<SEC-DOCUMENT>0000798359-13-000097.txt : 20130909
<SEC-HEADER>0000798359-13-000097.hdr.sgml : 20130909
<ACCEPTANCE-DATETIME>20130909163104
ACCESSION NUMBER:		0000798359-13-000097
CONFORMED SUBMISSION TYPE:	10-Q
PUBLIC DOCUMENT COUNT:		11
CONFORMED PERIOD OF REPORT:	20130731
FILED AS OF DATE:		20130909
DATE AS OF CHANGE:		20130909

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INVESTORS REAL ESTATE TRUST
		CENTRAL INDEX KEY:			0000798359
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				450311232
		STATE OF INCORPORATION:			ND
		FISCAL YEAR END:			0430

	FILING VALUES:
		FORM TYPE:		10-Q
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35624
		FILM NUMBER:		131085929

	BUSINESS ADDRESS:	
		STREET 1:		1400 31ST AVENUE SW, SUITE 60
		STREET 2:		PO BOX 1988
		CITY:			MINOT
		STATE:			ND
		ZIP:			58702-1988
		BUSINESS PHONE:		701-837-4738

	MAIL ADDRESS:	
		STREET 1:		1400 31ST AVENUE SW, SUITE 60
		STREET 2:		PO BOX 1988
		CITY:			MINOT
		STATE:			ND
		ZIP:			58702-1988
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-Q
<SEQUENCE>1
<FILENAME>iretform10q-07312013.htm
<DESCRIPTION>IRET FORM 10-Q
<TEXT>
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 UNITED STATES</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">SECURITIES AND EXCHANGE COMMISSION</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Washington, D.C.</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">20549</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Form 10-Q</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Quarterly Report Pursuant to Section 13 or 15(d)</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">of the Securities Exchange Act of 1934</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">For Quarter Ended July 31, 2013</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Commission File Number 0-14851</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">INVESTORS REAL ESTATE TRUST</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">(Exact name of registrant as specified in its charter)</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">North Dakota</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">45-0311232</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(State or other jurisdiction of</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(I.R.S. Employer Identification No.)</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">incorporation or organization)</div>
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<div>&#160;</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1400 31<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> Avenue SW, Suite 60</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Post Office Box 1988</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Minot, ND 58702-1988</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(Address of principal executive offices) (Zip code)</div>
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<div style="TEXT-ALIGN: center; MARGIN-TOP: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(701) 837-4738</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 7.5pt; FONT-SIZE: 10pt">(Registrant's telephone number, including area code)</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">N/A</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 7.5pt; FONT-SIZE: 10pt">(Former name, former address, and former fiscal year, if changed since last report.)</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 14.4pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 7.5pt; FONT-SIZE: 10pt">Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to the filing requirements for at least the past 90 days.</div>

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<div style="TEXT-ALIGN: justify; MARGIN-TOP: 10pt; TEXT-INDENT: 13.7pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">Indicate by check mark whether the registrant has submitted electronically and posted on its corporate web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">&#167;</font>232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">No <font style="FONT-FAMILY: 'Wingdings 2', serif; FONT-SIZE: 11pt">&#163;</font></div>
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<div style="TEXT-ALIGN: justify; MARGIN-TOP: 10pt; TEXT-INDENT: 18pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 7.5pt; FONT-SIZE: 10pt">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer", "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">Large accelerated filer <font style="FONT-FAMILY: 'Wingdings 2', serif; FONT-SIZE: 11pt">R</font></div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">Accelerated filer <font style="FONT-FAMILY: 'Wingdings 2', serif; FONT-SIZE: 11pt">&#163;</font></div>
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<td style="WIDTH: 28.45%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">Non-accelerated filer <font style="FONT-FAMILY: 'Wingdings 2', serif; FONT-SIZE: 11pt">&#163;</font></div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">Smaller Reporting Company <font style="FONT-FAMILY: 'Wingdings 2', serif; FONT-SIZE: 11pt">&#163;</font></div>
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<div style="TEXT-ALIGN: justify; MARGIN-TOP: 10pt; TEXT-INDENT: 18pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 7.5pt; FONT-SIZE: 10pt">Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">No <font style="FONT-FAMILY: 'Wingdings 2', serif; FONT-SIZE: 11pt">R</font></div>
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<div style="TEXT-ALIGN: justify; MARGIN-TOP: 10pt; TEXT-INDENT: 15.1pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Registrant is a North Dakota Real Estate Investment Trust. As of August 23, 2013, it had 104,449,704 common shares of beneficial interest outstanding.

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<div>&#160;</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="TABLEOFCONTENTS"><!--Anchor--></a>TABLE OF CONTENTS</div>

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<div>&#160;</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 5.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Page</div>
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<td style="BORDER-BOTTOM-COLOR: ; WIDTH: 94.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; MARGIN-LEFT: 5.05pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 5.05pt">Part I. Financial Information</div>
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<div>&#160;</div>
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<tr style="BACKGROUND-COLOR: #cceeff; HEIGHT: 14px">
<td style="BORDER-BOTTOM-COLOR: ; WIDTH: 94.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #333366; MARGIN-LEFT: 5.05pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 5.05pt">Item 1. Financial Statements - First Quarter - Fiscal 2014:</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.2pt">3</div>
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<td style="BORDER-BOTTOM-COLOR: ; WIDTH: 94.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; COLOR: #333366; MARGIN-LEFT: 17.45pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 5.05pt"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Condensed Consolidated Balance Sheets </font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(unaudited)</font></div>
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<td style="WIDTH: 5.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.2pt">3</div>
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<td style="BORDER-BOTTOM-COLOR: ; WIDTH: 94.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; COLOR: #333366; MARGIN-LEFT: 27pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 5.05pt"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">July 31, 2013 and April 30, 201</font><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">3</font></div>
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<div>&#160;</div>
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<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM-COLOR: ; WIDTH: 94.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; COLOR: #333366; MARGIN-LEFT: 17.45pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 5.05pt"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Condensed Consolidated Statements of Operations &#160;</font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(unaudited)</font></div>
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<td style="WIDTH: 5.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.2pt">4</div>
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<td style="BORDER-BOTTOM-COLOR: ; WIDTH: 94.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 27pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 5.05pt"><font style="FONT-FAMILY: 'Times New Roman', serif; COLOR: #333366; FONT-SIZE: 10pt">For the Three Months ended July 31, 2013 and 20</font>12</div>
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<div>&#160;</div>
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<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM-COLOR: ; WIDTH: 94.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; COLOR: #333366; MARGIN-LEFT: 17.45pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 5.05pt"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Condensed Consolidated Statements of Equity </font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(unaudited)</font></div>
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<td style="WIDTH: 5.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.2pt">5</div>
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<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM-COLOR: ; WIDTH: 94.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 27pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 5.05pt"><font style="FONT-FAMILY: 'Times New Roman', serif; COLOR: #333366; FONT-SIZE: 10pt">For the Three Months ended July 31, 201</font>3 and 2012</div>
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<div>&#160;</div>
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<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM-COLOR: ; WIDTH: 94.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; COLOR: #333366; MARGIN-LEFT: 17.45pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 5.05pt"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Condensed Consolidated Statements of Cash Flows &#160;</font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(unaudited)</font></div>
</td>
<td style="WIDTH: 5.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.2pt">6</div>
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<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM-COLOR: ; WIDTH: 94.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 27pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 5.05pt"><font style="FONT-FAMILY: 'Times New Roman', serif; COLOR: #333366; FONT-SIZE: 10pt">For the Three Months ended July 31, 2013 and 20</font>12</div>
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<div>&#160;</div>
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<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM-COLOR: ; WIDTH: 94.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; COLOR: #333366; MARGIN-LEFT: 17.45pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 5.05pt"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Notes to Condensed Consolidated Financial Statements </font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(unaudited</font><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">)</font></div>
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<td style="WIDTH: 5.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.2pt">8</div>
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<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM-COLOR: ; WIDTH: 94.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #333366; MARGIN-LEFT: 5.05pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 5.05pt">Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.2pt">24</div>
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<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM-COLOR: ; WIDTH: 94.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #333366; MARGIN-LEFT: 5.05pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 5.05pt">Item 3. Quantitative and Qualitative Disclosures About Market Risk</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.2pt">44</div>
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<td style="BORDER-BOTTOM-COLOR: ; WIDTH: 94.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #333366; MARGIN-LEFT: 5.05pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 5.05pt">Item 4. Controls and Procedures</div>
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<div>&#160;</div>
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<td style="WIDTH: 5.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM-COLOR: ; WIDTH: 94.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #333366; MARGIN-LEFT: 5.05pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 5.05pt">Part II. Other Information</div>
</td>
<td style="WIDTH: 5.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM-COLOR: ; WIDTH: 94.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #333366; MARGIN-LEFT: 5.05pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 5.05pt">Item 1. Legal Proceedings</div>
</td>
<td style="WIDTH: 5.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.2pt">45</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM-COLOR: ; WIDTH: 94.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; MARGIN-LEFT: 5.05pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 5.05pt">Item 1A. Risk Factors</div>
</td>
<td style="WIDTH: 5.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.2pt">45</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM-COLOR: ; WIDTH: 94.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #333366; MARGIN-LEFT: 5.05pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 5.05pt">Item 2. Unregistered Sales of Equity Securities and Use of Proceeds</div>
</td>
<td style="WIDTH: 5.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.2pt">45</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM-COLOR: ; WIDTH: 94.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #333366; MARGIN-LEFT: 5.05pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 5.05pt">Item 3. Defaults Upon Senior Securities</div>
</td>
<td style="WIDTH: 5.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.2pt">45</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM-COLOR: ; WIDTH: 94.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 5.05pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 5.05pt"><font style="FONT-FAMILY: 'Times New Roman', serif; COLOR: #333366; FONT-SIZE: 10pt">Item 4. </font>Mine Safety Disclosures</div>
</td>
<td style="WIDTH: 5.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.2pt">45</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM-COLOR: ; WIDTH: 94.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #333366; MARGIN-LEFT: 5.05pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 5.05pt">Item 5. Other Information</div>
</td>
<td style="WIDTH: 5.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.2pt">46</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM-COLOR: ; WIDTH: 94.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #333366; MARGIN-LEFT: 5.05pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 5.05pt">Item 6. Exhibits</div>
</td>
<td style="WIDTH: 5.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.2pt">46</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM-COLOR: ; WIDTH: 94.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; COLOR: #333366; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 5.05pt">Signatures</div>
</td>
<td style="WIDTH: 5.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.2pt">46</div>
</td>
</tr>
</table>

<div><br>
</div>

<br>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="WIDTH: 100%" id="DSPFPageFooter"><a href="#TABLEOFCONTENTS">Table of Contents</a></div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">2</div>

<hr style="PAGE-BREAK-AFTER: always; MARGIN: 4px 0px; WIDTH: 100%; HEIGHT: 2px; COLOR: #000000; CLEAR: both" id="DSPFPageBreak" noshade="noshade">
</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">PART I</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ITEM 1. FINANCIAL STATEMENTS - FIRST QUARTER - FISCAL 2014</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">CONDENSED CONSOLIDATED BALANCE SHEETS <font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(unaudited)</font></div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr style="HEIGHT: 22px">
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" colspan="6">
<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">(in thousands, except share data)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">July 31, 2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">April 30, 2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">ASSETS</div>
</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div></div>
</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div></div>
</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Real estate investments</div>
</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div></div>
</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div></div>
</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Property owned</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">2,016,523</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">2,032,970</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Less accumulated depreciation</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(429,376</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(420,421</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">1,587,147</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">1,612,549</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Development in progress</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">77,396</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">46,782</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Unimproved land</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">20,774</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">21,503</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Total real estate investments</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">1,685,317</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">1,680,834</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9.35pt; FONT-SIZE: 10pt">Real estate held for sale</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">3,969</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Cash and cash equivalents</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">93,193</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">94,133</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Other investments</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">640</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">639</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Receivable arising from straight-lining of rents, <font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">net of allowance of $752 and $830, respectively</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">26,671</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">26,354</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Accounts receivable, <font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">net of allowance of $388 and $563, respectively</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">8,370</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">4,534</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Real estate deposits</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">489</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">196</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Prepaid and other assets</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">4,741</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">5,124</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Intangible assets, <font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">net of accumulated amortization of $24,019 and $27,708, respectively</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">36,989</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">40,457</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Tax, insurance, and other escrow</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">12,344</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">12,569</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Property and equipment, <font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">net of accumulated depreciation of $1,757 and $1,673, respectively</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">1,217</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">1,221</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Goodwill</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">1,100</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">1,106</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Deferred charges and leasing costs, <font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">net of accumulated amortization of $19,810 and $18,714, respectively</font></div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">21,602</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">22,387</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">TOTAL ASSETS</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">1,896,642</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">1,889,554</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">LIABILITIES AND EQUITY</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">LIABILITIES</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Accounts payable and accrued expenses</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">52,563</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">50,797</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Revolving line of credit</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">10,000</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">10,000</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Mortgages payable</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">1,030,407</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">1,049,206</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Other</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">32,366</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">18,170</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">TOTAL LIABILITIES</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">1,125,336</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">1,128,173</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">COMMITMENTS AND CONTINGENCIES (NOTE 6)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">EQUITY</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Investors Real Estate Trust shareholders' equity</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Series A Preferred Shares of Beneficial Interest <font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(Cumulative redeemable preferred shares, no par value, 1,150,000 shares issued and outstanding at July 31, 2013 and April 30, 2013, aggregate liquidation preference of $28,750,000)</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">27,317</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">27,317</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Series B Preferred Shares of Beneficial Interest <font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(Cumulative redeemable preferred shares, no par value, 4,600,000 shares issued and outstanding at July 31, 2013 and April 30, 2013, respectively, aggregate liquidation preference of $115,000,000)</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">111,357</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">111,357</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Common Shares of Beneficial Interest <font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(Unlimited authorization, no par value, 104,226,469 shares issued and outstanding at July 31, 2013, and 101,487,976 shares issued and outstanding at April 30, 2013)</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">807,928</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">784,454</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Accumulated distributions in excess of net income</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(323,406</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(310,341</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Total Investors Real Estate Trust shareholders' equity</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">623,196</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">612,787</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Noncontrolling interests &#8211; Operating Partnership <font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(21,848,891 units at July 31, 2013 and 21,635,127 units at April 30, 2013)</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">122,334</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">122,539</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Noncontrolling interests &#8211; consolidated real estate entities</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">25,776</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">26,055</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Total equity</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">771,306</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">761,381</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">TOTAL LIABILITIES AND EQUITY</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">1,896,642</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">1,889,554</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div style="TEXT-ALIGN: center; MARGIN-TOP: 10pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">The accompanying notes are an integral part of these unaudited condensed consolidated</font>&#160;<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">financial statements.</font></div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="WIDTH: 100%" id="DSPFPageFooter"><a href="#TABLEOFCONTENTS">Table of Contents</a></div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">3</div>

<hr style="PAGE-BREAK-AFTER: always; MARGIN: 4px 0px; WIDTH: 100%; HEIGHT: 2px; COLOR: #000000; CLEAR: both" id="DSPFPageBreak" noshade="noshade">
</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(unaudited)</font></div>

<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">for the three months ended July 31, 2013 and 2012</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top" valign="bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top" valign="bottom" colspan="6">
<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">(in thousands, except per share data)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top" valign="bottom" colspan="6">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Three Months Ended</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">July 31</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2012</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">REVENUE</div>
</td>
<td style="VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div></div>
</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div></div>
</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Real estate rentals</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">55,039</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">50,458</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Tenant reimbursement</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">12,143</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">10,517</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">TOTAL REVENUE</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">67,182</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">60,975</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">EXPENSES</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Depreciation/amortization related to real estate investments</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">18,528</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">15,063</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Utilities</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">5,051</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">4,194</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Maintenance</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">7,912</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">7,312</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Real estate taxes</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">8,862</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">8,242</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Insurance</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">1,347</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">901</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Property management expenses</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">4,242</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">3,701</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Other property expenses</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">177</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">335</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Administrative expenses</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">2,524</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">1,960</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Advisory and trustee services</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">229</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">136</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Other expenses</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">679</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">519</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Amortization related to non-real estate investments</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">990</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">822</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Impairment of real estate investments</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">1,458</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">TOTAL EXPENSES</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">51,999</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">43,185</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Gain on involuntary conversion</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">966</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Operating income</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">16,149</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">17,790</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Interest expense</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(14,799</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(16,069</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Interest income</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">188</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">18</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Other income</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">22</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">124</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Income from continuing operations</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">1,560</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">1,863</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Income from discontinued operations</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">1,656</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">133</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">NET INCOME</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">3,216</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">1,996</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Net income attributable to noncontrolling interests &#8211; Operating Partnership</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(50</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(251</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Net income attributable to noncontrolling interests &#8211; consolidated real estate entities</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(88</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(66</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Net income attributable to Investors Real Estate Trust</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">3,078</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">1,679</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Dividends to preferred shareholders</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(2,879</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(593</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">NET INCOME AVAILABLE TO COMMON SHAREHOLDERS</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">199</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">1,086</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Earnings per common share from continuing operations &#8211; Investors Real Estate Trust &#8211; basic and diluted</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(.01</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">.01</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Earnings per common share from discontinued operations &#8211; Investors Real Estate Trust &#8211; basic and diluted</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">.01</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">.00</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">NET INCOME PER COMMON SHARE &#8211; BASIC AND DILUTED</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">.00</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">.01</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">DIVIDENDS PER COMMON SHARE</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">.1300</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">.1300</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div style="TEXT-ALIGN: center; MARGIN-TOP: 10pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">The accompanying notes are an integral part of these unaudited condensed consolidated</font>&#160;<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">financial statements.</font></div>

<div><br>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="WIDTH: 100%" id="DSPFPageFooter"><a href="#TABLEOFCONTENTS">Table of Contents</a></div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">4</div>

<hr style="PAGE-BREAK-AFTER: always; MARGIN: 4px 0px; WIDTH: 100%; HEIGHT: 2px; COLOR: #000000; CLEAR: both" id="DSPFPageBreak" noshade="noshade">
</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">CONDENSED CONSOLIDATED STATEMENTS OF EQUITY<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(unaudited)</font></div>

<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">for the three months ended July 31, 2013 and 2012</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr style="HEIGHT: 21px">
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top" valign="bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" colspan="26">
<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">(in thousands)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 6pt; FONT-WEIGHT: bold">NUMBER</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 6pt; FONT-WEIGHT: bold">OF</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 6pt; FONT-WEIGHT: bold">PREFERRED</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 6pt; FONT-WEIGHT: bold">SHARES</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 6pt; FONT-WEIGHT: bold">PREFERRED</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 6pt; FONT-WEIGHT: bold">SHARES</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 6pt; FONT-WEIGHT: bold">NUMBER</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 6pt; FONT-WEIGHT: bold">OF COMMON</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 6pt; FONT-WEIGHT: bold">SHARES</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 6pt; FONT-WEIGHT: bold">COMMON</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 6pt; FONT-WEIGHT: bold">SHARES</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 6pt; FONT-WEIGHT: bold">ACCUMULATED</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 6pt; FONT-WEIGHT: bold">DISTRIBUTIONS</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 6pt; FONT-WEIGHT: bold">IN EXCESS OF</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 6pt; FONT-WEIGHT: bold">NET INCOME</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 6pt; FONT-WEIGHT: bold">NONCONTROLLING</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 6pt; FONT-WEIGHT: bold">INTERESTS</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 6pt; FONT-WEIGHT: bold">TOTAL</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 6pt; FONT-WEIGHT: bold">EQUITY</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 16%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">Balance April 30, 2012</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">1,150</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">27,317</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">89,474</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">684,049</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(278,377</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">132,274</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">565,263</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 16%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 8pt">Net income attributable to Investors Real Estate Trust and &#160;noncontrolling interests</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">1,679</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">317</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">1,996</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 16%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 8pt">Distributions &#8211; common shares and units</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(11,734</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(2,679</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(14,413</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 16%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 8pt">Distributions &#8211; Series A preferred shares</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(593</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(593</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 16%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 8pt">Distribution reinvestment and share purchase plan</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">1,892</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">14,485</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">14,485</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 16%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 8pt">Shares issued</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">358</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">2,566</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">2,566</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 16%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 8pt">Partnership units issued</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">6,428</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">6,428</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 16%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 8pt">Redemption of units for common shares</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">89</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">337</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(337</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">0</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 16%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">Other</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(1</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(6</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(6</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 16%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">Balance July 31, 2012</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">1,150</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">27,317</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">91,812</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">701,431</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(289,025</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">136,003</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">575,726</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 16%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 16%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 16%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 16%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">Balance April 30, 2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">5,750</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">138,674</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">101,488</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">784,454</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(310,341</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">148,594</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">761,381</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 16%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 8pt">Net income attributable to Investors Real Estate Trust and &#160;noncontrolling interests</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">3,078</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">138</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">3,216</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 16%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 8pt">Distributions &#8211; common shares and units</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(13,264</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(2,829</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(16,093</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 16%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 8pt">Distributions &#8211; Series A preferred shares</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(593</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(593</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 16%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 8pt">Distributions &#8211; Series B preferred shares</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(2,286</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(2,286</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 16%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 8pt">Distribution reinvestment and share purchase plan</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">2,600</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">22,673</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">22,673</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 16%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 8pt">Shares issued</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">13</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">112</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">112</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 16%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 8pt">Partnership units issued</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">3,280</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">3,280</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 16%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 8pt">Redemption of units for common shares</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">125</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">706</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(706</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">0</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 16%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 8pt">Other</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(17</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(367</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(384</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 16%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 8pt">Balance July 31, 2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">5,750</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">138,674</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">104,226</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">807,928</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(323,406</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">148,110</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">771,306</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div style="TEXT-ALIGN: center; MARGIN-TOP: 10pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">The accompanying notes are an integral part of these unaudited condensed consolidated</font>&#160;<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">financial statements.</font></div>

<div><br>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="WIDTH: 100%" id="DSPFPageFooter"><a href="#TABLEOFCONTENTS">Table of Contents</a></div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">5</div>

<hr style="PAGE-BREAK-AFTER: always; MARGIN: 4px 0px; WIDTH: 100%; HEIGHT: 2px; COLOR: #000000; CLEAR: both" id="DSPFPageBreak" noshade="noshade">
</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(unaudited)</font></div>

<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">for the three months ended July 31, 2013 and 2012</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top" valign="bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; PADDING-BOTTOM: 2px; WIDTH: 297px; VERTICAL-ALIGN: bottom" valign="bottom" colspan="6">
<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">(in thousands)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 10px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top" valign="bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; PADDING-BOTTOM: 2px; WIDTH: 297px; VERTICAL-ALIGN: bottom" valign="bottom" colspan="6">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Three Months Ended</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">July 31</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 10px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; PADDING-BOTTOM: 2px; WIDTH: 137px; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2012</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 10px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">CASH FLOWS FROM OPERATING ACTIVITIES</div>
</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div></div>
</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 137px; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div></div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 10px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Net income</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">3,216</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; WIDTH: 9.2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">1,996</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Adjustments to reconcile net income to net cash provided by operating activities:</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9.2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Depreciation and amortization</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">20,087</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9.2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">16,724</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">(Gain) loss on sale of real estate, land, other investments and discontinued operations</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(1,943</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9.2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">73</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Gain on involuntary conversion</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">(966</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">)</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: right; WIDTH: 9.2%; VERTICAL-ALIGN: bottom" valign="bottom">0</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap"></td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Impairment of real estate investments</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">1,803</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9.2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Bad debt expense</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">178</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9.2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">420</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Changes in other assets and liabilities:</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9.2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Increase in receivable arising from straight-lining of rents</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(654</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9.2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(944</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">(Increase) decrease in accounts receivable</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(811</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9.2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">1,419</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Decrease in prepaid and other assets</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">367</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9.2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">631</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Increase in tax, insurance and other escrow</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(640</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9.2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(713</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Increase in deferred charges and leasing costs</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(897</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9.2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(1,750</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Decrease in accounts payable, accrued expenses, and other liabilities</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(2,456</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9.2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(4,112</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Net cash provided by operating activities</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">17,284</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9.2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">13,744</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">CASH FLOWS FROM INVESTING ACTIVITIES</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9.2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Proceeds from real estate deposits</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">157</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9.2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">1,039</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Payments for real estate deposits</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(450</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9.2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(780</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Decrease in lender holdbacks for improvements</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">1,144</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9.2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">624</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Increase in lender holdbacks for improvements</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(279</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9.2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(1,403</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Proceeds from sale of discontinued operations</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">21,261</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9.2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">875</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Proceeds from sale of real estate and other investments</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">7</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9.2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Insurance proceeds received</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">1,004</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9.2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">469</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Payments for acquisitions of real estate assets</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(3,099</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9.2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(33,472</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Payments for development and re-development of real estate assets</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(26,476</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9.2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(12,997</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Payments for improvements of real estate assets</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(7,224</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9.2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(8,786</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Net cash used by investing activities</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(13,955</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9.2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(54,431</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">CASH FLOWS FROM FINANCING ACTIVITIES</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9.2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Proceeds from mortgages payable</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">4,100</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9.2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">35,450</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Principal payments on mortgages payable</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(22,916</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9.2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(15,984</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Proceeds from revolving line of credit and other debt</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">6,313</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9.2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">16,593</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Proceeds from financing liability</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">7,900</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9.2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Proceeds from sale of common shares, net of issue costs</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9.2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">2,168</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Proceeds from sale of common shares under distribution reinvestment and share purchase program</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">15,941</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9.2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">11,357</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Repurchase of fractional shares and partnership units</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9.2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(6</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Distributions paid to common shareholders, <font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">net of reinvestment of $3,549 and $2,971, respectively</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(9,715</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9.2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(8,763</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Distributions paid to preferred shareholders</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(2,879</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9.2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(593</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Distributions paid to noncontrolling interests &#8211; Unitholders of the Operating Partnership, <font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">net of reinvestment of $183 and $157, respectively</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(2,646</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9.2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(2,522</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Distributions paid to noncontrolling interests &#8211; consolidated real estate entities</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(367</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9.2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Net cash (used) provided by financing activities</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(4,269</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9.2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">37,700</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">NET DECREASE IN CASH AND CASH EQUIVALENTS</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(940</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9.2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(2,987</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">94,133</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9.2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">39,989</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">CASH AND CASH EQUIVALENTS AT END OF PERIOD</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">93,193</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 9.2%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">37,002</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(continued)</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="WIDTH: 100%" id="DSPFPageFooter"><a href="#TABLEOFCONTENTS">Table of Contents</a></div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">6</div>

<hr style="PAGE-BREAK-AFTER: always; MARGIN: 4px 0px; WIDTH: 100%; HEIGHT: 2px; COLOR: #000000; CLEAR: both" id="DSPFPageBreak" noshade="noshade">
</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(unaudited, continued)</font></div>

<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">for the three months ended July 31, 2013 and 2012</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1019px; VERTICAL-ALIGN: top" valign="bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; PADDING-BOTTOM: 2px; WIDTH: 10px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" colspan="6">
<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">(in thousands)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1019px; VERTICAL-ALIGN: top" valign="bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; PADDING-BOTTOM: 2px; WIDTH: 10px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" colspan="6">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Three Months Ended</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">July 31</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; PADDING-BOTTOM: 2px; WIDTH: 1019px; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; PADDING-BOTTOM: 2px; WIDTH: 10px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2012</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1019px; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">SUPPLEMENTARY SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES FOR THE PERIOD</div>
</td>
<td style="WIDTH: 10px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div></div>
</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div></div>
</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 76.22%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Distribution reinvestment plan</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">3,549</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">2,971</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 76.22%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Operating partnership distribution reinvestment plan</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">183</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">157</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 76.22%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Operating partnership units converted to shares</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">706</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">337</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 76.22%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Shares issued under the Incentive Award Plan</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">112</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">398</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 76.22%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Increase in accounts receivable from sale of common shares under distribution reinvestment and share purchase program</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">3,000</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 76.22%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Real estate assets acquired through the issuance of operating partnership units</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">3,280</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">6,428</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 76.22%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Real estate assets acquired through assumption of indebtedness and accrued costs</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">12,500</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 76.22%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Increase (decrease) to accounts payable included within real estate investments</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">4,547</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(1,808</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 76.22%; VERTICAL-ALIGN: bottom" valign="bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 76.22%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 76.22%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Cash paid for interest, <font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">net of amounts capitalized of $580 and $161, respectively</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">14,220</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">16,124</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div style="TEXT-ALIGN: center; MARGIN-TOP: 10pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">The accompanying notes are an integral part of these unaudited condensed consolidated</font>&#160;<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">financial statements.</font></div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(unaudited)</font></div>

<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">for the three months ended July 31, 2013 and 2012</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTE 1 &#8226; ORGANIZATION</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">Investors Real Estate Trust ("IRET" or the "Company") is a self-advised real estate investment trust engaged in acquiring, owning and leasing multi-family and commercial real estate. IRET has elected to be taxed as a Real Estate Investment Trust ("REIT") under Sections 856-860 of the Internal Revenue Code of 1986, as amended. As a REIT, we are subject to a number of organizational and operational requirements, including a requirement to distribute 90% of ordinary taxable income to shareholders, and, generally, are not subject to federal income tax on net income, except for taxes on undistributed REIT taxable income. IRET's multi-family residential properties and commercial properties are located mainly in the states of North Dakota and Minnesota, but also in the states of Colorado, Idaho, Iowa, Kansas, Missouri, Montana, Nebraska, South Dakota, Wisconsin and Wyoming. As of July 31, 2013, IRET owned 88 multi-family residential properties with 10,351 apartment units and 175 commercial properties, consisting of office, healthcare, industrial and retail properties, totaling 12.0 million net rentable square feet. IRET conducts a majority of its business activities through its consolidated operating partnership, IRET Properties, a North Dakota Limited Partnership (the "Operating Partnership"), as well as through a number of other consolidated subsidiary entities.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">All references to IRET or the Company refer to Investors Real Estate Trust and its consolidated subsidiaries.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTE 2 &#8226; BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">BASIS OF PRESENTATION</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">The accompanying condensed consolidated financial statements include the accounts of IRET and all subsidiaries in which it maintains a controlling interest. All intercompany balances and transactions are eliminated in consolidation. The Company's fiscal year ends April 30th.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">The accompanying condensed consolidated financial statements include the accounts of IRET and its interest in the Operating Partnership. The Company's interest in the Operating Partnership was <font style="BACKGROUND-COLOR: #ffffff; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">82.7%</font> of the common units of the Operating Partnership as of July 31, 2013 and 82.4% as of April 30, 2013. The limited partners in the Operating Partnership have a redemption option that they may exercise. Upon exercise of the redemption option by the limited partners, IRET has the choice of redeeming the limited partners' interests ("Units") for IRET common shares of beneficial interest, on a one-for-one basis, or making a cash payment to the unitholder. The redemption generally may be exercised by the limited partners at any time after the first anniversary of the date of the acquisition of the Units (provided, however, that in general not more than two redemptions by a limited partner may occur during each calendar year, and each limited partner may not exercise the redemption for less than 1,000 Units, or, if such limited partner holds less than 1,000 Units, for all of the Units held by such limited partner). The Operating Partnership and some limited partners have contractually agreed to a holding period of greater than one year and/or a greater number of redemptions during a calendar year.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">The condensed consolidated financial statements also reflect the ownership by the Operating Partnership of certain joint venture entities in which the Operating Partnership has a general partner or controlling interest. These entities are consolidated into IRET's other operations, with noncontrolling interests reflecting the noncontrolling partners' share of ownership and income and expenses.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">UNAUDITED INTERIM FINANCIAL STATEMENTS</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">The interim condensed consolidated financial statements of IRET have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and the applicable rules and regulations of the Securities and Exchange Commission ("SEC"). Accordingly, certain disclosures accompanying annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") are omitted. The year-end balance sheet data was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. In the opinion of management, all adjustments, consisting solely of normal recurring adjustments, necessary for the fair presentation of the Company's financial position, results of operations and cash flows for the interim periods have been included.</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">The current period's results of operations are not necessarily indicative of results which ultimately may be achieved for the year. The interim condensed consolidated financial statements and notes thereto should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended April 30, 2013, as filed with the SEC on July 1, 2013.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10.5pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">IMPAIRMENT OF LONG-LIVED ASSETS</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10.5pt; FONT-SIZE: 10pt">The Company periodically evaluates its long-lived assets, including its investments in real estate, for impairment indicators. The impairment evaluation is performed on assets by property such that assets for a property form an asset group. The judgments regarding the existence of impairment indicators are based on factors such as operational performance, market conditions, expected holding period of each asset group and legal and environmental concerns. If indicators exist, the Company compares the expected future undiscounted cash flows for the long-lived asset group against the carrying amount of that asset group. If the sum of the estimated undiscounted cash flows is less than the carrying amount of the asset group, an impairment loss is recorded for the difference between the estimated fair value and the carrying amount of the asset group. If our anticipated holding period for properties, the estimated fair value of properties or other factors change based on market conditions or otherwise, our evaluation of impairment charges may be different and such differences could be material to our consolidated financial statements. The evaluation of anticipated cash flows is subjective and is based, in part, on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results. Plans to hold properties over longer periods decrease the likelihood of recording impairment losses. During the three months ended July 31, 2013, the Company incurred a loss of $1.8 million due to impairment of four commercial properties. The Company recognized impairments of approximately $864,000 on a commercial industrial property in St. Louis Park, Minnesota; $329,000 on a commercial office property in Bloomington, Minnesota; $265,000 on a commercial retail property in Anoka, Minnesota and $345,000 on a commercial industrial property in Clive, Iowa. These properties were written-down to estimated fair value during the first quarter of fiscal year 2014 based on receipt of individual market offers to purchase and the Company's intent to dispose of the properties. During the three months ended July 31, 2012, the Company incurred no losses due to impairment.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10.5pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">COMPENSATING BALANCES AND OTHER INVESTMENTS; LENDER HOLDBACKS</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10.5pt; FONT-SIZE: 10pt">The Company maintains compensating balances, not restricted as to withdrawal, with several financial institutions in connection with financing received from those institutions and/or to ensure future credit availability. At July 31, 2013, the Company's compensating balances totaled $8.4 million and consisted of the following: Dacotah Bank, Minot, North Dakota, deposit of $350,000; United Community Bank,<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>Minot, North Dakota, deposit of $275,000; Commerce Bank, A Minnesota Banking Corporation, deposit of $250,000; First International Bank, Watford City, North Dakota, deposit of $6.1 million; Peoples State Bank of Velva, North Dakota, deposit of $225,000; Equity Bank, Minnetonka, Minnesota, deposit of $300,000; Associated Bank, Green Bay, Wisconsin, deposit of $500,000; and American National Bank, Omaha, Nebraska, deposit of $400,000. The deposits at United Community Bank and Equity Bank and a portion of the deposit at Dacotah Bank are held as certificates of deposit and comprise the $640,000 in other investments on the Condensed Consolidated Balance Sheets. The certificates of deposit have remaining terms of less than two years and the Company intends to hold them to maturity.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10.5pt; FONT-SIZE: 10pt">The Company has a number of mortgage loans under which the lender retains a portion of the loan proceeds for the payment of construction costs or tenant improvements. The decrease of $1.1 million in lender holdbacks for improvements reflected in the Condensed Consolidated Statements of Cash Flows for the three months ended July 31, 2013 is due primarily to the release of loan proceeds to the Company upon completion of these construction and tenant improvement projects, while the increase of approximately $279,000 represents additional amounts retained by lenders for new projects.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10.5pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES AND GOODWILL</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Upon acquisition of real estate, the Company records the intangible assets and liabilities acquired (for example, if the leases in place for the real estate property acquired carry rents above the market rent, the difference is classified as an intangible asset) at their estimated fair value separate and apart from goodwill. The Company amortizes identified intangible assets and liabilities that are determined to have finite lives based on the period over which the assets and liabilities are expected to affect, directly or indirectly, the future cash flows of the real estate property acquired (generally the life of the lease). In the three months ended July 31, 2013 and 2012, respectively, the Company added approximately $362,000 and $752,000 of new intangible assets and no new intangible liabilities. The weighted average lives of the intangible assets acquired in the three months ended July 31, 2013 and 2012 are 0.5 years and 0.5 years, respectively. Amortization of intangibles related to above or below-market leases is recorded in real estate rentals in the Condensed Consolidated Statements of Operations. Amortization of other intangibles is recorded in depreciation/amortization related to real estate investments in the Condensed Consolidated Statements of Operations. Intangible</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">assets subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. An impairment loss is recognized if the carrying amount of an intangible asset is not recoverable and its carrying amount exceeds its estimated fair value.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">The Company's identified intangible assets and intangible liabilities <font style="FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">at</font>&#160;<font style="FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">July</font> 31, 2013 and April 30, 2013 were as follows:</div>

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<tr>
<td style="WIDTH: 75.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 24.16%; VERTICAL-ALIGN: bottom" colspan="4">
<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">(in thousands)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 75.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.52%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">July 31, 2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.64%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">April 30, 2013</div>
</td>
</tr>

<tr>
<td style="WIDTH: 75.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Identified intangible assets (included in intangible assets):</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.86%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.98%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 75.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Gross carrying amount</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 10.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">61,008</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 9.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">68,165</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 75.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Accumulated amortization</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 0.15pt">(24,019)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(27,708)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 75.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Net carrying amount</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 10.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">36,989</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 9.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">40,457</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 75.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.86%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.98%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 75.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Identified intangible liabilities (included in other liabilities):</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.86%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.98%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 75.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Gross carrying amount</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 10.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">327</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 9.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">391</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 75.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Accumulated amortization</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 0.15pt">(249)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(296)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 75.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Net carrying amount</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 10.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">78</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 9.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">95</div>
</td>
</tr>
</table>

<div style="TEXT-ALIGN: justify; MARGIN-TOP: 6pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">The effect of amortization of acquired below-market leases and acquired above-market leases on rental income was approximately $(10,000) and $(10,000) for the three months ended July 31, 2013 and 2012, respectively. The estimated annual amortization of acquired below-market leases, net of acquired above-market leases, for each of the five succeeding fiscal years is as follows:</div>

<table style="WIDTH: 50%; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="0" align="center">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 61.53%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 5.05pt">Year Ended April 30,</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 38.47%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">(in thousands)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 61.53%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 5.05pt">2015</div>
</td>
<td style="WIDTH: 15.13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 23.35%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">21</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 61.53%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 5.05pt">2016</div>
</td>
<td style="WIDTH: 15.13%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 23.35%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">17</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 61.53%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 5.05pt">2017</div>
</td>
<td style="WIDTH: 15.13%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 23.35%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">9</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 61.53%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 5.05pt">2018</div>
</td>
<td style="WIDTH: 15.13%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 23.35%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(5)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 61.53%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 5.05pt">2019</div>
</td>
<td style="WIDTH: 15.13%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 23.35%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(5)</div>
</td>
</tr>
</table>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 12pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Amortization of all other identified intangible assets (a component of depreciation and amortization expense) was $3.6 million and $1.5 million for the three months ended July 31, 2013 and 2012, respectively. The estimated annual amortization of all other identified intangible assets for each of the five succeeding fiscal years is as follows:</div>

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<tr style="HEIGHT: 17px">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 61.53%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 5.05pt">Year Ended April 30,</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 38.47%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">(in thousands)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 61.53%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 5.05pt">2015</div>
</td>
<td style="WIDTH: 15.13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 23.35%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">4,830</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 61.53%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 5.05pt">2016</div>
</td>
<td style="WIDTH: 15.13%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 23.35%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">4,612</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 61.53%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 5.05pt">2017</div>
</td>
<td style="WIDTH: 15.13%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 23.35%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">4,143</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 61.53%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 5.05pt">2018</div>
</td>
<td style="WIDTH: 15.13%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 23.35%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3,701</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 61.53%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 5.05pt">2019</div>
</td>
<td style="WIDTH: 15.13%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 23.35%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3,549</div>
</td>
</tr>
</table>

<div style="TEXT-ALIGN: justify; MARGIN-TOP: 10pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">The excess of the cost of an acquired business over the net of the amounts assigned to assets acquired (including identified intangible assets) and liabilities assumed is recorded as goodwill. &#160;The Company's goodwill has an indeterminate life and is not amortized, but is tested for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that the asset might be impaired. The book value of goodwill as of July 31, 2013 and April 30, 2013 was $1.1 million. The annual review at April 30, 2013 indicated no impairment to goodwill and there was no indication of impairment at July 31, 2013. &#160;During the three months ended July 31, 2013, the Company disposed of one commercial industrial property to which goodwill had been assigned, and as a result, approximately $7,000 of goodwill was derecognized.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">USE OF ESTIMATES</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</div>

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<div style="WIDTH: 100%" id="DSPFPageFooter"><a href="#TABLEOFCONTENTS">Table of Contents</a></div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">10</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10.5pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">RECLASSIFICATIONS</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">Certain previously reported amounts have been reclassified to conform to the current financial statement presentation. The Company reports, in discontinued operations, the results of operations and the related gains or losses of a property that has either been disposed of or is classified as held for sale and otherwise meets the classification of a discontinued operation. As a result of discontinued operations, retroactive reclassifications that change prior period numbers have been made. See Note 7 for additional information. During the first quarter of fiscal year 2014, the Company sold four commercial industrial properties and one commercial retail property and classified two commercial industrial properties as held for sale. During fiscal year 2013, the Company sold three multi-family residential properties and one commercial healthcare property. The results of operations for these properties are included in income from discontinued operations on the Condensed Consolidated Statements of Operations.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">The Company also reclassified bad debt provision expense from property management expenses to other property expenses on the Consolidated Statements of Operations and reclassified amounts from payments for acquisitions and improvements of real estate assets to payments for acquisitions of real estate assets and payments for development and re-development of real estate assets on the Consolidated Statements of Cash Flows.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">During the first quarter of fiscal year 2014 the Company reclassified a commercial property in Minot, North Dakota from the Company's commercial retail segment to its commercial office segment, following the departure of a retail tenant from the property and the Company's subsequent repurposing of the majority of the space in the building from retail to office premises.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">INVOLUNTARY CONVERSION OF ASSETS</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">As previously reported, Minot, North Dakota, where IRET's corporate headquarters is located, experienced significant flooding in June 2011, resulting in extensive damage to the Arrowhead Shopping Center and to the Chateau Apartments property, which consisted of two 32-unit buildings. Additionally, on February 22, 2012, one of the buildings of the Chateau Apartments property, which had been undergoing restoration work following the flood, was completely destroyed by fire.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">During the first quarter of fiscal year 2014, the Company received $966,000 of insurance proceeds for the Chateau fire loss. The total insurance proceeds for redevelopment related to the Chateau fire exceeded the basis in the assets requiring replacement, resulting in the recognition of $966,000 in gain from involuntary conversion in the first quarter of fiscal year 2014. The Company has commenced rebuilding of the destroyed building with completion of the project expected in April 2014. &#160;IRET expects final settlement of the Chateau fire insurance claim to occur when the property is rebuilt.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">PROCEEDS FROM FINANCING LIABILITY</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">During the first quarter of fiscal year 2014, the Company sold a non-core assisted living property in exchange for $7.9 million in cash and a $29.0 million contract for deed. The buyer leased the property back to the Company, and also granted an option to the Company to repurchase the property at a specified price at or prior to July 31, 2018. IRET accounted for the transaction as a financing due to the Company's continuing involvement with the property and recorded the $7.9 million in sales proceeds within other liabilities on the Condensed Consolidated Balance Sheets.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">VARIABLE INTEREST ENTITY</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">On November 27, 2012 the Company entered into a joint venture operating agreement with a real estate development company to construct an apartment project in Minot, North Dakota as IRET &#8211; Minot Apartments, LLC. The Company estimates total costs for the project at $52.2 million, with approximately 69% of the project financed with third-party debt and approximately 7% financed with debt from IRET to the joint venture entity. See Southgate Apartments in Note 6 for additional information on the development. IRET is the 51% owner of the joint venture and will have management and leasing responsibilities when the project is completed. The real estate development company owns 49% of the joint venture and is responsible for the development and construction of the property. The Company has determined that the joint venture is a variable interest entity ("VIE"), primarily based on the fact that the equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support. The Company has also determined that IRET is the primary beneficiary of the VIE due to the fact that IRET is providing 51% of the equity contributions, the subordinated debt and a guarantee on the third party debt and has the power to direct the most significant activities that impact the entity's economic performance.</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTE 3 &#8226; EARNINGS PER SHARE</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">Basic earnings per share is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. The Company has no outstanding options, warrants, convertible stock or other contractual obligations requiring issuance of additional shares that would result in dilution of earnings. Units can be exchanged for shares on a one-for-one basis after a minimum holding period of one year. The following table presents a reconciliation of the numerator and denominator used to calculate basic and diluted earnings per share reported in the condensed consolidated financial statements for the three months ended July 31, 2013 and 2012:</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 69.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 30.48%; VERTICAL-ALIGN: top" colspan="4">
<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">(in thousands, except per share data)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 69.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 30.48%; VERTICAL-ALIGN: top" colspan="4">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Three Months Ended</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">July 31</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 69.52%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 15.2%; VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 15.28%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2012</div>
</td>
</tr>

<tr>
<td style="WIDTH: 69.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">NUMERATOR</div>
</td>
<td style="WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 4.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.94%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 69.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Income from continuing operations &#8211; Investors Real Estate Trust</div>
</td>
<td style="WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,718</div>
</td>
<td style="WIDTH: 4.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 10.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,571</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 69.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Income from discontinued operations &#8211; Investors Real Estate Trust</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,360</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 4.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">108</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 69.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Net income attributable to Investors Real Estate Trust</div>
</td>
<td style="WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">3,078</div>
</td>
<td style="WIDTH: 4.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,679</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff; HEIGHT: 19px">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 69.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Dividends to preferred shareholders</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(2,879)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 4.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(593)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 69.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Numerator for basic earnings per share &#8211; net income available to common shareholders</div>
</td>
<td style="WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">199</div>
</td>
<td style="WIDTH: 4.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">1,086</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 69.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Noncontrolling interests &#8211; Operating Partnership</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">50</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 4.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">251</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 69.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Numerator for diluted earnings per share</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">249</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 4.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 10.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">1,337</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 69.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">DENOMINATOR</div>
</td>
<td style="WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 4.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.94%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 69.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Denominator for basic earnings per share weighted average shares</div>
</td>
<td style="WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">102,358</div>
</td>
<td style="WIDTH: 4.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">90,518</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 69.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Effect of convertible operating partnership units</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">21,821</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 4.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">20,774</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 69.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Denominator for diluted earnings per share</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">124,179</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 4.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 10.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">111,292</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff; HEIGHT: 17px">
<td style="WIDTH: 69.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">(Loss) earnings per common share from continuing operations &#8211; Investors Real Estate Trust &#8211; basic and diluted</div>
</td>
<td style="WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(.01)</div>
</td>
<td style="WIDTH: 4.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 10.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">.01</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 69.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Earnings per common share from discontinued operations &#8211; Investors Real Estate Trust &#8211; basic and diluted</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">.01</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 4.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">.00</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 69.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">NET INCOME PER COMMON SHARE &#8211; BASIC &amp; DILUTED</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">.00</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 4.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 10.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">.01</div>
</td>
</tr>
</table>

