SECURITIES AND EXCHANGE COMMISSION

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): June 30, 2004

INVESTORS REAL ESTATE TRUST

12 South Main Street
Minot, ND 58701
(Address of principal executive offices)

Registrant’s telephone number, including area code: (701) 837-4738

Table of Contents

Item 7(c). Exhibits

Item 12. Results of Operations and Financial Condition

On June 30, 2004, IRET issued a press release announcing its results of operations and financial condition for the three and twelve months ended April 30, 2004. This press release is attached hereto as Exhibit 99 and is incorporated herein by reference. The information contained in this Current Report is being furnished under Item 12 of Form 8-K.

The attached press release includes a presentation of IRET’s Funds from Operations. IRET believes that Funds from Operations is helpful to investors as a supplemental measure of the operating performance of a real estate company because it provides investors an understanding of the ability of the company to incur and service debt and make capital expenditures. Funds from Operations should be considered along with, but not as an alternative to, net income and cash flows as determined by generally accepted accounting principles and is not necessarily indicative of liquidity.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

June 30, 2004

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