PO Box 1988
 Minnot, ND 58702-1988
------------------------------------------------------------------------------
ITEM 2(A). NAME OF PERSON(S) FILING
 BARCLAYS GLOBAL INVESTORS, NA
------------------------------------------------------------------------------
ITEM 2(B). ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE
 45 Fremont Street
 San Francisco, CA 94105
------------------------------------------------------------------------------
ITEM 2(C). CITIZENSHIP
 U.S.A
------------------------------------------------------------------------------
ITEM 2(D). TITLE OF CLASS OF SECURITIES
 Investment
------------------------------------------------------------------------------
ITEM 2(E). CUSIP NUMBER
 461730103
------------------------------------------------------------------------------
ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO RULES 13D-1(B),
OR 13D-2(B), CHECK WHETHER THE PERSON FILING IS A
(a) // Broker or Dealer registered under Section 15 of the Act
 (15 U.S.C. 78o).
(b) /X/ Bank as defined in section 3(a) (6) of the Act (15 U.S.C. 78c).
(c) // Insurance Company as defined in section 3(a) (19) of the Act
 (15 U.S.C. 78c).
(d) // Investment Company registered under section 8 of the Investment
 Company Act of 1940 (15 U.S.C. 80a-8).
(e) // Investment Adviser in accordance with section 240.13d(b)(1)(ii)(E).
(f) // Employee Benefit Plan or endowment fund in accordance with section
 240.13d-1(b)(1)(ii)(F).
(g) // Parent Holding Company or control person in accordance with section
 240.13d-1(b)(1)(ii)(G).
(h) // A savings association as defined in section 3(b) of the Federal Deposit
 Insurance Act (12 U.S.C. 1813).
(i) // A church plan that is excluded from the definition of an investment
 company under section 3(c)(14) of the Investment Company Act of 1940
 (15U.S.C. 80a-3).
(j) // Group, in accordance with section 240.13d-1(b)(1)(ii)(J)