<div style="TEXT-ALIGN: justify; MARGIN-TOP: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10.5pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTE 4 &#8226; EQUITY</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">During the first quarter of fiscal year 2013, on June 27, 2013, the Company filed a shelf registration statement with the SEC to enable the Company to offer and sell, from time to time, in one or more offerings, an indeterminate amount of its common and preferred shares of beneficial interest and debt securities. The Company subsequently filed, on July 18, 2013, a prospectus supplement under this registration statement, relating to 10 million common shares registered for purchase under the Company's Distribution Reinvestment and Share Purchase Plan.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">During the three months ended July 31, 2012, the Company issued 300,000 common shares under an at-the-market ("ATM") equity program with BMO Capital Markets Corp. as sales agent, for proceeds (before offering expenses but after underwriting discounts and commissions) of $2.1 million, used for general corporate purposes, including the acquisition and development of investment properties. On April 1, 2013, the Company terminated this ATM program. Subsequent to the end of the first quarter of fiscal year 2014, on August 30, 2013, the Company entered into an ATM program with Robert W. Baird &amp; Co. Incorporated as sales agent, pursuant to which the Company may from time to time offer and sell its common shares of beneficial interest having an aggregate gross sales price of up to $75.0 million. Sales of common shares, if any, under the program will depend upon market conditions and other factors to be determined by the Company. The Company to date has issued no shares under this program.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">During the first quarter of fiscal year 2014, the Company issued approximately 13,000 common shares, with a total grant-date value of approximately $112,000, under the Company's 2008 Incentive Award Plan, for trustee compensation for fiscal year 2013 performance. During first quarter of fiscal year 2013, the Company issued approximately 53,000 common shares, with a total grant-date value of approximately $398,000, under the 2008 Incentive Award Plan, for trustee compensation and executive officer bonuses for fiscal year 2012 performance.</div>

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<div style="WIDTH: 100%" id="DSPFPageFooter"><a href="#TABLEOFCONTENTS">Table of Contents</a></div>

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<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">During the three months ended July 31, 2013 and 2012, respectively, approximately 125,000 Units and 89,000 Units were converted to common shares, with a total value of approximately $706,000 and $337,000 included in equity. The Company issued no shares under its 401(k) plan during the three months ended July 31, 2013 (following the Company's transition in the second quarter of fiscal year 2013 to a new 401(k) plan service provider and trustee, common shares of the Company are no longer an investment option under the Company's 401(k) plan). Approximately 5,000 common shares were issued under the 401(k) plan during the three months ended July 31, 2012, with a total value of approximately $40,000 included in equity. Under the Company's Distribution Reinvestment and Share Purchase Plan, approximately 2.6 million common shares and 1.9 million common shares were issued during the three months ended July 31, 2013 and 2012, respectively, with a total value of $22.7 million and $14.5 million included in equity, and an average price per share of $8.72 and $7.66, respectively, after applicable discounts.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTE 5 &#8226; SEGMENT REPORTING</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10.5pt; FONT-SIZE: 10pt">IRET reports its results in five reportable segments: multi-family residential, commercial office, commercial healthcare (including senior housing), commercial industrial and commercial retail properties. The Company's reportable segments are aggregations of similar properties.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10.5pt; FONT-SIZE: 10pt">IRET&#160;measures the performance of its segments based on net operating income ("NOI"), which the Company defines as <font style="FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">total real estate revenues and gain on involuntary conversion less real estate expenses (which consist of utilities, maintenance, real estate taxes, insurance, property management expenses and other property expenses).</font> IRET believes that NOI is an important supplemental measure of operating performance for a REIT's operating real estate because it provides a measure of core operations that is unaffected by depreciation, amortization, financing and general and administrative expense. NOI does not represent cash generated by operating activities in accordance with GAAP and should not be considered an alternative to net income, net income available for common shareholders or cash flow from operating activities as a measure of financial performance.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10.5pt; COLOR: #000000; FONT-SIZE: 10pt">The revenues and net operating income for these reportable segments are summarized as follows for the three month periods ended July 31, 2013 and 2012, along with reconciliations to the condensed consolidated financial statements. Segment assets are also reconciled to total assets as reported in the condensed consolidated financial statements.</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 33.65%; VERTICAL-ALIGN: bottom" rowspan="2">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Three Months Ended July 31, 2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 66.35%; VERTICAL-ALIGN: bottom" colspan="12">
<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">(in thousands)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.68%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Multi-Family<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt"><br>
</font> Residential</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.06%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Commercial-<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt"><br>
</font> Office</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.22%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Commercial-<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt"><br>
</font> Healthcare</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.08%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Commercial-<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt"><br>
</font> Industrial</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.39%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Commercial-<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt"><br>
</font> Retail</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.92%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Total</div>
</td>
</tr>

<tr>
<td style="WIDTH: 33.65%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.94%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.04%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 33.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">Real estate revenue</div>
</td>
<td style="WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 7.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">24,582</div>
</td>
<td style="WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">19,744</div>
</td>
<td style="WIDTH: 3.04%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">16,072</div>
</td>
<td style="WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">3,456</div>
</td>
<td style="WIDTH: 3.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 6.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">3,328</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">67,182</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 33.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">Real estate expenses</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">10,959</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">9,985</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.04%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">4,282</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">1,039</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">1,326</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">27,591</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 33.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">Gain on involuntary conversion</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">966</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.04%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">966</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 33.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">Net operating income</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 7.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">14,589</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">9,759</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 3.04%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 8.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">11,790</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">2,417</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 3.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 6.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">2,002</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">40,557</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 33.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">Depreciation/amortization</div>
</td>
<td style="WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.94%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.04%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">(19,518)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 33.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">Administrative, advisory and trustee services</div>
</td>
<td style="WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.94%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.04%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">(2,753)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 43.33%; VERTICAL-ALIGN: bottom" colspan="3">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">Impairment of real estate investments</div>
</td>
<td style="WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.04%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">(1,458)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 43.33%; VERTICAL-ALIGN: bottom" colspan="3">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">Other expenses</div>
</td>
<td style="WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.04%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">(679)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 33.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">Interest expense</div>
</td>
<td style="WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.94%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.04%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">(14,799)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 33.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">Interest and other income</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.94%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.04%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">210</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 89.08%; VERTICAL-ALIGN: bottom" colspan="11">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Income from continuing operations</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">1,560</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 89.08%; VERTICAL-ALIGN: bottom" colspan="11">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Income from discontinued operations</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1,656</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 89.08%; VERTICAL-ALIGN: bottom" colspan="11">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Net income</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">3,216</div>
</td>
</tr>
</table>

<div><br>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="WIDTH: 100%" id="DSPFPageFooter"><a href="#TABLEOFCONTENTS">Table of Contents</a></div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">13</div>

<hr style="PAGE-BREAK-AFTER: always; MARGIN: 4px 0px; WIDTH: 100%; HEIGHT: 2px; COLOR: #000000; CLEAR: both" id="DSPFPageBreak" noshade="noshade">
</div>

<div><br>
</div>

<div><br>
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 33.61%; VERTICAL-ALIGN: bottom" rowspan="2">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Three Months Ended July 31, 2012</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 66.39%; VERTICAL-ALIGN: bottom" colspan="12">
<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">(in thousands)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.68%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Multi-Family<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt"><br>
</font> Residential</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.63%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Commercial-<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt"><br>
</font> Office</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.67%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Commercial-<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt"><br>
</font> Healthcare</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.69%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Commercial-<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt"><br>
</font> Industrial</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.88%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Commercial-<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt"><br>
</font> Retail</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.84%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Total</div>
</td>
</tr>

<tr>
<td style="WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.33%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.35%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.56%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">Real estate revenue</div>
</td>
<td style="WIDTH: 1.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.35%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">21,210</div>
</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">18,778</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">15,073</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">2,788</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 7.56%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">3,126</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">60,975</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">Real estate expenses</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.35%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">9,293</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">9,336</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">4,080</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">896</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.56%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">1,080</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">24,685</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">Net operating income</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 8.35%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">11,917</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 3.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">9,442</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">10,993</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">1,892</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 7.56%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">2,046</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">36,290</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">Depreciation/amortization</div>
</td>
<td style="WIDTH: 1.33%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.35%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.56%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">(15,885)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 43.3%; VERTICAL-ALIGN: bottom" colspan="3">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">Administrative, advisory and trustee services</div>
</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.56%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">(2,096)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">Other expenses</div>
</td>
<td style="WIDTH: 1.33%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.35%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.56%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">(519)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">Interest expense</div>
</td>
<td style="WIDTH: 1.33%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.35%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.56%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">(16,069)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">Interest and other income</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.33%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.35%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.56%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">142</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">Income from continuing operations</div>
</td>
<td style="WIDTH: 1.33%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.35%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.56%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1,863</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">Income from discontinued operations</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.33%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.35%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.56%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">133</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 89.16%; VERTICAL-ALIGN: bottom" colspan="11">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">Net income</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1,996</div>
</td>
</tr>
</table>

<div style="TEXT-ALIGN: justify; MARGIN-TOP: 12pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10.5pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Segment Assets and Accumulated Depreciation</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">Segment assets are summarized as follows as of July 31, 2013, and April 30, 2013, along with reconciliations to the condensed consolidated financial statements:</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 66.39%; VERTICAL-ALIGN: bottom" colspan="12">
<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">(in thousands)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">As of July 31, 2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.5%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Multi-Family<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt"><br>
</font> Residential</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.67%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Commercial-<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt"><br>
</font> Office</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.67%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Commercial-<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt"><br>
</font> Healthcare</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.67%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Commercial-<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt"><br>
</font> Industrial</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.82%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Commercial-<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt"><br>
</font> Retail</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.06%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Total</div>
</td>
</tr>

<tr>
<td style="WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.15%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.35%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.56%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Segment Assets</div>
</td>
<td style="WIDTH: 1.15%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.35%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.56%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Property owned</div>
</td>
<td style="WIDTH: 1.15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.35%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">670,573</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">625,610</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">502,346</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">100,204</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">117,790</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.56%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">2,016,523</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Less accumulated depreciation</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.15%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.35%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(145,276)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(143,246)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(94,616)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(19,968)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(26,270)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.56%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(429,376)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Net property owned</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1.15%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 8.35%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">525,297</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">482,364</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">407,730</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">80,236</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">91,520</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.56%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1,587,147</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Real estate held for sale</div>
</td>
<td style="WIDTH: 1.15%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.35%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.56%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 0.7pt; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">3,969</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Cash and cash equivalents</div>
</td>
<td style="WIDTH: 1.15%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.35%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.56%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">93,193</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Other investments</div>
</td>
<td style="WIDTH: 1.15%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.35%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.56%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">640</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Receivables and other assets</div>
</td>
<td style="WIDTH: 1.15%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.35%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.56%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">113,523</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Development in progress</div>
</td>
<td style="WIDTH: 1.15%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.35%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.56%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">77,396</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Unimproved land</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.15%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.35%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.56%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">20,774</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Total assets</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1.15%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 8.35%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 8.56%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1,896,642</div>
</td>
</tr>
</table>

<div><br>
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 66.39%; VERTICAL-ALIGN: bottom" colspan="12">
<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">(in thousands)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">As of April 30, 2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.56%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Multi-Family<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt"><br>
</font> Residential</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.56%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Commercial-<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt"><br>
</font> Office</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.56%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Commercial-<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt"><br>
</font> Healthcare</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.02%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Commercial-<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt"><br>
</font> Industrial</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.84%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Commercial-<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt"><br>
</font> Retail</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.84%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Total</div>
</td>
</tr>

<tr>
<td style="WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.08%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Segment assets</div>
</td>
<td style="WIDTH: 1.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.08%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Property owned</div>
</td>
<td style="WIDTH: 1.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">659,696</div>
</td>
<td style="WIDTH: 2.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.08%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">613,775</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">501,191</div>
</td>
<td style="WIDTH: 2.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">125,772</div>
</td>
<td style="WIDTH: 3.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 7.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">132,536</div>
</td>
<td style="WIDTH: 2.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">2,032,970</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Less accumulated depreciation</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(140,354)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.08%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(138,270)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(90,891)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(23,688)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(27,218)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(420,421)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Net property owned</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">519,342</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 2.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 9.08%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">475,505</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">410,300</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 2.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">102,084</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 3.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 7.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">105,318</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 2.2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1,612,549</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Cash and cash equivalents</div>
</td>
<td style="WIDTH: 1.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.08%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">94,133</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9.4pt; FONT-SIZE: 9pt">Other investments</div>
</td>
<td style="WIDTH: 1.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.08%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">639</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9.4pt; FONT-SIZE: 9pt">Receivables and other assets</div>
</td>
<td style="WIDTH: 1.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.08%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">113,948</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9.4pt; FONT-SIZE: 9pt">Development in progress</div>
</td>
<td style="WIDTH: 1.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.08%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">46,782</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9.4pt; FONT-SIZE: 9pt">Unimproved land</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.08%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">21,503</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 89.16%; VERTICAL-ALIGN: bottom" colspan="11">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Total assets</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 2.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1,889,554</div>
</td>
</tr>
</table>

<div style="MARGIN-TOP: 7.5pt; MARGIN-BOTTOM: 10.5pt"><br>
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<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="WIDTH: 100%" id="DSPFPageFooter"><a href="#TABLEOFCONTENTS">Table of Contents</a></div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">14</div>

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</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; MARGIN-TOP: 7.5pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10.5pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTE 6 &#8226; COMMITMENTS AND CONTINGENCIES</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Litigation. &#160;</font>The Company is not a party to any legal proceedings which are expected to have a material effect on the Company's liquidity, financial position, cash flows or results of operations. The Company is subject to a variety of legal actions for personal injury or property damage arising in the ordinary course of its business, most of which are covered by liability insurance. Various claims of resident discrimination are also periodically brought, most of which also are covered by insurance. While the resolution of these matters cannot be predicted with certainty, management believes that the final outcome of such legal proceedings and claims will not have a material effect on the Company's liquidity, financial position, cash flows or results of operations.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Insurance. &#160;</font>IRET carries insurance coverage on its properties in amounts and types that the Company believes are customarily obtained by owners of similar properties and are sufficient to achieve IRET's risk management objectives.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Purchase Options. &#160;</font>The Company has granted options to purchase certain IRET properties to tenants in these properties, under lease agreements. In general, the options grant the tenant the right to purchase the property at the greater of such property's appraised value or an annual compounded increase of a specified percentage of the initial cost of the property to IRET. As of July 31, 2013, the total property cost of the 14 properties subject to purchase options was approximately $92.8 million, and the total gross rental revenue from these properties was approximately $2.0 million for the three months ended July 31, 2013.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Environmental Matters. &#160;</font>Under various federal, state and local laws, ordinances and regulations, a current or previous owner or operator of real estate may be liable for the costs of removal of, or remediation of, certain hazardous or toxic substances in, on, around or under the property. While IRET currently has no knowledge of any material violation of environmental laws, ordinances or regulations at any of its properties, there can be no assurance that areas of contamination will not be identified at any of the Company's properties, or that changes in environmental laws, regulations or cleanup requirements would not result in material costs to the Company.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Restrictions on Taxable Dispositions. &#160;</font>Approximately 115 of IRET's properties, consisting of approximately 6.4 million square feet of the Company's combined commercial segments' properties and 4,936 apartment units, are subject to restrictions on taxable dispositions under agreements entered into with some of the sellers or contributors of the properties. The real estate investment amount of these properties (net of accumulated depreciation) was approximately $876.1 million at July 31, 2013. The restrictions on taxable dispositions are effective for varying periods. The terms of these agreements generally prevent the Company from selling the properties in taxable transactions. The Company does not believe that the agreements materially affect the conduct of the Company's business or decisions whether to dispose of restricted properties during the restriction period because the Company generally holds these and the Company's other properties for investment purposes, rather than for sale. Historically, however, where IRET has deemed it to be in the shareholders' best interests to dispose of restricted properties, it has done so through transactions structured as tax-deferred transactions under Section 1031 of the Internal Revenue Code.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Redemption Value of UPREIT Units</font>. &#160;The limited partnership units ("UPREIT Units") of the Company's operating partnership, IRET Properties, are redeemable at the option of the holder for cash, or, at our option, for the Company's common shares of beneficial interest on a one-for-one basis, after a minimum one-year holding period. &#160;All UPREIT Units receive the same cash distributions as those paid on common shares. &#160;UPREIT Units are redeemable for an amount of cash per Unit equal to the average of the daily market price of an IRET common share for the ten consecutive trading days immediately preceding the date of valuation of the Unit. &#160;As of July 31, 2013 and 2012, the aggregate redemption value of the then-outstanding UPREIT Units of the operating partnership owned by limited partners was approximately $197.7 million and $172.4 million, respectively.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Joint Venture Buy/Sell Options. &#160;</font>Certain of IRET's joint venture agreements contain buy/sell options in which each party under certain circumstances has the option to acquire the interest of the other party, but do not generally require that the Company buy its partners' interests. The Company currently has no joint ventures in which its joint venture partner can require the Company to buy the partner's interest.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10.5pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Tenant Improvements</font>. In entering into leases with tenants, IRET may commit itself to fund improvements or build-outs of the rented space to suit tenant requirements. These tenant improvements are typically funded at the beginning of the lease term, and IRET is accordingly exposed to some risk of loss if a tenant defaults prior to the expiration of the lease term, and the rental income that was expected to cover the cost of the tenant improvements is not received. As of July 31, 2013, the Company is committed to fund approximately $8.3 million in tenant improvements, within approximately the next 12 months.</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10.5pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Development, Expansion and Renovation Projects. &#160;</font>As of July 31, 2013, the Company had several development, expansion and renovation projects underway or recently completed, the costs for which have been capitalized, as follows:</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10.5pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt"><u>River Ridge Apartment Homes, Bismarck, ND</u></font>: During the second quarter of fiscal year 2013, the Company began construction of its 146-unit River Ridge Apartments project in Bismarck, North Dakota. River Ridge is located near IRET's Cottonwood Apartments in Bismarck, and will offer amenities including a pool, exercise facility and underground parking. The Company estimates that the total cost to construct the project will be approximately $25.9 million. Completion of the project is currently expected in the second quarter of the Company's fiscal year 2014. A portion of the building was substantially completed in August 2013, and a certificate of occupancy issued for 60 units. As of July 31, 2013, the Company had incurred approximately $19.7 million of the total estimated project costs.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt"><u>Cypress Court Apartment Homes, St. Cloud, Minnesota</u></font><font style="FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">: In August 2012, the Company entered into a joint venture agreement with a real estate development and contracting company in St. Cloud, Minnesota, to construct a two-building, 132-unit multi-family residential property in St. Cloud, Minnesota, for an estimated total project cost of $14.3 million. The Company owns approximately 79% of the joint venture entity, </font>and the Company consolidates the joint venture's results in its financial statements;<font style="FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt"> the remaining approximately 21% interest is owned by its joint venture partner. Completion of the apartment project is currently expected in the </font>second quarter of the Company's fiscal year 2014<font style="FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">.</font> As of July 31, 2013, the Company had incurred approximately $10.1 million of the total estimated project costs. The first building of the planned two-building project was substantially completed in August 2013.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt"><u>Southgate Apartments, Minot, North Dakota</u></font>: In January 2013, the Company entered into a joint venture agreement to construct an apartment project in Minot, North Dakota. The Company owns approximately 51% of the joint venture entity, and the Company consolidates the joint venture's results in its financial statements; the remaining approximately 49% of the joint venture entity is owned by its joint venture partner. The project is expected to be completed in two phases, with a total of approximately 341 units as described below:</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">The Landing at Southgate consists of three approximately 36-unit buildings with an estimated total cost of $15.0 million. &#160;One of the three buildings was substantially completed in August 2013. The two remaining buildings are expected to be completed in the second quarter of fiscal year 2014. As of July 31, 2013, the Company had incurred approximately $12.5 million of the total estimated project costs.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">The Commons at Southgate will consist of an approximately 233-unit building to be completed in June 2014 for an estimated total cost of $37.2 million. As of July 31, 2013, the Company had incurred approximately $10.5 million of the total estimated project costs.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10.5pt; COLOR: #000000; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt"><u>Renaissance Heights I Apartments, Williston, North Dakota</u></font>: In February 2013, the Company entered into a joint venture agreement to construct the first phase of an apartment project in Williston, North Dakota. The Company's joint venture partner in the Renaissance Heights project is also the Company's partner in its Williston Garden Apartments Project. The Company will own approximately 70% of the project, subject to final project costs, and the joint venture's results are consolidated in the Company's financial statements. The first phase of the Renaissance Heights Apartments project, consisting of five buildings with a total of 288 units, commenced construction in April 2013, with construction completion expected in September 2014. The site of the first phase of this development project is approximately 14.5 acres of an approximately 40-acre parcel of land purchased by the Company in April 2012. The total cost of this first phase of the Renaissance Heights project is estimated at $62.4 million, including the purchase price of the land. As of July 31, 2013, the Company had incurred approximately $16.9 million of the total estimated project cost. The remaining two phases of the project are expected to consist of an additional total of approximately 462 units, for a total of approximately 750 units in all three phases.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; COLOR: #000000; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt"><u>Arcata Apartments, Golden Valley, Minnesota</u></font>: In April 2013, the Company acquired approximately two acres of vacant land in Golden Valley, Minnesota for a purchase price of approximately $2.1 million. The parcel of land is located near the Company's Golden Hills Office Center. The Company has signed a development services agreement with Trammell Crow Company and a construction contract to develop on this parcel an approximately 165-unit apartment building. Construction commenced in August 2013 and is currently expected to conclude in approximately November 2014, with a total project cost of approximately $33.4 million, including the purchase price of the land. As of July 31, 2013, the Company had incurred approximately $2.7 million of the total estimated project cost.</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt"><u>Dakota Commons, Williston, North Dakota</u></font>: In May 2013 the Company commenced construction of a 44-unit apartment building in Williston, North Dakota, on land purchased for approximately $823,000 in fiscal year 2013. The project is currently expected to be completed in the first quarter of fiscal year 2015 at an estimated total cost of $10.7 million, including the cost of the land. As of July 31, 2013, the Company had incurred approximately $2.6 million of the total estimated project cost.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt"><u>Chateau II, Minot, North Dakota</u></font>: In June 2011, the Company's Chateau Apartments property in Minot, North Dakota, which consisted of two 32-unit buildings, was extensively damaged by flood. Additionally, in February 2012, one of the two buildings, which had been undergoing restoration work following the flood, was completely destroyed by fire. The Company completed the redevelopment of the first 32-unit Chateau Apartments building in May 2012. Construction of the second Chateau Apartments building, and its expansion by an additional 40 units, for a total of 72 units, commenced in June 2013. This second building is currently expected to be completed in April 2014, at an estimated total cost of $14.7 million, including the value of the land. As of July 31, 2013, the Company had incurred approximately $2.3 million of the total estimated project cost.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">These development projects are subject to various contingencies, and no assurances can be given that they will be completed within the time frames or on the terms currently expected.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10.5pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">Construction interest capitalized for the three month periods ended </font>July 31, 2013 <font style="FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">and 2012, respectively, was approximately $580,000 and $161,000 for development projects completed and in progress.</font></div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Acquisition</font>.&#160;&#160;During the first quarter of fiscal year 2014, the Company signed a purchase agreement for the acquisition of a multi-family residential property in Grand Forks, North Dakota with 96 units, for a purchase price of $10.6 million, of which approximately $200,000 would be paid through the issuance of limited partnership units of the Operating Partnership, with the remainder paid in cash. This acquisition closed subsequent to the end of the first quarter of fiscal year 2014, on September 5, 2013. The purchase price accounting is incomplete for this acquisition.</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">the Company's 121,669-square foot Bloomington Business Plaza commercial office property in Bloomington, Minnesota for a sale price of $4.5 million;</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">the 322,751-square foot Brooklyn Park 7401 Boone Avenue commercial industrial property in Brooklyn Park, Minnesota for a sale price of $12.8 million;</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">the 50,400-square foot Cedar Lake Business Center commercial industrial property in St. Louis Park, Minnesota for a sale price of $2.6 million;</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">the 118,125-square foot Nicollet VII commercial office property in Burnsville, Minnesota for a sale price of $7.3 million;</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">the 42,510-square foot Clive 2075 NW 94th Street commercial industrial property in Clive, Iowa for a sale price of $2.7 million;</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTE 7 &#8226; DISCONTINUED OPERATIONS</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">The Company reports in discontinued operations the results of operations of a property that has either been disposed of or is classified as held for sale. The Company also reports any gains or losses from the sale of a property in discontinued operations. During the first quarter of fiscal year 2014, the Company sold four commercial industrial properties and one commercial retail property and classified two commercial industrial properties as held for sale. During the first quarter of fiscal year 2013, IRET sold two condominium units and a commercial retail property. See Note 8 for additional information on the properties sold during the three months ended July 31, 2013 and 2012. The following information shows the effect on net income and the gains or losses from the sale of properties classified as discontinued operations for the three months ended July 31, 2013 and 2012:</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 4.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 9.05pt">2012</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 74.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">REVENUE</div>
</td>
<td style="WIDTH: 4.32%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 4.3%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 74.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Real estate rentals</div>
</td>
<td style="WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">216</div>
</td>
<td style="WIDTH: 4.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,306</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 74.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Tenant reimbursement</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">51</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 4.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">139</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 74.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">TOTAL REVENUE</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">267</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 4.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,445</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 74.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">EXPENSES</div>
</td>
<td style="WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 4.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 74.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Depreciation/amortization related to real estate investments</div>
</td>
<td style="WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">65</div>
</td>
<td style="WIDTH: 4.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">390</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 74.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Utilities</div>
</td>
<td style="WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="WIDTH: 4.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">37</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 74.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Maintenance</div>
</td>
<td style="WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">2</div>
</td>
<td style="WIDTH: 4.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">113</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 74.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Real estate taxes</div>
</td>
<td style="WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">41</div>
</td>
<td style="WIDTH: 4.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">148</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 74.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Insurance</div>
</td>
<td style="WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3</div>
</td>
<td style="WIDTH: 4.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">21</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 74.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Property management expenses</div>
</td>
<td style="WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">11</div>
</td>
<td style="WIDTH: 4.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">65</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 74.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Other property expenses</div>
</td>
<td style="WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="WIDTH: 4.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">6</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 74.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Amortization related to non-real estate investments</div>
</td>
<td style="WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3</div>
</td>
<td style="WIDTH: 4.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">11</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 74.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Impairment of real estate investments</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">345</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 4.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 74.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">TOTAL EXPENSES</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">470</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 4.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">791</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff; HEIGHT: 18px">
<td style="WIDTH: 74.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Operating (loss) income</div>
</td>
<td style="WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(203)</div>
</td>
<td style="WIDTH: 4.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">654</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 74.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Interest expense</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(84)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 4.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(448)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 74.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">(Loss) income from discontinued operations before gain (loss) on sale</div>
</td>
<td style="WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(287)</div>
</td>
<td style="WIDTH: 4.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">206</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 74.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Gain (loss) on sale of discontinued operations</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,943</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 4.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(73)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 74.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">INCOME FROM DISCONTINUED OPERATIONS</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,656</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 4.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">133</div>
</td>
</tr>
</table>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="WIDTH: 100%" id="DSPFPageFooter"><a href="#TABLEOFCONTENTS">Table of Contents</a></div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">18</div>

<hr style="PAGE-BREAK-AFTER: always; MARGIN: 4px 0px; WIDTH: 100%; HEIGHT: 2px; COLOR: #000000; CLEAR: both" id="DSPFPageBreak" noshade="noshade">
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; MARGIN-TOP: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10.5pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTE 8 &#8226; ACQUISITIONS AND DISPOSITIONS</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">PROPERTY ACQUISITIONS</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10.5pt; FONT-SIZE: 10pt">During the first quarter of fiscal year 2014, the Company closed on its acquisitions of:</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Symbol, serif; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">a 71-unit multi-family residential property in Rapid City, South Dakota, on approximately 3.2 acres of land, for a purchase price of $6.2 million, of which $2.9 million was paid in cash and the remainder in limited partnership units of the Operating Partnership valued at $3.3 million; and</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 10.5pt; FONT-SIZE: 10pt" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Symbol, serif; MARGIN-BOTTOM: 10.5pt; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10.5pt; FONT-SIZE: 10pt">an approximately 0.7-acre parcel of vacant land in Minot, North Dakota for a purchase price, including acquisition costs, &#160;of $179,000, paid in cash.</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10.5pt; FONT-SIZE: 10pt">During the first quarter of fiscal year 2013, the Company closed on its acquisitions of:</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt" class="DSPFListTable" cellspacing="0" cellpadding="0">
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<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Symbol, serif; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">a 308-unit multi-family residential property in Topeka, Kansas, on approximately 18.3 acres of land, for a purchase price of approximately $17.7 million, of which $5.2 million was paid in cash with assumed debt of $12.5 million;</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Symbol, serif; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#183;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">a 232-unit multi-family residential property in Lincoln, Nebraska, on approximately 14.7 acres of land, for a purchase price of approximately $17.5 million, of which $14.2 million was paid in cash and the remainder in limited partnership units of the Operating Partnership valued at $3.3 million; and</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 10.5pt; FONT-SIZE: 10pt" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Symbol, serif; MARGIN-BOTTOM: 10.5pt; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10.5pt; FONT-SIZE: 10pt">a 208-unit multi-family residential property in Lincoln, Nebraska, on approximately 11.5 acres of land, for a purchase price of approximately $17.3 million, of which $13.8 million was paid in cash and the remainder in limited partnership units of the Operating Partnership valued at $3.5 million.</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10.5pt; FONT-SIZE: 10pt">The Company expensed approximately $101,000 and $73,000 of transaction costs related to acquisitions in the three months ended July 31, 2013 and 2012, respectively. The Company's acquisitions and development projects placed in service during the three months ended July 31, 2013 and 2012 are detailed below:</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Three Months Ended July 31, 2013</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 47.41%; VERTICAL-ALIGN: bottom" rowspan="2">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Acquisitions</div>
</td>
<td style="WIDTH: 12.91%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 39.67%; VERTICAL-ALIGN: bottom" colspan="8">
<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">(in thousands)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.91%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Date Acquired</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.48%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Land</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.34%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Building</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.5%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Intangible</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Assets</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.34%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Acquisition</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Cost</div>
</td>
</tr>

<tr>
<td style="WIDTH: 47.41%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 12.91%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.78%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 47.41%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Multi-Family Residential</div>
</td>
<td style="WIDTH: 12.91%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.78%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 47.41%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">71 unit - Alps Park - Rapid City, SD</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.91%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">2013-05-01</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">287</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">5,551</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">362</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">6,200</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 47.41%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 12.91%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.78%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 47.41%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Unimproved Land</div>
</td>
<td style="WIDTH: 12.91%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.78%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 47.41%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Chateau II - Minot, ND</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.91%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">2013-05-21</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">179</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">179</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 47.41%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.91%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.78%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 47.41%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Total Property Acquisitions</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 12.91%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">466</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">5,551</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 7.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">362</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 8.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">6,379</div>
</td>
</tr>
</table>

<div style="MARGIN-BOTTOM: 10pt"><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Three Months Ended July 31, 2012</div>

<div><br>
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 47.42%; VERTICAL-ALIGN: bottom" rowspan="2">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Acquisitions</div>
</td>
<td style="WIDTH: 12.58%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 40%; VERTICAL-ALIGN: bottom" colspan="8">
<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">(in thousands)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Date Acquired</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.56%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Land</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.44%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Building</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.1%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Intangible</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Assets</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.9%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Acquisition</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Cost</div>
</td>
</tr>

<tr>
<td style="WIDTH: 47.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 12.58%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.82%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 47.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Multi-Family Residential</div>
</td>
<td style="WIDTH: 12.58%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.82%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 47.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">308 unit - Villa West - Topeka, KS</div>
</td>
<td style="WIDTH: 12.58%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">2012-05-08</div>
</td>
<td style="WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 7.82%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">1,590</div>
</td>
<td style="WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 8.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">15,760</div>
</td>
<td style="WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 7.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">300</div>
</td>
<td style="WIDTH: 2.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 8.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">17,650</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 47.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">232 unit - Colony - Lincoln, NE</div>
</td>
<td style="WIDTH: 12.58%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">2012-06-04</div>
</td>
<td style="WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.82%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">1,515</div>
</td>
<td style="WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">15,731</div>
</td>
<td style="WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">254</div>
</td>
<td style="WIDTH: 2.2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">17,500</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 47.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">208 unit - Lakeside Village - Lincoln, NE</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.58%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">2012-06-04</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.82%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">1,215</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">15,837</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">198</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">17,250</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 47.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.58%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.82%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 47.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Total Property Acquisitions</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 12.58%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 7.82%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">4,320</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 8.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">47,328</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 7.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">752</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 2.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 8.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">52,400</div>
</td>
</tr>
</table>

<div><br>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="WIDTH: 100%" id="DSPFPageFooter"><a href="#TABLEOFCONTENTS">Table of Contents</a></div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">19</div>

<hr style="PAGE-BREAK-AFTER: always; MARGIN: 4px 0px; WIDTH: 100%; HEIGHT: 2px; COLOR: #000000; CLEAR: both" id="DSPFPageBreak" noshade="noshade">
</div>

<div><br>
</div>

<div><br>
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 46.55%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 13.78%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 39.66%; VERTICAL-ALIGN: bottom" colspan="8">
<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">(in thousands)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 46.55%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Development Projects Placed in Service</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Date Placed in</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Service</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.5%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Land</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.34%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Building</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.62%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Intangible</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Assets</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.2%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Acquisition</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Cost</div>
</td>
</tr>

<tr>
<td style="WIDTH: 46.55%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 13.78%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.54%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 46.55%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Multi-Family Residential</div>
</td>
<td style="WIDTH: 13.78%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.54%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 46.55%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">159 unit &#8211; Quarry Ridge II &#8211; Rochester, MN<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
</td>
<td style="WIDTH: 13.78%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">2012-06-29</div>
</td>
<td style="WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">0</div>
</td>
<td style="WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">3,543</div>
</td>
<td style="WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$&#160;</div>
</td>
<td style="WIDTH: 6.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">0</div>
</td>
<td style="WIDTH: 2.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$&#160;</div>
</td>
<td style="WIDTH: 8.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">3,543</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 46.55%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">73 unit - Williston Garden Buildings 3 and 4 - Williston, ND<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">2012-07-31</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">4,158</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">4,158</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 46.55%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.78%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.54%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 46.55%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Total Development Projects Placed in Service</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 13.78%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">7,701</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 6.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 2.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 8.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">7,701</div>
</td>
</tr>
</table>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(1)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">Development property placed in service June 29, 2012. Additional costs paid in fiscal years 2012 and 2011, and land acquired in fiscal year 2007, totaled $13.0 million, for a total project cost at July 31, 2012 of $16.5 million.</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 7.5pt; FONT-SIZE: 10pt" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 7.5pt; FONT-SIZE: 8pt">(2)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 7.5pt; FONT-SIZE: 8pt">Development property placed in service July 31, 2012. Buildings 1 and 2 were placed in service in fiscal year 2012. Additional costs paid in fiscal year 2012 totaled $12.0 million, for a total project cost at July 31, 2012 of $16.2 million.</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Acquisitions in the three months ended July 31, 2013 and 2012 are immaterial to our real estate portfolio both individually and in the aggregate, and consequently no proforma information is presented. The results of operations from acquired properties are included in the Condensed Consolidated Statements of Operations as of their acquisition date. The revenue and net income of our acquisitions in the three months ended July 31, 2013 and 2012, respectively, (excluding development projects placed in service) are detailed below.</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 75.86%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 24.14%; VERTICAL-ALIGN: bottom" colspan="4">
<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">(in thousands)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 75.86%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 24.14%; VERTICAL-ALIGN: bottom" colspan="4">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Three Months Ended</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">July 31</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 75.86%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.52%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.62%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2012</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 75.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Total revenue</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 10.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">186</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 9.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,232</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 75.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Net (loss) income</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 10.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(108)</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 9.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(72)</div>
</td>
</tr>
</table>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 10pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">PROPERTY DISPOSITIONS</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">During the first quarter of fiscal year 2014, the Company sold four commercial industrial properties and one commercial retail property. During the first quarter of fiscal year 2013, IRET sold two condominium units and a commercial retail property. The following table details the Company's dispositions during the three months ended July 31, 2013 and 2012:</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Three Months Ended July 31, 2013</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 50.86%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 13.62%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 35.52%; VERTICAL-ALIGN: bottom" colspan="6">
<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">(in thousands)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 50.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Dispositions</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.62%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Date</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Disposed</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.86%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Sales Price</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.53%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Book Value</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">and Sales Cost</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.12%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Gain/(Loss)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50.86%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 13.62%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 11.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.4%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 50.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Commercial Industrial</div>
</td>
<td style="WIDTH: 13.62%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 11.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.4%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 50.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">41,880 sq ft Bodycote - Eden Prairie, MN</div>
</td>
<td style="WIDTH: 13.62%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">2013-05-13</div>
</td>
<td style="WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 10.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">3,150</div>
</td>
<td style="WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 11.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">1,375</div>
</td>
<td style="WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 8.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">1,775</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 50.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">42,244 sq ft Fargo 1320 45<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> St. N - Fargo, ND</div>
</td>
<td style="WIDTH: 13.62%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">2013-05-13</div>
</td>
<td style="WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">4,700</div>
</td>
<td style="WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 11.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">4,100</div>
</td>
<td style="WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">600</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 50.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">49,620 sq ft Metal Improvement - New Brighton, MN</div>
</td>
<td style="WIDTH: 13.62%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">2013-05-13</div>
</td>
<td style="WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">2,350</div>
</td>
<td style="WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 11.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">1,949</div>
</td>
<td style="WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">401</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 50.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">172,057 sq ft Roseville 2929 Long Lake Road - Roseville, MN</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.62%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">2013-05-13</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">9,275</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">9,998</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(723)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 50.86%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 13.62%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">19,475</div>
</td>
<td style="WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 11.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">17,422</div>
</td>
<td style="WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">2,053</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 50.86%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 13.62%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 11.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.4%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 50.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Commercial Retail</div>
</td>
<td style="WIDTH: 13.62%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 11.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.4%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 50.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">23,187 sq ft Eagan - Eagan, MN</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.62%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">2013-05-14</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">2,310</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">2,420</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(110)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 50.86%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.62%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.4%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 50.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Total Property Dispositions</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 13.62%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 10.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">21,785</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 11.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">19,842</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 8.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">1,943</div>
</td>
</tr>
</table>

<div style="TEXT-ALIGN: justify; MARGIN-BOTTOM: 6pt"><br>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="WIDTH: 100%" id="DSPFPageFooter"><a href="#TABLEOFCONTENTS">Table of Contents</a></div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">20</div>

<hr style="PAGE-BREAK-AFTER: always; MARGIN: 4px 0px; WIDTH: 100%; HEIGHT: 2px; COLOR: #000000; CLEAR: both" id="DSPFPageBreak" noshade="noshade">
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Three Months Ended July 31, 2012</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 50.86%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 13.58%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 35.56%; VERTICAL-ALIGN: bottom" colspan="6">
<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">(in thousands)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 50.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Dispositions</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.58%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Date</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Disposed</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.86%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Sales Price</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.53%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Book Value</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">and Sales Cost</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.16%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Gain/(Loss)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50.86%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 13.58%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 11.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 50.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Commercial Retail</div>
</td>
<td style="WIDTH: 13.58%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 11.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 50.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">16,080 sq ft. Kentwood Thomasville &#8211; Kentwood, MI</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.58%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">2012-06-20</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">625</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">692</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(67)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 50.86%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 13.58%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 11.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 50.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Other</div>
</td>
<td style="WIDTH: 13.58%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 11.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 50.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Georgetown Square<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">&#160;</font>Condominiums 5 and 6</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.58%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">2012-06-21</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">330</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">336</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(6)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 50.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.58%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 50.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Total Property Dispositions</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 13.58%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 10.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">955</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 11.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">1,028</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 8.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(73)</div>
</td>
</tr>
</table>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; MARGIN-TOP: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTE 9 &#8226; MORTGAGES PAYABLE AND LINE OF CREDIT</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">Most of the properties owned by the Company serve as collateral for separate mortgage loans on single properties or groups of properties. The majority of these mortgages payable are non-recourse to the Company, other than for standard carve-out obligations such as fraud, waste, failure to insure, environmental conditions and failure to pay real estate taxes.<font style="FONT-FAMILY: Arial, sans-serif; FONT-SIZE: 10pt">&#160;</font>As of July 31, 2013, the management of the Company believes there are no defaults or material compliance issues in regard to any mortgages payable. Interest rates on mortgages payable range from 2.55% to 8.25%, and the mortgages have varying maturity dates from the current fiscal year through July 1, 2036.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Of the mortgages payable, the balances of fixed rate mortgages totaled $1.0 billion at July 31, 2013 and April 30, 2013. The balances of variable rate mortgages totaled $15.8 million and $26.2 million as of July 31, 2013 and April 30, 2013, respectively. The Company does not utilize derivative financial instruments to mitigate its exposure to changes in market interest rates. Most of the fixed rate mortgages have substantial pre-payment penalties. As of July 31, 2013, the weighted average rate of interest on the Company's mortgage debt was 5.54%, compared to 5.55% on April 30, 2013. The aggregate amount of required future principal payments on mortgages payable as of July 31, 2013, is as follows:</div>

<table style="WIDTH: 50%; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="0" align="center">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 66.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Year ended July 31,</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 33.76%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">(in thousands)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 66.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">2014 (remainder)</div>
</td>
<td style="WIDTH: 4.23%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 29.53%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">56,093</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 66.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">2015</div>
</td>
<td style="WIDTH: 4.23%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 29.53%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">98,892</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 66.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">2016</div>
</td>
<td style="WIDTH: 4.23%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 29.53%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">92,122</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 66.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">2017</div>
</td>
<td style="WIDTH: 4.23%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 29.53%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">219,086</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 66.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">2018</div>
</td>
<td style="WIDTH: 4.23%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 29.53%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">66,698</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff; HEIGHT: 18px">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 66.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Thereafter</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 4.23%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 29.53%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">497,516</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 66.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Total payments</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 4.23%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 29.53%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">1,030,407</div>
</td>
</tr>
</table>

<div style="TEXT-ALIGN: justify; MARGIN-TOP: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10.5pt; FONT-SIZE: 10pt">In addition to the individual first mortgage loans comprising the Company's $1.0 billion of mortgage indebtedness, the Company also has a revolving, multi-bank line of credit with First International Bank and Trust, Watford City, North Dakota, as lead bank, which had, as of July 31, 2013, lending commitments of $60.0 million. This facility is not included in the Company's mortgage indebtedness total. As of July 31, 2013, the line of credit was secured by mortgages on 23 properties; under the terms of the line of credit, properties may be added and removed from the collateral pool with the agreement of the lenders. Participants in this credit facility as of July 31, 2013 included, in addition to First International Bank, the following financial institutions: The Bank of North Dakota; First Western Bank and Trust; Dacotah Bank; United Community Bank; American State Bank &amp; Trust Company and Town &amp; Country Credit Union. The line of credit has a current interest rate of 5.15% and a minimum outstanding principal balance requirement of $10.0 million, and as of July 31, 2013, the Company had borrowed $10.0 million. The facility includes covenants and restrictions requiring the Company to achieve on a calendar quarter basis a debt service coverage ratio on borrowing base collateral of 1.25x in the aggregate and 1.00x on individual assets in the collateral pool, and the Company is also required to maintain minimum depository account(s) totaling $6.0 million with First International, of which $1.5 million is to be held in a non-interest bearing account. As of July 31, 2013, the Company believes it is in compliance with the facility covenants.</div>

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<div><br>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTE 10 &#8226; FAIR VALUE OF FINANCIAL INSTRUMENTS</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">ASC 820, <font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Fair Value Measurement and Disclosures</font> defines and establishes a framework for measuring fair value. &#160;The objective of fair value is to determine the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). ASC 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels, as follows:</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Level 1: &#160;Quoted prices in active markets for identical assets</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Level 2: &#160;Significant other observable inputs</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">Level 3: &#160;Significant unobservable inputs</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">There were no transfers in and out of Level 1, Level 2 and Level 3 fair value measurements during the three months ended July 31, 2013 and 2012. Fair value estimates may be different than the amounts that may ultimately be realized upon sale or disposition of the assets and liabilities.</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">Fair Value Measurements on a Recurring Basis</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">The Company had no assets or liabilities recorded at fair value on a recurring basis at July 31, 2013 and April 30, 2013.</div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">Fair Value Measurements on a Nonrecurring Basis</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">Non-financial assets measured at fair value on a nonrecurring basis at July 31, 2013 consisted of real estate investments and real estate held for sale that were written-down to estimated fair value during the first quarter of fiscal year 2014. Non-financial assets measured at fair value on a nonrecurring basis at April 30, 2013 consisted of real estate investments that were written-down to estimated fair value during fiscal year 2013. See Note 2 for additional information on impairment losses recognized during fiscal years 2014 and 2013. The aggregate fair value of these assets by their levels in the fair value hierarchy are as follows:</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 50.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 49.04%; VERTICAL-ALIGN: bottom" colspan="8">
<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">(in thousands)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 49.04%; VERTICAL-ALIGN: bottom" colspan="8">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">July 31, 2013</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 50.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.48%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.56%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Level 1</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.5%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Level 2</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.5%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Level 3</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 50.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Real estate investments</div>
</td>
<td style="WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 9.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">3,899</div>
</td>
<td style="WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 9.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 9.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">3,899</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 50.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Real estate held for sale</div>
</td>
<td style="WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">3,969</div>
</td>
<td style="WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">3,969</div>
</td>
</tr>
</table>

<div style="MARGIN-BOTTOM: 10pt"><br>
</div>

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<tr>
<td style="WIDTH: 50.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 49.04%; VERTICAL-ALIGN: bottom" colspan="8">
<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">(in thousands)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 49.04%; VERTICAL-ALIGN: bottom" colspan="8">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">April 30, 2013</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 50.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.48%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.56%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Level 1</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.5%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Level 2</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.5%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Level 3</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 50.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Real estate investments</div>
</td>
<td style="WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 9.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">335</div>
</td>
<td style="WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 9.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 9.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">335</div>
</td>
</tr>
</table>

