-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 ISKj08jj5B2cJva4uD9GIlv8trKJRHOdjM8j0PitvdRMLh/DuvVNtmJJuw6djR2t
 PEjZtVUKHL4zYFfeY1FdkA==

<SEC-DOCUMENT>0001352287-06-000004.txt : 20060920
<SEC-HEADER>0001352287-06-000004.hdr.sgml : 20060920
<ACCEPTANCE-DATETIME>20060920140643
ACCESSION NUMBER:		0001352287-06-000004
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20060919
FILED AS OF DATE:		20060920
DATE AS OF CHANGE:		20060920

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PALMETTO REAL ESTATE TRUST
		CENTRAL INDEX KEY:			0000075894
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				570405064
		STATE OF INCORPORATION:			SC
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		45 LIBERTY LANE
		CITY:			GREENVILLE
		STATE:			SC
		ZIP:			29607
		BUSINESS PHONE:		8032336007

	MAIL ADDRESS:	
		STREET 1:		45 LIBERTY LA
		CITY:			GREENVILLE
		STATE:			SC
		ZIP:			29607

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PALMETTO INDUSTRIAL CORP
		DATE OF NAME CHANGE:	19730412

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PALMETTO PULP & PAPER CORP
		DATE OF NAME CHANGE:	19690226

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Ables Arthur
		CENTRAL INDEX KEY:			0001352287

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-00179
		FILM NUMBER:		061099883

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		(864)233-6007

	MAIL ADDRESS:	
		STREET 1:		45 LIBERTY LANE
		CITY:			GREENVILLE
		STATE:			SC
		ZIP:			29607
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>primary_doc.xml
<DESCRIPTION>PRIMARY DOCUMENT
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2006-09-19</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000075894</issuerCik>
        <issuerName>PALMETTO REAL ESTATE TRUST</issuerName>
        <issuerTradingSymbol>pttts</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001352287</rptOwnerCik>
            <rptOwnerName>Ables Arthur</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>45 LIBERTY LANE</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>GREENVILLE</rptOwnerCity>
            <rptOwnerState>SC</rptOwnerState>
            <rptOwnerZipCode>29607</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Vice President</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2006-09-19</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>5</transactionFormType>
                <transactionCode>G</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness>
                <value>E</value>
            </transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>900</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>1000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2006-09-19</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>5</transactionFormType>
                <transactionCode>G</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness>
                <value>E</value>
            </transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>900</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>23100</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>Shares owned by wife</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <ownerSignature>
        <signatureName>Arthur Ables by Ted LeCroy POA</signatureName>
        <signatureDate>2006-09-20</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----