ITEM 1(A). NAME OF ISSUER
 INVESTORS REAL ESTATE TRUST
------------------------------------------------------------------------------
ITEM 1(B). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES
 12 Main St South PO Box 1988
 Minnot, ND 58702-1988
------------------------------------------------------------------------------
ITEM 2(A). NAME OF PERSON(S) FILING
 BARCLAYS GLOBAL FUND ADVISORS
------------------------------------------------------------------------------
ITEM 2(B). ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE
 45 Fremont Street
 San Francisco, CA 94105
------------------------------------------------------------------------------
ITEM 2(C). CITIZENSHIP
 U.S.A
------------------------------------------------------------------------------
ITEM 2(D). TITLE OF CLASS OF SECURITIES
 Investment
------------------------------------------------------------------------------
ITEM 2(E). CUSIP NUMBER
 461730103
------------------------------------------------------------------------------
ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO RULES 13D-1(B),
OR 13D-2(B), CHECK WHETHER THE PERSON FILING IS A
(a) // Broker or Dealer registered under Section 15 of the Act
 (15 U.S.C. 78o).
(b) // Bank as defined in section 3(a) (6) of the Act (15 U.S.C. 78c).
(c) // Insurance Company as defined in section 3(a) (19) of the Act
 (15 U.S.C. 78c).
(d) // Investment Company registered under section 8 of the Investment
 Company Act of 1940 (15 U.S.C. 80a-8).
(e) /X/ Investment Adviser in accordance with section 240.13d(b)(1)(ii)(E).
(f) // Employee Benefit Plan or endowment fund in accordance with section
 240.13d-1(b)(1)(ii)(F).
(g) // Parent Holding Company or control person in accordance with section
 240.13d-1(b)(1)(ii)(G).
(h) // A savings association as defined in section 3(b) of the Federal Deposit
 Insurance Act (12 U.S.C. 1813).
(i) // A church plan that is excluded from the definition of an investment
 company under section 3(c)(14) of the Investment Company Act of 1940
 (15U.S.C. 80a-3).
(j) // Group, in accordance with section 240.13d-1(b)(1)(ii)(J)
ITEM 1(A). NAME OF ISSUER
 INVESTORS REAL ESTATE TRUST
------------------------------------------------------------------------------
ITEM 1(B). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES
 12 Main St South PO Box 1988
 Minnot, ND 58702-1988
------------------------------------------------------------------------------
ITEM 2(A). NAME OF PERSON(S) FILING
 BARCLAYS GLOBAL INVESTORS, LTD
------------------------------------------------------------------------------
ITEM 2(B). ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE
 Murray House
 1 Royal Mint Court
 LONDON, EC3N 4HH
------------------------------------------------------------------------------
ITEM 2(C). CITIZENSHIP
 England
------------------------------------------------------------------------------
ITEM 2(D). TITLE OF CLASS OF SECURITIES
 Investment
------------------------------------------------------------------------------
ITEM 2(E). CUSIP NUMBER
 461730103
------------------------------------------------------------------------------
ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO RULES 13D-1(B),
OR 13D-2(B), CHECK WHETHER THE PERSON FILING IS A
(a) // Broker or Dealer registered under Section 15 of the Act
 (15 U.S.C. 78o).
(b) /X/ Bank as defined in section 3(a) (6) of the Act (15 U.S.C. 78c).
(c) // Insurance Company as defined in section 3(a) (19) of the Act
 (15 U.S.C. 78c).
(d) // Investment Company registered under section 8 of the Investment
 Company Act of 1940 (15 U.S.C. 80a-8).
(e) // Investment Adviser in accordance with section 240.13d(b)(1)(ii)(E).
(f) // Employee Benefit Plan or endowment fund in accordance with section
 240.13d-1(b)(1)(ii)(F).
(g) // Parent Holding Company or control person in accordance with section
 240.13d-1(b)(1)(ii)(G).
(h) // A savings association as defined in section 3(b) of the Federal Deposit
 Insurance Act (12 U.S.C. 1813).
(i) // A church plan that is excluded from the definition of an investment
 company under section 3(c)(14) of the Investment Company Act of 1940
 (15U.S.C. 80a-3).
(j) // Group, in accordance with section 240.13d-1(b)(1)(ii)(J)

ITEM 1(A). NAME OF ISSUER
 INVESTORS REAL ESTATE TRUST
------------------------------------------------------------------------------
ITEM 1(B). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES
 12 Main St South PO Box 1988
 Minnot, ND 58702-1988
------------------------------------------------------------------------------
ITEM 2(A). NAME OF PERSON(S) FILING
 BARCLAYS GLOBAL INVESTORS JAPAN TRUST AND BANKING COMPANY LIMITED
------------------------------------------------------------------------------
ITEM 2(B). ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE
 Ebisu Prime Square Tower 8th Floor
 1-1-39 Hiroo Shibuya-Ku
 Tokyo 150-0012 Japan
------------------------------------------------------------------------------
ITEM 2(C). CITIZENSHIP
 Japan
------------------------------------------------------------------------------
ITEM 2(D). TITLE OF CLASS OF SECURITIES
 Investment
------------------------------------------------------------------------------
ITEM 2(E). CUSIP NUMBER
 461730103
------------------------------------------------------------------------------
ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO RULES 13D-1(B),
OR 13D-2(B), CHECK WHETHER THE PERSON FILING IS A
(a) // Broker or Dealer registered under Section 15 of the Act
 (15 U.S.C. 78o).
(b) /X/ Bank as defined in section 3(a) (6) of the Act (15 U.S.C. 78c).
(c) // Insurance Company as defined in section 3(a) (19) of the Act
 (15 U.S.C. 78c).
(d) // Investment Company registered under section 8 of the Investment
 Company Act of 1940 (15 U.S.C. 80a-8).
(e) // Investment Adviser in accordance with section 240.13d(b)(1)(ii)(E).
(f) // Employee Benefit Plan or endowment fund in accordance with section
 240.13d-1(b)(1)(ii)(F).
(g) // Parent Holding Company or control person in accordance with section
 240.13d-1(b)(1)(ii)(G).
(h) // A savings association as defined in section 3(b) of the Federal Deposit
 Insurance Act (12 U.S.C. 1813).
(i) // A church plan that is excluded from the definition of an investment
 company under section 3(c)(14) of the Investment Company Act of 1940
 (15U.S.C. 80a-3).
(j) // Group, in accordance with section 240.13d-1(b)(1)(ii)(J)