<div style="MARGIN-BOTTOM: 10pt"><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">Financial Assets and Liabilities Not Measured at Fair Value</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: Times, serif; MARGIN-BOTTOM: 10.5pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">The following methods and assumptions were used to estimate the fair value of each class of financial assets and liabilities. </font>The fair values of our financial instruments approximate their carrying amount in our consolidated financial statements except for debt.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Cash and Cash Equivalents. </font>The carrying amount approximates fair value because of the short maturity.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Other Investments. </font>The carrying amount, or cost plus accrued interest, of the certificates of deposit approximates fair value.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Other Debt.</font> The fair value of other debt is estimated based on the discounted cash flows of the loan using current market rates, which are estimated based on recent financing transactions (Level 3).</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Lines of Credit. &#160;</font>The carrying amount approximates fair value because the variable rate debt re-prices frequently.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Mortgages Payable.</font> For variable rate loans that re-price frequently, fair values are based on carrying values. The fair value of fixed rate loans is estimated based on the discounted cash flows of the loans using current market rates, which are estimated based on recent financing transactions (Level 3).</div>

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<div style="WIDTH: 100%" id="DSPFPageFooter"><a href="#TABLEOFCONTENTS">Table of Contents</a></div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">22</div>

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<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">The estimated fair values of the Company's financial instruments as of July 31, 2013 and April 30, 2013, are as follows:</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 50.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 49.04%; VERTICAL-ALIGN: bottom" colspan="8">
<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">(in thousands)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 24.04%; VERTICAL-ALIGN: bottom" colspan="4">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">July 31, 2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 25%; VERTICAL-ALIGN: bottom" colspan="4">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">April 30, 2013</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 50.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.48%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Carrying Amount</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.56%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Fair Value</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.5%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Carrying Amount</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.5%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Fair Value</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 50.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">FINANCIAL ASSETS</div>
</td>
<td style="WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 50.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Cash and cash equivalents</div>
</td>
<td style="WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 9.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">93,193</div>
</td>
<td style="WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">93,193</div>
</td>
<td style="WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 9.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">94,133</div>
</td>
<td style="WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 9.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">94,133</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 50.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Other investments</div>
</td>
<td style="WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">640</div>
</td>
<td style="WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">640</div>
</td>
<td style="WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">639</div>
</td>
<td style="WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">639</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 50.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">FINANCIAL LIABILITIES</div>
</td>
<td style="WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 50.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Other debt</div>
</td>
<td style="WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">32,289</div>
</td>
<td style="WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">32,620</div>
</td>
<td style="WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">18,076</div>
</td>
<td style="WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">18,156</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 50.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Line of credit</div>
</td>
<td style="WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">10,000</div>
</td>
<td style="WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">10,000</div>
</td>
<td style="WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">10,000</div>
</td>
<td style="WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">10,000</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 50.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Mortgages payable</div>
</td>
<td style="WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">1,030,407</div>
</td>
<td style="WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">1,142,618</div>
</td>
<td style="WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">1,049,206</div>
</td>
<td style="WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">1,160,190</div>
</td>
</tr>
</table>

<div><br>
</div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 10pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTE 11 &#8226; SUBSEQUENT EVENTS</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Common and Preferred Share Distributions.</font> On September 4, 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 October 1, 2013, to shareholders and unitholders of record on September 16, 2013. Also on September 4, 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 September 30, 2013 to Series A preferred shareholders of record on September 16, 2013, and declared a distribution of 49.68 cents per share on the Company's Series B preferred shares of beneficial interest, payable September 30, 2013 to Series B preferred shareholders of record on September 16, 2013. </div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Pending and Closed Acquisitions</font>. Subsequent to the end of the first quarter of fiscal year 2014, the Company signed purchase agreements to acquire the following properties:</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Symbol, serif; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">an approximately 121-unit senior housing property in Sartell, Minnesota, for a purchase price of approximately $15.2 million, to be paid in cash;</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Symbol, serif; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">an approximately 5.0 acre parcel of vacant land in Monticello, Minnesota, for a purchase price of approximately $656,000, to be paid in cash; and</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Symbol, serif; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">approximately 5.2 and 5.6 acre parcels of vacant land in Rapid City, South Dakota, for a purchase price of approximately $657,000 and $707,000, respectively, to be paid in cash.</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">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.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">On August 9, 2013, the Company closed on its acquisition of approximately 9.2 acres of vacant land in Jamestown, North Dakota, for a purchase price, paid in cash, of approximately $700,000. The purchase price accounting is incomplete for this acquisition that closed subsequent to the end of the first quarter of fiscal year 2014.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Pending Dispositions.</font> &#160;Subsequent to the end of the first quarter of fiscal year 2014, the Company signed agreements to sell the following properties. All of these pending dispositions are subject to various closing conditions and contingencies, and no assurances can be given that any or all of these transactions will be completed on the terms currently expected, or at all:</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Symbol, serif; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">a commercial industrial property in Duluth, Minnesota for a sale price of $1.8 million;</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Symbol, serif; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">a commercial retail property in Anoka, Minnesota for a sale price of $325,000;</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Symbol, serif; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">a multi-family residential property in Sioux Falls, South Dakota for a sale price of $2.2 million; and</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Symbol, serif; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">a multi-family residential property in Sioux Falls, South Dakota for a sale price of $1.3 million.</div>
</td>
</tr>
</table>
</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Development Projects. &#160;</font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; COLOR: #1f497d; FONT-SIZE: 10pt">&#160;</font>Subsequent to the end of the first quarter of fiscal year 2014, the Company entered into a joint venture agreement to construct a 130-unit apartment building with approximately 10,000 square feet of commercial space in northeast Minneapolis, Minnesota. The Company owns approximately 58.6% of the joint venture entity, and will consolidate the joint venture's results in the Company's financial statements. The remaining approximately 41.4% of the joint venture entity is owned by entities formed by the Company's joint venture partner. The joint venture entity acquired the project site on August 20, 2013. Total costs for the project are currently estimated at approximately $29.0 million, including the purchase price of the land, and the project is currently expected to be completed in November 2014. The Company expects the joint venture entity to close on a construction loan of approximately $21.7 million in the second quarter of fiscal year 2014.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">Subsequent to the end of the first quarter of fiscal year 2014, the Company commenced construction of an approximately 251-unit multi-family residential project in Grand Forks, North Dakota, on land purchased by the Company for approximately $1.6 million in the 4th quarter of fiscal year 2013. The estimated total cost of the project is $39.0 million, including the cost of the land, with projected completion in the second quarter of fiscal year 2015. The Company is pursuing a construction loan for the project, and currently estimates that its cash equity in the project will be approximately $14.5 million.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">These projects are subject to various contingencies, and, accordingly, no assurances can be given that they will be completed in the time frames or on the terms currently proposed, or at all.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">ATM Program.</font> On August 30, 2013, the Company entered into an at-the-market ("ATM") program with Robert W. Baird &amp; Co. Incorporated as sales agent, pursuant to which the Company may from time to time offer and sell its common shares of beneficial interest having an aggregate gross sales price of up to $75.0 million. Sales of common shares, if any, under the program will depend upon market conditions and other factors to be determined by the Company. The Company to date has issued no shares under this program.</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ITEM 2. MANAGEMENT'S DISCUSSION</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">AND ANALYSIS OF FINANCIAL CONDITION AND</font>&#160;<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">RESULTS OF OPERATIONS</font></div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">The following discussion and analysis should be read in conjunction with the unaudited condensed consolidated financial statements included in this report, as well as the Company's audited financial statements for the fiscal year ended April 30, 2013, which are included in the Company's Form 10-K filed with the SEC on July 1, 2013.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Forward Looking Statements. </font>Certain matters included in this discussion are forward looking statements within the meaning of the federal securities laws. Although we believe that the expectations reflected in the following statements are based on reasonable assumptions, we can give no assurance that the expectations expressed will actually be achieved. Many factors may cause actual results to differ materially from our current expectations, including general economic conditions, local real estate conditions, the general level of interest rates and the availability of financing and various other economic risks inherent in the business of owning and operating investment real estate.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Overview</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">IRET is a self-advised equity REIT engaged in owning and operating income-producing real estate properties. Our investments include multi-family residential properties and commercial properties located primarily in the upper Midwest states of Minnesota and North Dakota. Our properties are diversified by type and location. As of July 31, 2013, our real estate portfolio consisted of 88 multi-family residential properties containing 10,351 apartment units and having a total real estate investment amount net of accumulated depreciation of $525.3 million, and 175 commercial properties containing approximately 12.0 million square feet of leasable space and having a total real estate investment amount net of accumulated depreciation of $1.1 billion.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">Our primary source of income and cash is rents associated with multi-family residential and commercial leases. Our business objective is to increase shareholder value by employing a disciplined investment strategy. This strategy is focused on growing assets in desired geographical markets, achieving diversification by property type and location, and adhering to targeted returns in acquiring properties. We have paid quarterly distributions continuously since our first distribution in 1971.</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10.5pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Critical Accounting Policies</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10.5pt; FONT-SIZE: 10pt">In preparing the condensed consolidated financial statements management has made estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. A summary of the Company's critical accounting policies is included in the Company's Form 10-K for the fiscal year ended April 30, 2013, filed with the SEC on July 1, 2013, in Management's Discussion and Analysis of Financial Condition and Results of Operations. There have been no significant changes to those policies during the three months ended July 31, 2013.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Significant Events and Transactions during the Three Months Ended July 31, 2013 and 2012</div>

<div style="TEXT-ALIGN: justify; MARGIN-TOP: 10pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">Summarized below are the Company's significant transactions and events during the first quarters of fiscal years 2014 and 2013:</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">Three Months Ended July 31, 2013</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: Symbol, serif; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#183;</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">the acquisition of a multi-family residential property in Rapid City, South Dakota for $6.2 million, adding 71 units to the Company's multi-family residential portfolio;</div>
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<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt" class="DSPFListTable" cellspacing="0" cellpadding="0">
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<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Symbol, serif; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#183;</div>
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<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">the disposition of four commercial industrial properties and one commercial retail property, for a total sales price of approximately $21.8 million and a gain of approximately $1.9 million; and</div>
</td>
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<div>
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<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Symbol, serif; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">the filing of a registration statement with the Securities and Exchange Commission to enable the Company to offer and sell, from time to time, in one or more offerings, an indeterminate amount of its common and preferred shares of beneficial interest and debt securities.</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Three Months Ended July 31, 2012</div>

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<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Symbol, serif; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#183;</div>
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<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; COLOR: #000000; FONT-SIZE: 10pt">the acquisition of three multi-family residential properties for $52.4 million, adding 748 units to the Company's multi-family residential portfolio;</div>
</td>
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<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Symbol, serif; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; COLOR: #000000; FONT-SIZE: 10pt">the completion of the Company's 159-unit Quarry Ridge apartment development in Rochester, Minnesota, and the completion of the final 73 units of the Company's 145-unit Williston Garden apartment development in Williston, North Dakota. As of July 31, 2012, Quarry Ridge is 50.0% leased, and Williston Garden is 98.6% leased;</div>
</td>
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<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Symbol, serif; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; COLOR: #000000; FONT-SIZE: 10pt">the execution of an amendment to the Company's multi-bank line of credit, to lower the floor on the interest rate to 5.15% per annum from 5.65% per annum, and to change the interest rate under the loan agreement to the prime rate plus 1.25%, from prime rate plus 1.0%; and</div>
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</div>

<div>
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<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Symbol, serif; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; COLOR: #000000; FONT-SIZE: 10pt">the addition of a new executive to the Company's senior management team, with the appointment of Mark W. Reiling as Executive Vice President of Asset Management.</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10.5pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Market Conditions and Outlook</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">During the first quarter of fiscal year 2014, high occupancy levels in the Company's multi-family residential portfolio allowed the Company to implement selected rent increases, and revenue and net operating income in the segment increased compared to the same quarter of the previous fiscal year. These gains are in large part due to the continuing housing shortage in certain of the Company's markets impacted by the energy activity in the Bakken region. The Company attributes the slight increase in vacancy in its multi-family residential segment compared to the first quarter of fiscal year 2013 to increased vacancy at the Company's student housing properties, which generally experience lower occupancy during the summer months; this effect was more pronounced in the current fiscal year than previously. The Company expects to see continued favorable results in the multi-family segment in the remainder of fiscal year 2014, with several multi-family residential development projects completed and in lease-up subsequent to the end of the quarter, as follows: phase 1 of the Company's Cypress Court project in St Cloud, Minnesota; phase 1 of the Company's River Ridge project in Bismarck, North Dakota and the Landings at Southgate in Minot, North Dakota.&#160;However, the Company's ability to maintain occupancy levels and selectively raise rents remains dependent on continued economic recovery and employment and wage growth. The Company also continues to observe considerable multi-family residential development activity in the Company's markets, and as this new construction is completed and leased, IRET will experience increased competition for tenants.</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">The Company's commercial office segment is still negatively affected by a number of adverse macro conditions, including unemployment levels that remain elevated and stagnant wage growth. Absorption rates generally remain low, and businesses, in a continued focus on efficiency and costs, appear to be maintaining their goal of increasing the density of their work spaces by placing more employees in less total square footage, and downsizing upon lease renewals. The Company continues to expect recovery of the overall office market to be challenged by the slow and uneven recovery of the broader economy and by relatively high unemployment rates.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">In the Company's retail segment, the increase in vacancy compared to the same period of the prior fiscal year is primarily due to the move out during the quarter of an anchor tenant at the Company's Jamestown Buffalo Mall property. The Company subsequently filled this vacancy with a new anchor tenant whose lease commenced on August 1, 2013.&#160; Absorption of retail space in the Company's markets remains modest, and the Company has seen little new retail development in its markets. The Company's markets generally experienced healthy absorption of industrial space during the first quarter of fiscal year 2014, although office showroom space continued to lag. Industrial rents do not yet appear to be rising to reflect continuing space absorption, but tenant concessions appear to be dissipating.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">The Company's healthcare segment consists of medical office properties and senior housing facilities. The medical office sector remains stable with modest increases in both occupancy and rents, as the uncertainty of healthcare reform is replaced with implementation. Likewise, senior housing assets continue to benefit from a recovery of the housing market, as occupancy trends are closely aligned with the ability of seniors to sell their homes in anticipation of moving to a senior care facility.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10.5pt; FONT-SIZE: 10pt">The Company plans to continue in the remainder of fiscal year 2014 its selective disposition of assets in non-core markets, particularly industrial and retail segment assets, and intends to use the proceeds from these dispositions to continue deleveraging its portfolio and for developing and acquiring high-quality assets in its multi-family and healthcare segments. During the first quarter of fiscal year 2014, the Company sold four industrial properties in Minnesota and North Dakota, for a total sales price of approximately $19.5 million, and a smaller retail property for a sale price of approximately $2.3 million.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Stabilized and Non-Stabilized Properties</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Throughout this Quarterly Report on Form 10-Q, we have provided certain information on a stabilized and non-stabilized properties basis. Information provided on a stabilized properties basis includes the results of properties that we have owned and operated for the entirety of both periods being compared (except for properties for which significant redevelopment or expansion occurred during either of the periods being compared, and properties classified as discontinued operations), and which, in the case of development or re-development properties, have achieved a target level of occupancy of 90% for multi-family residential properties and 85% for commercial office, healthcare, industrial and retail properties.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">For the comparison of the first quarters of fiscal years 2014 and 2013, all or a portion of fifteen properties were non-stabilized, of which non-stabilized properties eight were redevelopment or in-service development properties.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10.5pt; FONT-SIZE: 10pt">While there are judgments to be made regarding changes in designation, we typically remove properties from stabilized to non-stabilized when redevelopment has or is expected to have a significant impact on property net operating income within the fiscal year. Acquisitions are moved to stabilized once we have owned the property for the entirety of comparable periods and the property is not under significant redevelopment or expansion. Our development projects in progress are not included in our non-stabilized properties category until they are placed in-service, which occurs upon the substantial completion of a commercial property, and upon receipt of a certificate of occupancy, in the case of a multi-family residential development project. They are then subsequently moved from non-stabilized to stabilized when the property has been in-service for the entirety of both periods being compared and has reached the target level of occupancy specified above.</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">RESULTS OF OPERATIONS</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><u>Consolidated Results of Operations</u></div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: inherit, 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">The discussion that follows is based on our consolidated results of operations for the three months ended July 31, <font style="FONT-FAMILY: inherit, 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">2013 and </font>2012.</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 46.59%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 53.41%; VERTICAL-ALIGN: bottom" colspan="7">
<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.6pt">(in thousands, except percentages)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 46.59%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 29.31%; VERTICAL-ALIGN: bottom" colspan="4">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.6pt">Three Months Ended July 31</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 24.1%; VERTICAL-ALIGN: bottom" colspan="3">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.6pt">1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> Quarter 2014 vs. 2013</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 46.59%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 14.66%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.6pt">2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 14.66%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.6pt">2012</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.8%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.6pt">$ Change</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.6pt">% Change</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 46.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Real estate rentals</div>
</td>
<td style="WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">55,039</div>
</td>
<td style="WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">50,458</div>
</td>
<td style="WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 10.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">4,581</div>
</td>
<td style="WIDTH: 10.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">9.1%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 46.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Tenant reimbursement</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">12,143</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">10,517</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,626</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">15.5%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 46.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">TOTAL REVENUE</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">67,182</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">60,975</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">6,207</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">10.2%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 46.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Depreciation/amortization related to real estate investments</div>
</td>
<td style="WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">18,528</div>
</td>
<td style="WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">15,063</div>
</td>
<td style="WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3,465</div>
</td>
<td style="WIDTH: 10.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">23.0%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 46.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Utilities</div>
</td>
<td style="WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">5,051</div>
</td>
<td style="WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">4,194</div>
</td>
<td style="WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">857</div>
</td>
<td style="WIDTH: 10.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">20.4%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 46.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Maintenance</div>
</td>
<td style="WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">7,912</div>
</td>
<td style="WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">7,312</div>
</td>
<td style="WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">600</div>
</td>
<td style="WIDTH: 10.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">8.2%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 46.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Real estate taxes</div>
</td>
<td style="WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">8,862</div>
</td>
<td style="WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">8,242</div>
</td>
<td style="WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">620</div>
</td>
<td style="WIDTH: 10.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">7.5%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 46.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Insurance</div>
</td>
<td style="WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,347</div>
</td>
<td style="WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">901</div>
</td>
<td style="WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">446</div>
</td>
<td style="WIDTH: 10.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">49.5%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 46.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Property management expenses</div>
</td>
<td style="WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">4,242</div>
</td>
<td style="WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3,701</div>
</td>
<td style="WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">541</div>
</td>
<td style="WIDTH: 10.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">14.6%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 46.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Other property expenses</div>
</td>
<td style="WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">177</div>
</td>
<td style="WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">335</div>
</td>
<td style="WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(158)</div>
</td>
<td style="WIDTH: 10.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(47.2%)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 46.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Administrative expenses</div>
</td>
<td style="WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">2,524</div>
</td>
<td style="WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,960</div>
</td>
<td style="WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">564</div>
</td>
<td style="WIDTH: 10.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">28.8%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 46.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Advisory and trustee services</div>
</td>
<td style="WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">229</div>
</td>
<td style="WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">136</div>
</td>
<td style="WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">93</div>
</td>
<td style="WIDTH: 10.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">68.4%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 46.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Other expenses</div>
</td>
<td style="WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">679</div>
</td>
<td style="WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">519</div>
</td>
<td style="WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">160</div>
</td>
<td style="WIDTH: 10.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">30.8%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 46.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Amortization related to non-real estate investments</div>
</td>
<td style="WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">990</div>
</td>
<td style="WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">822</div>
</td>
<td style="WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">168</div>
</td>
<td style="WIDTH: 10.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">20.4%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 46.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Impairment of real estate investments</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,458</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,458</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">n/a</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 46.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">TOTAL EXPENSES</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">51,999</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">43,185</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">8,814</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">20.4%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 46.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Gain on involuntary conversion</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">966</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">966</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">n/a</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 46.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Operating income</div>
</td>
<td style="WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">16,149</div>
</td>
<td style="WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">17,790</div>
</td>
<td style="WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(1,641)</div>
</td>
<td style="WIDTH: 10.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(9.2%)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 46.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Interest expense</div>
</td>
<td style="WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(14,799)</div>
</td>
<td style="WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(16,069)</div>
</td>
<td style="WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,270</div>
</td>
<td style="WIDTH: 10.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(7.9%)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 46.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Interest income</div>
</td>
<td style="WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">188</div>
</td>
<td style="WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">18</div>
</td>
<td style="WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">170</div>
</td>
<td style="WIDTH: 10.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">944.4%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 46.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Other income</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">22</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">124</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(102)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(82.3%)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 46.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Income from continuing operations</div>
</td>
<td style="WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,560</div>
</td>
<td style="WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,863</div>
</td>
<td style="WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">(303)</div>
</td>
<td style="WIDTH: 10.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(16.3%)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 46.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Income from discontinued operations</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,656</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">133</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,523</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1145.1%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 46.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">NET INCOME</div>
</td>
<td style="WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">3,216</div>
</td>
<td style="WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">1,996</div>
</td>
<td style="WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,220</div>
</td>
<td style="WIDTH: 10.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">61.1%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 46.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Net income attributable to noncontrolling interests &#8211; Operating Partnership</div>
</td>
<td style="WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(50)</div>
</td>
<td style="WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(251)</div>
</td>
<td style="WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">201</div>
</td>
<td style="WIDTH: 10.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(80.1%)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 46.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Net (income) loss attributable to noncontrolling interests &#8211; consolidated real estate entities</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(88)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(66)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(22)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">33.3%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 46.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Net income attributable to Investors Real Estate Trust</div>
</td>
<td style="WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3,078</div>
</td>
<td style="WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,679</div>
</td>
<td style="WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,399</div>
</td>
<td style="WIDTH: 10.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">83.3%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 46.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Dividends to preferred shareholders</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(2,879)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(593)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(2,286)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">385.5%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 46.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">NET INCOME AVAILABLE TO COMMON SHAREHOLDERS</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">199</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,086</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 10.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(887)</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 10.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(81.7%)</div>
</td>
</tr>
</table>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 6pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Revenues.</font> &#160;Revenues for the three months ended July 31, 2013 were $67.2 million compared to $61.0 million in the three months ended July 31, 2012, an increase of $6.2 million or 10.2%. The increase in revenue for the three months ended July 31, 2013 resulted both from properties acquired in Fiscal 2014 and 2013 and from stabilized properties, as shown in the table below.</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 82.76%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.24%; VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">(in thousands)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 82.76%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.24%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Increase in Total</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Revenue</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Three Months</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">ended July 31, 2013</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 82.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Rent in Fiscal 2014 primarily from properties acquired in Fiscal 2014</div>
</td>
<td style="WIDTH: 2.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 14.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 22.5pt">375</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 82.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Rent in Fiscal 2014 primarily from properties acquired and development projects placed in service in Fiscal 2013 in excess of that received in Fiscal 2013 from the same properties</div>
</td>
<td style="WIDTH: 2.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 14.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 22.5pt">2,978</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 82.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Increase in rent on stabilized properties due primarily to increased tenant reimbursements in the commercial office and medical segments and increased rental rates in the multi-family residential segment <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 14.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 22.3pt">2,854</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 82.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Net increase in total revenue</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 2.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 14.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 22.5pt">6,207</div>
</td>
</tr>
</table>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 8pt">(1)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 8pt">See analysis of NOI by segment on pages 32-36&#160;of the MD&amp;A for additional information.</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="WIDTH: 100%" id="DSPFPageFooter"><a href="#TABLEOFCONTENTS">Table of Contents</a></div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">27</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Depreciation/Amortization Related to Real Estate Investments.</font> Depreciation/amortization related to real estate investments increased by 23.0% to $18.5 million in the first quarter of fiscal year 2014, compared to $15.1 million in the same period of the prior fiscal year. This increase was primarily attributable to a change in the lives of several intangible assets due to a change in lease terms and the addition of depreciable assets from acquisitions, capital improvements and tenant improvements<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">.</font></div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Utilities.</font> &#160;Utilities increased by 20.4% to $5.1 million in the first quarter of fiscal year 2014, compared to $4.2 million in the same period of the prior fiscal year. This increase was primarily attributable to increased natural gas costs of $314,000 and increased electricity costs of $337,000 at existing properties. &#160;The balance of the increase was primarily due to the addition of new income-producing real estate properties.</div>

<div style="TEXT-ALIGN: justify; MARGIN-TOP: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10.5pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Maintenance.</font> &#160;Maintenance expenses increased by 8.2% to $7.9 million in the first quarter of fiscal year 2014, compared to $7.3 million in the same period of the prior fiscal year. The addition of new income-producing real estate properties accounted for approximately $260,000 of this increase. The remainder of the increase was primarily due to more general maintenance items being completed during the first quarter of fiscal year 2014 compared to the same period in the prior fiscal year.</div>

<div style="TEXT-ALIGN: justify; MARGIN-TOP: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10.5pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Real Estate Taxes.</font> &#160;Real estate taxes increased by 7.5% to $8.9 million in the first quarter of fiscal year 2014, compared to $8.2 million in the same period of the prior fiscal year. The addition of new income-producing real estate properties accounted for approximately half of this increase. The remainder of the increase was due to increased real estate taxes at stabilized properties compared to the prior year.</div>

<div style="TEXT-ALIGN: justify; MARGIN-TOP: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10.5pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Insurance.</font> &#160;Insurance expense increased by 49.5% to $1.3 million in the first quarter of fiscal year 2014, compared to approximately $901,000 in the same period of the prior fiscal year. Approximately $198,000 of the increase was attributable to self-insurance claims and approximately $186,000 of the increase was due to increased premiums at existing properties while the balance was attributable to the addition of new income-producing real estate properties.</div>

<div style="TEXT-ALIGN: justify; MARGIN-TOP: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10.5pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Property Management Expenses.</font> &#160;Property management expenses increased by 14.6% to $4.2 million in the first quarter of fiscal year 2014, compared to $3.7 million in the same period of the prior fiscal year. Approximately $318,000 of the increase was primarily due to increased internal property management costs and marketing costs in our multi-family segment. &#160;The balance of the increase was attributable to the addition of new income-producing real estate properties.</div>

<div style="TEXT-ALIGN: justify; MARGIN-TOP: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10.5pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Other Property Expenses.</font> &#160;Other property expense, consisting of bad debt provision expense, decreased by 47.2% to approximately $177,000 in the first quarter of fiscal year 2014, compared to approximately $335,000 in the same period of the prior fiscal year.</div>

<div style="TEXT-ALIGN: justify; MARGIN-TOP: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10.5pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Administrative Expenses.</font> &#160;Administrative expenses increased by 28.8% to $2.5 million in the first quarter of fiscal year 2014, compared to $2.0 million in the same period of the prior fiscal year. This change was primarily due to an increase of approximately $212,000 in salary expense related to<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>high labor costs in our energy-impacted markets and an increase of $326,000 in executive bonus expense per the compensation plan.</div>

<div style="TEXT-ALIGN: justify; MARGIN-TOP: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10.5pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Advisory and Trustee Services.</font> &#160;Advisory and trustee services expense increased by 68.4% to approximately $229,000 in the first quarter of fiscal year 2014, compared to approximately $136,000 in the same period of the prior fiscal year.</div>

<div style="TEXT-ALIGN: justify; MARGIN-TOP: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10.5pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Other Expenses.</font> &#160;Other expenses increased 30.8% to approximately $679,000 in the first quarter of fiscal year 2014, compared to approximately $519,000 in the same period of the prior fiscal year.</div>

<div style="TEXT-ALIGN: justify; MARGIN-TOP: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10.5pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Amortization Related to Non-Real Estate Investments.</font> &#160;Amortization related to non-real estate investments increased 20.4% in the first quarter of fiscal year 2014 to approximately $990,000, compared to approximately $822,000 in the same period of the prior fiscal year.</div>

<div style="TEXT-ALIGN: justify; MARGIN-TOP: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10.5pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Impairment of Real Estate Investments.</font> &#160;During the first quarter of fiscal year 2014, the Company incurred a loss of $1.5 million due to the impairment of three commercial properties. See Note 2<font style="FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt"> of the Notes to Consolidated Financial Statements in this report for additional information.</font></div>

<div style="TEXT-ALIGN: justify; MARGIN-TOP: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10.5pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Gain on Involuntary Conversion.</font> &#160;During the first quarter of fiscal year 2014, the Company recognized a gain on involuntary conversion of approximately $966,000. See Note 2<font style="FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt"> of the Notes to Consolidated Financial Statements in this report for additional information.</font></div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10.5pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Interest Expense.</font> &#160;<font style="FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">The Company's mortgage interest expense decreased approximately $670,000, or 4.5%, to $14.3 million during the first quarter of fiscal year 2014, compared to $15.0 million in the first quarter of fiscal year 2013. Mortgage interest expense for properties newly acquired in fiscal years 2014 and 2013 added approximately $515,000 to our total mortgage interest expense in the first quarter of fiscal year 2014, while mortgage interest expense on existing properties decreased $1.2 million. The decrease in mortgage interest expense is due primarily to loan payoffs in our stabilized properties portfolio. </font>The mortgage interest expense category does not include interest expense on our line of credit, which totaled approximately $132,000 and $565,000 in the first quarter of fiscal years 2014 and 2013, respectively. Mortgage interest expense and interest expense on our line of credit are all components of "Interest expense" on our Condensed Consolidated Statements of Operations. <font style="FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">Our overall weighted average interest rate on all outstanding mortgage debt (excluding borrowings under our secured line of credit and construction loans) was 5.54% as of July 31, 2013 and 5.55% as of April 30, 2013. Our mortgage debt on July 31, 2013 decreased approximately $18.8 million or 1.8% from April 30, 2012. </font>Mortgage debt does not include our multi-bank line of credit or our construction loans which appear on our Condensed Consolidated Balance Sheets in "Revolving line of credit" and "Other," respectively.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">In addition to IRET's mortgage interest expense, the Company incurs interest expense for a line of credit, construction loans, a financing liability, amortization of loan costs, security deposits, and special assessments offset by capitalized construction interest. For the three months ended July 31, 2013 and 2012 these amounts were $475,000 and $1.1 million, respectively, for a total interest expense for the first quarter of fiscal years 2014 and 2013 of $14.8 million and $16.1 million.</div>

<div style="TEXT-ALIGN: justify; MARGIN-TOP: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10.5pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Interest Income and Other Income.</font> &#160;The Company recorded interest income in the first quarter of fiscal years 2014 and 2013 of approximately $188,000 and $18,000, respectively. Other income consists of real estate tax appeal refunds and other miscellaneous income. The Company earned other income in the first quarter of fiscal years 2014 and 2013 of approximately $22,000 and $124,000, respectively.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Income from Discontinued Operations.</font> &#160;Income from discontinued operations was $1.7 million in the first quarter of fiscal year 2014, compared to approximately $133,000 in the same period of the prior fiscal year. The Company reports in discontinued operations the results of operations of a property that has either been disposed of or is classified as held for sale. The Company also reports any gains or losses from the sale of a property in discontinued operations. During the first quarter of fiscal year 2014, the Company sold four commercial industrial properties and one commercial retail property and classified two commercial industrial properties as held for sale. During the first quarter of fiscal year 2013, the Company sold two condominium units and a commercial retail property. The Company realized a gain on sale of discontinued operations of $1.9 million in the first quarter of fiscal year 2014, compared to a loss of approximately $73,000 on sale of discontinued operations in the first quarter of fiscal year 2013. Properties sold in the first quarters of fiscal years 2014 and 2013 are detailed below in the section captioned "Property Dispositions." See Note 7 of the <font style="FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">Notes to Consolidated Financial Statements in this report for further information on discontinued operations.</font></div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10.5pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Net Income.</font> &#160;Net income available to common shareholders for the first quarter of fiscal year 2014 was approximately $199,000, compared to $1.1 million in the first quarter of fiscal year 2013. The decrease in net income in the first quarter of fiscal year 2014 as compared to the same period of fiscal year 2013 was primarily attributable to an increase in depreciation/amortization related to real estate investments, an increase in dividends to preferred shareholders and impairment of real estate investments, net of a decrease in interest expense. &#160;On a per common share basis, net income was $.00 per common share in the first quarter of fiscal year 2014, compared to $.01 per common share in the same period of the prior fiscal year.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Physical Occupancy.</font> &#160;Physical occupancy as of July 31, 2013 compared to July 31, 2012 increased slightly in two of our five reportable segments (commercial office and commercial healthcare), decreasing slightly in our multi-family residential and commercial industrial segments, on a stabilized basis and an all-property basis. Physical occupancy as of July 31, 2013 compared to July 31, 2012 in our commercial retail segment decreased 7.5% and 7.4% on a stabilized basis and an all-property basis, respectively, primarily due to the expiration of an anchor tenant's lease for 84,338 square feet at our Jamestown Buffalo Mall property during the first quarter of fiscal year 2014. A new lease for the vacant space was executed in the first quarter of fiscal year 2014 with an effective date of August 1, 2013. See the sections captioned "New Leases" and "Lease Renewals" in the MD&amp;A for additional information. <font style="FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">Stabilized properties </font>are properties owned or in service for the entirety of the periods being compared, and, in the case of development or re-development properties, which have achieved a target level of occupancy of 90% for multi-family residential properties and 85% for commercial office, healthcare, industrial and retail properties. Physical occupancy represents the actual number of units or square footage leased divided by the total number of units or square footage at the end of the period.</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">Physical Occupancy Levels on a Stabilized Property<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup> and All Property Basis:</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 25%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Stabilized Properties</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 0.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 24.16%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">All Properties</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 25%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">As of July 31,</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 0.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 24.16%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">As of &#160;July 31,</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Segments</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2012</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 0.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2012</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Multi-Family Residential</div>
</td>
<td style="WIDTH: 13.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">93.3%</div>
</td>
<td style="WIDTH: 11.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">94.1%</div>
</td>
<td style="WIDTH: 0.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 12.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">92.9%</div>
</td>
<td style="WIDTH: 11.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">93.0%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Commercial Office</div>
</td>
<td style="WIDTH: 13.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">80.2%</div>
</td>
<td style="WIDTH: 11.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">79.0%</div>
</td>
<td style="WIDTH: 0.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 12.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">80.2%</div>
</td>
<td style="WIDTH: 11.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">79.0%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Commercial Healthcare</div>
</td>
<td style="WIDTH: 13.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">95.5%</div>
</td>
<td style="WIDTH: 11.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">95.2%</div>
</td>
<td style="WIDTH: 0.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 12.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">95.4%</div>
</td>
<td style="WIDTH: 11.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 0.4pt">95.2%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Commercial Industrial</div>
</td>
<td style="WIDTH: 13.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">86.1%</div>
</td>
<td style="WIDTH: 11.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">87.4%</div>
</td>
<td style="WIDTH: 0.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 12.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">87.5%</div>
</td>
<td style="WIDTH: 11.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 0.4pt">88.5%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Commercial Retail</div>
</td>
<td style="WIDTH: 13.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">79.6%</div>
</td>
<td style="WIDTH: 11.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">87.1%</div>
</td>
<td style="WIDTH: 0.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 12.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">79.7%</div>
</td>
<td style="WIDTH: 11.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 0.4pt">87.1%</div>
</td>
</tr>
</table>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">1)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">See&#160;below&#160;for the definition of Stabilized Property.</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; MARGIN-TOP: 10pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10.5pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><u>Net Operating Income</u></div>

<div style="TEXT-ALIGN: justify; MARGIN-TOP: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10.5pt; FONT-SIZE: 10pt">Net Operating Income ("NOI") is a non-GAAP measure which we define as total real estate revenues and gain on involuntary conversion less real estate expenses (which consist of utilities, maintenance, real estate taxes, insurance, property management expenses and other property expenses). We believe that NOI is an important supplemental measure of operating performance for a REIT's operating real estate because it provides a measure of core operations that is unaffected by depreciation, amortization, financing and general and administrative expense. &#160;NOI does not represent cash generated by operating activities in accordance with GAAP and should not be considered an alternative to net income, net income available for common shareholders or cash flow from operating activities as a measure of financial performance.</div>

<div style="TEXT-ALIGN: justify; MARGIN-TOP: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10.5pt; COLOR: #000000; FONT-SIZE: 10pt">The following tables show real estate revenues, real estate operating expenses, gain on involuntary conversion and NOI by reportable operating segment for the three months ended July 31, 2013 and 2012. &#160;For a reconciliation of net operating income of reportable segments to net income as reported, see Note 5 of the Notes to the Condensed Consolidated Financial Statements in this report.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">The tables also show net operating income by reportable operating segment on a stabilized property and non-stabilized property basis. Stabilized properties </font>are properties owned or in service for the entirety of the periods being compared, and, in the case of development or re-development properties, which have achieved a target level of occupancy of 90% for multi-family residential properties and 85% for commercial office, healthcare, industrial and retail properties.<font style="FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt"> &#160;This comparison allows the Company to evaluate the performance of existing properties and their contribution to net income. Management believes that measuring performance on a stabilized property basis is useful to investors because it enables evaluation of how the Company's properties are performing year over year. &#160;Management uses this measure to assess whether or not it has been successful in increasing net operating income, renewing the leases of existing tenants, controlling operating costs and appropriately handling capital improvements. </font>The discussion below focuses on the main factors affecting real estate revenue and real estate expenses from stabilized properties, since changes from one fiscal year to another in real estate revenue and expenses from non-stabilized properties are due to the addition of those properties to the Company's real estate portfolio, and accordingly provide less useful information for evaluating the ongoing operational performance of the Company's real estate portfolio.</div>

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<div style="WIDTH: 100%" id="DSPFPageFooter"><a href="#TABLEOFCONTENTS">Table of Contents</a></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 12pt; COLOR: #000000; FONT-SIZE: 10pt"><u>Three Months Ended July 31, 2013 Compared to Three Months Ended July 31, 2012</u></div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">All Segments</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 7.5pt; FONT-SIZE: 10pt">The following table of selected operating data reconciles NOI to net income and provides the basis for our discussion of NOI by segment in the three months ended July 31, 2013 and 2012.</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 51.83%; VERTICAL-ALIGN: bottom" rowspan="2">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 48.17%; VERTICAL-ALIGN: bottom" colspan="7">
<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">(in thousands, except percentages)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 48.17%; VERTICAL-ALIGN: bottom" colspan="7">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Three Months Ended July 31</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 51.83%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.1%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2012</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.84%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">$ Change</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">% Change</div>
</td>
</tr>

<tr>
<td style="WIDTH: 51.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">All Segments</div>
</td>
<td style="WIDTH: 2.56%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.54%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.42%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.58%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 4.32%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.52%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.24%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 51.83%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.56%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.54%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.42%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.58%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 4.32%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.52%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.24%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 51.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">Real estate revenue</div>
</td>
<td style="WIDTH: 2.56%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.54%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.42%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.58%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 4.32%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.52%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.24%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 51.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 9pt">Stabilized</div>
</td>
<td style="WIDTH: 2.56%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">60,910</div>
</td>
<td style="WIDTH: 3.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">58,168</div>
</td>
<td style="WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">2,742</div>
</td>
<td style="WIDTH: 10.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">4.7%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 51.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 9pt">Non-stabilized<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.56%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">6,272</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">2,807</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">3,465</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">123.4%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 51.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 9pt">Total</div>
</td>
<td style="WIDTH: 2.56%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">67,182</div>
</td>
<td style="WIDTH: 3.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">60,975</div>
</td>
<td style="WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">6,207</div>
</td>
<td style="WIDTH: 10.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">10.2%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 51.83%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.56%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.54%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.24%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 51.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">Real estate expenses</div>
</td>
<td style="WIDTH: 2.56%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.54%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.24%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 51.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 9pt">Stabilized</div>
</td>
<td style="WIDTH: 2.56%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">25,521</div>
</td>
<td style="WIDTH: 3.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">23,658</div>
</td>
<td style="WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1,863</div>
</td>
<td style="WIDTH: 10.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">7.9%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 51.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 9pt">Non-stabilized<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.56%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">2,070</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1,027</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1,043</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">101.6%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 51.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 9pt">Total</div>
</td>
<td style="WIDTH: 2.56%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">27,591</div>
</td>
<td style="WIDTH: 3.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">24,685</div>
</td>
<td style="WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">2,906</div>
</td>
<td style="WIDTH: 10.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">11.8%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 51.83%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.56%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.54%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.24%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 51.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">Gain on involuntary conversion</div>
</td>
<td style="WIDTH: 2.56%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.54%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.24%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 51.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 9pt">Stabilized</div>
</td>
<td style="WIDTH: 2.56%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="WIDTH: 3.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="WIDTH: 10.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">0.0%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 51.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 9pt">Non-stabilized<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.56%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">966</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">966</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">n/a</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 51.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 9pt">Total</div>
</td>
<td style="WIDTH: 2.56%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">966</div>
</td>
<td style="WIDTH: 3.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">966</div>
</td>
<td style="WIDTH: 10.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">n/a</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 51.83%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.56%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.54%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.24%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 51.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.6pt">Net operating income</div>
</td>
<td style="WIDTH: 2.56%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.54%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.24%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 51.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 9pt">Stabilized</div>
</td>
<td style="WIDTH: 2.56%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">35,389</div>
</td>
<td style="WIDTH: 3.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 9.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">34,510</div>
</td>
<td style="WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">879</div>
</td>
<td style="WIDTH: 10.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">2.5%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 51.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 9pt">Non-stabilized<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.56%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">5,168</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1,780</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">3,388</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">190.3%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 51.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 9pt">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 2.56%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 9.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">40,557</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 3.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 9.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">36,290</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 8.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">4,267</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 10.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">11.8%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 51.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">Depreciation/amortization</div>
</td>
<td style="WIDTH: 2.56%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">(19,518)</div>
</td>
<td style="WIDTH: 3.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">(15,885)</div>
</td>
<td style="WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.24%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 51.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">Administrative, advisory and trustee services</div>
</td>
<td style="WIDTH: 2.56%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">(2,753)</div>
</td>
<td style="WIDTH: 3.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">(2,096)</div>
</td>
<td style="WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.24%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 51.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">Other expenses</div>
</td>
<td style="WIDTH: 2.56%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">(679)</div>
</td>
<td style="WIDTH: 3.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">(519)</div>
</td>
<td style="WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.24%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 51.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">Impairment of real estate investments</div>
</td>
<td style="WIDTH: 2.56%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">(1,458)</div>
</td>
<td style="WIDTH: 3.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.24%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 51.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">Interest expense</div>
</td>
<td style="WIDTH: 2.56%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">(14,799)</div>
</td>
<td style="WIDTH: 3.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">(16,069)</div>
</td>
<td style="WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.24%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 51.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">Interest and other income</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.56%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">210</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">142</div>
</td>
<td style="WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.24%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 51.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">Income from continuing operations</div>
</td>
<td style="WIDTH: 2.56%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1,560</div>
</td>
<td style="WIDTH: 3.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1,863</div>
</td>
<td style="WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.24%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 51.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">Income (loss) from discontinued operations<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.56%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1,656</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">133</div>
</td>
<td style="WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.24%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 51.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">Net income</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 2.56%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 9.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">3,216</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 3.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 9.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1,996</div>
</td>
<td style="WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.24%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>
</table>

<div><br>
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 6.73%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">(1)</div>
</td>
<td style="WIDTH: 93.27%; VERTICAL-ALIGN: top; FONT-WEIGHT: bold" colspan="2">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt">Non-stabilized properties consist of the following properties (re-development and in-service development properties are listed in bold type):</div>
</td>
</tr>

<tr>
<td style="WIDTH: 6.73%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">FY2014 -</div>
</td>
<td style="BORDER-BOTTOM-COLOR: ; WIDTH: 19.22%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">Multi-Family Residential</font> -</div>
</td>
<td style="WIDTH: 74.04%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Alps Park, Rapid City, SD; Chateau I, Minot, ND; </font>Colonial Villa, Burnsville, MN<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">; Colony, Lincoln, NE; </font>First Avenue, Minot, ND<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">; Lakeside Village, Lincoln, NE; Ponds at Heritage Place, Sartell, MN; </font>Quarry Ridge II, Rochester, MN<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">; Villa West, Topeka, KS; Whispering Ridge, Omaha, NE and </font>Williston Garden, Williston, ND<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">.</font></div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Total number of units, 1,809.</div>
</td>
</tr>

<tr>
<td style="WIDTH: 6.73%; VERTICAL-ALIGN: top"></td>
<td style="BORDER-BOTTOM-COLOR: ; WIDTH: 19.22%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">Commercial Healthcare</font> -</div>
</td>
<td style="WIDTH: 74.04%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt">Jamestown Medical Office Building, Jamestown, ND.</div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Total rentable square footage, 45,222.</div>
</td>
</tr>

<tr>
<td style="WIDTH: 6.73%; VERTICAL-ALIGN: top"></td>
<td style="BORDER-BOTTOM-COLOR: ; WIDTH: 19.22%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Commercial Industrial -</div>
</td>
<td style="WIDTH: 74.04%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt">Minot IPS, Minot, ND <font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">and </font>Stone Container, Roseville, MN<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">.</font></div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Total rentable square footage, 256,770.</div>
</td>
</tr>

<tr>
<td style="WIDTH: 6.73%; VERTICAL-ALIGN: top"></td>
<td style="BORDER-BOTTOM-COLOR: ; WIDTH: 19.22%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Commercial Retail -</div>
</td>
<td style="WIDTH: 74.04%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt">Arrowhead First International Bank, Minot, ND<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">.</font></div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Total rentable square footage, 3,702.</div>
</td>
</tr>
</table>

<div><br>
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 6.73%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">FY2013 -</div>
</td>
<td style="BORDER-BOTTOM-COLOR: ; WIDTH: 19.22%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">Multi-Family Residential</font> -</div>
</td>
<td style="WIDTH: 74.04%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Chateau I, Minot, ND; Colony, Lincoln, NE; Lakeside Village, Lincoln, NE; </font>Quarry Ridge II, Rochester, MN<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">; Villa West, Topeka, KS and </font>Williston Garden, Williston, ND<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">.</font></div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Total number of units, 1,326.</div>
</td>
</tr>
</table>

<div><br>
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 6.74%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">(2)</div>
</td>
<td style="WIDTH: 93.26%; VERTICAL-ALIGN: top; FONT-WEIGHT: bold">
<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt">Discontinued operations include gain on disposals and income from operations for:</div>
</td>
</tr>

<tr>
<td style="WIDTH: 6.74%; VERTICAL-ALIGN: top"></td>
<td style="WIDTH: 93.26%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal">
<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt">2014 Dispositions and Properties Held for Sale &#8211; API, Bodycote, Clive 2075 NW 94<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> St, Eagan Community, Fargo 1320 45<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> St, Metal Improvement and Roseville 2929 Long Lake Road.</div>
</td>
</tr>

