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SUBSEQUENT EVENTS | 9 Months Ended
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Jan. 31, 2013
SUBSEQUENT EVENTS [Abstract] |
SUBSEQUENT EVENTS | NOTE 12 • SUBSEQUENT EVENTS Common and Preferred Share Distributions. On March 6, 2013, the Company's Board of Trustees declared a regular quarterly distribution of 13.00 cents per share and unit on the Company's common shares of beneficial interest and the limited partnership units of IRET Properties, payable April 1, 2013, to shareholders and unitholders of record on March 18, 2013. Also on March 6, 2013, the Company's Board of Trustees declared a distribution of 51.56 cents per share on the Company's Series A preferred shares of beneficial interest, payable April 1, 2013 to Series A preferred shareholders of record on March 18, 2013, and declared a distribution of 49.68 cents per share on the Company's Series B preferred shares of beneficial interest, payable April 1, 2013 to Series B preferred shareholders of record on March 18, 2013. Pending Acquisitions. The Company has signed purchase agreements to acquire the following properties:
· | a nine-building, 336-unit multi-family residential property in Omaha, Nebraska, on approximately 18.5 acres of land, for a purchase price of approximately $28.3 million, to be paid in cash;
· | a 71-unit multi-family residential property in Rapid City, South Dakota, on approximately 3.5 acres, for a purchase price totaling $6.2 million, of which approximately $2.8 million would be paid in cash, with the remainder paid in limited partnership units of the Operating Partnership valued at approximately $3.4 million;
· | an approximately 18.2 acre parcel of land in Bismarck, North Dakota, for a purchase price of $3.3 million, to be paid in cash; the purchase includes an existing approximately 16,844 square foot community center that is expected to be incorporated into the multi-family residential development project the Company currently plans for this parcel;
· | an approximately 10-acre parcel of vacant land in Grand Forks, North Dakota, for a purchase price of $1.6 million, to be paid in cash; and
· | an approximately 0.7 acre parcel of vacant land in Minot, North Dakota, adjacent to the Company's Chateau Apartments property, for a purchase price of approximately $172,000, to be paid in cash.
These pending acquisitions are subject to various closing conditions and contingencies, and no assurances can be given that any of these transactions will be completed on the terms currently proposed, or at all. Development Project. Subsequent to the end of the third quarter of fiscal year 2013, the Company entered into a joint venture agreement to construct a multi-family residential project in Williston, North Dakota. The Company's joint venture partner in this proposed project is also the Company's partner in the Company's Williston Garden Apartments project. The Company will own approximately 70% of the project, subject to final project costs. The project is expected to consist of five buildings with approximately 288 units in total, for an expected total cost of $62.4 million. Construction is expected to commence in March 2013, with expected completion in September 2014. The project site is approximately 14.5 acres of an approximately 40-acre parcel of land purchased in April 2012. This proposed development project is subject to various contingencies, and no assurances can be given that the project will be completed in the time frame or on the terms currently proposed, or at all.

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- Definition Tabular disclosure of significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, losses resulting from fire or flood, losses on receivables, significant realized and unrealized gains and losses that result from changes in quoted market prices of securities, declines in market prices of inventory, changes in authorized or issued debt (SEC), significant foreign exchange rate changes, substantial loans to insiders or affiliates, significant long-term investments, and substantial dividends not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 5 -Paragraph 11 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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