ITEM 1(A). NAME OF ISSUER
 INVESTORS REAL ESTATE TRUST
------------------------------------------------------------------------------
ITEM 1(B). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES
 12 Main St South PO Box 1988
 Minnot, ND 58702-1988
------------------------------------------------------------------------------
ITEM 2(A). NAME OF PERSON(S) FILING
 BARCLAYS GLOBAL INVESTORS JAPAN LIMITED
------------------------------------------------------------------------------
ITEM 2(B). ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE
 Ebisu Prime Square Tower 8th Floor
 1-1-39 Hiroo Shibuya-Ku
 Tokyo 150-8402 Japan
------------------------------------------------------------------------------
ITEM 2(C). CITIZENSHIP
 Japan
------------------------------------------------------------------------------
ITEM 2(D). TITLE OF CLASS OF SECURITIES
 Investment
------------------------------------------------------------------------------
ITEM 2(E). CUSIP NUMBER
 461730103
------------------------------------------------------------------------------
ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO RULES 13D-1(B),
OR 13D-2(B), CHECK WHETHER THE PERSON FILING IS A
(a) // Broker or Dealer registered under Section 15 of the Act
 (15 U.S.C. 78o).
(b) // Bank as defined in section 3(a) (6) of the Act (15 U.S.C. 78c).
(c) // Insurance Company as defined in section 3(a) (19) of the Act
 (15 U.S.C. 78c).
(d) // Investment Company registered under section 8 of the Investment
 Company Act of 1940 (15 U.S.C. 80a-8).
(e) /X/ Investment Adviser in accordance with section 240.13d(b)(1)(ii)(E).
(f) // Employee Benefit Plan or endowment fund in accordance with section
 240.13d-1(b)(1)(ii)(F).
(g) // Parent Holding Company or control person in accordance with section
 240.13d-1(b)(1)(ii)(G).
(h) // A savings association as defined in section 3(b) of the Federal Deposit
 Insurance Act (12 U.S.C. 1813).
(i) // A church plan that is excluded from the definition of an investment
 company under section 3(c)(14) of the Investment Company Act of 1940
 (15U.S.C. 80a-3).
(j) // Group, in accordance with section 240.13d-1(b)(1)(ii)(J)