<tr>
<td style="WIDTH: 6.74%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal"></td>
<td style="WIDTH: 93.26%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal">
<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt">2013 Dispositions and Properties Held for Sale &#8211; Candlelight, Georgetown Square Condominiums, Kentwood Thomasville Furniture, Prairiewood Meadows, Stevens Point and Terrace on the Green.</div>
</td>
</tr>
</table>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 6pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 6pt; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="WIDTH: 100%" id="DSPFPageFooter"><a href="#TABLEOFCONTENTS">Table of Contents</a></div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">31</div>

<hr style="PAGE-BREAK-AFTER: always; MARGIN: 4px 0px; WIDTH: 100%; HEIGHT: 2px; COLOR: #000000; CLEAR: both" id="DSPFPageBreak" noshade="noshade">
</div>

<div style="BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: justify; FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: normal">An analysis of NOI by segment follows.</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Multi-Family Residential</div>

<div><br>
</div>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 7.5pt; COLOR: #000000; FONT-SIZE: 10pt">Real estate revenue from stabilized properties in our multi-family residential segment increased by $649,000 in the three months ended July 31, 2013 compared to the same period in the prior fiscal year. The continued levels of high occupancy provided for the ability to raise rents, and accordingly a $652,000 increase was realized due to rental rate increases. Other fee revenue items combined decreased by $3,000.</div>

<div style="BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10.5pt; COLOR: #000000; FONT-SIZE: 10pt">Real estate expenses at stabilized properties increased by $709,000 in the three months ended July 31, 2013 compared to the same period in the prior fiscal year. The primary factors were increased utilities expense of $258,000: increased property management expenses of $192,000 and increased insurance expenses of $186,000. The increase in utilities expense was primarily due to higher natural gas and electricity costs and was spread throughout the entire portfolio. The increase in property management expense was attributable to recoverable allocations of increased internal management costs as compared to prior periods while the increase in insurance expense was due to the increase in deductibles paid due to insurance claims losses. Maintenance expenses, real estate taxes and other property expenses increased by a combined $73,000.</div>

<div><br>
</div>
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 42.23%; VERTICAL-ALIGN: bottom" colspan="7">
<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">(in thousands, except percentages)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 42.23%; VERTICAL-ALIGN: bottom" colspan="7">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Three Months Ended July 31,</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.2%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.22%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2012</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.35%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">$ Change</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">% Change</div>
</td>
</tr>

<tr>
<td style="WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Multi-Family Residential</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">Real estate revenue</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 9pt">Stabilized</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">19,328</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">18,679</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">649</div>
</td>
<td style="WIDTH: 9.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">3.5%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 9pt">Non-stabilized</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">5,254</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">2,531</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">2,723</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">107.6%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 9pt">Total</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">24,582</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">21,210</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">3,372</div>
</td>
<td style="WIDTH: 9.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">15.9%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">Real estate expenses</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 9pt">Stabilized</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">9,041</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">8,332</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">709</div>
</td>
<td style="WIDTH: 9.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">8.5%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 9pt">Non-stabilized</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">1,918</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">961</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">957</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">99.6%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 9pt">Total</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">10,959</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">9,293</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">1,666</div>
</td>
<td style="WIDTH: 9.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">17.9%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">Real estate expenses</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 9pt">Stabilized</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">0</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">0</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">0</div>
</td>
<td style="WIDTH: 9.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">0.0%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 9pt">Non-stabilized</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">966</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">966</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">n/a</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 9pt">Total</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">966</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">0</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">966</div>
</td>
<td style="WIDTH: 9.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">n/a</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">Net operating income</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 9pt">Stabilized</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">10,287</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">10,347</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(60)</div>
</td>
<td style="WIDTH: 9.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(0.6%)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 9pt">Non-stabilized</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">4,302</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">1,570</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">2,732</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">174.0%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 9pt">Total</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">14,589</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">11,917</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">2,672</div>
</td>
<td style="WIDTH: 9.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">22.4%</div>
</td>
</tr>
</table>

<div><br>
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 57.79%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">Occupancy</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2012</div>
</td>
<td style="WIDTH: 19.82%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 57.79%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Stabilized</div>
</td>
<td style="WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">93.3%</div>
</td>
<td style="WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">94.1%</div>
</td>
<td style="WIDTH: 19.82%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 57.79%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Non-stabilized</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">90.7%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">85.8%</div>
</td>
<td style="WIDTH: 19.82%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 57.79%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">92.9%</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">93.0%</div>
</td>
<td style="WIDTH: 19.82%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>
</table>

<div><br>
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 57.79%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">Number of Units</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2012</div>
</td>
<td style="WIDTH: 19.82%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 57.79%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Stabilized</div>
</td>
<td style="WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">8,542</div>
</td>
<td style="WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">8,550</div>
</td>
<td style="WIDTH: 19.82%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 57.79%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Non-stabilized</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">1,809</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">1,326</div>
</td>
<td style="WIDTH: 19.82%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 57.79%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">10,351</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">9,876</div>
</td>
<td style="WIDTH: 19.82%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>
</table>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="WIDTH: 100%" id="DSPFPageFooter"><a href="#TABLEOFCONTENTS">Table of Contents</a></div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">32</div>

<hr style="PAGE-BREAK-AFTER: always; MARGIN: 4px 0px; WIDTH: 100%; HEIGHT: 2px; COLOR: #000000; CLEAR: both" id="DSPFPageBreak" noshade="noshade">
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10.5pt; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Commercial Office</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 7.5pt; COLOR: #000000; FONT-SIZE: 10pt">Real estate revenue from stabilized properties in our commercial office segment increased by $966,000, in the first quarter of fiscal year 2014 compared to the first quarter of fiscal year 2013. The increase in revenue was due to increased tenant reimbursements of $768,000, resulting from increased recoverable operating expenses and an increase of $198,000 in real estate rental revenue due to increased occupancy.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; COLOR: #000000; FONT-SIZE: 10pt">Real estate expenses at stabilized properties increased by $649,000 in the first quarter of fiscal year 2014 compared to the first quarter of fiscal 2013. The primary factors were an increase in maintenance expenses of $337,000 and an increase in real estate tax expenses of $146,000. The increase in maintenance expenses was primarily due to more general maintenance items being completed during the quarter. &#160;Utilities, insurance, property management and other property expenses combined increased by $166,000.</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 42.23%; VERTICAL-ALIGN: bottom" colspan="7">
<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">(in thousands, except percentages)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 42.23%; VERTICAL-ALIGN: bottom" colspan="7">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Three Months Ended July 31,</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.2%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.18%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2012</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.37%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">$ Change</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">% Change</div>
</td>
</tr>

<tr>
<td style="WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Commercial Office</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.78%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.78%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">Real estate revenue</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.78%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 9pt">Stabilized</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">19,744</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">18,778</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 7.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">966</div>
</td>
<td style="WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">5.1%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 9pt">Non-stabilized</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0.0%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 9pt">Total</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">19,744</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">18,778</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 7.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">966</div>
</td>
<td style="WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">5.1%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.78%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">Real estate expenses</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.78%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 9pt">Stabilized</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">9,985</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">9,336</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 7.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">649</div>
</td>
<td style="WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">7.0%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 9pt">Non-stabilized</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">0.0%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 9pt">Total</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">9,985</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">9,336</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 7.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">649</div>
</td>
<td style="WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">7.0%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.78%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">Net operating income</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.78%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 9pt">Stabilized</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">9,759</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">9,442</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 7.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">317</div>
</td>
<td style="WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">3.4%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 9pt">Non-stabilized</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0.0%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 9pt">Total</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">9,759</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">9,442</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 7.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">317</div>
</td>
<td style="WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">3.4%</div>
</td>
</tr>
</table>

<div><br>
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 57.79%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">Occupancy</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2012</div>
</td>
<td style="WIDTH: 19.82%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 57.79%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Stabilized</div>
</td>
<td style="WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">80.2%</div>
</td>
<td style="WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">79.0%</div>
</td>
<td style="WIDTH: 19.82%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 57.79%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Non-stabilized</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">n/a</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">n/a</div>
</td>
<td style="WIDTH: 19.82%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 57.79%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">80.2%</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">79.0%</div>
</td>
<td style="WIDTH: 19.82%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>
</table>

<div><br>
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 57.79%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">Rentable Square Footage</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2012</div>
</td>
<td style="WIDTH: 19.82%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 57.79%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Stabilized</div>
</td>
<td style="WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">5,111,482</div>
</td>
<td style="WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">5,110,624</div>
</td>
<td style="WIDTH: 19.82%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 57.79%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Non-stabilized</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 19.82%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 57.79%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">5,111,482</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">5,110,624</div>
</td>
<td style="WIDTH: 19.82%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>
</table>

<div style="MARGIN-BOTTOM: 7.5pt"><br>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="WIDTH: 100%" id="DSPFPageFooter"><a href="#TABLEOFCONTENTS">Table of Contents</a></div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">33</div>

<hr style="PAGE-BREAK-AFTER: always; MARGIN: 4px 0px; WIDTH: 100%; HEIGHT: 2px; COLOR: #000000; CLEAR: both" id="DSPFPageBreak" noshade="noshade">
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 7.5pt; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Commercial Healthcare</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 7.5pt; FONT-SIZE: 10pt">Real estate revenue from stabilized properties in our commercial healthcare segment increased by $692,000 in the three months ended July 31, 2013 compared to the same period in the prior fiscal year. The increase in revenue was primarily due to an increase in tenant reimbursements of $536,000, resulting from increased recoverable operating expenses and increased occupancy. Real estate rental revenue increased by $156,000.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; COLOR: #000000; FONT-SIZE: 10pt">Real estate expenses from stabilized properties increased by $129,000 in the three months ended July 31, 2013 compared to the same period in the prior fiscal year. The increase in expenses was due to an increase in utilities of $196,000. Other real estate expenses combined decreased by $67,000.</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 42.23%; VERTICAL-ALIGN: bottom" colspan="7">
<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">(in thousands, except percentages)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 42.23%; VERTICAL-ALIGN: bottom" colspan="7">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Three Months Ended July 31,</div>
</td>
</tr>

<tr>
<td style="WIDTH: 57.77%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 11.2%; VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="WIDTH: 11.22%; VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2012</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">$ Change</div>
</td>
<td style="WIDTH: 9.48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">% Change</div>
</td>
</tr>

<tr>
<td style="WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Commercial Healthcare</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">Real estate revenue</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 9pt">Stabilized</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">15,765</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">15,073</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">692</div>
</td>
<td style="WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">4.6%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 9pt">Non-stabilized</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">307</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">307</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">n/a</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 9pt">Total</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">16,072</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">15,073</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">999</div>
</td>
<td style="WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">6.6%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">Real estate expenses</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 9pt">Stabilized</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">4,209</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">4,080</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">129</div>
</td>
<td style="WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">3.2%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 9pt">Non-stabilized</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">73</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">73</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">n/a</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 9pt">Total</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">4,282</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">4,080</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">202</div>
</td>
<td style="WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">5.0%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">Net operating income</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 9pt">Stabilized</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">11,556</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">10,993</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">563</div>
</td>
<td style="WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">5.1%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 9pt">Non-stabilized</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">234</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">234</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">n/a</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 9pt">Total</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">11,790</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">10,993</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">797</div>
</td>
<td style="WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">7.3%</div>
</td>
</tr>
</table>

<div><br>
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 57.79%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">Occupancy</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2012</div>
</td>
<td style="WIDTH: 19.82%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 57.79%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Stabilized</div>
</td>
<td style="WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">95.5%</div>
</td>
<td style="WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">95.2%</div>
</td>
<td style="WIDTH: 19.82%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 57.79%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Non-stabilized</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">91.7%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">n/a</div>
</td>
<td style="WIDTH: 19.82%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 57.79%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">95.4%</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">95.2%</div>
</td>
<td style="WIDTH: 19.82%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>
</table>

<div><br>
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 57.79%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">Rentable Square Footage</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2012</div>
</td>
<td style="WIDTH: 19.82%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 57.79%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Stabilized</div>
</td>
<td style="WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">2,910,800</div>
</td>
<td style="WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">2,879,738</div>
</td>
<td style="WIDTH: 19.82%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 57.79%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Non-stabilized</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">45,222</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 19.82%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 57.79%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">2,956,022</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">2,879,738</div>
</td>
<td style="WIDTH: 19.82%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>
</table>

<div style="MARGIN-BOTTOM: 7.5pt"><br>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="WIDTH: 100%" id="DSPFPageFooter"><a href="#TABLEOFCONTENTS">Table of Contents</a></div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">34</div>

<hr style="PAGE-BREAK-AFTER: always; MARGIN: 4px 0px; WIDTH: 100%; HEIGHT: 2px; COLOR: #000000; CLEAR: both" id="DSPFPageBreak" noshade="noshade">
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 7.5pt; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Commercial Industrial</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 7.5pt; COLOR: #000000; FONT-SIZE: 10pt">Real estate revenue from stabilized properties in our commercial industrial segment increased by $269,000 in the first quarter of fiscal year 2014 compared to the first quarter of fiscal year 2013. The increase was primarily due to an increase in real estate rental revenue of $151,000 which was attributable to our Urbandale property. &#160;The increase at Urbandale was the result of &#160;previously vacant space being leased resulting in an increase in occupancy at Urbandale of 18.8%. &#160;Tenant reimbursements increased by $118,000 due to increased recoverable operating expenses.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; COLOR: #000000; FONT-SIZE: 10pt">Real estate expenses from stabilized properties increased by $130,000 in the first quarter of fiscal 2014 compared to the first quarter of fiscal 2013. The increase was primarily due to an increase in real estate taxes and insurance expense combined of $77,000. &#160;Other real estate expenses combined increased by $53,000.</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 42.23%; VERTICAL-ALIGN: bottom" colspan="7">
<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">(in thousands, except percentages)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 42.23%; VERTICAL-ALIGN: bottom" colspan="7">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Three Months Ended July 31,</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.2%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.22%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2012</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.34%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">$ Change</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">% Change</div>
</td>
</tr>

<tr>
<td style="WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Commercial Industrial</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">Real estate revenue</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 9pt">Stabilized</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">2,781</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">2,512</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">269</div>
</td>
<td style="WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">10.7%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 9pt">Non-stabilized</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">675</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">276</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">399</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">144.6%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 9pt">Total</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">3,456</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">2,788</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">668</div>
</td>
<td style="WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">24.0%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">Real estate expenses</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 9pt">Stabilized</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">960</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">830</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">130</div>
</td>
<td style="WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">15.7%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 9pt">Non-stabilized</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">79</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">66</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">13</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">19.7%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 9pt">Total</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">1,039</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">896</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">143</div>
</td>
<td style="WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">16.0%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">Net operating income</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 9pt">Stabilized</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">1,821</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">1,682</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">139</div>
</td>
<td style="WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">8.3%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 9pt">Non-stabilized</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">596</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">210</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">386</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">183.8%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 9pt">Total</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">2,417</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">1,892</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">525</div>
</td>
<td style="WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">27.7%</div>
</td>
</tr>
</table>

<div><br>
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 57.79%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">Occupancy</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2012</div>
</td>
<td style="WIDTH: 19.82%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 57.79%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Stabilized</div>
</td>
<td style="WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">86.1%</div>
</td>
<td style="WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">87.4%</div>
</td>
<td style="WIDTH: 19.82%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 57.79%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Non-stabilized</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">100.0%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">100.0%</div>
</td>
<td style="WIDTH: 19.82%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 57.79%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">87.5%</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">88.5%</div>
</td>
<td style="WIDTH: 19.82%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>
</table>

<div><br>
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 57.79%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">Rentable Square Footage</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2012</div>
</td>
<td style="WIDTH: 19.82%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 57.79%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Stabilized</div>
</td>
<td style="WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">2,323,381</div>
</td>
<td style="WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">2,332,856</div>
</td>
<td style="WIDTH: 19.82%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 57.79%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Non-stabilized</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">256,770</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">229,072</div>
</td>
<td style="WIDTH: 19.82%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 57.79%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">2,580,151</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">2,561,928</div>
</td>
<td style="WIDTH: 19.82%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>
</table>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="WIDTH: 100%" id="DSPFPageFooter"><a href="#TABLEOFCONTENTS">Table of Contents</a></div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">35</div>

<hr style="PAGE-BREAK-AFTER: always; MARGIN: 4px 0px; WIDTH: 100%; HEIGHT: 2px; COLOR: #000000; CLEAR: both" id="DSPFPageBreak" noshade="noshade">
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 7.5pt; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Commercial Retail</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 7.5pt; COLOR: #000000; FONT-SIZE: 10pt">Real estate revenue from stabilized properties in our commercial retail segment increased by $166,000 in the three months ended July 31, 2013 compared to the same period in the prior fiscal year. &#160;The primary factor was an increase in tenant reimbursements of $107,000 with the remaining increase of $59,000 being attributable to increased rental revenue. The increased tenant reimbursements resulted from an increase in recoverable operating expenses.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; COLOR: #000000; FONT-SIZE: 10pt">Real estate expenses from stabilized properties increased by $246,000 in the three months ended July 31, 2013 compared to the same period in the prior fiscal year. &#160;The primary factors were an increase in other property expenses of $92,000, an increase in property management expenses of $68,000 and an increase in real estate tax and insurance expenses combined of $42,000. &#160;The increase in other property expenses was due to an increase in the allowance for doubtful accounts provision while the increase in property management expenses was primarily due to space planning costs at our Forest Lake Westlake property. &#160;The space planning costs were incurred to renovate a large single tenant space into more desirable multi-tenant spaces. &#160;Other real estate expenses combined increased by $44,000.</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 42.23%; VERTICAL-ALIGN: bottom" colspan="7">
<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">(in thousands, except percentages)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 42.23%; VERTICAL-ALIGN: bottom" colspan="7">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Three Months Ended July 31,</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.2%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.22%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2012</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.54%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">$ Change</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">% Change</div>
</td>
</tr>

<tr>
<td style="WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Commercial Retail</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">Real estate revenue</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 9pt">Stabilized</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">3,292</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">3,126</div>
</td>
<td style="WIDTH: 2.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 6.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">166</div>
</td>
<td style="WIDTH: 10.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">5.3%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 9pt">Non-stabilized</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">36</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">36</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">n/a</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 9pt">Total</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">3,328</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">3,126</div>
</td>
<td style="WIDTH: 2.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 6.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">202</div>
</td>
<td style="WIDTH: 10.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">6.5%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">Real estate expenses</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 9pt">Stabilized</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">1,326</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">1,080</div>
</td>
<td style="WIDTH: 2.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 6.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">246</div>
</td>
<td style="WIDTH: 10.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">22.8%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 9pt">Non-stabilized</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">0.0%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 9pt">Total</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">1,326</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">1,080</div>
</td>
<td style="WIDTH: 2.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 6.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">246</div>
</td>
<td style="WIDTH: 10.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">22.8%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">Net operating income</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 9pt">Stabilized</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">1,966</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">2,046</div>
</td>
<td style="WIDTH: 2.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 6.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(80)</div>
</td>
<td style="WIDTH: 10.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(3.9%)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 9pt">Non-stabilized</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">36</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">36</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">n/a</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 9pt">Total</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">2,002</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">2,046</div>
</td>
<td style="WIDTH: 2.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 6.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(44)</div>
</td>
<td style="WIDTH: 10.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(2.2%)</div>
</td>
</tr>
</table>

<div><br>
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 57.79%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">Occupancy</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2012</div>
</td>
<td style="WIDTH: 19.82%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 57.79%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Stabilized</div>
</td>
<td style="WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">79.6%</div>
</td>
<td style="WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">87.1%</div>
</td>
<td style="WIDTH: 19.82%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 57.79%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Non-stabilized</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">100.0%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">n/a</div>
</td>
<td style="WIDTH: 19.82%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 57.79%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">79.7%</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">87.1%</div>
</td>
<td style="WIDTH: 19.82%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>
</table>

<div><br>
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 57.79%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">Rentable Square Footage</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2012</div>
</td>
<td style="WIDTH: 19.82%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 57.79%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Stabilized</div>
</td>
<td style="WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">1,323,485</div>
</td>
<td style="WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">1,323,485</div>
</td>
<td style="WIDTH: 19.82%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 57.79%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Non-stabilized</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">3,702</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0</div>
</td>
<td style="WIDTH: 19.82%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 57.79%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">1,327,187</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">1,323,485</div>
</td>
<td style="WIDTH: 19.82%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>
</table>

<div style="MARGIN-TOP: 10.5pt; MARGIN-BOTTOM: 10.5pt"><br>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="WIDTH: 100%" id="DSPFPageFooter"><a href="#TABLEOFCONTENTS">Table of Contents</a></div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">36</div>

<hr style="PAGE-BREAK-AFTER: always; MARGIN: 4px 0px; WIDTH: 100%; HEIGHT: 2px; COLOR: #000000; CLEAR: both" id="DSPFPageBreak" noshade="noshade">
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; MARGIN-TOP: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10.5pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Analysis of Commercial Segments' Credit Risk and Leases</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; MARGIN-TOP: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10.5pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Credit Risk</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">The following table lists our top ten commercial tenants on July 31, 2013, for all commercial properties owned by us, measured by percentage of total commercial segments' minimum rents as of July 1, 2013. &#160;Our results of operations are dependent on, among other factors, the economic health of our tenants. We attempt to mitigate tenant credit risk by working to secure creditworthy tenants that meet our underwriting criteria and monitoring our portfolio to identify potential problem tenants. We believe that our credit risk is also mitigated by the fact that no individual tenant accounts for more than 10% of our total real estate rentals, although affiliated entities of Edgewood Vista together accounted for approximately 13.3% of our total commercial segments' minimum rents as of July 1, 2013, and they accounted for approximately 7.7% of our total real estate rentals as of July 1, 2013.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">As of July 31, 2013, 60 of our 175 commercial properties, including all 20 of our Edgewood Vista properties, all seven of our Idaho Spring Creek senior housing properties, and all five of our Wyoming senior housing properties, were leased under triple net leases under which the tenant pays a monthly lump sum base rent as well as all costs associated with the property, including property taxes, insurance, replacement, repair or restoration, in addition to maintenance. The failure by any of our triple net tenants to effectively conduct their operations or to maintain and improve our properties in accordance with the terms of their respective triple net leases could adversely affect their business reputations and ability to attract and retain residents and customers to our properties, which could have an indirect adverse effect on us.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">We regularly monitor the relative credit risk of our significant tenants, including our triple net tenants. The metrics the Company uses to evaluate a significant tenant's liquidity and creditworthiness depend on facts and circumstances specific to that tenant and to the industry in which it operates, and include the tenant's credit history and economic conditions related to the tenant, its operations and the markets in which it operates. These factors may change over time. Prior to signing a lease with a tenant, the Company generally assesses the prospective tenant's credit quality through review of its financial statements and tax returns, and the result of that review is a factor in establishing the rent to be charged (e.g., higher risk tenants will be charged higher rent). Over the course of a lease, the Company's property management and asset management personnel have regular contact with tenants and tenant employees, and, where the terms of the lease permit, receive tenant financial information for periodic review, or review publicly-available financial statements, in the case of public company tenants or non-profit entities, such as hospital systems, whose financial statements are required to be filed with state agencies. Through these means the Company monitors tenant credit quality.</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 80.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Lessee</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 19.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">% of Total Commercial</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Segments' Minimum Rents</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">as of July 1, 2013</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 80.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Affiliates of Edgewood Vista</div>
</td>
<td style="WIDTH: 19.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 36pt">13.3%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 80.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">St. Luke's Hospital of Duluth, Inc.</div>
</td>
<td style="WIDTH: 19.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 36pt">3.5%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 80.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Fairview Health Services</div>
</td>
<td style="WIDTH: 19.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 36pt">3.5%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 80.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Applied Underwriters</div>
</td>
<td style="WIDTH: 19.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 36pt">2.3%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 80.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">HealthEast Care System</div>
</td>
<td style="WIDTH: 19.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 36pt">1.6%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 80.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Affiliates of Siemens USA (NYSE: SI)</div>
</td>
<td style="WIDTH: 19.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 36pt">1.3%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 80.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Nebraska Orthopaedic Hospital</div>
</td>
<td style="WIDTH: 19.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 36pt">1.3%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 80.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Arcadis Corporate Services, Inc.</div>
</td>
<td style="WIDTH: 19.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 36pt">1.3%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 80.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Microsoft (NASDAQ: MSFT)</div>
</td>
<td style="WIDTH: 19.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 36pt">1.2%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff; HEIGHT: 14px">
<td style="WIDTH: 80.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">State of Idaho Department of Health and Welfare</div>
</td>
<td style="WIDTH: 19.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 36pt">1.1%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 80.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">All Others</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 19.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 36pt">69.6%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 80.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Total Monthly Commercial Rent as of July 1, 2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 19.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 36pt">100.0%</div>
</td>
</tr>
</table>

<div style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 12pt"><br>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="WIDTH: 100%" id="DSPFPageFooter"><a href="#TABLEOFCONTENTS">Table of Contents</a></div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">37</div>

<hr style="PAGE-BREAK-AFTER: always; MARGIN: 4px 0px; WIDTH: 100%; HEIGHT: 2px; COLOR: #000000; CLEAR: both" id="DSPFPageBreak" noshade="noshade">
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; MARGIN-TOP: 12pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Commercial Leasing Activity</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">During the first quarter of fiscal year 2014, we executed new and renewal commercial leases for our stabilized rental properties on 596,207 square feet. Despite our leasing efforts, occupancy in our stabilized commercial portfolio decreased slightly to 85.1% as of July 31, 2013, down from 85.6% as of July 31, 2012.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">The total leasing activity for our stabilized commercial rental properties, expressed in square feet of leases signed during the period, and the resulting physical occupancy levels are as follows for the three months ended July 31, 2013 and 2012 respectively.</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 11.83%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 22.79%; VERTICAL-ALIGN: bottom" rowspan="2" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Square Feet of</div>

<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">New Leases<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 23.08%; VERTICAL-ALIGN: bottom" rowspan="2" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Square Feet of</div>

<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Leases Renewed<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1) (2)</sup></div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 23.1%; VERTICAL-ALIGN: bottom" rowspan="2" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Total</div>

<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Square Feet of</div>

<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Leases Executed<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
</td>
<td style="WIDTH: 1.22%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.98%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Physical Occupancy</div>
</td>
</tr>

<tr>
<td style="WIDTH: 11.83%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.22%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.98%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Fiscal Year Ended July 31,</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Segments</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2012</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2012</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2012</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.22%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2012</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 11.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Office</div>
</td>
<td style="WIDTH: 12.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">126,992</div>
</td>
<td style="WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">34,640</div>
</td>
<td style="WIDTH: 11.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">57,545</div>
</td>
<td style="WIDTH: 11.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">64,179</div>
</td>
<td style="WIDTH: 11.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">184,537</div>
</td>
<td style="WIDTH: 11.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">98,819</div>
</td>
<td style="WIDTH: 1.22%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">80.2%</div>
</td>
<td style="WIDTH: 7.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">79.0%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 11.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Healthcare</div>
</td>
<td style="WIDTH: 12.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">21,503</div>
</td>
<td style="WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">6,501</div>
</td>
<td style="WIDTH: 11.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">13,528</div>
</td>
<td style="WIDTH: 11.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">1,468</div>
</td>
<td style="WIDTH: 11.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">35,031</div>
</td>
<td style="WIDTH: 11.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">7,969</div>
</td>
<td style="WIDTH: 1.22%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">95.5%</div>
</td>
<td style="WIDTH: 7.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">95.2%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 11.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Industrial</div>
</td>
<td style="WIDTH: 12.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">50,040</div>
</td>
<td style="WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="WIDTH: 11.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">222,077</div>
</td>
<td style="WIDTH: 11.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">9,702</div>
</td>
<td style="WIDTH: 11.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">272,117</div>
</td>
<td style="WIDTH: 11.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">9,702</div>
</td>
<td style="WIDTH: 1.22%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">86.1%</div>
</td>
<td style="WIDTH: 7.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">87.4%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Retail</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">91,957</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">9,070</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">12,565</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">2,420</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">104,522</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">11,490</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.22%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">79.6%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">87.1%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 11.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 12.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">290,492</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">50,211</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 11.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">305,715</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 11.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">77,769</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 11.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">596,207</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 11.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">127,980</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1.22%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 10.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">85.1%</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 7.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">85.6%</div>
</td>
</tr>
</table>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(1)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">The leasing activity presented is based on leases signed or executed for our stabilized rental properties during the period and is not intended to coincide with the commencement of rental revenue in accordance with GAAP.&#160;</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 8pt">(2)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 8pt">Leases renewed include the retained occupancy of tenants on a month-to-month basis past their original lease expiration date.</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">New Leases</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">The following table sets forth the average effective rents and the estimated costs of tenant improvements and leasing commissions, on a per square foot basis, that we are obligated to fulfill under the new leases signed for our stabilized commercial rental properties during the three months ended <font style="FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">July 31, 2013</font> and <font style="FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">2012</font>, respectively:</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 11.91%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 23.69%; VERTICAL-ALIGN: bottom" colspan="4">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Square Feet of</div>

<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">New Leases<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 14.53%; VERTICAL-ALIGN: bottom" colspan="4">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Average Term</div>

<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">in Years</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.32%; VERTICAL-ALIGN: bottom" colspan="4">
<div>&#160;</div>

<div>&#160;</div>

<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Average</div>

<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;Effective Rent<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 16.42%; VERTICAL-ALIGN: bottom" colspan="4">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Estimated Tenant Improvement Cost per Square Foot<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 16.14%; VERTICAL-ALIGN: bottom" colspan="4">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Leasing</div>

<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Commissions per Square Foot<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.91%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.16%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.53%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2012</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.69%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6.84%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2012</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.66%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.66%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2012</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.22%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.2%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2012</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.18%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.96%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2012</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 11.91%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Office</div>
</td>
<td style="WIDTH: 2.23%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">126,992</div>
</td>
<td style="WIDTH: 1.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">34,640</div>
</td>
<td style="WIDTH: 1.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">4.9</div>
</td>
<td style="WIDTH: 0.98%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">3.5</div>
</td>
<td style="WIDTH: 2.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 5.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">13.01</div>
</td>
<td style="WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 5.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">15.71</div>
</td>
<td style="WIDTH: 2.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 5.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">15.17</div>
</td>
<td style="WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 5.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">14.12</div>
</td>
<td style="WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 5.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">4.32</div>
</td>
<td style="WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 5.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">5.17</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 11.91%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Healthcare</div>
</td>
<td style="WIDTH: 2.23%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">21,503</div>
</td>
<td style="WIDTH: 1.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">6,501</div>
</td>
<td style="WIDTH: 1.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">5.6</div>
</td>
<td style="WIDTH: 0.98%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">6.8</div>
</td>
<td style="WIDTH: 2.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">21.94</div>
</td>
<td style="WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">23.14</div>
</td>
<td style="WIDTH: 2.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">49.69</div>
</td>
<td style="WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">57.37</div>
</td>
<td style="WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">5.30</div>
</td>
<td style="WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">5.29</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 11.91%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Industrial</div>
</td>
<td style="WIDTH: 2.23%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">50,040</div>
</td>
<td style="WIDTH: 1.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="WIDTH: 1.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">4.3</div>
</td>
<td style="WIDTH: 0.98%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="WIDTH: 2.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">4.10</div>
</td>
<td style="WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="WIDTH: 2.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">0.00</div>
</td>
<td style="WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">0.34</div>
</td>
<td style="WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">0</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.91%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Retail</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.23%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">91,957</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">9,070</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 5.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">4.3</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 0.98%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 5.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">3.7</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 5.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">3.62</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 5.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">12.40</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 5.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">0.57</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 5.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">0.33</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 5.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">4.20</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 5.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">0.93</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 11.91%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 2.23%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 9.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">290,492</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 9.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">50,211</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 5.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">4.9</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 0.98%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 5.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">4.4</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 2.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 5.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">9.17</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 5.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">16.07</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 2.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 5.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">10.49</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 5.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">17.23</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 5.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">3.67</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 5.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">4.42</div>
</td>
</tr>
</table>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 17.3pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: -0.7pt; FONT-SIZE: 8pt">(1)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">The leasing activity presented is based on leases signed or executed for our stabilized rental properties during the period and is not intended to coincide with the commencement of rental revenue in accordance with GAAP.&#160; Tenant improvements and leasing commissions presented are based on square feet leased during the period.&#160;</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 17.3pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: -0.7pt; FONT-SIZE: 8pt">(2)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 8pt">Effective rents represent average annual base rental payments, on a straight-line basis for the term of each lease, excluding operating expense reimbursements. The underlying leases contain various expense structures including gross, modified gross, net and triple net.</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">Our ability to maintain or increase occupancy rates is a principal driver of maintaining and increasing the average effective rents in our commercial segments. The decrease in the average effective rental rates of new leases executed in the three months ended July 31, 2013 in our commercial retail segment when compared to new leases executed for the same period in the prior year is due to the signing of a new anchor tenant lease at our Jamestown </font>Buffalo Mall property. In June of 2013, we executed a ten year lease with an effective date of August 1, 2013 for 84,338 square feet with a new anchor tenant at an average effective rent of $2.75 per square foot. This space was vacated by the former anchor tenant, which was paying $1.70 per square foot at the time their lease expired on May 31, 2013. Absent this transaction, the average effective rental rate for leases executed in our commercial retail segment in the first quarter of fiscal year 2014 would have been $13.25 per square foot. The decrease in the average effective rental rate of new leases executed in the total commercial portfolio for the three months ended July 31, 2013 when compared <font style="FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">to the same period in the prior year is due primarily to the lease transaction mentioned above and the fact that there were no new commercial industrial leases executed in the three months ended July 31, 2012.</font></div>

<div style="MARGIN-BOTTOM: 6pt"><br>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="WIDTH: 100%" id="DSPFPageFooter"><a href="#TABLEOFCONTENTS">Table of Contents</a></div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">38</div>

<hr style="PAGE-BREAK-AFTER: always; MARGIN: 4px 0px; WIDTH: 100%; HEIGHT: 2px; COLOR: #000000; CLEAR: both" id="DSPFPageBreak" noshade="noshade">
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Lease Renewals</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">The following table summarizes our lease renewal activity within our stabilized commercial segments for the three months ended <font style="FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">July 31, 2013</font> and <font style="FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">2012</font>, respectively (square feet data in thousands):</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 11.01%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 15.37%; VERTICAL-ALIGN: bottom" colspan="4">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Square Feet of Leases Renewed<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 15.35%; VERTICAL-ALIGN: bottom" colspan="4">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Percent of Expiring Leases Renewed<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 15.31%; VERTICAL-ALIGN: bottom" colspan="4">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Average Term</div>

<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">in Years</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 15.48%; VERTICAL-ALIGN: bottom" colspan="4">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Weighted Average Growth (Decline)</div>

<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;in Effective Rents<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.84%; VERTICAL-ALIGN: bottom" colspan="4">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Estimated</div>

<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Tenant Improvement</div>

<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Cost per Square Foot<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.64%; VERTICAL-ALIGN: bottom" colspan="4">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Leasing Commissions per Square Foot<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.01%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.6%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.78%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2012</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.61%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.74%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2012</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.59%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.72%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2012</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.72%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.76%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2012</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6.98%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6.86%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2012</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6.84%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6.8%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2012</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 11.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Office</div>
</td>
<td style="WIDTH: 0.54%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">57,545</div>
</td>
<td style="WIDTH: 0.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">64,179</div>
</td>
<td style="WIDTH: 0.54%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">91.3%</div>
</td>
<td style="WIDTH: 0.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">73.5%</div>
</td>
<td style="WIDTH: 0.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">3.5</div>
</td>
<td style="WIDTH: 0.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">2.9</div>
</td>
<td style="WIDTH: 0.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.06%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">1.7%</div>
</td>
<td style="WIDTH: 0.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1.6%</div>
</td>
<td style="WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 4.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">2.20</div>
</td>
<td style="WIDTH: 2.26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 4.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">1.89</div>
</td>
<td style="WIDTH: 2.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 4.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">1.79</div>
</td>
<td style="WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 4.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">1.36</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 11.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Healthcare</div>
</td>
<td style="WIDTH: 0.54%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">13,528</div>
</td>
<td style="WIDTH: 0.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">1,468</div>
</td>
<td style="WIDTH: 0.54%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">100.0%</div>
</td>
<td style="WIDTH: 0.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">77.0%</div>
</td>
<td style="WIDTH: 0.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">7.5</div>
</td>
<td style="WIDTH: 0.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">5.0</div>
</td>
<td style="WIDTH: 0.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.06%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">7.3%</div>
</td>
<td style="WIDTH: 0.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">12.0%</div>
</td>
<td style="WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 4.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">25.76</div>
</td>
<td style="WIDTH: 2.26%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 4.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">25.00</div>
</td>
<td style="WIDTH: 2.14%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 4.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">2.82</div>
</td>
<td style="WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 4.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">2.50</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 11.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Industrial</div>
</td>
<td style="WIDTH: 0.54%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">222,077</div>
</td>
<td style="WIDTH: 0.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">9,702</div>
</td>
<td style="WIDTH: 0.54%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">47.9%</div>
</td>
<td style="WIDTH: 0.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">100.0%</div>
</td>
<td style="WIDTH: 0.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">3.3</div>
</td>
<td style="WIDTH: 0.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">3.3</div>
</td>
<td style="WIDTH: 0.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.06%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">5.7%</div>
</td>
<td style="WIDTH: 0.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 0.55pt">(6.1%)</div>
</td>
<td style="WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 4.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0.00</div>
</td>
<td style="WIDTH: 2.26%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 4.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0.52</div>
</td>
<td style="WIDTH: 2.14%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 4.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0.30</div>
</td>
<td style="WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 4.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0.52</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Retail</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 0.54%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">12,565</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 0.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">2,420</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 0.54%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">15.5%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 0.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">74.6%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 0.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">4.2</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 0.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">4.0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 0.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.06%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">3.1%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 0.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 0.55pt">(3.4%)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 4.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0.00</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.26%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 4.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0.0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.14%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 4.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0.00</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 4.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">1.21</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 11.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 0.54%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 7.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">305,715</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 0.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 7.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">77,769</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 0.54%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 7.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">59.3%</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 0.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 7.12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">76.5%</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 0.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">4.0</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 0.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 7.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">3.2</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 0.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 7.06%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">4.5%</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 0.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 7.12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">1.3%</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 4.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">1.55</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 2.26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 4.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">2.09</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 2.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 4.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">0.68</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 4.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">1.27</div>
</td>
</tr>
</table>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(1)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">The leasing activity presented is based on leases signed or executed for our stabilized rental properties during the period and is not intended to coincide with the commencement of rental revenue in accordance with GAAP.&#160; Tenant improvements and leasing commissions are based on square feet leased during the period</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(2)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">Renewal percentage of expiring leases is based on square footage of renewed leases and not the number of leases renewed. Expiring leases where the tenant retained occupancy on a month-to-month basis past the lease expiration date were considered to have been renewed.</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 8pt">(3)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 8pt">Represents the percentage change in effective rent between the original leases and the renewal leases. Effective rents represent average annual base rental payments, on a straight-line basis for the term of each lease, excluding operating expense reimbursements. The underlying leases contain various expense structures including gross, modified gross, net and triple net.</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">Our ability to re-lease expiring space is generally dependent on the current market and economic conditions of the regions in which our properties are located. The decrease in the percent of expiring leases renewed in the three months ended July 31, 2013 in our commercial retail segment when compared to the percent of expiring leases renewed for the same period in the prior year was due to the lease expiration of an anchor tenant at our Jamestown Buffalo Mall property which occupied 84,338 square feet. Although this lease expired on May 31, 2013, we were able to execute a lease with a new tenant for the entire 84,338 square feet with an effective date of August 1, 2013 that resulted in an increase in effective rent of 61.8% when compared to the rent paid by the prior tenant. &#160;Not taking into account the previously mentioned vacated space, the percent of expiring leases renewed for our retail segment and our total commercial portfolio for the three months ended July 31, 2013 would have been 67.5% and 72.0% respectively.</div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Lease Expirations</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Our ability to maintain and improve occupancy rates, and base rents, primarily depends upon our continuing ability to re-lease expiring space. The following table reflects the in-service portfolio lease expiration schedule of our consolidated commercial segments properties, including square footage and annualized base rent for expiring leases, as of July 31, 2013.</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 23.08%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Fiscal Year of Lease Expiration</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold"># of Leases</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Square Footage of</div>

<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;Expiring Leases<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Percentage of Total</div>

<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;Commercial Segments</div>

<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Leased Square Footage</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 14.11%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Annualized Base<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt"><br>
</font>Rent of Expiring<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt"><br>
</font>Leases at Expiration<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 14.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Percentage of Total</div>

<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">&#160;Commercial Segments</div>

<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Annualized Base Rent</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 23.08%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">2014<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
</td>
<td style="WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">162</div>
</td>
<td style="WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">1,274,900</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 13.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">12.4%</div>
</td>
<td style="WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 11.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">13,931,303</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 14.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">10.9%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 23.08%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">2015</div>
</td>
<td style="WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">141</div>
</td>
<td style="WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">1,281,292</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 13.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">12.4%</div>
</td>
<td style="WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 11.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">15,208,274</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 14.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">11.9%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 23.08%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">2016</div>
</td>
<td style="WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">116</div>
</td>
<td style="WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">1,452,843</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 13.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">14.1%</div>
</td>
<td style="WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 11.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">17,139,542</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 14.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">13.4%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 23.08%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">2017</div>
</td>
<td style="WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">104</div>
</td>
<td style="WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">1,399,327</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 13.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">13.6%</div>
</td>
<td style="WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 11.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">19,123,628</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 14.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">14.9%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 23.08%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">2018</div>
</td>
<td style="WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">81</div>
</td>
<td style="WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">732,370</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 13.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">7.1%</div>
</td>
<td style="WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 11.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">12,052,743</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 14.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">9.4%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 23.08%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">2019</div>
</td>
<td style="WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">50</div>
</td>
<td style="WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">1,022,163</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 13.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">9.9%</div>
</td>
<td style="WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 11.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">12,781,526</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 14.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">10.0%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 23.08%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">2020</div>
</td>
<td style="WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">19</div>
</td>
<td style="WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">476,174</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 13.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">4.6%</div>
</td>
<td style="WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 11.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">4,804,941</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 14.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">3.7%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 23.08%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">2021</div>
</td>
<td style="WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">24</div>
</td>
<td style="WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">249,414</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 13.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">2.4%</div>
</td>
<td style="WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 11.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">3,715,247</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 14.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">2.9%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 23.08%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">2022</div>
</td>
<td style="WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">42</div>
</td>
<td style="WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">1,437,143</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 13.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">13.9%</div>
</td>
<td style="WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 11.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">16,545,554</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 14.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">12.9%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 23.08%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">2023</div>
</td>
<td style="WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">12</div>
</td>
<td style="WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">471,436</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 13.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">4.6%</div>
</td>
<td style="WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 11.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">2,072,920</div>
</td>
<td style="WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 14.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">1.6%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 23.08%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Thereafter</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">40</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">514,935</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">5.0%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">10,842,673</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 14.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">8.4%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 23.08%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Totals</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">791</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">10,311,997</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 13.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">100.0%</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 11.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">128,218,351</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 14.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">100.0%</div>
</td>
</tr>
</table>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(1)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">Includes month-to-month leases. As of July 31, 2013 month-to-month leases accounted for 401,371 square feet.</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(2)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">Annualized Base Rent is monthly scheduled rent as of July 1, 2013, multiplied by 12.</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 8pt">(3)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 8pt">Assuming that none of the tenants exercise renewal or termination options, and including leases renewed prior to expiration.</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="WIDTH: 100%" id="DSPFPageFooter"><a href="#TABLEOFCONTENTS">Table of Contents</a></div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">39</div>

<hr style="PAGE-BREAK-AFTER: always; MARGIN: 4px 0px; WIDTH: 100%; HEIGHT: 2px; COLOR: #000000; CLEAR: both" id="DSPFPageBreak" noshade="noshade">
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Information on current market rents can be difficult to obtain, is highly subjective, and is often not directly comparable between properties. Because of this, we believe the increase or decrease in effective rent on lease renewals, as previously defined, is the most objective and meaningful relationship between rents on leases expiring in the near-term and current market rents.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">PROPERTY ACQUISITIONS AND DISPOSITIONS</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">During the first quarter of fiscal year 2014, the Company closed on its acquisitions of:</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Symbol, serif; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">a 71-unit multi-family residential property in Rapid City, South Dakota, on approximately 3.2 acres of land, for a purchase price of $6.2 million, of which $2.9 million was paid in cash and the remainder in limited partnership units of the Operating Partnership valued at $3.3 million; and</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Symbol, serif; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">an approximately 0.7-acre parcel of vacant land in Minot, North Dakota for a purchase price of $171,000, paid in cash.</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 6pt; COLOR: #000000; FONT-SIZE: 10pt">During the first quarter of fiscal year 2014, the Company sold four commercial industrial properties and one commercial retail property. See Note 8 of Notes to Condensed Consolidated Financial Statements above for a table detailing the Company's acquisitions and dispositions during the three month periods ended July 31, 2013 and 2012.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Development and Re-Development Projects</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 6pt; COLOR: #000000; FONT-SIZE: 10pt">The following table provides additional detail, as of July 31, 2013,&#160;on the Company's development and re-development&#160;projects in progress. All of&#160;these projects&#160;are excluded from the stabilized pool. No development or re-development projects were completed during the three months ended July 31, 2013. The Company measures initial yield on its development projects upon completion and achievement of target lease-up levels by measuring net operating income from the development against the cost of the project. Estimated initial yields&#160;on the projects listed below range from an estimated approximate 7% to an estimated approximate 13% initial yield. While development costs in the Company's markets in the energy-impacted region of western and central North Dakota are significantly higher than in other Company markets, the Company continues to experience heightened tenant demand, low vacancy, and rent growth in this region, and accordingly actual&#160;initial yields upon project completion for projects in these markets&#160;have been trending higher than the estimated&#160;initial yields&#160;forecast at the project&#160;underwriting stage.&#160;For example, the Company estimated an approximately 12%&#160;initial yield for its Williston Garden Apartments project in Williston, North Dakota; the Company calculates that actual annualized yield after project completion and target lease-up was approximately&#160;20%.&#160;&#160;The Company expects these trends of heightened tenant demand and low vacancy&#160;to continue to affect yields on its development projects in the region.</div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Projects in Progress at July 31, 2013</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 29.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 25%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.24%; VERTICAL-ALIGN: bottom" colspan="4">
<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">(in thousands)</div>
</td>
<td style="WIDTH: 18.1%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 29.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Project Name and Location</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 25%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Total Rentable Square Feet</div>

<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">or # of Units</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Percentage</div>

<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Leased</div>

<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">or Committed</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.62%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Anticipated</div>