ITEM 1(A). NAME OF ISSUER
 INVESTORS REAL ESTATE TRUST
------------------------------------------------------------------------------
ITEM 1(B). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES
 12 Main St South PO Box 1988
 Minnot, ND 58702-1988
------------------------------------------------------------------------------
ITEM 2(A). NAME OF PERSON(S) FILING
 BARCLAYS GLOBAL INVESTORS CANADA LIMITED
------------------------------------------------------------------------------
ITEM 2(B). ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE
 Brookfield Place 161 Bay Street
 Suite 2500, PO Box 614
 Toronto, Canada
 Ontario M5J 2S1
------------------------------------------------------------------------------
ITEM 2(C). CITIZENSHIP
 Canada
------------------------------------------------------------------------------
ITEM 2(D). TITLE OF CLASS OF SECURITIES
 Investment
------------------------------------------------------------------------------
ITEM 2(E). CUSIP NUMBER
 461730103
------------------------------------------------------------------------------
ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO RULES 13D-1(B),
OR 13D-2(B), CHECK WHETHER THE PERSON FILING IS A
(a) // Broker or Dealer registered under Section 15 of the Act
 (15 U.S.C. 78o).
(b) // Bank as defined in section 3(a) (6) of the Act (15 U.S.C. 78c).
(c) // Insurance Company as defined in section 3(a) (19) of the Act
 (15 U.S.C. 78c).
(d) // Investment Company registered under section 8 of the Investment
 Company Act of 1940 (15 U.S.C. 80a-8).
(e) /X/ Investment Adviser in accordance with section 240.13d(b)(1)(ii)(E).
(f) // Employee Benefit Plan or endowment fund in accordance with section
 240.13d-1(b)(1)(ii)(F).
(g) // Parent Holding Company or control person in accordance with section
 240.13d-1(b)(1)(ii)(G).
(h) // A savings association as defined in section 3(b) of the Federal Deposit
 Insurance Act (12 U.S.C. 1813).
(i) // A church plan that is excluded from the definition of an investment
 company under section 3(c)(14) of the Investment Company Act of 1940
 (15U.S.C. 80a-3).
(j) // Group, in accordance with section 240.13d-1(b)(1)(ii)(J)


ITEM 1(A). NAME OF ISSUER
 INVESTORS REAL ESTATE TRUST
------------------------------------------------------------------------------
ITEM 1(B). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES
 12 Main St South PO Box 1988
 Minnot, ND 58702-1988
------------------------------------------------------------------------------
ITEM 2(A). NAME OF PERSON(S) FILING
 BARCLAYS GLOBAL INVESTORS AUSTRALIA LIMITED
------------------------------------------------------------------------------
ITEM 2(B). ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE
 Level 43, Grosvenor Place, 225 George Street
 PO Box N43
 Sydney, Australia NSW 1220

------------------------------------------------------------------------------
ITEM 2(C). CITIZENSHIP
 Australia
------------------------------------------------------------------------------
ITEM 2(D). TITLE OF CLASS OF SECURITIES
 Investment
------------------------------------------------------------------------------
ITEM 2(E). CUSIP NUMBER
 461730103
------------------------------------------------------------------------------
ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO RULES 13D-1(B),
OR 13D-2(B), CHECK WHETHER THE PERSON FILING IS A
(a) // Broker or Dealer registered under Section 15 of the Act
 (15 U.S.C. 78o).
(b) // Bank as defined in section 3(a) (6) of the Act (15 U.S.C. 78c).
(c) // Insurance Company as defined in section 3(a) (19) of the Act
 (15 U.S.C. 78c).
(d) // Investment Company registered under section 8 of the Investment
 Company Act of 1940 (15 U.S.C. 80a-8).
(e) /X/ Investment Adviser in accordance with section 240.13d(b)(1)(ii)(E).
(f) // Employee Benefit Plan or endowment fund in accordance with section
 240.13d-1(b)(1)(ii)(F).
(g) // Parent Holding Company or control person in accordance with section
 240.13d-1(b)(1)(ii)(G).
(h) // A savings association as defined in section 3(b) of the Federal Deposit
 Insurance Act (12 U.S.C. 1813).
(i) // A church plan that is excluded from the definition of an investment
 company under section 3(c)(14) of the Investment Company Act of 1940
 (15U.S.C. 80a-3).
(j) // Group, in accordance with section 240.13d-1(b)(1)(ii)(J)