<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Total Cost</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.62%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Cost to</div>

<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Date</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 18.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Anticipated Construction</div>

<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Completion</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 29.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">River Ridge - Bismarck, ND</div>
</td>
<td style="WIDTH: 25%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 7.65pt">146 unit apartment building</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 13.65pt">56.9%</div>
</td>
<td style="WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 6.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">25,900</div>
</td>
<td style="WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 6.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">19,665</div>
</td>
<td style="WIDTH: 18.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup> Quarter Fiscal 2014</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 29.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Cypress Court Apartment Development - St. Cloud, MN<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
</td>
<td style="WIDTH: 25%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 7.65pt">132 unit apartment building</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 13.65pt">46.9%</div>
</td>
<td style="WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">14,300</div>
</td>
<td style="WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">10,089</div>
</td>
<td style="WIDTH: 18.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup> Quarter Fiscal 2014</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 29.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Landing at Southgate - Minot, ND<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
</td>
<td style="WIDTH: 25%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 7.65pt">three 36 unit apartment buildings</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 13.65pt">70.4%</div>
</td>
<td style="WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">15,000</div>
</td>
<td style="WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">12,548</div>
</td>
<td style="WIDTH: 18.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 1.4pt; FONT-SIZE: 9pt">2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup> Quarter Fiscal 2014</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 29.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Chateau II - Minot, ND</div>
</td>
<td style="WIDTH: 25%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 7.65pt">72 unit apartment building</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 13.65pt">0%</div>
</td>
<td style="WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">14,700</div>
</td>
<td style="WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">2,320</div>
</td>
<td style="WIDTH: 18.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 1.4pt; FONT-SIZE: 9pt">4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Quarter Fiscal 2014</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 29.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Commons at Southgate - Minot, ND<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
</td>
<td style="WIDTH: 25%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 7.65pt">233 unit apartment building</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 13.65pt">0%</div>
</td>
<td style="WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">37,200</div>
</td>
<td style="WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">10,534</div>
</td>
<td style="WIDTH: 18.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 1.4pt; FONT-SIZE: 9pt">1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> Quarter Fiscal 2015</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 29.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Dakota Commons - Williston, ND</div>
</td>
<td style="WIDTH: 25%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 7.65pt">44 unit apartment building</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 13.65pt">0%</div>
</td>
<td style="WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">10,700</div>
</td>
<td style="WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">2,635</div>
</td>
<td style="WIDTH: 18.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 1.4pt; FONT-SIZE: 9pt">1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> Quarter Fiscal 2015</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 29.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Renaissance Heights I - Williston, ND<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></div>
</td>
<td style="WIDTH: 25%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 7.65pt">288 unit apartment building</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 13.65pt">0%</div>
</td>
<td style="WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">62,400</div>
</td>
<td style="WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">16,907</div>
</td>
<td style="WIDTH: 18.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 1.4pt; FONT-SIZE: 9pt">2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup> Quarter Fiscal 2015</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 29.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Arcata - Golden Valley, MN</div>
</td>
<td style="WIDTH: 25%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 7.65pt">165 unit apartment building</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 13.65pt">0%</div>
</td>
<td style="WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">33,400</div>
</td>
<td style="WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">2,657</div>
</td>
<td style="WIDTH: 18.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 1.4pt; FONT-SIZE: 9pt">3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup> Quarter Fiscal 2015</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 29.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt">Other</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 25%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 7.65pt">n/a</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 13.65pt">n/a</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">n/a</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">41</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 18.1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 1.4pt; FONT-SIZE: 9pt">n/a</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 29.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 25%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 6.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">213,600</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 6.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">77,396</div>
</td>
<td style="WIDTH: 18.1%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>
</table>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(1)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">The Company is a 79% partner in the joint venture entity constructing this property; the anticipated total cost amount given is the total cost to the joint venture entity.</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">(2)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt">The Company is a 51% partner in the joint venture entity constructing these properties; the anticipated total cost amount given is the total cost to the joint venture entity</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 8pt">(3)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 8pt">The Company is a 70% partner in the joint venture entity constructing this property; the anticipated total cost amount given is the total cost to the joint venture entity</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="WIDTH: 100%" id="DSPFPageFooter"><a href="#TABLEOFCONTENTS">Table of Contents</a></div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">40</div>

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</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">FUNDS FROM OPERATIONS</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">IRET considers Funds from Operations ("FFO") a useful measure of performance for an equity REIT. IRET uses the definition of FFO adopted by the National Association of Real Estate Investment Trusts, Inc. ("NAREIT"). NAREIT defines FFO to mean "net income (computed in accordance with generally accepted accounting principles), excluding gains (or losses) from sales of property, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Adjustments for unconsolidated partnerships and joint ventures will be calculated to reflect funds from operations on the same basis." In addition, in October 2011 NAREIT clarified its computation of FFO so as to exclude impairment charges for all periods presented. Because of limitations of the FFO definition adopted by NAREIT, IRET has made certain interpretations in applying the definition. IRET believes all such interpretations not specifically provided for in the NAREIT definition are consistent with the definition.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">IRET management considers that FFO, by excluding depreciation costs, impairment write-downs, the gains or losses from the sale of operating real estate properties and extraordinary items as defined by U.S. GAAP, is useful to investors in providing an additional perspective on IRET's operating results. Historical cost accounting for real estate assets in accordance with U.S. GAAP assumes, through depreciation, that the value of real estate assets decreases predictably over time. However, real estate asset values have historically risen or fallen with market conditions. NAREIT's definition of FFO, by excluding depreciation costs, reflects the fact that real estate, as an asset class, generally appreciates over time and that depreciation charges required by U.S. GAAP may not reflect underlying economic realities. Additionally, the exclusion, in NAREIT's definition of FFO, of impairment write-downs and gains and losses from the sales of previously depreciated operating real estate assets, assists IRET management and investors in identifying the operating results of the long-term assets that form the core of IRET's investments, and assists in comparing those operating results between periods. FFO is used by IRET management and investors to identify trends in occupancy rates, rental rates and operating costs.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">While FFO is widely used by REITs as a primary performance metric, not all real estate companies use the same definition of FFO or calculate FFO in the same way. Accordingly, FFO presented here is not necessarily comparable to FFO presented by other real estate companies. FFO should not be considered as an alternative to net income as determined in accordance with U.S. GAAP as a measure of IRET's performance, but rather should be considered as an additional, supplemental measure, and should be viewed in conjunction with net income as presented in the consolidated financial statements included in this report. FFO does not represent cash generated from operating activities in accordance with U.S. GAAP, and is not necessarily indicative of sufficient cash flow to fund all of IRET's needs or its ability to service indebtedness or make distributions.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">FFO applicable to common shares and Units for the three months ended July 31, 2013 increased to $19.7 million compared to $17.6 million for the comparable period ended July 31, 2012, an increase of 11.7%.</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">RECONCILIATION OF NET INCOME ATTRIBUTABLE TO</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10.5pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">INVESTORS REAL ESTATE TRUST TO FUNDS FROM OPERATIONS</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 42.25%; VERTICAL-ALIGN: bottom" rowspan="2">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Three Months Ended July 31,</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 57.75%; VERTICAL-ALIGN: bottom" colspan="10">
<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">(in thousands, except per share amounts)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 29.34%; VERTICAL-ALIGN: bottom" colspan="5">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 28.41%; VERTICAL-ALIGN: bottom" colspan="5">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2012</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 42.25%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.2%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Amount</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Weighted</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Avg Shares</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">and Units<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.7%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Per</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Share</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">And</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Unit<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.8%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Amount</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Weighted</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Avg Shares</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">and Units<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6.84%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Per</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Share</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">And</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Unit<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 42.25%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Net income attributable to Investors Real Estate Trust</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">3,078</div>
</td>
<td style="WIDTH: 10.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 8.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,679</div>
</td>
<td style="WIDTH: 10.78%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 0.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 42.25%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Less dividends to preferred shareholders</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(2,879)</div>
</td>
<td style="WIDTH: 10.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(593)</div>
</td>
<td style="WIDTH: 10.78%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 0.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 42.25%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Net income available to common shareholders</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">199</div>
</td>
<td style="WIDTH: 10.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">102,358</div>
</td>
<td style="WIDTH: 1.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 6.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">0.00</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,086</div>
</td>
<td style="WIDTH: 10.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">90,518</div>
</td>
<td style="WIDTH: 0.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 5.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0.01</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 42.25%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Adjustments:</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.78%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 0.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 42.25%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Noncontrolling interest &#8211; Operating Partnership</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">50</div>
</td>
<td style="WIDTH: 10.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">21,821</div>
</td>
<td style="WIDTH: 1.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">251</div>
</td>
<td style="WIDTH: 10.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">20,774</div>
</td>
<td style="WIDTH: 0.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 42.25%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Depreciation and amortization<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">19,555</div>
</td>
<td style="WIDTH: 10.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">16,187</div>
</td>
<td style="WIDTH: 10.78%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 0.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 42.25%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Impairment of real estate investments</div>
</td>
<td style="WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,803</div>
</td>
<td style="WIDTH: 10.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="WIDTH: 10.78%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 0.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 5.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 42.25%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Gain on depreciable property sales</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">(1,943)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">73</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.78%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 0.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 5.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 42.25%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Funds from operations applicable to common shares<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt"><br>
</font> and Units</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">19,664</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 10.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">124,179</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 6.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0.16</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 8.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">17,597</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 10.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">111,292</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 0.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 5.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0.16</div>
</td>
</tr>
</table>

<div style="TEXT-ALIGN: justify">
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<tr>
<td style="FONT-STYLE: italic; WIDTH: 16.55pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; VERTICAL-ALIGN: top; align: right">(1)</td>
<td style="FONT-STYLE: italic; WIDTH: auto; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; VERTICAL-ALIGN: top">Real estate depreciation and amortization consists of the sum of depreciation/amortization related to real estate investments and amortization related to non-real estate investments from the Condensed Consolidated Statements of Operations, totaling $19,518 and $15,885, and depreciation/amortization from Discontinued Operations of $68 and $401, less corporate-related depreciation and amortization on office equipment and other assets of $31 and $99, for the three months ended July 31, 2013 and 2012, respectively.</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
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<tr>
<td style="FONT-STYLE: italic; WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; VERTICAL-ALIGN: top; align: right">(2)</td>
<td style="FONT-STYLE: italic; WIDTH: auto; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; VERTICAL-ALIGN: top">UPREIT Units of the Operating Partnership are exchangeable for cash, or, at the Company's discretion, for common shares of beneficial interest on a one-for-one basis.</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
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<tr>
<td style="FONT-STYLE: italic; WIDTH: 16.55pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; VERTICAL-ALIGN: top; align: right">(3)</td>
<td style="FONT-STYLE: italic; WIDTH: auto; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; VERTICAL-ALIGN: top">Net income attributable to Investors Real Estate Trust is calculated on a per share basis. FFO is calculated on a per share and unit basis.</td>
</tr>
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</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10.5pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">DISTRIBUTIONS</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">The following distributions per common share and unit were paid during the three months ended July 31 of fiscal years 2014 and 2013:</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Month</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 15%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.6pt">Fiscal Year 2014</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 15.83%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.6pt">Fiscal Year 2013</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">July</div>
</td>
<td style="WIDTH: 5.56%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 9.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">.1300</div>
</td>
<td style="WIDTH: 6.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">.1300</div>
</td>
</tr>
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<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">LIQUIDITY AND CAPITAL RESOURCES</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">OVERVIEW</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">The Company's principal liquidity demands are maintaining distributions to the holders of the Company's common and preferred shares of beneficial interest and UPREIT Units, capital improvements and repairs and maintenance to the Company's properties, acquisition of additional properties, property development, tenant improvements and debt service and repayments.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">The Company has historically met its short-term liquidity requirements through net cash flows provided by its operating activities, and, from time to time, through draws on secured and unsecured lines of credit (the Company currently has one multi-bank line of credit with a total commitment capacity of $60.0 million, secured by mortgages on 23 Company properties). Management considers the Company's ability to generate cash from property operating activities, cash-out refinancing of existing properties and, from time to time, draws on its line of credit to be adequate to meet all operating requirements and to make distributions to its shareholders in accordance with the REIT provisions of the Internal Revenue Code. Budgeted expenditures for ongoing maintenance and capital improvements and renovations to our real estate portfolio are also generally expected to be funded from existing cash on hand, cash flow generated from property operations, cash-out refinancing of existing properties, and/or new borrowings. However, the commercial real estate market continues to experience significant challenges including reduced tenant demand, occupancies and rental rates. In the event of deterioration in property operating results, or absent the Company's ability to successfully continue cash-out refinancing of existing properties and/or new borrowings, the Company may need to consider additional cash preservation alternatives, including scaling back development activities, capital improvements and renovations and reducing the level of distributions to shareholders.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">To the extent the Company does not satisfy its long-term liquidity requirements, which consist primarily of maturities under the Company's long-term debt, construction and development activities and potential acquisition opportunities, through net cash flows provided by operating activities and its credit facilities, the Company intends to satisfy such requirements through a combination of funding sources which the Company believes will be available to it, including the issuance of UPREIT Units, additional common or preferred equity, proceeds from the sale of properties, and additional long-term secured or short-term unsecured indebtedness.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">SOURCES AND USES OF CASH</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10.5pt; FONT-SIZE: 10pt">While the economy continues to recover and credit markets are stable, underwriting on commercial real estate continues to be more conservative compared to the underwriting standards employed prior to the recessionary period. &#160;We continue to expect to be able to refinance our maturing debt, but we also expect lenders to continue to employ conservative underwriting regarding asset quality, occupancy levels and tenant creditworthiness, and accordingly we are cautious regarding our ability in the remainder of fiscal year 2014 to rely on cash-out refinancing at levels we have achieved in recent years to provide funds for investment opportunities and other corporate purposes. &#160;Additionally, while to date there has been no material negative impact on our ability to borrow in our multi-family segment, we continue to closely monitor proposals such as the recent proposals in Congress to phase out or modify the roles of the Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal National Mortgage Association (Fannie Mae) in financing multi-family residential properties. &#160;As we have previously noted, we consider that one of the consequences of a modification in the agencies' roles could potentially be a narrowing of their lending focus away from the smaller secondary or tertiary markets which we generally target, to multi-family residential properties in major metropolitan markets. IRET obtains a majority of its multi-family debt from primarily Freddie Mac. Our current plan is to refinance a majority of our maturing multi-family debt with these two entities, so any change in their ability or willingness to lend going forward will most likely result in higher loan costs or more constricted availability of financing for us; accordingly, we continue to closely monitor announcements regarding both firms. As of July 31, 2013, approximately 59.3%, or $11.5 million, of our mortgage debt maturing in the second and third quarters of fiscal year 2014 is debt placed on multi-family residential assets, and approximately 40.7%, or $7.9 million, is debt placed on properties in our four commercial segments. Of this $19.4 million, $4.9 million was paid off on August 1, 2013 and $11.5 million will be refinanced in the second quarter of fiscal year 2014. As of July 31, 2013, approximately 32.2%, or $14.4 million, of our mortgage debt maturing in the next twelve months is debt placed on </div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10.5pt; FONT-SIZE: 10pt">multi-family residential assets, and approximately 67.8%, or $30.3 million, is debt placed on properties in our four commercial segments.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10.5pt; FONT-SIZE: 10pt">The Company's revolving, multi-bank line of credit with First International Bank and Trust, Watford City, North Dakota, as lead bank, had, as of July 31, 2013, lending commitments of $60.0 million. As of July 31, 2013, the line of credit was secured by mortgages on 23 properties; under the terms of the line of credit, properties may be added and removed from the collateral pool with the agreement of the lenders. Participants in this credit facility as of July 31, 2013 included, in addition to First International Bank, the following financial institutions: The Bank of North Dakota; First Western Bank and Trust; Dacotah Bank; United Community Bank; American State Bank &amp; Trust Company and Town &amp; Country Credit Union. The line of credit has a current interest rate of 5.15% and a minimum outstanding principal balance requirement of $10.0 million, and as of July 31, 2013, the Company had borrowed $10.0 million. The facility includes covenants and restrictions requiring the Company to achieve on a calendar quarter basis a debt service coverage ratio on borrowing base collateral of 1.25x in the aggregate and 1.00x on individual assets in the collateral pool, and the Company is also required to maintain minimum depository account(s) totaling $6.0 million with First International, of which $1.5 million is to be held in a non-interest bearing account. As of July 31, 2013, the Company believes it is in compliance with the facility covenants.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10.5pt; FONT-SIZE: 10pt">The Company maintains compensating balances, not restricted as to withdrawal, with several financial institutions in connection with financing received from those institutions and/or to ensure future credit availability. At July 31, 2013, the Company's compensating balances totaled $8.4 million and consisted of the following: Dacotah Bank, Minot, North Dakota, deposit of $350,000; United Community Bank,<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>Minot, North Dakota, deposit of $275,000; Commerce Bank, A Minnesota Banking Corporation, deposit of $250,000; First International Bank, Watford City, North Dakota, deposit of $6.1 million; Peoples State Bank of Velva, North Dakota, deposit of $225,000; Equity Bank, Minnetonka, Minnesota, deposit of $300,000; Associated Bank, Green Bay, Wisconsin, deposit of $500,000; and American National Bank, Omaha, Nebraska, deposit of $400,000.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10.5pt; FONT-SIZE: 10pt">The issuance of UPREIT Units for property acquisitions continues to be an expected source of capital for the Company. In the three months ended July 31, 2013, approximately 339,000 Units, valued at issuance at $3.3 million were issued in connection with the Company's acquisition of property. In the three months ended July 31, 2012, approximately 928,000 Units, valued at issuance at $6.4 million, were issued in connection with the Company's acquisition of property.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10.5pt; FONT-SIZE: 10pt">The Company has a Distribution Reinvestment and Share Purchase Plan ("DRIP"). The DRIP provides common shareholders and UPREIT Unitholders of the Company an opportunity to invest their cash distributions in common shares of the Company, and purchase additional shares through voluntary cash contributions, at a discount (currently 3%) from the market price. The maximum monthly voluntary cash contribution permitted without prior Company approval is currently $10,000. The Company can issue waivers to DRIP participants to provide for investments in excess of the $10,000 maximum monthly investment. During the three months ended July 31, 2013, the Company issued 1.4 million shares at an average price of $8.88 per share pursuant to such waivers, for total net proceeds to the Company of $12.0 million. During the three months ended July 31, 2012, the Company issued 755,000 shares at an average price of $7.94 per share pursuant to such waivers, for total net proceeds to the Company of $6.0 million. During the three months ended July 31, 2013 and 2012, 2.6 million and 1.9 million common shares with a total value of $22.7 million and $14.5 million, respectively, were issued under the DRIP plan.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">Cash and cash equivalents on July 31, 2013 totaled $93.2 million, compared to $37.0 million on July 31, 2012, an increase of approximately $56.2 million. Net cash provided by operating activities for the three months ended July 31, 2013 increased by approximately $3.5 million, primarily due to an increase in net income and depreciation and amortization, compared to the three months ended July 31, 2012.&#160; Net cash used by investing activities decreased by $40.5 million for the three months ended July 31, 2013 compared to the three months ended July 31, 2012, primarily due to an increase in proceeds from the sale of discontinued operations and a decrease in payments for acquisitions and development of real estate assets. Net cash used by financing activities was $4.3 million for the three months ended July 31, 2013, compared to $37.7 million provided by financing activities in the comparable period of the prior year. This change was primarily due a decrease in proceeds from mortgages payable and the Company's line of credit and other debt in the three months ended July 31, 2013 as compared to the three months ended July 31, 2012.<font style="BACKGROUND-COLOR: #ffffff; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">&#160;</font></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">FINANCIAL CONDITION</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Mortgage Loan Indebtedness. </font>Mortgage loan indebtedness decreased by $18.8 million as of July 31, 2013, compared to April 30, 2013, due to principal payments and loans that were paid off. As of July 31, 2013, approximately 98.5% of the Company's $1.0 billion of mortgage debt is at fixed rates of interest, with staggered maturities. This limits the Company's exposure to changes in interest rates, which minimizes the effect of interest rate fluctuations on the Company's results of operations and cash flows. As of July 31, 2013, the weighted average rate of interest on the Company's mortgage debt was 5.54%, compared to 5.55% on April 30, 2013.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Property Owned. </font>Property owned was $2.0 billion at July 31, 2013 and April 30, 2013. During the three months ended July 31, 2013, the Company acquired two additional investment properties and disposed of five properties, as described above in the "Property Acquisitions and Dispositions" subsection of this Management's Discussion and Analysis of Financial Condition and Results of Operations.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Cash and Cash Equivalents. </font>Cash and cash equivalents on hand on July 31, 2013 were $93.2 million, compared to $94.1 million on April 30, 2013.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Other Investments. </font>Other investments, consisting of certificates of deposit held primarily for compensating balances, totaled approximately $640,000 and $639,000 on July 31, 2013 and on April 30, 2013, respectively.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Operating Partnership Units. </font>Outstanding units in the Operating Partnership increased to 21.8 million Units at July 31, 2013 compared to 21.6 million Units outstanding at April 30, 2013. The increase resulted primarily from the issuance of Units in exchange for property, net of the conversion of Units to common shares.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10.5pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Common and Preferred Shares of Beneficial Interest. </font>Common shares of beneficial interest outstanding on July 31, 2013 totaled 104.2 million, compared to 101.5 million outstanding on April 30, 2013. The Company issued common shares pursuant to its Distribution Reinvestment and Share Purchase Plan, consisting of approximately 2.6 million common shares issued during the three months ended July 31, 2013, for a total value of $22.7 million. Conversions of approximately 125,000 UPREIT Units to common shares, for a total of approximately $706,000 in IRET shareholders' equity, also increased the Company's common shares of beneficial interest outstanding during the three months ended July 31, 2013.</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">Our exposure to market risk is limited primarily to fluctuations in the general level of interest rates on our current and future fixed and variable rate debt obligations.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Variable interest rates. </font>Because approximately 98.5% and 97.5% of our debt, as of July 31, 2013 and April 30, 2013, respectively, is at fixed interest rates, we have little exposure to interest rate fluctuation risk on our existing debt, and accordingly interest rate fluctuations during the first quarter of fiscal year 2014 did not have a material effect on the Company. However, even though our goal is to maintain a fairly low exposure to interest rate risk, we are still vulnerable to significant fluctuations in interest rates on any future repricing or refinancing of our fixed or variable rate debt, and on future debt. &#160;We primarily use long-term (more than nine years) and medium term (five to seven years) debt as a source of capital. We do not currently use derivative securities, interest rate swaps or any other type of hedging activity to manage our interest rate risk. &#160;As of July 31, 2013, we had the following amount of future principal and interest payments due on mortgages secured by our real estate:</div>

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<div>&#160;</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 80.83%; VERTICAL-ALIGN: bottom" colspan="23">
<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">(in thousands)</div>
</td>
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<tr>
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<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 80.83%; VERTICAL-ALIGN: bottom" colspan="23">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Future Principal Payments</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 19.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Mortgages</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.16%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Remaining</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Fiscal 2014</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 0.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.4%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Fiscal 2015</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 0.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.33%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Fiscal 2016</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 0.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.16%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Fiscal 2017</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 0.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.16%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Fiscal 2018</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 0.86%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.21%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Thereafter</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 0.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.83%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 0.82%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.68%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Fair Value</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 19.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Fixed Rate</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">53,006</div>
</td>
<td style="WIDTH: 0.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 7.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">91,549</div>
</td>
<td style="WIDTH: 0.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">92,000</div>
</td>
<td style="WIDTH: 0.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">218,959</div>
</td>
<td style="WIDTH: 0.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">66,567</div>
</td>
<td style="WIDTH: 0.86%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 7.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">492,551</div>
</td>
<td style="WIDTH: 0.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">1,014,632</div>
</td>
<td style="WIDTH: 0.82%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">1,126,843</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 19.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Average Fixed Interest Rate<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">5.49%</div>
</td>
<td style="WIDTH: 0.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">5.39%</div>
</td>
<td style="WIDTH: 0.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">5.30%</div>
</td>
<td style="WIDTH: 0.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">4.80%</div>
</td>
<td style="WIDTH: 0.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">5.30%</div>
</td>
<td style="WIDTH: 0.86%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.54%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 0.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 0.82%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 19.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Variable Rate</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">3,087</div>
</td>
<td style="WIDTH: 0.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 7.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">7,343</div>
</td>
<td style="WIDTH: 0.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">122</div>
</td>
<td style="WIDTH: 0.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">127</div>
</td>
<td style="WIDTH: 0.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">131</div>
</td>
<td style="WIDTH: 0.86%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 7.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">4,965</div>
</td>
<td style="WIDTH: 0.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">15,775</div>
</td>
<td style="WIDTH: 0.82%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">15,775</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 19.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Average Variable Interest Rate<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">3.81%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 0.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">3.90%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 0.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">3.30%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 0.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">3.29%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 0.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">3.29%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 0.86%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.54%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 0.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 0.82%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 19.17%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 0.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.06%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 0.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 0.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 0.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 0.86%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.54%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 0.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">1,030,407</div>
</td>
<td style="WIDTH: 0.82%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">1,142,618</div>
</td>
</tr>
</table>

<div><br>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="WIDTH: 100%" id="DSPFPageFooter"><a href="#TABLEOFCONTENTS">Table of Contents</a></div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">44</div>

<hr style="PAGE-BREAK-AFTER: always; MARGIN: 4px 0px; WIDTH: 100%; HEIGHT: 2px; COLOR: #000000; CLEAR: both" id="DSPFPageBreak" noshade="noshade">
</div>

<div><br>
</div>

<div><br>
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 19.19%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 69.25%; VERTICAL-ALIGN: bottom" colspan="20">
<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">(in thousands)</div>
</td>
<td style="WIDTH: 11.56%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 19.19%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 69.25%; VERTICAL-ALIGN: bottom" colspan="20">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Future Interest Payments</div>
</td>
<td style="WIDTH: 11.56%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 19.19%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Mortgages</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.19%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Remaining</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Fiscal 2014</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 0.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.33%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Fiscal 2015</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 0.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.33%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Fiscal 2016</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 0.86%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.18%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Fiscal 2017</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 0.86%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.18%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Fiscal 2018</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 0.86%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.18%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Thereafter</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 0.86%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.74%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Total</div>
</td>
<td style="WIDTH: 11.56%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 19.19%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Fixed Rate</div>
</td>
<td style="WIDTH: 2.51%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 6.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">41,803</div>
</td>
<td style="WIDTH: 0.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 6.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">51,786</div>
</td>
<td style="WIDTH: 0.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">46,104</div>
</td>
<td style="WIDTH: 0.86%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">37,352</div>
</td>
<td style="WIDTH: 0.86%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">29,649</div>
</td>
<td style="WIDTH: 0.86%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">66,714</div>
</td>
<td style="WIDTH: 0.86%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 9.08%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">273,408</div>
</td>
<td style="WIDTH: 11.56%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 19.19%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Variable Rate</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.51%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">395</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 0.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">315</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 0.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">177</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 0.86%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">172</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 0.86%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">168</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 0.86%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">150</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 0.86%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.08%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">1,377</div>
</td>
<td style="WIDTH: 11.56%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 19.19%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.51%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 0.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 0.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 0.86%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 0.86%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 0.86%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 0.86%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="WIDTH: 9.08%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">274,785</div>
</td>
<td style="WIDTH: 11.56%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>
</table>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 10.5pt; FONT-SIZE: 10pt" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10.5pt; FONT-SIZE: 8pt">(1)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10.5pt; FONT-SIZE: 8pt">Interest rate given is for the entire year.</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; MARGIN-TOP: 10.5pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10.5pt; FONT-SIZE: 10pt">The weighted average interest rate on our fixed rate and variable rate debt as of July 31, 2013, was 5.54%. Any fluctuations in variable interest rates could increase or decrease our interest expenses. For example, an increase of one percent per annum on our $15.8 million of variable rate indebtedness would increase our annual interest expense by approximately $158,000.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ITEM 4. CONTROLS AND PROCEDURES</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">IRET's management, with the participation of the Company's Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the Company's disclosure controls and procedures (as such term is defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended) as of the end of the period covered by this report. Based on such evaluation, the Company's Chief Executive Officer and Chief Financial Officer have concluded that, as of July 31, 2013, such disclosure controls and procedures were effective to ensure that information required to be disclosed by IRET in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Commission's rules and forms, and is accumulated and communicated to management, including the Company's principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">Internal Control Over Financial Reporting: There have not been any changes in the Company's internal control over financial reporting (as such term is defined in Rule 13a-15(f) under the Securities and Exchange Act of 1934, as amended) during the fiscal quarter to which this report relates that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">PART II &#8212; OTHER INFORMATION</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Item 1. Legal Proceedings</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">In the course of our operations, we become involved in litigation. At this time, we know of no pending or threatened proceedings that would have a material impact upon us.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Item 1A. Risk Factors</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10.5pt; FONT-SIZE: 10pt">Important factors that could cause our actual results to be materially different from expectations expressed in forward-looking statements include the risk factors previously disclosed in our Annual Report on Form 10-K for the fiscal year ended April 30, 2013.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Item 2. Unregistered Sales of Equity Securities and Use of Proceeds</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">During the first quarter of fiscal year 2014, the Company issued an aggregate of 12,284 unregistered common shares to holders of limited partnership units of IRET Properties, on a one-for-one basis upon redemption and conversion of an equal number of limited partnership units. All such issuances of common shares were exempt from registration as private placements under Section 4(2) of the Securities Act, including Regulation D promulgated thereunder. The Company has registered the re-sale of such common shares under the Securities Act.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Item 3. Defaults Upon Senior Securities</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">None</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Item 4. Mine Safety Disclosures</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">Not Applicable</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="WIDTH: 100%" id="DSPFPageFooter"><a href="#TABLEOFCONTENTS">Table of Contents</a></div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">45</div>

<hr style="PAGE-BREAK-AFTER: always; MARGIN: 4px 0px; WIDTH: 100%; HEIGHT: 2px; COLOR: #000000; CLEAR: both" id="DSPFPageBreak" noshade="noshade">
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Item 5. Other Information</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10.5pt; FONT-SIZE: 10pt">None</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Item 6. Exhibits</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Exhibit No.</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 90.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Description</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 9.48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt"><a href="iretexhibit12-07312013.htm">12</a></div>
</td>
<td style="WIDTH: 90.52%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Calculation of Ratio of Earnings to Fixed Charges and Earnings to Combined Fixed Charges and Preferred Share Distributions</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 9.48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt"><a href="iretexhibit311-07312013.htm">31.1</a></div>
</td>
<td style="WIDTH: 90.52%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 8pt; FONT-SIZE: 10pt">Certification by Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 9.48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt"><a href="iretexhibit312-07312013.htm">31.2</a></div>
</td>
<td style="WIDTH: 90.52%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 8pt; FONT-SIZE: 10pt">Certification by Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 9.48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt"><a href="iretexhibit32-07312013.htm">32</a></div>
</td>
<td style="WIDTH: 90.52%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Certifications of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 9.48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">101</div>
</td>
<td style="WIDTH: 90.52%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">The following materials from our Quarterly Report on Form 10-Q for the quarter ended July 31, 2013 formatted in eXtensible Business Reporting Language ("XBRL"): (i) the Condensed Consolidated Balance Sheets, (ii) the Condensed Consolidated Statements of Operations, (ii) the Condensed Consolidated Statements of Equity, (iv) the Condensed Consolidated Statements of Cash Flows, and (v) notes to these condensed consolidated financial statements.</div>
</td>
</tr>
</table>

<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Signatures</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">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, thereunto duly authorized.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">INVESTORS REAL ESTATE TRUST</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">(Registrant)</div>

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<tr style="BACKGROUND-COLOR: #cceeff">
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">/s/ Timothy P. Mihalick</div>
</td>
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<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 48.28%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Timothy P. Mihalick</div>
</td>
<td style="WIDTH: 51.72%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 48.28%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">President and Chief Executive Officer</div>
</td>
<td style="WIDTH: 51.72%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 48.28%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 51.72%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 48.28%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">/s/ Diane K. Bryantt</div>
</td>
<td style="WIDTH: 51.72%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 48.28%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Diane K. Bryantt</div>
</td>
<td style="WIDTH: 51.72%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 48.28%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Executive Vice President and Chief Financial Officer</div>
</td>
<td style="WIDTH: 51.72%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 48.28%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 51.72%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 48.28%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Date: September 9, 2013</div>
</td>
<td style="WIDTH: 51.72%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>
</table>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="WIDTH: 100%" id="DSPFPageFooter"><a href="#TABLEOFCONTENTS">Table of Contents</a></div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">46</div>

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</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Exhibit Index</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Exhibit No.</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 89%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Description</div>
</td>
</tr>

<tr>
<td style="WIDTH: 11%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt"><a href="iretexhibit12-07312013.htm">12</a></div>
</td>
<td style="WIDTH: 89%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Calculation of Ratio of Earnings to Fixed Charges and Earnings to Combined Fixed Charges and Preferred Share Distributions</div>
</td>
</tr>

<tr>
<td style="WIDTH: 11%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt"><a href="iretexhibit311-07312013.htm">31.1</a></div>
</td>
<td style="WIDTH: 89%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Certification by Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</div>
</td>
</tr>

<tr>
<td style="WIDTH: 11%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt"><a href="iretexhibit312-07312013.htm">31.2</a></div>
</td>
<td style="WIDTH: 89%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Certification by Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</div>
</td>
</tr>

<tr>
<td style="WIDTH: 11%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt"><a href="iretexhibit32-07312013.htm">32</a></div>
</td>
<td style="WIDTH: 89%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Certifications of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</div>
</td>
</tr>

<tr>
<td style="WIDTH: 11%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">101</div>
</td>
<td style="WIDTH: 89%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">The following materials from our Quarterly Report on Form 10-Q for the quarter ended July 31, 2013 formatted in eXtensible Business Reporting Language ("XBRL"): (i) the Condensed Consolidated Balance Sheets, (ii) the Condensed Consolidated Statements of Operations, (ii) the Condensed Consolidated Statements of Equity, (iv) the Condensed Consolidated Statements of Cash Flows, and (v) notes to these condensed consolidated financial statements.</div>
</td>
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</table>
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<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="WIDTH: 100%" id="DSPFPageFooter"><a href="#TABLEOFCONTENTS">Table of Contents</a></div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">47</div>

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<DOCUMENT>
<TYPE>EX-12
<SEQUENCE>3
<FILENAME>iretexhibit12-07312013.htm
<DESCRIPTION>CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES AND EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED SHARE DISTRIBUTIONS
<TEXT>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Exhibit 12</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES AND</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">EARNINGS TO COMBINED FIXED CHARGES</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">AND PREFERRED SHARE DISTRIBUTIONS</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(In Thousands, Except Ratios; Unaudited)</div>

<div><br>
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<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
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<div>&#160;</div>
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<div>&#160;</div>
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<td style="WIDTH: 13.4%; VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Three Months</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Ended</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 43.27%; VERTICAL-ALIGN: top" colspan="10">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">Fiscal Year Ended</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">April 30,</div>
</td>
</tr>

<tr>
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<td style="WIDTH: 37.12%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.4%; VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">July 31, 2013</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2013</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.72%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2012</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.28%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2011</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.32%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2010</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.38%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8pt; FONT-WEIGHT: bold">2009</div>
</td>
</tr>

<tr>
<td style="WIDTH: 43.33%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Earnings</div>
</td>
<td style="WIDTH: 1.68%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 11.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.72%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 43.33%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Income from continuing operations</div>
</td>
<td style="WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 11.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 20.5pt">1,560</div>
</td>
<td style="WIDTH: 1.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 7.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">22,408</div>
</td>
<td style="WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">$</div>
</td>
<td style="WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">8,995</div>
</td>
<td style="WIDTH: 1.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 7.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">3,769</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 7.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">5,182</div>
</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">8,980</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 43.33%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Add:</div>
</td>
<td style="WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 11.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 6.21%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 37.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Combined fixed charges and preferred distributions (see below)</div>
</td>
<td style="WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 11.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 20.5pt">18,342</div>
</td>
<td style="WIDTH: 1.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">73,657</div>
</td>
<td style="WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">68,172</div>
</td>
<td style="WIDTH: 1.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">64,954</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">71,497</div>
</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">72,027</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 6.21%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Less:</div>
</td>
<td style="WIDTH: 37.12%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 11.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 6.21%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 37.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -10.25pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 10.25pt; FONT-SIZE: 9pt">(Income) loss noncontrolling interests &#8211; consolidated real estate entities</div>
</td>
<td style="WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 11.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 17.3pt">(88)</div>
</td>
<td style="WIDTH: 1.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(809)</div>
</td>
<td style="WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">(135)</div>
</td>
<td style="WIDTH: 1.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">180</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">(22)</div>
</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">40</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 6.21%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 37.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Interest capitalized</div>
</td>
<td style="WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 11.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 17.25pt">(580)</div>
</td>
<td style="WIDTH: 1.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(742)</div>
</td>
<td style="WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(571)</div>
</td>
<td style="WIDTH: 1.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(57)</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(19)</div>
</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(912)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6.21%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 37.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Preferred distributions</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 17.25pt">(2,879)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(9,229)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(2,372)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(2,372)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(2,372)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">(2,372)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 43.33%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">Total earnings</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 11.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 20.5pt">16,355</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 7.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.75pt">85,285</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.75pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.75pt">74,089</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 7.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.6pt">66,474</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 7.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.6pt">74,266</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.6pt">77,763</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 6.21%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 37.12%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 11.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 43.33%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Fixed charges</div>
</td>
<td style="WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 11.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 6.21%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 37.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Interest expensed</div>
</td>
<td style="WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 11.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 20.5pt">14,883</div>
</td>
<td style="WIDTH: 1.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">$</div>
</td>
<td style="WIDTH: 7.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">63,686</div>
</td>
<td style="WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">65,229</div>
</td>
<td style="WIDTH: 1.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">62,525</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">69,106</div>
</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">68,743</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6.21%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 37.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Interest capitalized</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 20.5pt">580</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">742</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">571</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">57</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">19</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">912</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 43.33%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">Total fixed charges</div>
</td>
<td style="WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">$</div>
</td>
<td style="WIDTH: 11.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 20.5pt">15,463</div>
</td>
<td style="WIDTH: 1.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">$</div>
</td>
<td style="WIDTH: 7.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.75pt">64,428</div>
</td>
<td style="WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.75pt">$</div>
</td>
<td style="WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.75pt">65,800</div>
</td>
<td style="WIDTH: 1.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">$</div>
</td>
<td style="WIDTH: 7.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.6pt">62,582</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">$</div>
</td>
<td style="WIDTH: 7.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.6pt">69,125</div>
</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">$</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.6pt">69,655</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6.21%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 37.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt">Preferred distributions</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 20.5pt">2,879</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">9,229</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.75pt">2,372</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">2,372</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">2,372</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; MARGIN-RIGHT: 3.6pt">2,372</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 43.33%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">Total combined fixed charges and preferred distributions</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 11.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 20.5pt">18,342</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 7.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.75pt">73,657</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.75pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.75pt">68,172</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 7.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.6pt">64,954</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 7.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.6pt">71,497</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 1.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.6pt">72,027</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 6.21%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 37.12%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 11.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 43.33%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">Ratio of earnings to fixed charges</div>
</td>
<td style="WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 11.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 20.5pt">1.06</div>
</td>
<td style="WIDTH: 1.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.6pt">1.32</div>
</td>
<td style="WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.6pt">1.13</div>
</td>
<td style="WIDTH: 1.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.6pt">1.06</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.6pt">1.07</div>
</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.6pt">1.12</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 43.33%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 9pt; FONT-WEIGHT: bold">Ratio of earnings to combined fixed charges and preferred distributions</div>
</td>
<td style="WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 11.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 20.5pt">0.89</div>
</td>
<td style="WIDTH: 1.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.6pt">1.16</div>
</td>
<td style="WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.6pt">1.09</div>
</td>
<td style="WIDTH: 1.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.6pt">1.02</div>
</td>
<td style="WIDTH: 1.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.6pt">1.04</div>
</td>
<td style="WIDTH: 1.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.6pt">1.08</div>
</td>
</tr>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>4
<FILENAME>iretexhibit311-07312013.htm
<DESCRIPTION>CERTIFICATION BY CHIEF EXECUTIVE OFFICER PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002.
<TEXT>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Exhibit 31.1</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Certifications</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">I, Timothy P. Mihalick, certify that:</div>

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<td style="WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">1.</td>
<td style="WIDTH: auto; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">I have reviewed this quarterly report on Form 10-Q of Investors Real Estate Trust;</td>
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<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" class="DSPFListTable" cellspacing="0" cellpadding="0">
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<td style="WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">2.</td>
<td style="WIDTH: auto; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</td>
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<td style="WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">3.</td>
<td style="WIDTH: auto; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;</td>
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<div style="TEXT-ALIGN: justify; MARGIN-BOTTOM: 10pt">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" class="DSPFListTable" cellspacing="0" cellpadding="0">
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<td style="WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">4.</td>
<td style="WIDTH: auto; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:</td>
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<td style="WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">a)</td>
<td style="WIDTH: auto; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</td>
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<div style="TEXT-ALIGN: justify; MARGIN-BOTTOM: 10pt">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" class="DSPFListTable" cellspacing="0" cellpadding="0">
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<td style="WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">b)</td>
<td style="WIDTH: auto; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</td>
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<div style="TEXT-ALIGN: justify; MARGIN-BOTTOM: 10pt">
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<td style="WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">c)</td>
<td style="WIDTH: auto; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and</td>
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<div style="TEXT-ALIGN: justify; MARGIN-BOTTOM: 10pt">
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<td style="WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">d)</td>
<td style="WIDTH: auto; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and</td>
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<td style="WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">5.</td>
<td style="WIDTH: auto; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):</td>
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<td style="WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">a)</td>
<td style="WIDTH: auto; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and</td>
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<div style="TEXT-ALIGN: justify; MARGIN-BOTTOM: 10pt">
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<td style="WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">b)</td>
<td style="WIDTH: auto; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.</td>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">Date: September 9, 2013</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">By:</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">/s/ Timothy, P. Mihalick</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Timothy, P. Mihalick , President &amp; CEO</div>
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<DOCUMENT>
<TYPE>EX-31.2
<SEQUENCE>5
<FILENAME>iretexhibit312-07312013.htm
<DESCRIPTION>CERTIFICATION BY CHIEF FINANCIAL OFFICER PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002.
<TEXT>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Exhibit 31.2</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Certifications</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">I, Diane K. Bryantt, certify that:</div>

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<td style="WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">1.</td>
<td style="WIDTH: auto; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">I have reviewed this quarterly report on Form 10-Q of Investors Real Estate Trust;</td>
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<div style="TEXT-ALIGN: justify; MARGIN-BOTTOM: 10pt">
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<td style="WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">2.</td>
<td style="WIDTH: auto; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</td>
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</div>

<div style="TEXT-ALIGN: justify; MARGIN-BOTTOM: 10pt">
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<td style="WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">3.</td>
<td style="WIDTH: auto; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;</td>
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<div style="TEXT-ALIGN: justify; MARGIN-BOTTOM: 10pt">
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<td style="WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">4.</td>
<td style="WIDTH: auto; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:</td>
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<td style="WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">a)</td>
<td style="WIDTH: auto; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</td>
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<div style="TEXT-ALIGN: justify; MARGIN-BOTTOM: 10pt">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" class="DSPFListTable" cellspacing="0" cellpadding="0">
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<td style="WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">b)</td>
<td style="WIDTH: auto; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</td>
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</div>

<div style="TEXT-ALIGN: justify; MARGIN-BOTTOM: 10pt">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" class="DSPFListTable" cellspacing="0" cellpadding="0">
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<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">c)</td>
<td style="WIDTH: auto; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and</td>
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<div style="TEXT-ALIGN: justify; MARGIN-BOTTOM: 10pt">
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<td style="WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">d)</td>
<td style="WIDTH: auto; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and</td>
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<div style="TEXT-ALIGN: justify; MARGIN-BOTTOM: 10pt">
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<td style="WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">5.</td>
<td style="WIDTH: auto; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):</td>
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<td style="WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">a)</td>
<td style="WIDTH: auto; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and</td>
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<div style="TEXT-ALIGN: justify; MARGIN-BOTTOM: 10pt">
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<td style="WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">b)</td>
<td style="WIDTH: auto; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.</td>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: -11.45pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 11.45pt; FONT-SIZE: 10pt">Date: September 9, 2013</div>