ITEM 1(A). NAME OF ISSUER
 INVESTORS REAL ESTATE TRUST
------------------------------------------------------------------------------
ITEM 1(B). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES
 12 Main St South PO Box 1988
 Minnot, ND 58702-1988
------------------------------------------------------------------------------
ITEM 2(A). NAME OF PERSON(S) FILING
 Barclays Global Investors (Deutschland) AG
------------------------------------------------------------------------------
ITEM 2(B). ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE
 Apianstrasse 6
 D-85774
 Unterfohring, Germany
------------------------------------------------------------------------------
ITEM 2(C). CITIZENSHIP
 Germany
------------------------------------------------------------------------------
ITEM 2(D). TITLE OF CLASS OF SECURITIES
 Investment
------------------------------------------------------------------------------
ITEM 2(E). CUSIP NUMBER
 461730103
------------------------------------------------------------------------------
ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO RULES 13D-1(B),
OR 13D-2(B), CHECK WHETHER THE PERSON FILING IS A
(a) // Broker or Dealer registered under Section 15 of the Act
 (15 U.S.C. 78o).
(b) // Bank as defined in section 3(a) (6) of the Act (15 U.S.C. 78c).
(c) // Insurance Company as defined in section 3(a) (19) of the Act
 (15 U.S.C. 78c).
(d) // Investment Company registered under section 8 of the Investment
 Company Act of 1940 (15 U.S.C. 80a-8).
(e) /X/ Investment Adviser in accordance with section 240.13d(b)(1)(ii)(E).
(f) // Employee Benefit Plan or endowment fund in accordance with section
 240.13d-1(b)(1)(ii)(F).
(g) // Parent Holding Company or control person in accordance with section
 240.13d-1(b)(1)(ii)(G).
(h) // A savings association as defined in section 3(b) of the Federal Deposit
 Insurance Act (12 U.S.C. 1813).
(i) // A church plan that is excluded from the definition of an investment
 company under section 3(c)(14) of the Investment Company Act of 1940
 (15U.S.C. 80a-3).
(j) // Group, in accordance with section 240.13d-1(b)(1)(ii)(J)


ITEM 4. OWNERSHIP

Provide the following information regarding the aggregate number and
percentage of the class of securities of the issuer identified in Item 1.

(a) Amount Beneficially Owned:
 2,905,653
------------------------------------------------------------------------------

(b) Percent of Class:
 5.14%
------------------------------------------------------------------------------

(c) Number of shares as to which such person has:
 (i) sole power to vote or to direct the vote
 2,534,326
 ----------------------------------------------------------------
 (ii) shared power to vote or to direct the vote
 -
 ----------------------------------------------------------------
 (iii) sole power to dispose or to direct the disposition of
 2,905,653
 ----------------------------------------------------------------
 (iv) shared power to dispose or to direct the disposition of
 -
 ----------------------------------------------------------------
ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS
If this statement is being filed to report the fact that as of the date hereof
the reporting person has ceased to be the beneficial owner of more than five
percent of the class of securities, check the following. //
ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON
 The shares reported are held by the company in trust accounts for the
 economic benefit of the beneficiaries of those accounts. See also
 Items 2(a) above.
ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY
WHICH ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT
HOLDING COMPANY
 Not applicable
ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP Not applicable

ITEM 9. NOTICE OF DISSOLUTION OF GROUP
 Not applicable

ITEM 10. CERTIFICATION

 (a) The following certification shall be included if the statement
 is filed pursuant to section 240.13d-1(b):

 By signing below I certify that, to the best of my knowledge
 and belief, the securities referred to above were acquired and
 are held in the ordinary course of business and were not
 acquired and are not held for the purpose of or with the effect
 of changing or influencing the control of the issuer of the
 securities and were not acquired and are not held in connection
 with or as a participant in any transaction having that purpose
 or effect.

 (b) The following certification shall be included if the statement
 is filed pursuant to section 240.13d-1(c):

 By signing below I certify that, to the best of my knowledge
 and belief, the securities referred to above were not acquired
 and are not held for the purpose of or with the effect of
 changing or influencing the control of the issuer of the
 securities and were not acquired and are not held in connection
 with or as a participant in any transaction having that purpose
 or effect.

 SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.

 January 10, 2008
 ---------------------------------------
 Date

 ---------------------------------------
 Signature

 Jeff Medeiros
 Principal
 ---------------------------------------
 Name/Title

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