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<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 45.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">/s/ Diane K. Bryantt</div>
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<div>&#160;</div>
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<div>&#160;</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Diane K. Bryantt, Executive Vice President &amp; CFO</div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32
<SEQUENCE>6
<FILENAME>iretexhibit32-07312013.htm
<DESCRIPTION>CERTIFICATIONS OF CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002.
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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Exhibit 32</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Certification by the Chief Executive Officer and Chief Financial Officer</font>&#160;<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the</font>&#160;<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Sarbanes-Oxley Act of 2002</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">Pursuant to 18 U.S.C. Section 1350, we, Timothy P. Mihalick, and Diane K. Bryantt, hereby certify that, to the best of our knowledge, the Quarterly Report of Investors Real Estate Trust on Form 10-Q for the quarter ended July 31, 2013 (the "Report") fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934, and that the information contained in that Report fairly presents, in all material respects, the financial condition and results of operations of Investors Real Estate Trust.</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">/s/ Timothy P. Mihalick</div>
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<div>&#160;</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Timothy P. Mihalick</div>
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<div>&#160;</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">President and Chief Executive Officer</div>
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<div style="TEXT-ALIGN: justify; MARGIN-TOP: 10pt; TEXT-INDENT: 18pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">A signed original of this written statement required by Section 906 has been provided to Investors Real Estate Trust and will be retained by Investors Real Estate Trust and furnished to the Securities and Exchange Commission or its staff upon request.</div>
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  <us-gaap:BusinessCombinationDisclosureTextBlock contextRef="c20130501to20130731">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="text-align: justify; margin-top: 10.5pt; font-family: 'Times New Roman', serif; margin-bottom: 10.5pt; font-size: 10pt; font-weight: bold;"&gt;NOTE 8 &amp;#8226; ACQUISITIONS AND DISPOSITIONS&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt; font-weight: bold;"&gt;PROPERTY ACQUISITIONS&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10.5pt; font-size: 10pt;"&gt;During the first quarter of fiscal year 2014, the Company closed on its acquisitions of:&lt;/div&gt;&lt;div&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman', Times, serif; margin-bottom: 6pt; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 36pt; vertical-align: top; align: right;"&gt;&lt;div style="text-align: left; font-family: Symbol, serif; margin-bottom: 6pt; margin-left: 18pt; font-size: 10pt;"&gt;&amp;#183;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 6pt; font-size: 10pt;"&gt;a 71-unit multi-family residential property in Rapid City, South Dakota, on approximately 3.2 acres of land, for a purchase price of $6.2 million, of which $2.9 million was paid in cash and the remainder in limited partnership units of the Operating Partnership valued at $3.3 million; and&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman', Times, serif; margin-bottom: 10.5pt; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 36pt; vertical-align: top; align: right;"&gt;&lt;div style="text-align: left; font-family: Symbol, serif; margin-bottom: 10.5pt; margin-left: 18pt; font-size: 10pt;"&gt;&amp;#183;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10.5pt; font-size: 10pt;"&gt;an approximately 0.7-acre parcel of vacant land in Minot, North Dakota for a purchase price, including acquisition costs, &amp;#160;of $179,000, paid in cash.&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10.5pt; font-size: 10pt;"&gt;During the first quarter of fiscal year 2013, the Company closed on its acquisitions of:&lt;/div&gt;&lt;div&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman', Times, serif; margin-bottom: 6pt; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 36pt; vertical-align: top; align: right;"&gt;&lt;div style="text-align: left; font-family: Symbol, serif; margin-bottom: 6pt; margin-left: 18pt; font-size: 10pt;"&gt;&amp;#183;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 6pt; font-size: 10pt;"&gt;a 308-unit multi-family residential property in Topeka, Kansas, on approximately 18.3 acres of land, for a purchase price of approximately $17.7 million, of which $5.2 million was paid in cash with assumed debt of $12.5 million;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman', Times, serif; margin-bottom: 6pt; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 36pt; vertical-align: top; align: right;"&gt;&lt;div style="text-align: left; font-family: Symbol, serif; margin-bottom: 6pt; margin-left: 18pt; font-size: 10pt; font-weight: bold;"&gt;&amp;#183;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 6pt; font-size: 10pt;"&gt;a 232-unit multi-family residential property in Lincoln, Nebraska, on approximately 14.7 acres of land, for a purchase price of approximately $17.5 million, of which $14.2 million was paid in cash and the remainder in limited partnership units of the Operating Partnership valued at $3.3 million; and&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman', Times, serif; margin-bottom: 10.5pt; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 36pt; vertical-align: top; align: right;"&gt;&lt;div style="text-align: left; font-family: Symbol, serif; margin-bottom: 10.5pt; margin-left: 18pt; font-size: 10pt;"&gt;&amp;#183;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10.5pt; font-size: 10pt;"&gt;a 208-unit multi-family residential property in Lincoln, Nebraska, on approximately 11.5 acres of land, for a purchase price of approximately $17.3 million, of which $13.8 million was paid in cash and the remainder in limited partnership units of the Operating Partnership valued at $3.5 million.&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10.5pt; font-size: 10pt;"&gt;The Company expensed approximately $101,000 and $73,000 of transaction costs related to acquisitions in the three months ended July 31, 2013 and 2012, respectively. The Company's acquisitions and development projects placed in service during the three months ended July 31, 2013 and 2012 are detailed below:&lt;/div&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;"&gt;Three Months Ended July 31, 2013&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td rowspan="2" style="border-bottom: #000000 2px solid; width: 47.41%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Acquisitions&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 12.91%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="8" style="border-bottom: #000000 2px solid; width: 39.67%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; width: 12.91%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Date Acquired&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 9.48%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Land&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 10.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Building&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 9.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Intangible&lt;/div&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Assets&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 10.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Acquisition&lt;/div&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Cost&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 47.41%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 12.91%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.76%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.78%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.6%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 47.41%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Multi-Family Residential&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 12.91%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.76%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.78%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.6%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 47.41%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;71 unit - Alps Park - Rapid City, SD&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 12.91%; vertical-align: top;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;2013-05-01&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.72%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 7.76%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;287&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.72%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;5,551&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.72%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 7.78%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;362&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.74%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.6%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;6,200&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 47.41%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 12.91%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.76%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.78%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.6%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 47.41%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Unimproved Land&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 12.91%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.76%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.78%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.6%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 47.41%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Chateau II - Minot, ND&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 12.91%; vertical-align: top;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;2013-05-21&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 7.76%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;179&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 7.78%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.6%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;179&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 47.41%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 12.91%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 7.76%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 7.78%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.6%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 4px double; width: 47.41%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Total Property Acquisitions&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 12.91%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.72%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 7.76%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;466&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.72%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;5,551&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.72%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 7.78%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;362&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.74%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.6%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;6,379&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="margin-bottom: 10pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;"&gt;Three Months Ended July 31, 2012&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td rowspan="2" style="border-bottom: #000000 2px solid; width: 47.42%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Acquisitions&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 12.58%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="8" style="border-bottom: #000000 2px solid; width: 40%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; width: 12.58%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Date Acquired&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 9.56%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Land&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 10.44%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Building&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 9.1%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Intangible&lt;/div&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Assets&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 10.9%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Acquisition&lt;/div&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Cost&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 47.42%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 12.58%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.82%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.36%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.2%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 47.42%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Multi-Family Residential&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 12.58%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.82%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.36%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.2%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 47.42%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;308 unit - Villa West - Topeka, KS&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 12.58%; vertical-align: top;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;2012-05-08&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.82%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;1,590&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;15,760&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.36%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;300&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.2%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;17,650&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 47.42%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;232 unit - Colony - Lincoln, NE&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 12.58%; vertical-align: top;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;2012-06-04&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.82%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;1,515&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;15,731&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.36%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;254&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.2%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;17,500&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 47.42%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;208 unit - Lakeside Village - Lincoln, NE&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 12.58%; vertical-align: top;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;2012-06-04&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.74%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 7.82%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;1,215&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.74%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;15,837&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.74%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 7.36%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;198&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 2.2%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;17,250&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 47.42%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 12.58%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 7.82%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 7.36%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 2.2%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 4px double; width: 47.42%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Total Property Acquisitions&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 12.58%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.74%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 7.82%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;4,320&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.74%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;47,328&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.74%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 7.36%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;752&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 2.2%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;52,400&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 46.55%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 13.78%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="8" style="border-bottom: #000000 2px solid; width: 39.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; width: 46.55%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Development Projects Placed in Service&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 13.78%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Date Placed in&lt;/div&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Service&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 9.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;&amp;#160;&lt;/div&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Land&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 10.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;&amp;#160;&lt;/div&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Building&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;&amp;#160;&lt;/div&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Intangible&lt;/div&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Assets&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 11.2%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;&amp;#160;&lt;/div&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Acquisition&lt;/div&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Cost&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 46.55%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 13.78%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.76%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 6.9%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.54%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 46.55%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Multi-Family Residential&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 13.78%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.76%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 6.9%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.54%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 46.55%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;159 unit &amp;#8211; Quarry Ridge II &amp;#8211; Rochester, MN&lt;sup&gt;(1)&lt;/sup&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 13.78%; vertical-align: top;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;2012-06-29&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.76%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;3,543&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 6.9%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.54%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;3,543&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 46.55%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;73 unit - Williston Garden Buildings 3 and 4 - Williston, ND&lt;sup&gt;(2)&lt;/sup&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 13.78%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; margin-left: 18pt; font-size: 10pt; margin-right: 3.75pt;"&gt;2012-07-31&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 7.76%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; margin-left: 18pt; font-size: 10pt; margin-right: 3.75pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.72%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; margin-left: 18pt; font-size: 10pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; margin-left: 18pt; font-size: 10pt; margin-right: 3.75pt;"&gt;4,158&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.72%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; margin-left: 18pt; font-size: 10pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 6.9%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; margin-left: 18pt; font-size: 10pt; margin-right: 3.75pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 2.54%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; margin-left: 18pt; font-size: 10pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; margin-left: 18pt; font-size: 10pt; margin-right: 3.75pt;"&gt;4,158&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 46.55%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 13.78%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 7.76%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 6.9%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 2.54%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 4px double; width: 46.55%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Total Development Projects Placed in Service&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 13.78%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.74%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 7.76%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.72%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;7,701&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.72%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 6.9%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 2.54%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;7,701&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 18pt; vertical-align: top; align: right;"&gt;&lt;div style="text-align: left; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt;"&gt;(1)&lt;/div&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top;"&gt;&lt;div style="text-align: justify; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt;"&gt;Development property placed in service June 29, 2012. Additional costs paid in fiscal years 2012 and 2011, and land acquired in fiscal year 2007, totaled $13.0 million, for a total project cost at July 31, 2012 of $16.5 million.&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman', Times, serif; margin-bottom: 7.5pt; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 18pt; vertical-align: top; align: right;"&gt;&lt;div style="text-align: left; font-style: italic; font-family: 'Times New Roman', serif; margin-bottom: 7.5pt; font-size: 8pt;"&gt;(2)&lt;/div&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top;"&gt;&lt;div style="text-align: justify; font-style: italic; font-family: 'Times New Roman', serif; margin-bottom: 7.5pt; font-size: 8pt;"&gt;Development property placed in service July 31, 2012. Buildings 1 and 2 were placed in service in fiscal year 2012. Additional costs paid in fiscal year 2012 totaled $12.0 million, for a total project cost at July 31, 2012 of $16.2 million.&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-bottom: 12pt; font-size: 10pt;"&gt;Acquisitions in the three months ended July 31, 2013 and 2012 are immaterial to our real estate portfolio both individually and in the aggregate, and consequently no proforma information is presented. The results of operations from acquired properties are included in the Condensed Consolidated Statements of Operations as of their acquisition date. The revenue and net income of our acquisitions in the three months ended July 31, 2013 and 2012, respectively, (excluding development projects placed in service) are detailed below.&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 75.86%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="4" style="border-bottom: #000000 2px solid; width: 24.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 75.86%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="4" style="border-bottom: #000000 2px solid; width: 24.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Three Months Ended&lt;/div&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;July 31&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; width: 75.86%; vertical-align: top;"&gt;&lt;div style="text-align: left;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 12.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;2013&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 11.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;2012&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 75.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Total revenue&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;186&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.96%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;1,232&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 75.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Net (loss) income&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;(108)&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.96%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;(72)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="text-align: left; margin-top: 10pt; font-family: 'Times New Roman', serif; margin-bottom: 6pt; font-size: 10pt; font-weight: bold;"&gt;PROPERTY DISPOSITIONS&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;During the first quarter of fiscal year 2014, the Company sold four commercial industrial properties and one commercial retail property. During the first quarter of fiscal year 2013, IRET sold two condominium units and a commercial retail property. The following table details the Company's dispositions during the three months ended July 31, 2013 and 2012:&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 6pt; font-size: 10pt; font-weight: bold;"&gt;Three Months Ended July 31, 2013&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 50.86%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 13.62%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="6" style="border-bottom: #000000 2px solid; width: 35.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; width: 50.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Dispositions&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 13.62%; vertical-align: top;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Date&lt;/div&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Disposed&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 11.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Sales Price&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 13.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Book Value&lt;/div&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;and Sales Cost&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 10.12%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Gain/(Loss)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 50.86%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 13.62%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.16%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 11.84%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.4%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 50.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Commercial Industrial&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 13.62%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.16%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 11.84%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.4%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 50.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;41,880 sq ft Bodycote - Eden Prairie, MN&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 13.62%; vertical-align: top;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; margin-left: 18pt; font-size: 10pt; margin-right: 3.75pt;"&gt;2013-05-13&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.16%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;3,150&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 11.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;1,375&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.4%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;1,775&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 50.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;42,244 sq ft Fargo 1320 45&lt;sup&gt;th&lt;/sup&gt; St. N - Fargo, ND&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 13.62%; vertical-align: top;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; margin-left: 18pt; font-size: 10pt; margin-right: 3.75pt;"&gt;2013-05-13&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.16%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;4,700&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 11.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;4,100&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.4%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;600&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 50.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;49,620 sq ft Metal Improvement - New Brighton, MN&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 13.62%; vertical-align: top;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; margin-left: 18pt; font-size: 10pt; margin-right: 3.75pt;"&gt;2013-05-13&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.16%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;2,350&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 11.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;1,949&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.4%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;401&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 50.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;172,057 sq ft Roseville 2929 Long Lake Road - Roseville, MN&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 13.62%; vertical-align: top;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; margin-left: 18pt; font-size: 10pt; margin-right: 3.75pt;"&gt;2013-05-13&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 10.16%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;9,275&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 11.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;9,998&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.4%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;(723)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 50.86%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 13.62%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.16%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;19,475&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 11.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;17,422&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.4%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;2,053&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 50.86%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 13.62%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.16%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 11.84%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.4%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 50.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Commercial Retail&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 13.62%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.16%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 11.84%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.4%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 50.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;23,187 sq ft Eagan - Eagan, MN&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 13.62%; vertical-align: top;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; margin-left: 18pt; font-size: 10pt; margin-right: 3.75pt;"&gt;2013-05-14&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 10.16%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;2,310&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 11.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;2,420&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.4%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;(110)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 50.86%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 13.62%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 10.16%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 11.84%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.4%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 4px double; width: 50.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Total Property Dispositions&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 13.62%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 10.16%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;21,785&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 11.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;19,842&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.72%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.4%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;1,943&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="text-align: justify; margin-bottom: 6pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-bottom: 12pt; font-size: 10pt; font-weight: bold;"&gt;Three Months Ended July 31, 2012&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 50.86%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 13.58%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="6" style="border-bottom: #000000 2px solid; width: 35.56%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; width: 50.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Dispositions&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 13.58%; vertical-align: top;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Date&lt;/div&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Disposed&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 11.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Sales Price&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 13.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Book Value&lt;/div&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;and Sales Cost&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 10.16%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Gain/(Loss)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 50.86%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 13.58%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.16%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 11.84%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.44%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 50.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Commercial Retail&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 13.58%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.16%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 11.84%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.44%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 50.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;16,080 sq ft. Kentwood Thomasville &amp;#8211; Kentwood, MI&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 13.58%; vertical-align: top;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;2012-06-20&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 10.16%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;625&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 11.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;692&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.44%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;(67)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 50.86%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 13.58%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.16%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 11.84%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.44%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 50.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Other&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 13.58%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.16%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 11.84%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.44%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 50.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Georgetown Square&lt;font style="font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;Condominiums 5 and 6&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 13.58%; vertical-align: top;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;2012-06-21&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 10.16%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;330&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 11.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;336&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.72%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.44%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;(6)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 50.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 13.58%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 10.16%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 11.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.72%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.44%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 4px double; width: 50.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Total Property Dispositions&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 13.58%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 10.16%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;955&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 11.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;1,028&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.72%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.44%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;(73)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:BusinessCombinationDisclosureTextBlock>
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  <us-gaap:CommitmentsAndContingenciesDisclosureTextBlock contextRef="c20130501to20130731">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="text-align: justify; margin-top: 7.5pt; font-family: 'Times New Roman', serif; margin-bottom: 10.5pt; font-size: 10pt; font-weight: bold;"&gt;NOTE 6 &amp;#8226; COMMITMENTS AND CONTINGENCIES&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;&lt;font style="font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Litigation. &amp;#160;&lt;/font&gt;The Company is not a party to any legal proceedings which are expected to have a material effect on the Company's liquidity, financial position, cash flows or results of operations. The Company is subject to a variety of legal actions for personal injury or property damage arising in the ordinary course of its business, most of which are covered by liability insurance. Various claims of resident discrimination are also periodically brought, most of which also are covered by insurance. While the resolution of these matters cannot be predicted with certainty, management believes that the final outcome of such legal proceedings and claims will not have a material effect on the Company's liquidity, financial position, cash flows or results of operations.&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;&lt;font style="font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Insurance. &amp;#160;&lt;/font&gt;IRET carries insurance coverage on its properties in amounts and types that the Company believes are customarily obtained by owners of similar properties and are sufficient to achieve IRET's risk management objectives.&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;&lt;font style="font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Purchase Options. &amp;#160;&lt;/font&gt;The Company has granted options to purchase certain IRET properties to tenants in these properties, under lease agreements. In general, the options grant the tenant the right to purchase the property at the greater of such property's appraised value or an annual compounded increase of a specified percentage of the initial cost of the property to IRET. As of July 31, 2013, the total property cost of the 14 properties subject to purchase options was approximately $92.8 million, and the total gross rental revenue from these properties was approximately $2.0 million for the three months ended July 31, 2013.&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;&lt;font style="font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Environmental Matters. &amp;#160;&lt;/font&gt;Under various federal, state and local laws, ordinances and regulations, a current or previous owner or operator of real estate may be liable for the costs of removal of, or remediation of, certain hazardous or toxic substances in, on, around or under the property. While IRET currently has no knowledge of any material violation of environmental laws, ordinances or regulations at any of its properties, there can be no assurance that areas of contamination will not be identified at any of the Company's properties, or that changes in environmental laws, regulations or cleanup requirements would not result in material costs to the Company.&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;&lt;font style="font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Restrictions on Taxable Dispositions. &amp;#160;&lt;/font&gt;Approximately 115 of IRET's properties, consisting of approximately 6.4 million square feet of the Company's combined commercial segments' properties and 4,936 apartment units, are subject to restrictions on taxable dispositions under agreements entered into with some of the sellers or contributors of the properties. The real estate investment amount of these properties (net of accumulated depreciation) was approximately $876.1 million at July 31, 2013. The restrictions on taxable dispositions are effective for varying periods. The terms of these agreements generally prevent the Company from selling the properties in taxable transactions. The Company does not believe that the agreements materially affect the conduct of the Company's business or decisions whether to dispose of restricted properties during the restriction period because the Company generally holds these and the Company's other properties for investment purposes, rather than for sale. Historically, however, where IRET has deemed it to be in the shareholders' best interests to dispose of restricted properties, it has done so through transactions structured as tax-deferred transactions under Section 1031 of the Internal Revenue Code.&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;&lt;font style="font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Redemption Value of UPREIT Units&lt;/font&gt;. &amp;#160;The limited partnership units ("UPREIT Units") of the Company's operating partnership, IRET Properties, are redeemable at the option of the holder for cash, or, at our option, for the Company's common shares of beneficial interest on a one-for-one basis, after a minimum one-year holding period. &amp;#160;All UPREIT Units receive the same cash distributions as those paid on common shares. &amp;#160;UPREIT Units are redeemable for an amount of cash per Unit equal to the average of the daily market price of an IRET common share for the ten consecutive trading days immediately preceding the date of valuation of the Unit. &amp;#160;As of July 31, 2013 and 2012, the aggregate redemption value of the then-outstanding UPREIT Units of the operating partnership owned by limited partners was approximately $197.7 million and $172.4 million, respectively.&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;&lt;font style="font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Joint Venture Buy/Sell Options. &amp;#160;&lt;/font&gt;Certain of IRET's joint venture agreements contain buy/sell options in which each party under certain circumstances has the option to acquire the interest of the other party, but do not generally require that the Company buy its partners' interests. The Company currently has no joint ventures in which its joint venture partner can require the Company to buy the partner's interest.&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10.5pt; font-size: 10pt;"&gt;&lt;font style="font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Tenant Improvements&lt;/font&gt;. In entering into leases with tenants, IRET may commit itself to fund improvements or build-outs of the rented space to suit tenant requirements. These tenant improvements are typically funded at the beginning of the lease term, and IRET is accordingly exposed to some risk of loss if a tenant defaults prior to the expiration of the lease term, and the rental income that was expected to cover the cost of the tenant improvements is not received. As of July 31, 2013, the Company is committed to fund approximately $8.3 million in tenant improvements, within approximately the next 12 months.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10.5pt; font-size: 10pt;"&gt;&lt;font style="font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Development, Expansion and Renovation Projects. &amp;#160;&lt;/font&gt;As of July 31, 2013, the Company had several development, expansion and renovation projects underway or recently completed, the costs for which have been capitalized, as follows:&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10.5pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;&lt;u&gt;River Ridge Apartment Homes, Bismarck, ND&lt;/u&gt;&lt;/font&gt;: During the second quarter of fiscal year 2013, the Company began construction of its 146-unit River Ridge Apartments project in Bismarck, North Dakota. River Ridge is located near IRET's Cottonwood Apartments in Bismarck, and will offer amenities including a pool, exercise facility and underground parking. The Company estimates that the total cost to construct the project will be approximately $25.9 million. Completion of the project is currently expected in the second quarter of the Company's fiscal year 2014. A portion of the building was substantially completed in August 2013, and a certificate of occupancy issued for 60 units. As of July 31, 2013, the Company had incurred approximately $19.7 million of the total estimated project costs.&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;&lt;u&gt;Cypress Court Apartment Homes, St. Cloud, Minnesota&lt;/u&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman', serif; color: #000000; font-size: 10pt;"&gt;: In August 2012, the Company entered into a joint venture agreement with a real estate development and contracting company in St. Cloud, Minnesota, to construct a two-building, 132-unit multi-family residential property in St. Cloud, Minnesota, for an estimated total project cost of $14.3 million. The Company owns approximately 79% of the joint venture entity, &lt;/font&gt;and the Company consolidates the joint venture's results in its financial statements;&lt;font style="font-family: 'Times New Roman', serif; color: #000000; font-size: 10pt;"&gt; the remaining approximately 21% interest is owned by its joint venture partner. Completion of the apartment project is currently expected in the &lt;/font&gt;second quarter of the Company's fiscal year 2014&lt;font style="font-family: 'Times New Roman', serif; color: #000000; font-size: 10pt;"&gt;.&lt;/font&gt; As of July 31, 2013, the Company had incurred approximately $10.1 million of the total estimated project costs. The first building of the planned two-building project was substantially completed in August 2013.&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;&lt;u&gt;Southgate Apartments, Minot, North Dakota&lt;/u&gt;&lt;/font&gt;: In January 2013, the Company entered into a joint venture agreement to construct an apartment project in Minot, North Dakota. The Company owns approximately 51% of the joint venture entity, and the Company consolidates the joint venture's results in its financial statements; the remaining approximately 49% of the joint venture entity is owned by its joint venture partner. The project is expected to be completed in two phases, with a total of approximately 341 units as described below:&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;The Landing at Southgate consists of three approximately 36-unit buildings with an estimated total cost of $15.0 million. &amp;#160;One of the three buildings was substantially completed in August 2013. The two remaining buildings are expected to be completed in the second quarter of fiscal year 2014. As of July 31, 2013, the Company had incurred approximately $12.5 million of the total estimated project costs.&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;The Commons at Southgate will consist of an approximately 233-unit building to be completed in June 2014 for an estimated total cost of $37.2 million. As of July 31, 2013, the Company had incurred approximately $10.5 million of the total estimated project costs.&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10.5pt; color: #000000; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;&lt;u&gt;Renaissance Heights I Apartments, Williston, North Dakota&lt;/u&gt;&lt;/font&gt;: In February 2013, the Company entered into a joint venture agreement to construct the first phase of an apartment project in Williston, North Dakota. The Company's joint venture partner in the Renaissance Heights project is also the Company's partner in its Williston Garden Apartments Project. The Company will own approximately 70% of the project, subject to final project costs, and the joint venture's results are consolidated in the Company's financial statements. The first phase of the Renaissance Heights Apartments project, consisting of five buildings with a total of 288 units, commenced construction in April 2013, with construction completion expected in September 2014. The site of the first phase of this development project is approximately 14.5 acres of an approximately 40-acre parcel of land purchased by the Company in April 2012. The total cost of this first phase of the Renaissance Heights project is estimated at $62.4 million, including the purchase price of the land. As of July 31, 2013, the Company had incurred approximately $16.9 million of the total estimated project cost. The remaining two phases of the project are expected to consist of an additional total of approximately 462 units, for a total of approximately 750 units in all three phases.&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; color: #000000; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;&lt;u&gt;Arcata Apartments, Golden Valley, Minnesota&lt;/u&gt;&lt;/font&gt;: In April 2013, the Company acquired approximately two acres of vacant land in Golden Valley, Minnesota for a purchase price of approximately $2.1 million. The parcel of land is located near the Company's Golden Hills Office Center. The Company has signed a development services agreement with Trammell Crow Company and a construction contract to develop on this parcel an approximately 165-unit apartment building. Construction commenced in August 2013 and is currently expected to conclude in approximately November 2014, with a total project cost of approximately $33.4 million, including the purchase price of the land. As of July 31, 2013, the Company had incurred approximately $2.7 million of the total estimated project cost.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;&lt;u&gt;Dakota Commons, Williston, North Dakota&lt;/u&gt;&lt;/font&gt;: In May 2013 the Company commenced construction of a 44-unit apartment building in Williston, North Dakota, on land purchased for approximately $823,000 in fiscal year 2013. The project is currently expected to be completed in the first quarter of fiscal year 2015 at an estimated total cost of $10.7 million, including the cost of the land. As of July 31, 2013, the Company had incurred approximately $2.6 million of the total estimated project cost.&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;&lt;u&gt;Chateau II, Minot, North Dakota&lt;/u&gt;&lt;/font&gt;: In June 2011, the Company's Chateau Apartments property in Minot, North Dakota, which consisted of two 32-unit buildings, was extensively damaged by flood. Additionally, in February 2012, one of the two buildings, which had been undergoing restoration work following the flood, was completely destroyed by fire. The Company completed the redevelopment of the first 32-unit Chateau Apartments building in May 2012. Construction of the second Chateau Apartments building, and its expansion by an additional 40 units, for a total of 72 units, commenced in June 2013. This second building is currently expected to be completed in April 2014, at an estimated total cost of $14.7 million, including the value of the land. As of July 31, 2013, the Company had incurred approximately $2.3 million of the total estimated project cost.&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;These development projects are subject to various contingencies, and no assurances can be given that they will be completed within the time frames or on the terms currently expected.&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10.5pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman', serif; color: #000000; font-size: 10pt;"&gt;Construction interest capitalized for the three month periods ended &lt;/font&gt;July 31, 2013 &lt;font style="font-family: 'Times New Roman', serif; color: #000000; font-size: 10pt;"&gt;and 2012, respectively, was approximately $580,000 and $161,000 for development projects completed and in progress.&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;&lt;font style="font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Acquisition&lt;/font&gt;.&amp;#160;&amp;#160;During the first quarter of fiscal year 2014, the Company signed a purchase agreement for the acquisition of a multi-family residential property in Grand Forks, North Dakota with 96 units, for a purchase price of $10.6 million, of which approximately $200,000 would be paid through the issuance of limited partnership units of the Operating Partnership, with the remainder paid in cash. This acquisition closed subsequent to the end of the first quarter of fiscal year 2014, on September 5, 2013. The purchase price accounting is incomplete for this acquisition.&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10.5pt; font-size: 10pt;"&gt;&lt;font style="font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Pending Dispositions. &amp;#160;&lt;/font&gt;As of July 31, 2013, the Company had signed sales agreements for the disposition of the following properties. All of these pending dispositions are subject to various closing conditions and contingencies, and no assurances can be given that any of these dispositions will be completed on the terms currently proposed, or at all:&lt;/div&gt;&lt;div&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman', Times, serif; margin-bottom: 6pt; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 36pt; vertical-align: top; align: right;"&gt;&lt;div style="text-align: left; font-family: Symbol, serif; margin-bottom: 6pt; margin-left: 18pt; font-size: 10pt;"&gt;&amp;#183;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-bottom: 6pt; font-size: 10pt;"&gt;the Company's 121,669-square foot Bloomington Business Plaza commercial office property in Bloomington, Minnesota for a sale price of $4.5 million;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman', Times, serif; margin-bottom: 6pt; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 36pt; vertical-align: top; align: right;"&gt;&lt;div style="text-align: left; font-family: Symbol, serif; margin-bottom: 6pt; margin-left: 18pt; font-size: 10pt;"&gt;&amp;#183;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-bottom: 6pt; font-size: 10pt;"&gt;the 322,751-square foot Brooklyn Park 7401 Boone Avenue commercial industrial property in Brooklyn Park, Minnesota for a sale price of $12.8 million;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman', Times, serif; margin-bottom: 6pt; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 36pt; vertical-align: top; align: right;"&gt;&lt;div style="text-align: left; font-family: Symbol, serif; margin-bottom: 6pt; margin-left: 18pt; font-size: 10pt;"&gt;&amp;#183;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-bottom: 6pt; font-size: 10pt;"&gt;the 50,400-square foot Cedar Lake Business Center commercial industrial property in St. Louis Park, Minnesota for a sale price of $2.6 million;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman', Times, serif; margin-bottom: 6pt; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 36pt; vertical-align: top; align: right;"&gt;&lt;div style="text-align: left; font-family: Symbol, serif; margin-bottom: 6pt; margin-left: 18pt; font-size: 10pt;"&gt;&amp;#183;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-bottom: 6pt; font-size: 10pt;"&gt;the 118,125-square foot Nicollet VII commercial office property in Burnsville, Minnesota for a sale price of $7.3 million;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman', Times, serif; margin-bottom: 6pt; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 36pt; vertical-align: top; align: right;"&gt;&lt;div style="text-align: left; font-family: Symbol, serif; margin-bottom: 6pt; margin-left: 18pt; font-size: 10pt;"&gt;&amp;#183;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-bottom: 6pt; font-size: 10pt;"&gt;the 42,929-square foot Pillsbury Business Center commercial office property in Bloomington, Minnesota for a sale price of $1.2 million;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman', Times, serif; margin-bottom: 6pt; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 36pt; vertical-align: top; align: right;"&gt;&lt;div style="text-align: left; font-family: Symbol, serif; margin-bottom: 6pt; margin-left: 18pt; font-size: 10pt;"&gt;&amp;#183;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-bottom: 6pt; font-size: 10pt;"&gt;the 42,510-square foot Clive 2075 NW 94th Street commercial industrial property in Clive, Iowa for a sale price of $2.7 million;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman', Times, serif; margin-bottom: 6pt; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 36pt; vertical-align: top; align: right;"&gt;&lt;div style="text-align: left; font-family: Symbol, serif; margin-bottom: 6pt; margin-left: 18pt; font-size: 10pt;"&gt;&amp;#183;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-bottom: 6pt; font-size: 10pt;"&gt;the 606,006-square foot Dixon Avenue Industrial Park commercial industrial property in Des Moines, Iowa for a sale price of $14.7 million;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman', Times, serif; margin-bottom: 6pt; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 36pt; vertical-align: top; align: right;"&gt;&lt;div style="text-align: left; font-family: Symbol, serif; margin-bottom: 6pt; margin-left: 18pt; font-size: 10pt;"&gt;&amp;#183;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-bottom: 6pt; font-size: 10pt;"&gt;the 8,400-square foot Burnsville II Strip Center commercial retail property in Burnsville, Minnesota for a sale price of approximately $650,000;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman', Times, serif; margin-bottom: 6pt; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 36pt; vertical-align: top; align: right;"&gt;&lt;div style="text-align: left; font-family: Symbol, serif; margin-bottom: 6pt; margin-left: 18pt; font-size: 10pt;"&gt;&amp;#183;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-bottom: 6pt; font-size: 10pt;"&gt;the 35,000-square foot API Building commercial industrial property in Duluth, Minnesota for a sale price of $2.6 million; and&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman', Times, serif; margin-bottom: 6pt; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 36pt; vertical-align: top; align: right;"&gt;&lt;div style="text-align: left; font-family: Symbol, serif; margin-bottom: 6pt; margin-left: 18pt; font-size: 10pt;"&gt;&amp;#183;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-bottom: 6pt; font-size: 10pt;"&gt;the 198,600-square foot Eagan 2785 &amp;amp; 2795 Highway 55 commercial industrial property in Eagan, Minnesota for a sale price of $4.5 million.&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;/div&gt;</us-gaap:CommitmentsAndContingenciesDisclosureTextBlock>
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  <!--Book value and sales cost-->
  <us-gaap:CostOfRealEstateSales contextRef="c20120501to20120731" unitRef="U001" decimals="-3">1028000</us-gaap:CostOfRealEstateSales>
  <!--Costs and Expenses-->
  <us-gaap:CostsAndExpenses contextRef="c20130501to20130731" unitRef="U001" decimals="-3">51999000</us-gaap:CostsAndExpenses>
  <!--Costs and Expenses-->
  <us-gaap:CostsAndExpenses contextRef="c20120501to20120731" unitRef="U001" decimals="-3">43185000</us-gaap:CostsAndExpenses>
  <!--Costs and Expenses-Discontinued Operations [Member]-->
  <us-gaap:CostsAndExpenses contextRef="c20130501to20130731_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis_SegmentDiscontinuedOperationsMember" unitRef="U001" decimals="-3">470000</us-gaap:CostsAndExpenses>
  <!--Costs and Expenses-Discontinued Operations [Member]-->
  <us-gaap:CostsAndExpenses contextRef="c20120501to20120731_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis_SegmentDiscontinuedOperationsMember" unitRef="U001" decimals="-3">791000</us-gaap:CostsAndExpenses>
  <!--Debt Instrument, Fair Value Disclosure-Carrying Amount [Member]-->
  <us-gaap:DebtInstrumentFairValue contextRef="c20130731_FairValueByBalanceSheetGroupingDisclosureItemAmountsAxis_CarryingReportedAmountFairValueDisclosureMember" unitRef="U001" decimals="-3">1030407000</us-gaap:DebtInstrumentFairValue>
  <!--Debt Instrument, Fair Value Disclosure-Fair Value [Member]-->
  <us-gaap:DebtInstrumentFairValue contextRef="c20130731_FairValueByBalanceSheetGroupingDisclosureItemAmountsAxis_EstimateOfFairValueFairValueDisclosureMember" unitRef="U001" decimals="-3">1142618000</us-gaap:DebtInstrumentFairValue>
  <!--Debt Instrument, Fair Value Disclosure-Carrying Amount [Member]-->
  <us-gaap:DebtInstrumentFairValue contextRef="c20130430_FairValueByBalanceSheetGroupingDisclosureItemAmountsAxis_CarryingReportedAmountFairValueDisclosureMember" unitRef="U001" decimals="-3">1049206000</us-gaap:DebtInstrumentFairValue>
  <!--Debt Instrument, Fair Value Disclosure-Fair Value [Member]-->
  <us-gaap:DebtInstrumentFairValue contextRef="c20130430_FairValueByBalanceSheetGroupingDisclosureItemAmountsAxis_EstimateOfFairValueFairValueDisclosureMember" unitRef="U001" decimals="-3">1160190000</us-gaap:DebtInstrumentFairValue>
  <!--MORTGAGES PAYABLE AND LINE OF CREDIT-->
  <us-gaap:DebtDisclosureTextBlock contextRef="c20130501to20130731">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="text-align: justify; margin-top: 10.5pt; font-family: 'Times New Roman', serif; margin-bottom: 6pt; font-size: 10pt; font-weight: bold;"&gt;NOTE 9 &amp;#8226; MORTGAGES PAYABLE AND LINE OF CREDIT&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;Most of the properties owned by the Company serve as collateral for separate mortgage loans on single properties or groups of properties. The majority of these mortgages payable are non-recourse to the Company, other than for standard carve-out obligations such as fraud, waste, failure to insure, environmental conditions and failure to pay real estate taxes.&lt;font style="font-family: Arial, sans-serif; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;As of July 31, 2013, the management of the Company believes there are no defaults or material compliance issues in regard to any mortgages payable. Interest rates on mortgages payable range from 2.55% to 8.25%, and the mortgages have varying maturity dates from the current fiscal year through July 1, 2036.&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 12pt; font-size: 10pt;"&gt;Of the mortgages payable, the balances of fixed rate mortgages totaled $1.0 billion at July 31, 2013 and April 30, 2013. The balances of variable rate mortgages totaled $15.8 million and $26.2 million as of July 31, 2013 and April 30, 2013, respectively. The Company does not utilize derivative financial instruments to mitigate its exposure to changes in market interest rates. Most of the fixed rate mortgages have substantial pre-payment penalties. As of July 31, 2013, the weighted average rate of interest on the Company's mortgage debt was 5.54%, compared to 5.55% on April 30, 2013. The aggregate amount of required future principal payments on mortgages payable as of July 31, 2013, is as follows:&lt;/div&gt;&lt;table align="center" border="0" cellpadding="0" cellspacing="0" style="width: 50%; font-family: 'Times New Roman', Times, Serif; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; width: 66.24%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Year ended July 31,&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 33.76%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 66.24%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;2014 (remainder)&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.23%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 29.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;56,093&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 66.24%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;2015&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.23%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 29.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;98,892&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 66.24%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;2016&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.23%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 29.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;92,122&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 66.24%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;2017&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.23%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 29.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;219,086&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 66.24%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;2018&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.23%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 29.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;66,698&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff; height: 18px;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 66.24%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Thereafter&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.23%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 29.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;497,516&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 4px double; width: 66.24%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Total payments&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 4.23%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 29.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;1,030,407&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="text-align: justify; margin-top: 10.5pt; font-family: 'Times New Roman', serif; margin-bottom: 10.5pt; font-size: 10pt;"&gt;In addition to the individual first mortgage loans comprising the Company's $1.0 billion of mortgage indebtedness, the Company also has a revolving, multi-bank line of credit with First International Bank and Trust, Watford City, North Dakota, as lead bank, which had, as of July 31, 2013, lending commitments of $60.0 million. This facility is not included in the Company's mortgage indebtedness total. As of July 31, 2013, the line of credit was secured by mortgages on 23 properties; under the terms of the line of credit, properties may be added and removed from the collateral pool with the agreement of the lenders. Participants in this credit facility as of July 31, 2013 included, in addition to First International Bank, the following financial institutions: The Bank of North Dakota; First Western Bank and Trust; Dacotah Bank; United Community Bank; American State Bank &amp;amp; Trust Company and Town &amp;amp; Country Credit Union. The line of credit has a current interest rate of 5.15% and a minimum outstanding principal balance requirement of $10.0 million, and as of July 31, 2013, the Company had borrowed $10.0 million. The facility includes covenants and restrictions requiring the Company to achieve on a calendar quarter basis a debt service coverage ratio on borrowing base collateral of 1.25x in the aggregate and 1.00x on individual assets in the collateral pool, and the Company is also required to maintain minimum depository account(s) totaling $6.0 million with First International, of which $1.5 million is to be held in a non-interest bearing account. As of July 31, 2013, the Company believes it is in compliance with the facility covenants.&lt;/div&gt;&lt;/div&gt;</us-gaap:DebtDisclosureTextBlock>
  <!--Mortgages maturity date range, end-->
  <us-gaap:DebtInstrumentMaturityDateRangeEnd1 contextRef="c20130501to20130731">2036-07-01</us-gaap:DebtInstrumentMaturityDateRangeEnd1>
  <!--Receivable arising from straight-lining of rents, net of allowance of $752 and $830, respectively-->
  <us-gaap:DeferredRentReceivablesNet contextRef="c20130731" unitRef="U001" decimals="-3">26671000</us-gaap:DeferredRentReceivablesNet>
  <!--Receivable arising from straight-lining of rents, net of allowance of $752 and $830, respectively-->
  <us-gaap:DeferredRentReceivablesNet contextRef="c20130430" unitRef="U001" decimals="-3">26354000</us-gaap:DeferredRentReceivablesNet>
  <!--Deferred charges and leasing costs, net of accumulated amortization of $19,810 and $18,714, respectively-->
  <us-gaap:DeferredCostsLeasingNet contextRef="c20130731" unitRef="U001" decimals="-3">21602000</us-gaap:DeferredCostsLeasingNet>
  <!--Deferred charges and leasing costs, net of accumulated amortization of $19,810 and $18,714, respectively-->
  <us-gaap:DeferredCostsLeasingNet contextRef="c20130430" unitRef="U001" decimals="-3">22387000</us-gaap:DeferredCostsLeasingNet>
  <!--Deferred charges and leasing costs, accumulated amortization-->
  <us-gaap:DeferredCostsLeasingAccumulatedAmortization contextRef="c20130731" unitRef="U001" decimals="-3">19810000</us-gaap:DeferredCostsLeasingAccumulatedAmortization>
  <!--Deferred charges and leasing costs, accumulated amortization-->
  <us-gaap:DeferredCostsLeasingAccumulatedAmortization contextRef="c20130430" unitRef="U001" decimals="-3">18714000</us-gaap:DeferredCostsLeasingAccumulatedAmortization>
  <!--Depreciation, Depletion and Amortization, Nonproduction-->
  <us-gaap:DepreciationAndAmortization contextRef="c20130501to20130731" unitRef="U001" decimals="-3">18528000</us-gaap:DepreciationAndAmortization>
  <!--Depreciation, Depletion and Amortization, Nonproduction-->
  <us-gaap:DepreciationAndAmortization contextRef="c20120501to20120731" unitRef="U001" decimals="-3">15063000</us-gaap:DepreciationAndAmortization>
  <!--Depreciation, Depletion and Amortization, Nonproduction-Discontinued Operations [Member]-->
  <us-gaap:DepreciationAndAmortization contextRef="c20130501to20130731_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis_SegmentDiscontinuedOperationsMember" unitRef="U001" decimals="-3">65000</us-gaap:DepreciationAndAmortization>
  <!--Depreciation, Depletion and Amortization, Nonproduction-Discontinued Operations [Member]-->
  <us-gaap:DepreciationAndAmortization contextRef="c20120501to20120731_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis_SegmentDiscontinuedOperationsMember" unitRef="U001" decimals="-3">390000</us-gaap:DepreciationAndAmortization>
  <!--Depreciation, Depletion and Amortization-->
  <us-gaap:DepreciationDepletionAndAmortization contextRef="c20130501to20130731" unitRef="U001" decimals="-3">20087000</us-gaap:DepreciationDepletionAndAmortization>
  <!--Depreciation, Depletion and Amortization-->
  <us-gaap:DepreciationDepletionAndAmortization contextRef="c20120501to20120731" unitRef="U001" decimals="-3">16724000</us-gaap:DepreciationDepletionAndAmortization>
  <!--Development in progress-->
  <us-gaap:DevelopmentInProcess contextRef="c20130731" unitRef="U001" decimals="-3">77396000</us-gaap:DevelopmentInProcess>
  <!--Development in progress-->
  <us-gaap:DevelopmentInProcess contextRef="c20130430" unitRef="U001" decimals="-3">46782000</us-gaap:DevelopmentInProcess>
  <!--Gain (loss) on sale of discontinued operations-->
  <us-gaap:DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax contextRef="c20130501to20130731" unitRef="U001" decimals="-3">1943000</us-gaap:DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax>
  <!--Gain (loss) on sale of discontinued operations-->
  <us-gaap:DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax contextRef="c20120501to20120731" unitRef="U001" decimals="-3">-73000</us-gaap:DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax>
  <!--Gain (loss) on sale of discontinued operations-Discontinued Operations [Member]-->
  <us-gaap:DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax contextRef="c20130501to20130731_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis_SegmentDiscontinuedOperationsMember" unitRef="U001" decimals="-3">1943000</us-gaap:DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax>
  <!--Gain (loss) on sale of discontinued operations-Discontinued Operations [Member]-->
  <us-gaap:DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax contextRef="c20120501to20120731_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis_SegmentDiscontinuedOperationsMember" unitRef="U001" decimals="-3">-73000</us-gaap:DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax>
  <!--Discontinued Operation, Income (Loss) from Discontinued Operation During Phase-out Period, Net of Tax-Discontinued Operations [Member]-->
  <us-gaap:DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax contextRef="c20130501to20130731_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis_SegmentDiscontinuedOperationsMember" unitRef="U001" decimals="-3">-287000</us-gaap:DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax>
  <!--Discontinued Operation, Income (Loss) from Discontinued Operation During Phase-out Period, Net of Tax-Discontinued Operations [Member]-->
  <us-gaap:DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax contextRef="c20120501to20120731_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis_SegmentDiscontinuedOperationsMember" unitRef="U001" decimals="-3">206000</us-gaap:DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax>
  <!--Disposal Group, Including Discontinued Operation, Operating Income (Loss)-Discontinued Operations [Member]-->
  <us-gaap:DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss contextRef="c20130501to20130731_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis_SegmentDiscontinuedOperationsMember" unitRef="U001" decimals="-3">-203000</us-gaap:DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss>
  <!--Disposal Group, Including Discontinued Operation, Operating Income (Loss)-Discontinued Operations [Member]-->
  <us-gaap:DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss contextRef="c20120501to20120731_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis_SegmentDiscontinuedOperationsMember" unitRef="U001" decimals="-3">654000</us-gaap:DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss>
  <!--DISCONTINUED OPERATIONS-->
  <us-gaap:DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock contextRef="c20130501to20130731">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-bottom: 12pt; font-size: 10pt; font-weight: bold;"&gt;NOTE 7 &amp;#8226; DISCONTINUED OPERATIONS&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;The Company reports in discontinued operations the results of operations of a property that has either been disposed of or is classified as held for sale. The Company also reports any gains or losses from the sale of a property in discontinued operations. During the first quarter of fiscal year 2014, the Company sold four commercial industrial properties and one commercial retail property and classified two commercial industrial properties as held for sale. During the first quarter of fiscal year 2013, IRET sold two condominium units and a commercial retail property. See Note 8 for additional information on the properties sold during the three months ended July 31, 2013 and 2012. The following information shows the effect on net income and the gains or losses from the sale of properties classified as discontinued operations for the three months ended July 31, 2013 and 2012:&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 74.14%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="4" style="border-bottom: #000000 2px solid; width: 25.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Three Months Ended&lt;/div&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;July 31&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 74.14%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="4" style="border-bottom: #000000 2px solid; width: 25.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; width: 74.14%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;2013&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.3%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold; margin-right: 9.05pt;"&gt;2012&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 74.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;REVENUE&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.32%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.3%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 74.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Real estate rentals&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;216&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.3%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;1,306&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 74.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Tenant reimbursement&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;51&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.3%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;139&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 74.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;TOTAL REVENUE&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;267&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.3%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;1,445&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 74.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;EXPENSES&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.3%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 74.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Depreciation/amortization related to real estate investments&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;65&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.3%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;390&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 74.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Utilities&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.3%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;37&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 74.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Maintenance&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;2&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.3%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;113&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 74.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Real estate taxes&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;41&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.3%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;148&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 74.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Insurance&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;3&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.3%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;21&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 74.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Property management expenses&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;11&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.3%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;65&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 74.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Other property expenses&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.3%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;6&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 74.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Amortization related to non-real estate investments&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;3&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.3%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;11&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 74.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Impairment of real estate investments&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;345&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.3%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 74.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;TOTAL EXPENSES&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;470&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.3%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;791&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff; height: 18px;"&gt;&lt;td style="width: 74.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Operating (loss) income&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;(203)&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.3%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;654&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 74.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Interest expense&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;(84)&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.3%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;(448)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 74.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;(Loss) income from discontinued operations before gain (loss) on sale&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;(287)&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.3%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;206&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 74.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Gain (loss) on sale of discontinued operations&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;1,943&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.3%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;(73)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 4px double; width: 74.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;INCOME FROM DISCONTINUED OPERATIONS&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 4.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;1,656&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 4.3%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;133&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock>
  <!--Dividends Payable, Date to be Paid-Subsequent Event [Member]-Series B Preferred Stock [Member]-->
  <us-gaap:DividendPayableDateToBePaidDayMonthAndYear contextRef="c20130501to20130731_StatementClassOfStockAxis_SeriesBPreferredStockMember_SubsequentEventTypeAxis_SubsequentEventMember">2013-09-30</us-gaap:DividendPayableDateToBePaidDayMonthAndYear>
  <!--Dividends Payable, Date to be Paid-Series A Preferred Stock [Member]-Subsequent Event [Member]-->
  <us-gaap:DividendPayableDateToBePaidDayMonthAndYear contextRef="c20130501to20130731_StatementClassOfStockAxis_SeriesAPreferredStockMember_SubsequentEventTypeAxis_SubsequentEventMember">2013-09-30</us-gaap:DividendPayableDateToBePaidDayMonthAndYear>
  <!--Dividends Payable, Date to be Paid-Subsequent Event [Member]-->
  <us-gaap:DividendPayableDateToBePaidDayMonthAndYear contextRef="c20130501to20130731_SubsequentEventTypeAxis_SubsequentEventMember">2013-10-01</us-gaap:DividendPayableDateToBePaidDayMonthAndYear>
  <!--Dividends, Common Stock-ACCUMULATED DISTRIBUTIONS IN EXCESS OF NET INCOME [Member]-->
  <us-gaap:DividendsCommonStock contextRef="c20120501to20120731_StatementEquityComponentsAxis_RetainedEarningsMember" unitRef="U001" decimals="-3">11734000</us-gaap:DividendsCommonStock>
  <!--Dividends, Common Stock-NONCONTROLLING INTERESTS [Member]-->
  <us-gaap:DividendsCommonStock contextRef="c20120501to20120731_StatementEquityComponentsAxis_NoncontrollingInterestMember" unitRef="U001" decimals="-3">2679000</us-gaap:DividendsCommonStock>
  <!--Dividends, Common Stock-->
  <us-gaap:DividendsCommonStock contextRef="c20120501to20120731" unitRef="U001" decimals="-3">14413000</us-gaap:DividendsCommonStock>
  <!--Dividends, Common Stock-ACCUMULATED DISTRIBUTIONS IN EXCESS OF NET INCOME [Member]-->
  <us-gaap:DividendsCommonStock contextRef="c20130501to20130731_StatementEquityComponentsAxis_RetainedEarningsMember" unitRef="U001" decimals="-3">13264000</us-gaap:DividendsCommonStock>
  <!--Dividends, Common Stock-NONCONTROLLING INTERESTS [Member]-->
  <us-gaap:DividendsCommonStock contextRef="c20130501to20130731_StatementEquityComponentsAxis_NoncontrollingInterestMember" unitRef="U001" decimals="-3">2829000</us-gaap:DividendsCommonStock>
  <!--Dividends, Common Stock-->
  <us-gaap:DividendsCommonStock contextRef="c20130501to20130731" unitRef="U001" decimals="-3">16093000</us-gaap:DividendsCommonStock>
  <!--Dividends Payable, Date Declared-Subsequent Event [Member]-->
  <us-gaap:DividendsPayableDateDeclaredDayMonthAndYear contextRef="c20130501to20130731_SubsequentEventTypeAxis_SubsequentEventMember">2013-09-04</us-gaap:DividendsPayableDateDeclaredDayMonthAndYear>
  <!--Dividends Payable, Date Declared-Series A Preferred Stock [Member]-Subsequent Event [Member]-->
  <us-gaap:DividendsPayableDateDeclaredDayMonthAndYear contextRef="c20130501to20130731_StatementClassOfStockAxis_SeriesAPreferredStockMember_SubsequentEventTypeAxis_SubsequentEventMember">2013-09-04</us-gaap:DividendsPayableDateDeclaredDayMonthAndYear>
  <!--Dividends Payable, Date Declared-Subsequent Event [Member]-Series B Preferred Stock [Member]-->
  <us-gaap:DividendsPayableDateDeclaredDayMonthAndYear contextRef="c20130501to20130731_StatementClassOfStockAxis_SeriesBPreferredStockMember_SubsequentEventTypeAxis_SubsequentEventMember">2013-09-04</us-gaap:DividendsPayableDateDeclaredDayMonthAndYear>
  <!--Dividends Payable, Date of Record-Subsequent Event [Member]-Series B Preferred Stock [Member]-->
  <us-gaap:DividendsPayableDateOfRecordDayMonthAndYear contextRef="c20130501to20130731_StatementClassOfStockAxis_SeriesBPreferredStockMember_SubsequentEventTypeAxis_SubsequentEventMember">2013-09-16</us-gaap:DividendsPayableDateOfRecordDayMonthAndYear>
  <!--Dividends Payable, Date of Record-Series A Preferred Stock [Member]-Subsequent Event [Member]-->
  <us-gaap:DividendsPayableDateOfRecordDayMonthAndYear contextRef="c20130501to20130731_StatementClassOfStockAxis_SeriesAPreferredStockMember_SubsequentEventTypeAxis_SubsequentEventMember">2013-09-16</us-gaap:DividendsPayableDateOfRecordDayMonthAndYear>
  <!--Dividends Payable, Date of Record-Subsequent Event [Member]-->
  <us-gaap:DividendsPayableDateOfRecordDayMonthAndYear contextRef="c20130501to20130731_SubsequentEventTypeAxis_SubsequentEventMember">2013-09-16</us-gaap:DividendsPayableDateOfRecordDayMonthAndYear>
  <!--Dividends, Preferred Stock-ACCUMULATED DISTRIBUTIONS IN EXCESS OF NET INCOME [Member]-Preferred Class A [Member]-->
  <us-gaap:DividendsPreferredStock contextRef="c20120501to20120731_StatementClassOfStockAxis_PreferredClassAMember_StatementEquityComponentsAxis_RetainedEarningsMember" unitRef="U001" decimals="-3">593000</us-gaap:DividendsPreferredStock>
  <!--Dividends, Preferred Stock-Preferred Class A [Member]-->
  <us-gaap:DividendsPreferredStock contextRef="c20120501to20120731_StatementClassOfStockAxis_PreferredClassAMember" unitRef="U001" decimals="-3">593000</us-gaap:DividendsPreferredStock>
  <!--Dividends, Preferred Stock-ACCUMULATED DISTRIBUTIONS IN EXCESS OF NET INCOME [Member]-Preferred Class A [Member]-->
  <us-gaap:DividendsPreferredStock contextRef="c20130501to20130731_StatementClassOfStockAxis_PreferredClassAMember_StatementEquityComponentsAxis_RetainedEarningsMember" unitRef="U001" decimals="-3">593000</us-gaap:DividendsPreferredStock>
  <!--Dividends, Preferred Stock-Preferred Class A [Member]-->
  <us-gaap:DividendsPreferredStock contextRef="c20130501to20130731_StatementClassOfStockAxis_PreferredClassAMember" unitRef="U001" decimals="-3">593000</us-gaap:DividendsPreferredStock>
  <!--Dividends, Preferred Stock-ACCUMULATED DISTRIBUTIONS IN EXCESS OF NET INCOME [Member]-Preferred Class B [Member]-->
  <us-gaap:DividendsPreferredStock contextRef="c20130501to20130731_StatementClassOfStockAxis_PreferredClassBMember_StatementEquityComponentsAxis_RetainedEarningsMember" unitRef="U001" decimals="-3">2286000</us-gaap:DividendsPreferredStock>
  <!--Dividends, Preferred Stock-Preferred Class B [Member]-->
  <us-gaap:DividendsPreferredStock contextRef="c20130501to20130731_StatementClassOfStockAxis_PreferredClassBMember" unitRef="U001" decimals="-3">2286000</us-gaap:DividendsPreferredStock>
  <!--Dividends, Preferred Stock-->
  <us-gaap:DividendsPreferredStock contextRef="c20130501to20130731" unitRef="U001" decimals="-3">2879000</us-gaap:DividendsPreferredStock>
  <!--Dividends, Preferred Stock-->
  <us-gaap:DividendsPreferredStock contextRef="c20120501to20120731" unitRef="U001" decimals="-3">593000</us-gaap:DividendsPreferredStock>
  <!--Real estate deposits-->
  <us-gaap:EarnestMoneyDeposits contextRef="c20130731" unitRef="U001" decimals="-3">489000</us-gaap:EarnestMoneyDeposits>
  <!--Real estate deposits-->
  <us-gaap:EarnestMoneyDeposits contextRef="c20130430" unitRef="U001" decimals="-3">196000</us-gaap:EarnestMoneyDeposits>
  <!--Earnings Per Share, Basic and Diluted-->
  <us-gaap:EarningsPerShareBasicAndDiluted contextRef="c20130501to20130731" unitRef="U003" decimals="2">0.00</us-gaap:EarningsPerShareBasicAndDiluted>
  <!--Earnings Per Share, Basic and Diluted-->
  <us-gaap:EarningsPerShareBasicAndDiluted contextRef="c20120501to20120731" unitRef="U003" decimals="2">0.01</us-gaap:EarningsPerShareBasicAndDiluted>
  <!--EARNINGS PER SHARE-->
  <us-gaap:EarningsPerShareTextBlock contextRef="c20130501to20130731">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt; font-weight: bold;"&gt;NOTE 3 &amp;#8226; EARNINGS PER SHARE&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;Basic earnings per share is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. The Company has no outstanding options, warrants, convertible stock or other contractual obligations requiring issuance of additional shares that would result in dilution of earnings. Units can be exchanged for shares on a one-for-one basis after a minimum holding period of one year. The following table presents a reconciliation of the numerator and denominator used to calculate basic and diluted earnings per share reported in the condensed consolidated financial statements for the three months ended July 31, 2013 and 2012:&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 69.52%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="4" style="border-bottom: #000000 2px solid; width: 30.48%; vertical-align: top;"&gt;&lt;div style="text-align: center; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;(in thousands, except per share data)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 69.52%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="4" style="border-bottom: #000000 2px solid; width: 30.48%; vertical-align: top;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Three Months Ended&lt;/div&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;July 31&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; width: 69.52%; vertical-align: top;"&gt;&lt;div style="text-align: left;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 15.2%; vertical-align: top;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;2013&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 15.28%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;2012&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 69.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;NUMERATOR&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.94%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 69.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Income from continuing operations &amp;#8211; Investors Real Estate Trust&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;1,718&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.94%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;1,571&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 69.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Income from discontinued operations &amp;#8211; Investors Real Estate Trust&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 10.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;1,360&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 10.94%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;108&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 69.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Net income attributable to Investors Real Estate Trust&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;3,078&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.94%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;1,679&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff; height: 19px;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 69.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Dividends to preferred shareholders&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 10.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;(2,879)&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 10.94%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;(593)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 69.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Numerator for basic earnings per share &amp;#8211; net income available to common shareholders&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;199&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.94%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;1,086&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 69.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Noncontrolling interests &amp;#8211; Operating Partnership&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 10.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;50&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 10.94%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;251&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 4px double; width: 69.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Numerator for diluted earnings per share&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 4.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 10.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;249&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 4.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 10.94%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;1,337&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 69.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;DENOMINATOR&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.94%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 69.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Denominator for basic earnings per share weighted average shares&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;102,358&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.94%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;90,518&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 69.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Effect of convertible operating partnership units&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 10.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;21,821&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 10.94%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;20,774&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 4px double; width: 69.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Denominator for diluted earnings per share&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 10.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;124,179&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 4.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 10.94%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;111,292&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff; height: 17px;"&gt;&lt;td style="width: 69.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;(Loss) earnings per common share from continuing operations &amp;#8211; Investors Real Estate Trust &amp;#8211; basic and diluted&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;(.01)&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.94%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;.01&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 69.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Earnings per common share from discontinued operations &amp;#8211; Investors Real Estate Trust &amp;#8211; basic and diluted&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 10.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;.01&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 10.94%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;.00&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 4px double; width: 69.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;NET INCOME PER COMMON SHARE &amp;#8211; BASIC &amp;amp; DILUTED&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 4.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 10.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;.00&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 4.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 10.94%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;.01&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:EarningsPerShareTextBlock>
  <!--Interest in joint venture (in hundredths)-Cypress Court Apartment Homes, St. Cloud, Minnesota [Member]-->
  <us-gaap:EquityMethodInvestmentOwnershipPercentage contextRef="c20130731_RealEstatePropertiesAxis_CypressCourtApartmentHomesStCloudMinnesotaMember" unitRef="U004" decimals="2">0.79</us-gaap:EquityMethodInvestmentOwnershipPercentage>
  <!--Interest in joint venture (in hundredths)-Southgate Apartments, Minot, North Dakota [Member]-->
  <us-gaap:EquityMethodInvestmentOwnershipPercentage contextRef="c20130731_RealEstatePropertiesAxis_SouthgateApartmentsMinotNorthDakotaMember" unitRef="U004" decimals="2">0.51</us-gaap:EquityMethodInvestmentOwnershipPercentage>
  <!--Interest in joint venture (in hundredths)-Renaissance Heights I Apartments, Williston, North Dakota [Member]-->
  <us-gaap:EquityMethodInvestmentOwnershipPercentage contextRef="c20130731_RealEstatePropertiesAxis_RenaissanceHeightsIApartmentsWillistonNorthDakotaMember" unitRef="U004" decimals="1">0.7</us-gaap:EquityMethodInvestmentOwnershipPercentage>
  <!--Interest in joint venture (in hundredths)-Minneapolis, Minnesota [Member]-Subsequent Event [Member]-->
  <us-gaap:EquityMethodInvestmentOwnershipPercentage contextRef="c20130731_BusinessAcquisitionAxis_MinneapolisMinnesotaMember_SubsequentEventTypeAxis_SubsequentEventMember" unitRef="U004" decimals="3">0.586</us-gaap:EquityMethodInvestmentOwnershipPercentage>
  <!--FAIR VALUE OF FINANCIAL INSTRUMENTS-->
  <us-gaap:FairValueDisclosuresTextBlock contextRef="c20130501to20130731">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt; font-weight: bold;"&gt;NOTE 10 &amp;#8226; FAIR VALUE OF FINANCIAL INSTRUMENTS&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;ASC 820, &lt;font style="font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Fair Value Measurement and Disclosures&lt;/font&gt; defines and establishes a framework for measuring fair value. &amp;#160;The objective of fair value is to determine the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). ASC 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels, as follows:&lt;/div&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Level 1: &amp;#160;Quoted prices in active markets for identical assets&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Level 2: &amp;#160;Significant other observable inputs&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;Level 3: &amp;#160;Significant unobservable inputs&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;There were no transfers in and out of Level 1, Level 2 and Level 3 fair value measurements during the three months ended July 31, 2013 and 2012. Fair value estimates may be different than the amounts that may ultimately be realized upon sale or disposition of the assets and liabilities.&lt;/div&gt;&lt;div style="text-align: justify; font-style: italic; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;Fair Value Measurements on a Recurring Basis&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;The Company had no assets or liabilities recorded at fair value on a recurring basis at July 31, 2013 and April 30, 2013.&lt;/div&gt;&lt;div style="text-align: left; font-style: italic; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;Fair Value Measurements on a Nonrecurring Basis&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;Non-financial assets measured at fair value on a nonrecurring basis at July 31, 2013 consisted of real estate investments and real estate held for sale that were written-down to estimated fair value during the first quarter of fiscal year 2014. Non-financial assets measured at fair value on a nonrecurring basis at April 30, 2013 consisted of real estate investments that were written-down to estimated fair value during fiscal year 2013. See Note 2 for additional information on impairment losses recognized during fiscal years 2014 and 2013. The aggregate fair value of these assets by their levels in the fair value hierarchy are as follows:&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 50.96%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="8" style="border-bottom: #000000 2px solid; width: 49.04%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 50.96%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="8" style="border-bottom: #000000 2px solid; width: 49.04%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;July 31, 2013&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; width: 50.96%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 12.48%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Total&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 11.56%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Level 1&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 12.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Level 2&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 12.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Level 3&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 50.96%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Real estate investments&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.6%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;3,899&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.68%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;3,899&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 50.96%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Real estate held for sale&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.6%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;3,969&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.68%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;3,969&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="margin-bottom: 10pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 50.96%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="8" style="border-bottom: #000000 2px solid; width: 49.04%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 50.96%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="8" style="border-bottom: #000000 2px solid; width: 49.04%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;April 30, 2013&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; width: 50.96%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 12.48%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Total&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 11.56%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Level 1&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 12.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Level 2&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 12.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Level 3&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 50.96%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Real estate investments&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.6%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;335&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.68%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;335&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="margin-bottom: 10pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify; font-style: italic; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;Financial Assets and Liabilities Not Measured at Fair Value&lt;/div&gt;&lt;div style="text-align: justify; font-family: Times, serif; margin-bottom: 10.5pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;The following methods and assumptions were used to estimate the fair value of each class of financial assets and liabilities. &lt;/font&gt;The fair values of our financial instruments approximate their carrying amount in our consolidated financial statements except for debt.&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;&lt;font style="font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Cash and Cash Equivalents. &lt;/font&gt;The carrying amount approximates fair value because of the short maturity.&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;&lt;font style="font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Other Investments. &lt;/font&gt;The carrying amount, or cost plus accrued interest, of the certificates of deposit approximates fair value.&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;&lt;font style="font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Other Debt.&lt;/font&gt; The fair value of other debt is estimated based on the discounted cash flows of the loan using current market rates, which are estimated based on recent financing transactions (Level 3).&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;&lt;font style="font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Lines of Credit. &amp;#160;&lt;/font&gt;The carrying amount approximates fair value because the variable rate debt re-prices frequently.&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;&lt;font style="font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Mortgages Payable.&lt;/font&gt; For variable rate loans that re-price frequently, fair values are based on carrying values. The fair value of fixed rate loans is estimated based on the discounted cash flows of the loans using current market rates, which are estimated based on recent financing transactions (Level 3).&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;The estimated fair values of the Company's financial instruments as of July 31, 2013 and April 30, 2013, are as follows:&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 50.96%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="8" style="border-bottom: #000000 2px solid; width: 49.04%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 50.96%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="4" style="border-bottom: #000000 2px solid; width: 24.04%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;July 31, 2013&lt;/div&gt;&lt;/td&gt;&lt;td colspan="4" style="border-bottom: #000000 2px solid; width: 25%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;April 30, 2013&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; width: 50.96%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 12.48%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Carrying Amount&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 11.56%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Fair Value&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 12.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Carrying Amount&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 12.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Fair Value&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 50.96%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;FINANCIAL ASSETS&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.6%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.68%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 50.96%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Cash and cash equivalents&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.6%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;93,193&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.68%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;93,193&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;94,133&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;94,133&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 50.96%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Other investments&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.6%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;640&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.68%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;640&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;639&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;639&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 50.96%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;FINANCIAL LIABILITIES&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.6%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.68%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 50.96%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Other debt&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.6%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;32,289&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.68%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;32,620&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;18,076&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;18,156&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 50.96%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Line of credit&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.6%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;10,000&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.68%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;10,000&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;10,000&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;10,000&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 50.96%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Mortgages payable&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.6%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;1,030,407&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.68%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;1,142,618&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;1,049,206&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;1,160,190&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:FairValueDisclosuresTextBlock>
  <!--Fair Value Measurements, Nonrecurring [Table Text Block]-->
  <us-gaap:FairValueAssetsMeasuredOnNonrecurringBasisTextBlock contextRef="c20130501to20130731">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div&gt;&lt;div style="text-align: left; font-style: italic; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;Fair Value Measurements on a Nonrecurring Basis&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;Non-financial assets measured at fair value on a nonrecurring basis at July 31, 2013 consisted of real estate investments and real estate held for sale that were written-down to estimated fair value during the first quarter of fiscal year 2014. Non-financial assets measured at fair value on a nonrecurring basis at April 30, 2013 consisted of real estate investments that were written-down to estimated fair value during fiscal year 2013. See Note 2 for additional information on impairment losses recognized during fiscal years 2014 and 2013. The aggregate fair value of these assets by their levels in the fair value hierarchy are as follows:&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 50.96%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="8" style="border-bottom: #000000 2px solid; width: 49.04%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 50.96%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="8" style="border-bottom: #000000 2px solid; width: 49.04%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;July 31, 2013&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; width: 50.96%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 12.48%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Total&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 11.56%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Level 1&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 12.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Level 2&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 12.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Level 3&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 50.96%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Real estate investments&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.6%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;3,899&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.68%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;3,899&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 50.96%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Real estate held for sale&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.6%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;3,969&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.68%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;3,969&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="margin-bottom: 10pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 50.96%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="8" style="border-bottom: #000000 2px solid; width: 49.04%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 50.96%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="8" style="border-bottom: #000000 2px solid; width: 49.04%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;April 30, 2013&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; width: 50.96%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 12.48%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Total&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 11.56%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Level 1&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 12.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Level 2&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 12.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Level 3&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 50.96%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Real estate investments&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.6%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;335&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.68%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;335&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div style="margin-bottom: 10pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;/div&gt;</us-gaap:FairValueAssetsMeasuredOnNonrecurringBasisTextBlock>
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  <us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearFive contextRef="c20130731_FiniteLivedIntangibleAssetsByMajorClassAxis_LeasesAcquiredInPlaceMember" unitRef="U001" decimals="-3">-5000</us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearFive>
  <!--2019-Other identified intangible assets [Member]-->
  <us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearFive contextRef="c20130731_FiniteLivedIntangibleAssetsByMajorClassAxis_OtherIntangibleAssetsMember" unitRef="U001" decimals="-3">3549000</us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearFive>
  <!--Finite-Lived Intangible Assets, Gross-->
  <us-gaap:FiniteLivedIntangibleAssetsGross contextRef="c20130731" unitRef="U001" decimals="-3">61008000</us-gaap:FiniteLivedIntangibleAssetsGross>
  <!--Finite-Lived Intangible Assets, Gross-->
  <us-gaap:FiniteLivedIntangibleAssetsGross contextRef="c20130430" unitRef="U001" decimals="-3">68165000</us-gaap:FiniteLivedIntangibleAssetsGross>
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  <us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearThree contextRef="c20130731_FiniteLivedIntangibleAssetsByMajorClassAxis_LeasesAcquiredInPlaceMember" unitRef="U001" decimals="-3">9000</us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearThree>
  <!--Finite-Lived Intangible Assets, Amortization Expense, Year Three-Other identified intangible assets [Member]-->
  <us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearThree contextRef="c20130731_FiniteLivedIntangibleAssetsByMajorClassAxis_OtherIntangibleAssetsMember" unitRef="U001" decimals="-3">4143000</us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearThree>
  <!--Finite-lived Intangible Assets Acquired-->
  <us-gaap:FiniteLivedIntangibleAssetsAcquired contextRef="c20130501to20130731" unitRef="U001" decimals="0">362000</us-gaap:FiniteLivedIntangibleAssetsAcquired>
  <!--Finite-lived Intangible Assets Acquired-->
  <us-gaap:FiniteLivedIntangibleAssetsAcquired contextRef="c20120501to20120731" unitRef="U001" decimals="0">752000</us-gaap:FiniteLivedIntangibleAssetsAcquired>
  <!--Intangible assets, accumulated amortization-->
  <us-gaap:FiniteLivedIntangibleAssetsAccumulatedAmortization contextRef="c20130731" unitRef="U001" decimals="-3">24019000</us-gaap:FiniteLivedIntangibleAssetsAccumulatedAmortization>
  <!--Intangible assets, accumulated amortization-->
  <us-gaap:FiniteLivedIntangibleAssetsAccumulatedAmortization contextRef="c20130430" unitRef="U001" decimals="-3">27708000</us-gaap:FiniteLivedIntangibleAssetsAccumulatedAmortization>
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  <us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths contextRef="c20130731_FiniteLivedIntangibleAssetsByMajorClassAxis_LeasesAcquiredInPlaceMember" unitRef="U001" decimals="-3">21000</us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths>
  <!--Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months-Other identified intangible assets [Member]-->
  <us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths contextRef="c20130731_FiniteLivedIntangibleAssetsByMajorClassAxis_OtherIntangibleAssetsMember" unitRef="U001" decimals="-3">4830000</us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths>
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  <us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearFour contextRef="c20130731_FiniteLivedIntangibleAssetsByMajorClassAxis_LeasesAcquiredInPlaceMember" unitRef="U001" decimals="-3">-5000</us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearFour>
  <!--Finite-Lived Intangible Assets, Amortization Expense, Year Four-Other identified intangible assets [Member]-->
  <us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearFour contextRef="c20130731_FiniteLivedIntangibleAssetsByMajorClassAxis_OtherIntangibleAssetsMember" unitRef="U001" decimals="-3">3701000</us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearFour>
  <!--Finite-Lived Intangible Assets, Amortization Expense, Year Two-Leases, Acquired-in-Place [Member]-->
  <us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo contextRef="c20130731_FiniteLivedIntangibleAssetsByMajorClassAxis_LeasesAcquiredInPlaceMember" unitRef="U001" decimals="-3">17000</us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo>
  <!--Finite-Lived Intangible Assets, Amortization Expense, Year Two-Other identified intangible assets [Member]-->
  <us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo contextRef="c20130731_FiniteLivedIntangibleAssetsByMajorClassAxis_OtherIntangibleAssetsMember" unitRef="U001" decimals="-3">4612000</us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo>
  <!--Finite-Lived Intangible Assets, Net-->
  <us-gaap:FiniteLivedIntangibleAssetsNet contextRef="c20130731" unitRef="U001" decimals="-3">36989000</us-gaap:FiniteLivedIntangibleAssetsNet>
  <!--Finite-Lived Intangible Assets, Net-->
  <us-gaap:FiniteLivedIntangibleAssetsNet contextRef="c20130430" unitRef="U001" decimals="-3">40457000</us-gaap:FiniteLivedIntangibleAssetsNet>
  <!--Gain/(Loss)-Bodycote - Eden Prairie, MN [Member]-Commercial Industrial [Member]-->
  <us-gaap:GainLossOnDispositionOfProperty contextRef="c20130501to20130731_SignificantAcquisitionsAndDisposalsByTransactionAxis_BodycoteEdenPrairieMnMember_StatementBusinessSegmentsAxis_CommercialIndustrialMember" unitRef="U001" decimals="-3">1775000</us-gaap:GainLossOnDispositionOfProperty>
  <!--Gain/(Loss)-Fargo 1320 45th St. N - Fargo, ND [Member]-Commercial Industrial [Member]-->
  <us-gaap:GainLossOnDispositionOfProperty contextRef="c20130501to20130731_SignificantAcquisitionsAndDisposalsByTransactionAxis_Fargo132045ThStNFargoNdMember_StatementBusinessSegmentsAxis_CommercialIndustrialMember" unitRef="U001" decimals="-3">600000</us-gaap:GainLossOnDispositionOfProperty>
  <!--Gain/(Loss)-Commercial Industrial [Member]-Metal Improvement - New Brighton, MN [Member]-->
  <us-gaap:GainLossOnDispositionOfProperty contextRef="c20130501to20130731_SignificantAcquisitionsAndDisposalsByTransactionAxis_MetalImprovementNewBrightonMnMember_StatementBusinessSegmentsAxis_CommercialIndustrialMember" unitRef="U001" decimals="-3">401000</us-gaap:GainLossOnDispositionOfProperty>
  <!--Gain/(Loss)-Commercial Industrial [Member]-Roseville 2929 Long Lake Road - Roseville, MN [Member]-->
  <us-gaap:GainLossOnDispositionOfProperty contextRef="c20130501to20130731_SignificantAcquisitionsAndDisposalsByTransactionAxis_Roseville2929LongLakeRoadRosevilleMnMember_StatementBusinessSegmentsAxis_CommercialIndustrialMember" unitRef="U001" decimals="-3">-723000</us-gaap:GainLossOnDispositionOfProperty>
  <!--Gain/(Loss)-Commercial Industrial [Member]-->
  <us-gaap:GainLossOnDispositionOfProperty contextRef="c20130501to20130731_StatementBusinessSegmentsAxis_CommercialIndustrialMember" unitRef="U001" decimals="-3">2053000</us-gaap:GainLossOnDispositionOfProperty>
  <!--Gain/(Loss)-Commercial Retail [Member]-Eagan - Eagan, MN [Member]-->
  <us-gaap:GainLossOnDispositionOfProperty contextRef="c20130501to20130731_SignificantAcquisitionsAndDisposalsByTransactionAxis_EaganEaganMnMember_StatementBusinessSegmentsAxis_CommercialRetailMember" unitRef="U001" decimals="-3">-110000</us-gaap:GainLossOnDispositionOfProperty>
  <!--Gain/(Loss)-->
  <us-gaap:GainLossOnDispositionOfProperty contextRef="c20130501to20130731" unitRef="U001" decimals="-3">1943000</us-gaap:GainLossOnDispositionOfProperty>
  <!--Gain/(Loss)-Commercial Retail [Member]-Kentwood Thomasville Kentwood, MI [Member]-->
  <us-gaap:GainLossOnDispositionOfProperty contextRef="c20120501to20120731_SignificantAcquisitionsAndDisposalsByTransactionAxis_KentwoodThomasvilleKentwoodMiMember_StatementBusinessSegmentsAxis_CommercialRetailMember" unitRef="U001" decimals="-3">-67000</us-gaap:GainLossOnDispositionOfProperty>
  <!--Gain/(Loss)-Other Disposition [Member]-Georgetown Square Condominiums 5 and 6 [Member]-->
  <us-gaap:GainLossOnDispositionOfProperty contextRef="c20120501to20120731_SignificantAcquisitionsAndDisposalsByTransactionAxis_GeorgetownSquareCondominiums5And6Member_StatementBusinessSegmentsAxis_OtherDispositionMember" unitRef="U001" decimals="-3">-6000</us-gaap:GainLossOnDispositionOfProperty>
  <!--Gain/(Loss)-->
  <us-gaap:GainLossOnDispositionOfProperty contextRef="c20120501to20120731" unitRef="U001" decimals="-3">-73000</us-gaap:GainLossOnDispositionOfProperty>
  <!--Gain on involuntary conversion-->
  <us-gaap:GainOnBusinessInterruptionInsuranceRecovery contextRef="c20130501to20130731" unitRef="U001" decimals="-3">966000</us-gaap:GainOnBusinessInterruptionInsuranceRecovery>
  <!--Gain on involuntary conversion-->
  <us-gaap:GainOnBusinessInterruptionInsuranceRecovery contextRef="c20120501to20120731" unitRef="U001" decimals="-3">0</us-gaap:GainOnBusinessInterruptionInsuranceRecovery>
  <!--Gain on involuntary conversion-Multi Family Residential [Member]-->
  <us-gaap:GainOnBusinessInterruptionInsuranceRecovery contextRef="c20130501to20130731_StatementBusinessSegmentsAxis_MultiFamilyResidentialMember" unitRef="U001" decimals="-3">966000</us-gaap:GainOnBusinessInterruptionInsuranceRecovery>
  <!--Gain on involuntary conversion-Commercial Office [Member]-->
  <us-gaap:GainOnBusinessInterruptionInsuranceRecovery contextRef="c20130501to20130731_StatementBusinessSegmentsAxis_CommercialOfficeMember" unitRef="U001" decimals="-3">0</us-gaap:GainOnBusinessInterruptionInsuranceRecovery>
  <!--Gain on involuntary conversion-Commercial Healthcare [Member]-->
  <us-gaap:GainOnBusinessInterruptionInsuranceRecovery contextRef="c20130501to20130731_StatementBusinessSegmentsAxis_CommercialHealthcareMember" unitRef="U001" decimals="-3">0</us-gaap:GainOnBusinessInterruptionInsuranceRecovery>
  <!--Gain on involuntary conversion-Commercial Industrial [Member]-->
  <us-gaap:GainOnBusinessInterruptionInsuranceRecovery contextRef="c20130501to20130731_StatementBusinessSegmentsAxis_CommercialIndustrialMember" unitRef="U001" decimals="-3">0</us-gaap:GainOnBusinessInterruptionInsuranceRecovery>
  <!--Gain on involuntary conversion-Commercial Retail [Member]-->
  <us-gaap:GainOnBusinessInterruptionInsuranceRecovery contextRef="c20130501to20130731_StatementBusinessSegmentsAxis_CommercialRetailMember" unitRef="U001" decimals="-3">0</us-gaap:GainOnBusinessInterruptionInsuranceRecovery>
  <!--Administrative expenses-->
  <us-gaap:GeneralAndAdministrativeExpense contextRef="c20130501to20130731" unitRef="U001" decimals="-3">2524000</us-gaap:GeneralAndAdministrativeExpense>
  <!--Administrative expenses-->
  <us-gaap:GeneralAndAdministrativeExpense contextRef="c20120501to20120731" unitRef="U001" decimals="-3">1960000</us-gaap:GeneralAndAdministrativeExpense>
  <!--Goodwill-->
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  <!--Goodwill-->
  <us-gaap:Goodwill contextRef="c20130430" unitRef="U001" decimals="-3">1106000</us-gaap:Goodwill>
  <!--Goodwill-->
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  <us-gaap:GoodwillWrittenOffRelatedToSaleOfBusinessUnit contextRef="c20130501to20130731" unitRef="U001" decimals="0">7000</us-gaap:GoodwillWrittenOffRelatedToSaleOfBusinessUnit>
  <!--IDENTIFIED INTANGIBLE ASSETS AND INTANGIBLE LIABILITIES AND GOODWILL-->
  <us-gaap:GoodwillAndIntangibleAssetsPolicyTextBlock contextRef="c20130501to20130731">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10.5pt; font-size: 10pt; font-weight: bold;"&gt;IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES AND GOODWILL&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 12pt; font-size: 10pt;"&gt;Upon acquisition of real estate, the Company records the intangible assets and liabilities acquired (for example, if the leases in place for the real estate property acquired carry rents above the market rent, the difference is classified as an intangible asset) at their estimated fair value separate and apart from goodwill. The Company amortizes identified intangible assets and liabilities that are determined to have finite lives based on the period over which the assets and liabilities are expected to affect, directly or indirectly, the future cash flows of the real estate property acquired (generally the life of the lease). In the three months ended July 31, 2013 and 2012, respectively, the Company added approximately $362,000 and $752,000 of new intangible assets and no new intangible liabilities. The weighted average lives of the intangible assets acquired in the three months ended July 31, 2013 and 2012 are 0.5 years and 0.5 years, respectively. Amortization of intangibles related to above or below-market leases is recorded in real estate rentals in the Condensed Consolidated Statements of Operations. Amortization of other intangibles is recorded in depreciation/amortization related to real estate investments in the Condensed Consolidated Statements of Operations. Intangible&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 12pt; font-size: 10pt;"&gt;assets subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. An impairment loss is recognized if the carrying amount of an intangible asset is not recoverable and its carrying amount exceeds its estimated fair value.&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;The Company's identified intangible assets and intangible liabilities &lt;font style="font-family: 'Times New Roman', serif; color: #000000; font-size: 10pt;"&gt;at&lt;/font&gt;&amp;#160;&lt;font style="font-family: 'Times New Roman', serif; color: #000000; font-size: 10pt;"&gt;July&lt;/font&gt; 31, 2013 and April 30, 2013 were as follows:&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 75.84%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="4" style="border-bottom: #000000 2px solid; width: 24.16%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; width: 75.84%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 12.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;July 31, 2013&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 11.64%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;April 30, 2013&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 75.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Identified intangible assets (included in intangible assets):&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.86%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.98%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 75.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Gross carrying amount&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;61,008&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.98%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;68,165&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 75.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Accumulated amortization&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 10.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 0.15pt;"&gt;(24,019)&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 9.98%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;(27,708)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 4px double; width: 75.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Net carrying amount&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 10.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;36,989&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 9.98%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;40,457&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 75.84%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.86%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.98%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 75.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Identified intangible liabilities (included in other liabilities):&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.86%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.98%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 75.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Gross carrying amount&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;327&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.98%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;391&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 75.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Accumulated amortization&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 10.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 0.15pt;"&gt;(249)&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 9.98%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;(296)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 4px double; width: 75.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Net carrying amount&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 10.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;78&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 9.98%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;95&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="text-align: justify; margin-top: 6pt; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;The effect of amortization of acquired below-market leases and acquired above-market leases on rental income was approximately $(10,000) and $(10,000) for the three months ended July 31, 2013 and 2012, respectively. The estimated annual amortization of acquired below-market leases, net of acquired above-market leases, for each of the five succeeding fiscal years is as follows:&lt;/div&gt;&lt;table align="center" border="0" cellpadding="0" cellspacing="0" style="width: 50%; font-family: 'Times New Roman', Times, Serif; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; width: 61.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold; margin-right: 5.05pt;"&gt;Year Ended April 30,&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 38.47%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 61.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 5.05pt;"&gt;2015&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15.13%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 23.35%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;21&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 61.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 5.05pt;"&gt;2016&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15.13%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 23.35%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;17&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 61.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 5.05pt;"&gt;2017&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15.13%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 23.35%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;9&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 61.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 5.05pt;"&gt;2018&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15.13%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 23.35%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;(5)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 61.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 5.05pt;"&gt;2019&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15.13%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 23.35%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;(5)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="text-align: left; margin-top: 12pt; font-family: 'Times New Roman', serif; margin-bottom: 12pt; font-size: 10pt;"&gt;Amortization of all other identified intangible assets (a component of depreciation and amortization expense) was $3.6 million and $1.5 million for the three months ended July 31, 2013 and 2012, respectively. The estimated annual amortization of all other identified intangible assets for each of the five succeeding fiscal years is as follows:&lt;/div&gt;&lt;table align="center" border="0" cellpadding="0" cellspacing="0" style="width: 50%; font-family: 'Times New Roman', Times, Serif; font-size: 10pt;"&gt;&lt;tr style="height: 17px;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 61.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold; margin-right: 5.05pt;"&gt;Year Ended April 30,&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 38.47%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 61.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 5.05pt;"&gt;2015&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15.13%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 23.35%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;4,830&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 61.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 5.05pt;"&gt;2016&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15.13%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 23.35%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;4,612&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 61.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 5.05pt;"&gt;2017&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15.13%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 23.35%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;4,143&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 61.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 5.05pt;"&gt;2018&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15.13%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 23.35%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;3,701&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 61.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 5.05pt;"&gt;2019&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15.13%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 23.35%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;3,549&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="text-align: justify; margin-top: 10pt; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;The excess of the cost of an acquired business over the net of the amounts assigned to assets acquired (including identified intangible assets) and liabilities assumed is recorded as goodwill. &amp;#160;The Company's goodwill has an indeterminate life and is not amortized, but is tested for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that the asset might be impaired. The book value of goodwill as of July 31, 2013 and April 30, 2013 was $1.1 million. The annual review at April 30, 2013 indicated no impairment to goodwill and there was no indication of impairment at July 31, 2013. &amp;#160;During the three months ended July 31, 2013, the Company disposed of one commercial industrial property to which goodwill had been assigned, and as a result, approximately $7,000 of goodwill was derecognized.&lt;/div&gt;&lt;/div&gt;</us-gaap:GoodwillAndIntangibleAssetsPolicyTextBlock>
  <!--IMPAIRMENT OF LONG-LIVED ASSETS-->
  <us-gaap:ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock contextRef="c20130501to20130731">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10.5pt; font-size: 10pt; font-weight: bold;"&gt;IMPAIRMENT OF LONG-LIVED ASSETS&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10.5pt; font-size: 10pt;"&gt;The Company periodically evaluates its long-lived assets, including its investments in real estate, for impairment indicators. The impairment evaluation is performed on assets by property such that assets for a property form an asset group. The judgments regarding the existence of impairment indicators are based on factors such as operational performance, market conditions, expected holding period of each asset group and legal and environmental concerns. If indicators exist, the Company compares the expected future undiscounted cash flows for the long-lived asset group against the carrying amount of that asset group. If the sum of the estimated undiscounted cash flows is less than the carrying amount of the asset group, an impairment loss is recorded for the difference between the estimated fair value and the carrying amount of the asset group. If our anticipated holding period for properties, the estimated fair value of properties or other factors change based on market conditions or otherwise, our evaluation of impairment charges may be different and such differences could be material to our consolidated financial statements. The evaluation of anticipated cash flows is subjective and is based, in part, on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results. Plans to hold properties over longer periods decrease the likelihood of recording impairment losses. During the three months ended July 31, 2013, the Company incurred a loss of $1.8 million due to impairment of four commercial properties. The Company recognized impairments of approximately $864,000 on a commercial industrial property in St. Louis Park, Minnesota; $329,000 on a commercial office property in Bloomington, Minnesota; $265,000 on a commercial retail property in Anoka, Minnesota and $345,000 on a commercial industrial property in Clive, Iowa. These properties were written-down to estimated fair value during the first quarter of fiscal year 2014 based on receipt of individual market offers to purchase and the Company's intent to dispose of the properties. During the three months ended July 31, 2012, the Company incurred no losses due to impairment.&lt;/div&gt;&lt;/div&gt;</us-gaap:ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock>
  <!--Impairment of Real Estate-->
  <us-gaap:ImpairmentOfRealEstate contextRef="c20130501to20130731" unitRef="U001" decimals="-3">1803000</us-gaap:ImpairmentOfRealEstate>
  <!--Impairment of Real Estate-->
  <us-gaap:ImpairmentOfRealEstate contextRef="c20120501to20120731" unitRef="U001" decimals="-3">0</us-gaap:ImpairmentOfRealEstate>
  <!--Impairment of Real Estate-St. Louis Park, Minnesota [Member]-->
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  <us-gaap:ImpairmentOfRealEstate contextRef="c20130501to20130731_RealEstatePropertiesAxis_BloomingtonMinnesotaMember" unitRef="U001" decimals="0">329000</us-gaap:ImpairmentOfRealEstate>
  <!--Impairment of Real Estate-Anoka, Minnesota [Member]-->
  <us-gaap:ImpairmentOfRealEstate contextRef="c20130501to20130731_RealEstatePropertiesAxis_AnokaMinnesotaMember" unitRef="U001" decimals="0">265000</us-gaap:ImpairmentOfRealEstate>
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  <us-gaap:ImpairmentOfRealEstate contextRef="c20130501to20130731_RealEstatePropertiesAxis_CliveIowaMember" unitRef="U001" decimals="0">345000</us-gaap:ImpairmentOfRealEstate>
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  <us-gaap:ImpairmentOfRealEstate contextRef="c20130501to20130731_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis_SegmentDiscontinuedOperationsMember" unitRef="U001" decimals="-3">345000</us-gaap:ImpairmentOfRealEstate>
  <!--Impairment of Real Estate-Discontinued Operations [Member]-->
  <us-gaap:ImpairmentOfRealEstate contextRef="c20120501to20120731_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis_SegmentDiscontinuedOperationsMember" unitRef="U001" decimals="-3">0</us-gaap:ImpairmentOfRealEstate>
  <!--Income from discontinued operations-->
  <us-gaap:IncomeLossFromDiscontinuedOperationsNetOfTax contextRef="c20130501to20130731" unitRef="U001" decimals="-3">1656000</us-gaap:IncomeLossFromDiscontinuedOperationsNetOfTax>
  <!--Income from discontinued operations-->
  <us-gaap:IncomeLossFromDiscontinuedOperationsNetOfTax contextRef="c20120501to20120731" unitRef="U001" decimals="-3">133000</us-gaap:IncomeLossFromDiscontinuedOperationsNetOfTax>
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  <us-gaap:IncomeLossFromDiscontinuedOperationsNetOfTax contextRef="c20130501to20130731_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis_SegmentDiscontinuedOperationsMember" unitRef="U001" decimals="-3">1656000</us-gaap:IncomeLossFromDiscontinuedOperationsNetOfTax>
  <!--Income from discontinued operations-Discontinued Operations [Member]-->
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  <us-gaap:IncomeLossBeforeExtraordinaryItemsAndCumulativeEffectOfChangeInAccountingPrinciple contextRef="c20130501to20130731_StatementBusinessSegmentsAxis_CommercialHealthcareMember" unitRef="U001" decimals="-3">11790000</us-gaap:IncomeLossBeforeExtraordinaryItemsAndCumulativeEffectOfChangeInAccountingPrinciple>
  <!--Net operating income-Commercial Industrial [Member]-->
  <us-gaap:IncomeLossBeforeExtraordinaryItemsAndCumulativeEffectOfChangeInAccountingPrinciple contextRef="c20130501to20130731_StatementBusinessSegmentsAxis_CommercialIndustrialMember" unitRef="U001" decimals="-3">2417000</us-gaap:IncomeLossBeforeExtraordinaryItemsAndCumulativeEffectOfChangeInAccountingPrinciple>
  <!--Net operating income-Commercial Retail [Member]-->
  <us-gaap:IncomeLossBeforeExtraordinaryItemsAndCumulativeEffectOfChangeInAccountingPrinciple contextRef="c20130501to20130731_StatementBusinessSegmentsAxis_CommercialRetailMember" unitRef="U001" decimals="-3">2002000</us-gaap:IncomeLossBeforeExtraordinaryItemsAndCumulativeEffectOfChangeInAccountingPrinciple>
  <!--Net operating income-->
  <us-gaap:IncomeLossBeforeExtraordinaryItemsAndCumulativeEffectOfChangeInAccountingPrinciple contextRef="c20130501to20130731" unitRef="U001" decimals="-3">40557000</us-gaap:IncomeLossBeforeExtraordinaryItemsAndCumulativeEffectOfChangeInAccountingPrinciple>
  <!--Net operating income-Multi Family Residential [Member]-->
  <us-gaap:IncomeLossBeforeExtraordinaryItemsAndCumulativeEffectOfChangeInAccountingPrinciple contextRef="c20120501to20120731_StatementBusinessSegmentsAxis_MultiFamilyResidentialMember" unitRef="U001" decimals="-3">11917000</us-gaap:IncomeLossBeforeExtraordinaryItemsAndCumulativeEffectOfChangeInAccountingPrinciple>
  <!--Net operating income-Commercial Office [Member]-->
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  <!--Net operating income-Commercial Healthcare [Member]-->
  <us-gaap:IncomeLossBeforeExtraordinaryItemsAndCumulativeEffectOfChangeInAccountingPrinciple contextRef="c20120501to20120731_StatementBusinessSegmentsAxis_CommercialHealthcareMember" unitRef="U001" decimals="-3">10993000</us-gaap:IncomeLossBeforeExtraordinaryItemsAndCumulativeEffectOfChangeInAccountingPrinciple>
  <!--Net operating income-Commercial Industrial [Member]-->
  <us-gaap:IncomeLossBeforeExtraordinaryItemsAndCumulativeEffectOfChangeInAccountingPrinciple contextRef="c20120501to20120731_StatementBusinessSegmentsAxis_CommercialIndustrialMember" unitRef="U001" decimals="-3">1892000</us-gaap:IncomeLossBeforeExtraordinaryItemsAndCumulativeEffectOfChangeInAccountingPrinciple>
  <!--Net operating income-Commercial Retail [Member]-->
  <us-gaap:IncomeLossBeforeExtraordinaryItemsAndCumulativeEffectOfChangeInAccountingPrinciple contextRef="c20120501to20120731_StatementBusinessSegmentsAxis_CommercialRetailMember" unitRef="U001" decimals="-3">2046000</us-gaap:IncomeLossBeforeExtraordinaryItemsAndCumulativeEffectOfChangeInAccountingPrinciple>
  <!--Net operating income-->
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  <!--Earnings per common share from discontinued operations - Investors Real Estate Trust - basic and diluted-->
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  <!--Earnings per common share from discontinued operations - Investors Real Estate Trust - basic and diluted-->
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  <!--Income from continuing operations - Investors Real Estate Trust-->
  <us-gaap:IncomeLossFromContinuingOperations contextRef="c20130501to20130731" unitRef="U001" decimals="-3">1718000</us-gaap:IncomeLossFromContinuingOperations>
  <!--Income from continuing operations - Investors Real Estate Trust-->
  <us-gaap:IncomeLossFromContinuingOperations contextRef="c20120501to20120731" unitRef="U001" decimals="-3">1571000</us-gaap:IncomeLossFromContinuingOperations>
  <!--Earnings per common share from continuing operations - Investors Real Estate Trust - basic and diluted-->
  <us-gaap:IncomeLossFromContinuingOperationsPerBasicShare contextRef="c20130501to20130731" unitRef="U003" decimals="2">-0.01</us-gaap:IncomeLossFromContinuingOperationsPerBasicShare>
  <!--Earnings per common share from continuing operations - Investors Real Estate Trust - basic and diluted-->
  <us-gaap:IncomeLossFromContinuingOperationsPerBasicShare contextRef="c20120501to20120731" unitRef="U003" decimals="2">0.01</us-gaap:IncomeLossFromContinuingOperationsPerBasicShare>
  <!--Income from continuing operations-->
  <us-gaap:IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest contextRef="c20130501to20130731" unitRef="U001" decimals="-3">1560000</us-gaap:IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest>
  <!--Income from continuing operations-->
  <us-gaap:IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest contextRef="c20120501to20120731" unitRef="U001" decimals="-3">1863000</us-gaap:IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest>
  <!--Income from discontinued operations - Investors Real Estate Trust-->
  <us-gaap:IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity contextRef="c20130501to20130731" unitRef="U001" decimals="-3">1360000</us-gaap:IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity>
  <!--Income from discontinued operations - Investors Real Estate Trust-->
  <us-gaap:IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity contextRef="c20120501to20120731" unitRef="U001" decimals="-3">108000</us-gaap:IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity>
  <!--Increase (Decrease) in Deferred Leasing Fees-->
  <us-gaap:IncreaseDecreaseInDeferredLeasingFees contextRef="c20130501to20130731" unitRef="U001" decimals="-3">897000</us-gaap:IncreaseDecreaseInDeferredLeasingFees>
  <!--Increase (Decrease) in Deferred Leasing Fees-->
  <us-gaap:IncreaseDecreaseInDeferredLeasingFees contextRef="c20120501to20120731" unitRef="U001" decimals="-3">1750000</us-gaap:IncreaseDecreaseInDeferredLeasingFees>
  <!--Increase (Decrease) in Accounts Receivable-->
  <us-gaap:IncreaseDecreaseInAccountsReceivable contextRef="c20130501to20130731" unitRef="U001" decimals="-3">811000</us-gaap:IncreaseDecreaseInAccountsReceivable>
  <!--Increase (Decrease) in Accounts Receivable-->
  <us-gaap:IncreaseDecreaseInAccountsReceivable contextRef="c20120501to20120731" unitRef="U001" decimals="-3">-1419000</us-gaap:IncreaseDecreaseInAccountsReceivable>
  <!--Decrease in accounts payable, accrued expenses, and other liabilities-->
  <us-gaap:IncreaseDecreaseInAccountsPayableAndAccruedLiabilities contextRef="c20130501to20130731" unitRef="U001" decimals="-3">-2456000</us-gaap:IncreaseDecreaseInAccountsPayableAndAccruedLiabilities>
  <!--Decrease in accounts payable, accrued expenses, and other liabilities-->
  <us-gaap:IncreaseDecreaseInAccountsPayableAndAccruedLiabilities contextRef="c20120501to20120731" unitRef="U001" decimals="-3">-4112000</us-gaap:IncreaseDecreaseInAccountsPayableAndAccruedLiabilities>
  <!--Increase (Decrease) in Operating Assets-->
  <us-gaap:IncreaseDecreaseInOperatingAssets contextRef="c20130501to20130731" unitRef="U001" decimals="-3">640000</us-gaap:IncreaseDecreaseInOperatingAssets>
  <!--Increase (Decrease) in Operating Assets-->
  <us-gaap:IncreaseDecreaseInOperatingAssets contextRef="c20120501to20120731" unitRef="U001" decimals="-3">713000</us-gaap:IncreaseDecreaseInOperatingAssets>
  <!--Increase (Decrease) in Prepaid Expense and Other Assets-->
  <us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets contextRef="c20130501to20130731" unitRef="U001" decimals="-3">-367000</us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets>
  <!--Increase (Decrease) in Prepaid Expense and Other Assets-->
  <us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets contextRef="c20120501to20120731" unitRef="U001" decimals="-3">-631000</us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets>
  <!--Intangible assets, net of accumulated amortization of $24,019 and $27,708, respectively-->
  <us-gaap:IntangibleAssetsNetExcludingGoodwill contextRef="c20130731" unitRef="U001" decimals="-3">36989000</us-gaap:IntangibleAssetsNetExcludingGoodwill>
  <!--Intangible assets, net of accumulated amortization of $24,019 and $27,708, respectively-->
  <us-gaap:IntangibleAssetsNetExcludingGoodwill contextRef="c20130430" unitRef="U001" decimals="-3">40457000</us-gaap:IntangibleAssetsNetExcludingGoodwill>
  <!--Interest Expense-->
  <us-gaap:InterestExpense contextRef="c20130501to20130731" unitRef="U001" decimals="-3">14799000</us-gaap:InterestExpense>
  <!--Interest Expense-->
  <us-gaap:InterestExpense contextRef="c20120501to20120731" unitRef="U001" decimals="-3">16069000</us-gaap:InterestExpense>
  <!--Interest Expense-Discontinued Operations [Member]-->
  <us-gaap:InterestExpense contextRef="c20130501to20130731_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis_SegmentDiscontinuedOperationsMember" unitRef="U001" decimals="-3">84000</us-gaap:InterestExpense>
  <!--Interest Expense-Discontinued Operations [Member]-->
  <us-gaap:InterestExpense contextRef="c20120501to20120731_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis_SegmentDiscontinuedOperationsMember" unitRef="U001" decimals="-3">448000</us-gaap:InterestExpense>
  <!--Cash paid for interest-->
  <us-gaap:InterestPaidCapitalized contextRef="c20130501to20130731" unitRef="U001" decimals="-3">580000</us-gaap:InterestPaidCapitalized>
  <!--Cash paid for interest-->
  <us-gaap:InterestPaidCapitalized contextRef="c20120501to20120731" unitRef="U001" decimals="-3">161000</us-gaap:InterestPaidCapitalized>
  <!--Interest and other income-->
  <us-gaap:InterestAndOtherIncome contextRef="c20130501to20130731" unitRef="U001" decimals="-3">210000</us-gaap:InterestAndOtherIncome>
  <!--Interest and other income-->
  <us-gaap:InterestAndOtherIncome contextRef="c20120501to20120731" unitRef="U001" decimals="-3">142000</us-gaap:InterestAndOtherIncome>
  <!--Cash paid for interest, net of amounts capitalized of $580 and $161, respectively-->
  <us-gaap:InterestPaid contextRef="c20130501to20130731" unitRef="U001" decimals="-3">14220000</us-gaap:InterestPaid>
  <!--Cash paid for interest, net of amounts capitalized of $580 and $161, respectively-->
  <us-gaap:InterestPaid contextRef="c20120501to20120731" unitRef="U001" decimals="-3">16124000</us-gaap:InterestPaid>
  <!--Interest income-->
  <us-gaap:InvestmentIncomeInterest contextRef="c20130501to20130731" unitRef="U001" decimals="-3">188000</us-gaap:InvestmentIncomeInterest>
  <!--Interest income-->
  <us-gaap:InvestmentIncomeInterest contextRef="c20120501to20120731" unitRef="U001" decimals="-3">18000</us-gaap:InvestmentIncomeInterest>
  <!--Investments-->
  <us-gaap:Investments contextRef="c20130731" unitRef="U001" decimals="-3">1685317000</us-gaap:Investments>
  <!--Investments-->
  <us-gaap:Investments contextRef="c20130430" unitRef="U001" decimals="-3">1680834000</us-gaap:Investments>
  <!--Investments, Fair Value Disclosure-Carrying Amount [Member]-->
  <us-gaap:InvestmentsFairValueDisclosure contextRef="c20130731_FairValueByBalanceSheetGroupingDisclosureItemAmountsAxis_CarryingReportedAmountFairValueDisclosureMember" unitRef="U001" decimals="-3">640000</us-gaap:InvestmentsFairValueDisclosure>
  <!--Investments, Fair Value Disclosure-Fair Value [Member]-->
  <us-gaap:InvestmentsFairValueDisclosure contextRef="c20130731_FairValueByBalanceSheetGroupingDisclosureItemAmountsAxis_EstimateOfFairValueFairValueDisclosureMember" unitRef="U001" decimals="-3">640000</us-gaap:InvestmentsFairValueDisclosure>
  <!--Investments, Fair Value Disclosure-Carrying Amount [Member]-->
  <us-gaap:InvestmentsFairValueDisclosure contextRef="c20130430_FairValueByBalanceSheetGroupingDisclosureItemAmountsAxis_CarryingReportedAmountFairValueDisclosureMember" unitRef="U001" decimals="-3">639000</us-gaap:InvestmentsFairValueDisclosure>
  <!--Investments, Fair Value Disclosure-Fair Value [Member]-->
  <us-gaap:InvestmentsFairValueDisclosure contextRef="c20130430_FairValueByBalanceSheetGroupingDisclosureItemAmountsAxis_EstimateOfFairValueFairValueDisclosureMember" unitRef="U001" decimals="-3">639000</us-gaap:InvestmentsFairValueDisclosure>
  <!--Fixed rate mortgages-->
  <us-gaap:LongtermDebtPercentageBearingFixedInterestAmount contextRef="c20130731" unitRef="U001" decimals="-8">1000000000</us-gaap:LongtermDebtPercentageBearingFixedInterestAmount>
  <!--Fixed rate mortgages-->
  <us-gaap:LongtermDebtPercentageBearingFixedInterestAmount contextRef="c20130430" unitRef="U001" decimals="-8">1000000000</us-gaap:LongtermDebtPercentageBearingFixedInterestAmount>
  <!--Variable rate mortgages-->
  <us-gaap:LongtermDebtPercentageBearingVariableInterestAmount contextRef="c20130731" unitRef="U001" decimals="-5">15800000</us-gaap:LongtermDebtPercentageBearingVariableInterestAmount>
  <!--Variable rate mortgages-->
  <us-gaap:LongtermDebtPercentageBearingVariableInterestAmount contextRef="c20130430" unitRef="U001" decimals="-5">26200000</us-gaap:LongtermDebtPercentageBearingVariableInterestAmount>
  <!--Weighted average rate of interest on mortgage debt (in hundredths)-->
  <us-gaap:LongtermDebtWeightedAverageInterestRate contextRef="c20130731" unitRef="U004" decimals="4">0.0554</us-gaap:LongtermDebtWeightedAverageInterestRate>
  <!--Weighted average rate of interest on mortgage debt (in hundredths)-->
  <us-gaap:LongtermDebtWeightedAverageInterestRate contextRef="c20130430" unitRef="U004" decimals="4">0.0555</us-gaap:LongtermDebtWeightedAverageInterestRate>
  <!--Construction loan for joint venture project-Minneapolis, Minnesota [Member]-Subsequent Event [Member]-->
  <us-gaap:LongtermConstructionLoanCurrentAndNoncurrent contextRef="c20130731_BusinessAcquisitionAxis_MinneapolisMinnesotaMember_SubsequentEventTypeAxis_SubsequentEventMember" unitRef="U001" decimals="-5">21700000</us-gaap:LongtermConstructionLoanCurrentAndNoncurrent>
  <!--Construction loan for joint venture project-Grand Forks Grand Forks, ND [Member]-Subsequent Event [Member]-->
  <us-gaap:LongtermConstructionLoanCurrentAndNoncurrent contextRef="c20130731_BusinessAcquisitionAxis_GrandForksGrandForksNdMember_SubsequentEventTypeAxis_SubsequentEventMember" unitRef="U001" decimals="-5">14500000</us-gaap:LongtermConstructionLoanCurrentAndNoncurrent>
  <!--Unimproved land-->
  <us-gaap:LandAvailableForDevelopment contextRef="c20130731" unitRef="U001" decimals="-3">20774000</us-gaap:LandAvailableForDevelopment>
  <!--Unimproved land-->
  <us-gaap:LandAvailableForDevelopment contextRef="c20130430" unitRef="U001" decimals="-3">21503000</us-gaap:LandAvailableForDevelopment>
  <!--Liabilities-->
  <us-gaap:Liabilities contextRef="c20130731" unitRef="U001" decimals="-3">1125336000</us-gaap:Liabilities>
  <!--Liabilities-->
  <us-gaap:Liabilities contextRef="c20130430" unitRef="U001" decimals="-3">1128173000</us-gaap:Liabilities>
  <!--Liabilities and Equity-->
  <us-gaap:LiabilitiesAndStockholdersEquity contextRef="c20130731" unitRef="U001" decimals="-3">1896642000</us-gaap:LiabilitiesAndStockholdersEquity>
  <!--Liabilities and Equity-->
  <us-gaap:LiabilitiesAndStockholdersEquity contextRef="c20130430" unitRef="U001" decimals="-3">1889554000</us-gaap:LiabilitiesAndStockholdersEquity>
  <!--Lending commitments-->
  <us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity contextRef="c20130731" unitRef="U001" decimals="-5">60000000</us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity>
  <!--Borrowed amount-->
  <us-gaap:LineOfCreditFacilityAmountOutstanding contextRef="c20130731" unitRef="U001" decimals="-5">10000000</us-gaap:LineOfCreditFacilityAmountOutstanding>
  <!--Line of credit, current interest rate (in hundredths)-->
  <us-gaap:LineOfCreditFacilityInterestRateDuringPeriod contextRef="c20130501to20130731" unitRef="U004" decimals="4">0.0515</us-gaap:LineOfCreditFacilityInterestRateDuringPeriod>
  <!--Lines of Credit, Fair Value Disclosure-Carrying Amount [Member]-->
  <us-gaap:LinesOfCreditFairValueDisclosure contextRef="c20130731_FairValueByBalanceSheetGroupingDisclosureItemAmountsAxis_CarryingReportedAmountFairValueDisclosureMember" unitRef="U001" decimals="-3">10000000</us-gaap:LinesOfCreditFairValueDisclosure>
  <!--Lines of Credit, Fair Value Disclosure-Fair Value [Member]-->
  <us-gaap:LinesOfCreditFairValueDisclosure contextRef="c20130731_FairValueByBalanceSheetGroupingDisclosureItemAmountsAxis_EstimateOfFairValueFairValueDisclosureMember" unitRef="U001" decimals="-3">10000000</us-gaap:LinesOfCreditFairValueDisclosure>
  <!--Lines of Credit, Fair Value Disclosure-Carrying Amount [Member]-->
  <us-gaap:LinesOfCreditFairValueDisclosure contextRef="c20130430_FairValueByBalanceSheetGroupingDisclosureItemAmountsAxis_CarryingReportedAmountFairValueDisclosureMember" unitRef="U001" decimals="-3">10000000</us-gaap:LinesOfCreditFairValueDisclosure>
  <!--Lines of Credit, Fair Value Disclosure-Fair Value [Member]-->
  <us-gaap:LinesOfCreditFairValueDisclosure contextRef="c20130430_FairValueByBalanceSheetGroupingDisclosureItemAmountsAxis_EstimateOfFairValueFairValueDisclosureMember" unitRef="U001" decimals="-3">10000000</us-gaap:LinesOfCreditFairValueDisclosure>
  <!--Revolving line of credit-->
  <us-gaap:LinesOfCreditCurrent contextRef="c20130731" unitRef="U001" decimals="-3">10000000</us-gaap:LinesOfCreditCurrent>
  <!--Revolving line of credit-->
  <us-gaap:LinesOfCreditCurrent contextRef="c20130430" unitRef="U001" decimals="-3">10000000</us-gaap:LinesOfCreditCurrent>
  <!--Other debt-Carrying Amount [Member]-->
  <us-gaap:LoansPayableFairValueDisclosure contextRef="c20130731_FairValueByBalanceSheetGroupingDisclosureItemAmountsAxis_CarryingReportedAmountFairValueDisclosureMember" unitRef="U001" decimals="-3">32289000</us-gaap:LoansPayableFairValueDisclosure>
  <!--Other debt-Fair Value [Member]-->
  <us-gaap:LoansPayableFairValueDisclosure contextRef="c20130731_FairValueByBalanceSheetGroupingDisclosureItemAmountsAxis_EstimateOfFairValueFairValueDisclosureMember" unitRef="U001" decimals="-3">32620000</us-gaap:LoansPayableFairValueDisclosure>
  <!--Other debt-Carrying Amount [Member]-->
  <us-gaap:LoansPayableFairValueDisclosure contextRef="c20130430_FairValueByBalanceSheetGroupingDisclosureItemAmountsAxis_CarryingReportedAmountFairValueDisclosureMember" unitRef="U001" decimals="-3">18076000</us-gaap:LoansPayableFairValueDisclosure>
  <!--Other debt-Fair Value [Member]-->
  <us-gaap:LoansPayableFairValueDisclosure contextRef="c20130430_FairValueByBalanceSheetGroupingDisclosureItemAmountsAxis_EstimateOfFairValueFairValueDisclosureMember" unitRef="U001" decimals="-3">18156000</us-gaap:LoansPayableFairValueDisclosure>
  <!--Receivable arising from straight-lining of rents, allowance-->
  <us-gaap:LoansAndLeasesReceivableOtherAllowance contextRef="c20130731" unitRef="U001" decimals="-3">752000</us-gaap:LoansAndLeasesReceivableOtherAllowance>
  <!--Receivable arising from straight-lining of rents, allowance-->
  <us-gaap:LoansAndLeasesReceivableOtherAllowance contextRef="c20130430" unitRef="U001" decimals="-3">830000</us-gaap:LoansAndLeasesReceivableOtherAllowance>
  <!--Mortgages payable-->
  <us-gaap:LongTermDebt contextRef="c20130731" unitRef="U001" decimals="-3">1030407000</us-gaap:LongTermDebt>
  <!--Mortgages payable-->
  <us-gaap:LongTermDebt contextRef="c20130430" unitRef="U001" decimals="-3">1049206000</us-gaap:LongTermDebt>
  <!--2016-->
  <us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree contextRef="c20130731" unitRef="U001" decimals="-3">92122000</us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree>
  <!--2015-->
  <us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo contextRef="c20130731" unitRef="U001" decimals="-3">98892000</us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo>
  <!--2017-->
  <us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour contextRef="c20130731" unitRef="U001" decimals="-3">219086000</us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour>
  <!--2014 (remainder)-->
  <us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths contextRef="c20130731" unitRef="U001" decimals="-3">56093000</us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths>
  <!--Long-term Debt, Maturities, Repayments of Principal in Year Five-->
  <us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive contextRef="c20130731" unitRef="U001" decimals="-3">66698000</us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive>
  <!--Thereafter-->
  <us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive contextRef="c20130731" unitRef="U001" decimals="-3">497516000</us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive>
  <!--Net income attributable to noncontrolling interests - Operating Partnership-->
  <us-gaap:MinorityInterestInNetIncomeLossOperatingPartnerships contextRef="c20130501to20130731" unitRef="U001" decimals="-3">-50000</us-gaap:MinorityInterestInNetIncomeLossOperatingPartnerships>
  <!--Net income attributable to noncontrolling interests - Operating Partnership-->
  <us-gaap:MinorityInterestInNetIncomeLossOperatingPartnerships contextRef="c20120501to20120731" unitRef="U001" decimals="-3">-251000</us-gaap:MinorityInterestInNetIncomeLossOperatingPartnerships>
  <!--Noncontrolling interests - consolidated real estate entities-->
  <us-gaap:MinorityInterestInOperatingPartnerships contextRef="c20130731" unitRef="U001" decimals="-3">25776000</us-gaap:MinorityInterestInOperatingPartnerships>
  <!--Noncontrolling interests - consolidated real estate entities-->
  <us-gaap:MinorityInterestInOperatingPartnerships contextRef="c20130430" unitRef="U001" decimals="-3">26055000</us-gaap:MinorityInterestInOperatingPartnerships>
  <!--Noncontrolling interests - Operating Partnership (21,848,891 units at July 31, 2013 and 21,635,127 units at April 30, 2013)-->
  <us-gaap:MinorityInterestInPreferredUnitHolders contextRef="c20130731" unitRef="U001" decimals="-3">122334000</us-gaap:MinorityInterestInPreferredUnitHolders>
  <!--Noncontrolling interests - Operating Partnership (21,848,891 units at July 31, 2013 and 21,635,127 units at April 30, 2013)-->
  <us-gaap:MinorityInterestInPreferredUnitHolders contextRef="c20130430" unitRef="U001" decimals="-3">122539000</us-gaap:MinorityInterestInPreferredUnitHolders>
  <!--Interest rates on mortgages payable range, maximum (in hundredths)-->
  <us-gaap:MortgageLoansOnRealEstateMaximumInterestRateInRange contextRef="c20130501to20130731" unitRef="U004" decimals="4">0.0825</us-gaap:MortgageLoansOnRealEstateMaximumInterestRateInRange>
  <!--Interest rates on mortgages payable range, minimum (in hundredths)-->
  <us-gaap:MortgageLoansOnRealEstateMinimumInterestRateInRange contextRef="c20130501to20130731" unitRef="U004" decimals="4">0.0255</us-gaap:MortgageLoansOnRealEstateMinimumInterestRateInRange>
  <!--Net Income (Loss) Available to Common Stockholders, Basic-->
  <us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic contextRef="c20130501to20130731" unitRef="U001" decimals="-3">199000</us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic>
  <!--Net Income (Loss) Available to Common Stockholders, Basic-->
  <us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic contextRef="c20120501to20120731" unitRef="U001" decimals="-3">1086000</us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic>
  <!--Net Cash Provided by (Used in) Investing Activities-->
  <us-gaap:NetCashProvidedByUsedInInvestingActivities contextRef="c20130501to20130731" unitRef="U001" decimals="-3">-13955000</us-gaap:NetCashProvidedByUsedInInvestingActivities>
  <!--Net Cash Provided by (Used in) Investing Activities-->
  <us-gaap:NetCashProvidedByUsedInInvestingActivities contextRef="c20120501to20120731" unitRef="U001" decimals="-3">-54431000</us-gaap:NetCashProvidedByUsedInInvestingActivities>
  <!--Net Cash Provided by (Used in) Financing Activities-->
  <us-gaap:NetCashProvidedByUsedInFinancingActivities contextRef="c20130501to20130731" unitRef="U001" decimals="-3">-4269000</us-gaap:NetCashProvidedByUsedInFinancingActivities>
  <!--Net Cash Provided by (Used in) Financing Activities-->
  <us-gaap:NetCashProvidedByUsedInFinancingActivities contextRef="c20120501to20120731" unitRef="U001" decimals="-3">37700000</us-gaap:NetCashProvidedByUsedInFinancingActivities>
  <!--Net Income (Loss) Available to Common Stockholders, Diluted-->
  <us-gaap:NetIncomeLossAvailableToCommonStockholdersDiluted contextRef="c20130501to20130731" unitRef="U001" decimals="-3">249000</us-gaap:NetIncomeLossAvailableToCommonStockholdersDiluted>
  <!--Net Income (Loss) Available to Common Stockholders, Diluted-->
  <us-gaap:NetIncomeLossAvailableToCommonStockholdersDiluted contextRef="c20120501to20120731" unitRef="U001" decimals="-3">1337000</us-gaap:NetIncomeLossAvailableToCommonStockholdersDiluted>
  <!--Net rentable area (in square feet)-Commercial properties [Member]-->
  <us-gaap:NetRentableArea contextRef="c20130731_RealEstatePropertiesAxis_CommercialRealEstateMember" unitRef="U005" decimals="-5">12000000</us-gaap:NetRentableArea>
  <!--Net income attributable to Investors Real Estate Trust-->
  <us-gaap:NetIncomeLoss contextRef="c20130501to20130731" unitRef="U001" decimals="-3">3078000</us-gaap:NetIncomeLoss>
  <!--Net income attributable to Investors Real Estate Trust-->
  <us-gaap:NetIncomeLoss contextRef="c20120501to20120731" unitRef="U001" decimals="-3">1679000</us-gaap:NetIncomeLoss>
  <!--Net Cash Provided by (Used in) Operating Activities-->
  <us-gaap:NetCashProvidedByUsedInOperatingActivities contextRef="c20130501to20130731" unitRef="U001" decimals="-3">17284000</us-gaap:NetCashProvidedByUsedInOperatingActivities>
  <!--Net Cash Provided by (Used in) Operating Activities-->
  <us-gaap:NetCashProvidedByUsedInOperatingActivities contextRef="c20120501to20120731" unitRef="U001" decimals="-3">13744000</us-gaap:NetCashProvidedByUsedInOperatingActivities>
  <!--Net income attributable to noncontrolling interests - consolidated real estate entities-->
  <us-gaap:NetIncomeLossAttributableToNoncontrollingInterest contextRef="c20130501to20130731" unitRef="U001" decimals="-3">-88000</us-gaap:NetIncomeLossAttributableToNoncontrollingInterest>
  <!--Net income attributable to noncontrolling interests - consolidated real estate entities-->
  <us-gaap:NetIncomeLossAttributableToNoncontrollingInterest contextRef="c20120501to20120731" unitRef="U001" decimals="-3">-66000</us-gaap:NetIncomeLossAttributableToNoncontrollingInterest>
  <!--Number of real estate properties-Multi-family residential properties [Member]-->
  <us-gaap:NumberOfRealEstateProperties contextRef="c20130731_RealEstatePropertiesAxis_ResidentialRealEstateMember" unitRef="U004" decimals="0">88</us-gaap:NumberOfRealEstateProperties>
  <!--Number of real estate properties-Commercial properties [Member]-->
  <us-gaap:NumberOfRealEstateProperties contextRef="c20130731_RealEstatePropertiesAxis_CommercialRealEstateMember" unitRef="U004" decimals="0">175</us-gaap:NumberOfRealEstateProperties>
  <!--Operating income-->
  <us-gaap:OperatingIncomeLoss contextRef="c20130501to20130731" unitRef="U001" decimals="-3">16149000</us-gaap:OperatingIncomeLoss>
  <!--Operating income-->
  <us-gaap:OperatingIncomeLoss contextRef="c20120501to20120731" unitRef="U001" decimals="-3">17790000</us-gaap:OperatingIncomeLoss>
  <!--Real estate rentals-->
  <us-gaap:OperatingLeasesIncomeStatementLeaseRevenue contextRef="c20130501to20130731" unitRef="U001" decimals="-3">55039000</us-gaap:OperatingLeasesIncomeStatementLeaseRevenue>
  <!--Real estate rentals-->
  <us-gaap:OperatingLeasesIncomeStatementLeaseRevenue contextRef="c20120501to20120731" unitRef="U001" decimals="-3">50458000</us-gaap:OperatingLeasesIncomeStatementLeaseRevenue>
  <!--Real estate rentals-Discontinued Operations [Member]-->
  <us-gaap:OperatingLeasesIncomeStatementLeaseRevenue contextRef="c20130501to20130731_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis_SegmentDiscontinuedOperationsMember" unitRef="U001" decimals="-3">216000</us-gaap:OperatingLeasesIncomeStatementLeaseRevenue>
  <!--Real estate rentals-Discontinued Operations [Member]-->
  <us-gaap:OperatingLeasesIncomeStatementLeaseRevenue contextRef="c20120501to20120731_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis_SegmentDiscontinuedOperationsMember" unitRef="U001" decimals="-3">1306000</us-gaap:OperatingLeasesIncomeStatementLeaseRevenue>
  <!--ORGANIZATION-->
  <us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock contextRef="c20130501to20130731">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt; font-weight: bold;"&gt;NOTE 1 &amp;#8226; ORGANIZATION&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;Investors Real Estate Trust ("IRET" or the "Company") is a self-advised real estate investment trust engaged in acquiring, owning and leasing multi-family and commercial real estate. IRET has elected to be taxed as a Real Estate Investment Trust ("REIT") under Sections 856-860 of the Internal Revenue Code of 1986, as amended. As a REIT, we are subject to a number of organizational and operational requirements, including a requirement to distribute 90% of ordinary taxable income to shareholders, and, generally, are not subject to federal income tax on net income, except for taxes on undistributed REIT taxable income. IRET's multi-family residential properties and commercial properties are located mainly in the states of North Dakota and Minnesota, but also in the states of Colorado, Idaho, Iowa, Kansas, Missouri, Montana, Nebraska, South Dakota, Wisconsin and Wyoming. As of July 31, 2013, IRET owned 88 multi-family residential properties with 10,351 apartment units and 175 commercial properties, consisting of office, healthcare, industrial and retail properties, totaling 12.0 million net rentable square feet. IRET conducts a majority of its business activities through its consolidated operating partnership, IRET Properties, a North Dakota Limited Partnership (the "Operating Partnership"), as well as through a number of other consolidated subsidiary entities.&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;All references to IRET or the Company refer to Investors Real Estate Trust and its consolidated subsidiaries.&lt;/div&gt;&lt;/div&gt;</us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock>
  <!--Tax, insurance, and other escrow-->
  <us-gaap:OtherAssets contextRef="c20130731" unitRef="U001" decimals="-3">12344000</us-gaap:OtherAssets>
  <!--Tax, insurance, and other escrow-->
  <us-gaap:OtherAssets contextRef="c20130430" unitRef="U001" decimals="-3">12569000</us-gaap:OtherAssets>
  <!--Other Noncash Income (Expense)-->
  <us-gaap:OtherNoncashIncomeExpense contextRef="c20130501to20130731" unitRef="U001" decimals="-3">178000</us-gaap:OtherNoncashIncomeExpense>
  <!--Other Noncash Income (Expense)-->
  <us-gaap:OtherNoncashIncomeExpense contextRef="c20120501to20120731" unitRef="U001" decimals="-3">420000</us-gaap:OtherNoncashIncomeExpense>
  <!--Other Significant Noncash Transaction, Value of Consideration Received-->
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  <!--Other Significant Noncash Transaction, Value of Consideration Received-->
  <us-gaap:OtherSignificantNoncashTransactionValueOfConsiderationReceived1 contextRef="c20120501to20120731" unitRef="U001" decimals="-3">0</us-gaap:OtherSignificantNoncashTransactionValueOfConsiderationReceived1>
  <!--Other expenses-->
  <us-gaap:OtherGeneralExpense contextRef="c20130501to20130731" unitRef="U001" decimals="-3">679000</us-gaap:OtherGeneralExpense>
  <!--Other expenses-->
  <us-gaap:OtherGeneralExpense contextRef="c20120501to20120731" unitRef="U001" decimals="-3">519000</us-gaap:OtherGeneralExpense>
  <!--Other expenses-Discontinued Operations [Member]-->
  <us-gaap:OtherGeneralExpense contextRef="c20130501to20130731_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis_SegmentDiscontinuedOperationsMember" unitRef="U001" decimals="-3">0</us-gaap:OtherGeneralExpense>
  <!--Other expenses-Discontinued Operations [Member]-->
  <us-gaap:OtherGeneralExpense contextRef="c20120501to20120731_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis_SegmentDiscontinuedOperationsMember" unitRef="U001" decimals="-3">6000</us-gaap:OtherGeneralExpense>
  <!--Other investments-->
  <us-gaap:OtherLongTermInvestments contextRef="c20130731" unitRef="U001" decimals="-3">640000</us-gaap:OtherLongTermInvestments>
  <!--Other investments-->
  <us-gaap:OtherLongTermInvestments contextRef="c20130430" unitRef="U001" decimals="-3">639000</us-gaap:OtherLongTermInvestments>
  <!--Other income-->
  <us-gaap:OtherNonoperatingIncomeExpense contextRef="c20130501to20130731" unitRef="U001" decimals="-3">22000</us-gaap:OtherNonoperatingIncomeExpense>
  <!--Other income-->
  <us-gaap:OtherNonoperatingIncomeExpense contextRef="c20120501to20120731" unitRef="U001" decimals="-3">124000</us-gaap:OtherNonoperatingIncomeExpense>
  <!--Other-->
  <us-gaap:OtherLiabilities contextRef="c20130731" unitRef="U001" decimals="-3">32366000</us-gaap:OtherLiabilities>
  <!--Other-->
  <us-gaap:OtherLiabilities contextRef="c20130430" unitRef="U001" decimals="-3">18170000</us-gaap:OtherLiabilities>
  <!--Property management expenses-->
  <us-gaap:OwnedPropertyManagementCosts contextRef="c20130501to20130731" unitRef="U001" decimals="-3">4242000</us-gaap:OwnedPropertyManagementCosts>
  <!--Property management expenses-->
  <us-gaap:OwnedPropertyManagementCosts contextRef="c20120501to20120731" unitRef="U001" decimals="-3">3701000</us-gaap:OwnedPropertyManagementCosts>
  <!--Property management expenses-Discontinued Operations [Member]-->
  <us-gaap:OwnedPropertyManagementCosts contextRef="c20130501to20130731_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis_SegmentDiscontinuedOperationsMember" unitRef="U001" decimals="-3">11000</us-gaap:OwnedPropertyManagementCosts>
  <!--Property management expenses-Discontinued Operations [Member]-->
  <us-gaap:OwnedPropertyManagementCosts contextRef="c20120501to20120731_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis_SegmentDiscontinuedOperationsMember" unitRef="U001" decimals="-3">65000</us-gaap:OwnedPropertyManagementCosts>
  <!--Partners' Capital Account, Redemptions-COMMON SHARES [Member]-->
  <us-gaap:PartnersCapitalAccountRedemptions contextRef="c20120501to20120731_StatementEquityComponentsAxis_CommonStockMember" unitRef="U001" decimals="-3">-337000</us-gaap:PartnersCapitalAccountRedemptions>
  <!--Partners' Capital Account, Redemptions-NONCONTROLLING INTERESTS [Member]-->
  <us-gaap:PartnersCapitalAccountRedemptions contextRef="c20120501to20120731_StatementEquityComponentsAxis_NoncontrollingInterestMember" unitRef="U001" decimals="-3">337000</us-gaap:PartnersCapitalAccountRedemptions>
  <!--Partners' Capital Account, Redemptions-->
  <us-gaap:PartnersCapitalAccountRedemptions contextRef="c20120501to20120731" unitRef="U001" decimals="-3">0</us-gaap:PartnersCapitalAccountRedemptions>
  <!--Partners' Capital Account, Redemptions-COMMON SHARES [Member]-->
  <us-gaap:PartnersCapitalAccountRedemptions contextRef="c20130501to20130731_StatementEquityComponentsAxis_CommonStockMember" unitRef="U001" decimals="-3">-706000</us-gaap:PartnersCapitalAccountRedemptions>
  <!--Partners' Capital Account, Redemptions-NONCONTROLLING INTERESTS [Member]-->
  <us-gaap:PartnersCapitalAccountRedemptions contextRef="c20130501to20130731_StatementEquityComponentsAxis_NoncontrollingInterestMember" unitRef="U001" decimals="-3">706000</us-gaap:PartnersCapitalAccountRedemptions>
  <!--Partners' Capital Account, Redemptions-->
  <us-gaap:PartnersCapitalAccountRedemptions contextRef="c20130501to20130731" unitRef="U001" decimals="-3">0</us-gaap:PartnersCapitalAccountRedemptions>
  <!--Redemption of units for common shares, shares (in shares)-COMMON SHARES [Member]-->
  <us-gaap:PartnersCapitalAccountUnitsRedeemed contextRef="c20120501to20120731_StatementEquityComponentsAxis_CommonStockMember" unitRef="U002" decimals="-3">89000</us-gaap:PartnersCapitalAccountUnitsRedeemed>
  <!--Redemption of units for common shares, shares (in shares)-COMMON SHARES [Member]-->
  <us-gaap:PartnersCapitalAccountUnitsRedeemed contextRef="c20130501to20130731_StatementEquityComponentsAxis_CommonStockMember" unitRef="U002" decimals="-3">125000</us-gaap:PartnersCapitalAccountUnitsRedeemed>
  <!--Payments for Capital Improvements-->
  <us-gaap:PaymentsForCapitalImprovements contextRef="c20130501to20130731" unitRef="U001" decimals="-3">7224000</us-gaap:PaymentsForCapitalImprovements>
  <!--Payments for Capital Improvements-->
  <us-gaap:PaymentsForCapitalImprovements contextRef="c20120501to20120731" unitRef="U001" decimals="-3">8786000</us-gaap:PaymentsForCapitalImprovements>
  <!--Payments for Construction in Process-->
  <us-gaap:PaymentsForConstructionInProcess contextRef="c20130501to20130731" unitRef="U001" decimals="-3">26476000</us-gaap:PaymentsForConstructionInProcess>
  <!--Payments for Construction in Process-->
  <us-gaap:PaymentsForConstructionInProcess contextRef="c20120501to20120731" unitRef="U001" decimals="-3">12997000</us-gaap:PaymentsForConstructionInProcess>
  <!--Payments of Distributions to Affiliates-->
  <us-gaap:PaymentsOfDistributionsToAffiliates contextRef="c20130501to20130731" unitRef="U001" decimals="-3">2646000</us-gaap:PaymentsOfDistributionsToAffiliates>
  <!--Payments of Distributions to Affiliates-->
  <us-gaap:PaymentsOfDistributionsToAffiliates contextRef="c20120501to20120731" unitRef="U001" decimals="-3">2522000</us-gaap:PaymentsOfDistributionsToAffiliates>
  <!--Payments for Repurchase of Common Stock-->
  <us-gaap:PaymentsForRepurchaseOfCommonStock contextRef="c20130501to20130731" unitRef="U001" decimals="-3">0</us-gaap:PaymentsForRepurchaseOfCommonStock>
  <!--Payments for Repurchase of Common Stock-->
  <us-gaap:PaymentsForRepurchaseOfCommonStock contextRef="c20120501to20120731" unitRef="U001" decimals="-3">6000</us-gaap:PaymentsForRepurchaseOfCommonStock>
  <!--Payments of Ordinary Dividends, Preferred Stock and Preference Stock-->
  <us-gaap:PaymentsOfDividendsPreferredStockAndPreferenceStock contextRef="c20130501to20130731" unitRef="U001" decimals="-3">2879000</us-gaap:PaymentsOfDividendsPreferredStockAndPreferenceStock>
  <!--Payments of Ordinary Dividends, Preferred Stock and Preference Stock-->
  <us-gaap:PaymentsOfDividendsPreferredStockAndPreferenceStock contextRef="c20120501to20120731" unitRef="U001" decimals="-3">593000</us-gaap:PaymentsOfDividendsPreferredStockAndPreferenceStock>
  <!--Payments of Ordinary Dividends, Noncontrolling Interest-->
  <us-gaap:PaymentsOfDividendsMinorityInterest contextRef="c20130501to20130731" unitRef="U001" decimals="-3">367000</us-gaap:PaymentsOfDividendsMinorityInterest>
  <!--Payments of Ordinary Dividends, Noncontrolling Interest-->
  <us-gaap:PaymentsOfDividendsMinorityInterest contextRef="c20120501to20120731" unitRef="U001" decimals="-3">0</us-gaap:PaymentsOfDividendsMinorityInterest>
  <!--Payments of Ordinary Dividends, Common Stock-->
  <us-gaap:PaymentsOfDividendsCommonStock contextRef="c20130501to20130731" unitRef="U001" decimals="-3">9715000</us-gaap:PaymentsOfDividendsCommonStock>
  <!--Payments of Ordinary Dividends, Common Stock-->
  <us-gaap:PaymentsOfDividendsCommonStock contextRef="c20120501to20120731" unitRef="U001" decimals="-3">8763000</us-gaap:PaymentsOfDividendsCommonStock>
  <!--Payments to Acquire Real Estate-->
  <us-gaap:PaymentsToAcquireRealEstate contextRef="c20130501to20130731" unitRef="U001" decimals="-3">3099000</us-gaap:PaymentsToAcquireRealEstate>
  <!--Payments to Acquire Real Estate-->
  <us-gaap:PaymentsToAcquireRealEstate contextRef="c20120501to20120731" unitRef="U001" decimals="-3">33472000</us-gaap:PaymentsToAcquireRealEstate>
  <!--Preferred Stock, Dividends Per Share, Declared-Series A Preferred Stock [Member]-Subsequent Event [Member]-Dividend Declared [Member]-->
  <us-gaap:PreferredStockDividendsPerShareDeclared contextRef="c20130501to20130731_DividendsAxis_DividendDeclaredMember_StatementClassOfStockAxis_SeriesAPreferredStockMember_SubsequentEventTypeAxis_SubsequentEventMember" unitRef="U003" decimals="INF">51.56</us-gaap:PreferredStockDividendsPerShareDeclared>
  <!--Preferred Stock, Dividends Per Share, Declared-Subsequent Event [Member]-Series B Preferred Stock [Member]-Dividend Declared [Member]-->
  <us-gaap:PreferredStockDividendsPerShareDeclared contextRef="c20130501to20130731_DividendsAxis_DividendDeclaredMember_StatementClassOfStockAxis_SeriesBPreferredStockMember_SubsequentEventTypeAxis_SubsequentEventMember" unitRef="U003" decimals="INF">49.68</us-gaap:PreferredStockDividendsPerShareDeclared>
  <!--Preferred Shares of Beneficial Interest, shares issued (in shares)-Preferred Class A [Member]-->
  <us-gaap:PreferredStockSharesIssued contextRef="c20130731_StatementScenarioAxis_PreferredClassAMember" unitRef="U002" decimals="0">1150000</us-gaap:PreferredStockSharesIssued>
  <!--Preferred Shares of Beneficial Interest, shares issued (in shares)-Preferred Class A [Member]-->
  <us-gaap:PreferredStockSharesIssued contextRef="c20130430_StatementScenarioAxis_PreferredClassAMember" unitRef="U002" decimals="0">1150000</us-gaap:PreferredStockSharesIssued>
  <!--Preferred Shares of Beneficial Interest, shares issued (in shares)-Preferred Class B [Member]-->
  <us-gaap:PreferredStockSharesIssued contextRef="c20130731_StatementScenarioAxis_PreferredClassBMember" unitRef="U002" decimals="0">4600000</us-gaap:PreferredStockSharesIssued>
  <!--Preferred Shares of Beneficial Interest, shares issued (in shares)-Preferred Class B [Member]-->
  <us-gaap:PreferredStockSharesIssued contextRef="c20130430_StatementScenarioAxis_PreferredClassBMember" unitRef="U002" decimals="0">4600000</us-gaap:PreferredStockSharesIssued>
  <!--Preferred Shares of Beneficial Interest, no par value (in dollars per share)-Preferred Class A [Member]-->
  <us-gaap:PreferredStockParOrStatedValuePerShare contextRef="c20130731_StatementScenarioAxis_PreferredClassAMember" unitRef="U003" decimals="0">0</us-gaap:PreferredStockParOrStatedValuePerShare>
  <!--Preferred Shares of Beneficial Interest, no par value (in dollars per share)-Preferred Class A [Member]-->
  <us-gaap:PreferredStockParOrStatedValuePerShare contextRef="c20130430_StatementScenarioAxis_PreferredClassAMember" unitRef="U003" decimals="0">0</us-gaap:PreferredStockParOrStatedValuePerShare>
  <!--Preferred Shares of Beneficial Interest, no par value (in dollars per share)-Preferred Class B [Member]-->
  <us-gaap:PreferredStockParOrStatedValuePerShare contextRef="c20130731_StatementScenarioAxis_PreferredClassBMember" unitRef="U003" decimals="0">0</us-gaap:PreferredStockParOrStatedValuePerShare>
  <!--Preferred Shares of Beneficial Interest, no par value (in dollars per share)-Preferred Class B [Member]-->
  <us-gaap:PreferredStockParOrStatedValuePerShare contextRef="c20130430_StatementScenarioAxis_PreferredClassBMember" unitRef="U003" decimals="0">0</us-gaap:PreferredStockParOrStatedValuePerShare>
  <!--Preferred Shares of Beneficial Interest, shares outstanding (in shares)-Preferred Class A [Member]-->
  <us-gaap:PreferredStockSharesOutstanding contextRef="c20130731_StatementScenarioAxis_PreferredClassAMember" unitRef="U002" decimals="0">1150000</us-gaap:PreferredStockSharesOutstanding>
  <!--Preferred Shares of Beneficial Interest, shares outstanding (in shares)-Preferred Class A [Member]-->
  <us-gaap:PreferredStockSharesOutstanding contextRef="c20130430_StatementScenarioAxis_PreferredClassAMember" unitRef="U002" decimals="0">1150000</us-gaap:PreferredStockSharesOutstanding>
  <!--Preferred Shares of Beneficial Interest, shares outstanding (in shares)-Preferred Class B [Member]-->
  <us-gaap:PreferredStockSharesOutstanding contextRef="c20130731_StatementScenarioAxis_PreferredClassBMember" unitRef="U002" decimals="0">4600000</us-gaap:PreferredStockSharesOutstanding>
  <!--Preferred Shares of Beneficial Interest, shares outstanding (in shares)-Preferred Class B [Member]-->
  <us-gaap:PreferredStockSharesOutstanding contextRef="c20130430_StatementScenarioAxis_PreferredClassBMember" unitRef="U002" decimals="0">4600000</us-gaap:PreferredStockSharesOutstanding>
  <!--Prepaid and other assets-->
  <us-gaap:PrepaidExpenseAndOtherAssets contextRef="c20130731" unitRef="U001" decimals="-3">4741000</us-gaap:PrepaidExpenseAndOtherAssets>
  <!--Prepaid and other assets-->
  <us-gaap:PrepaidExpenseAndOtherAssets contextRef="c20130430" unitRef="U001" decimals="-3">5124000</us-gaap:PrepaidExpenseAndOtherAssets>
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  <!--Distributions paid to noncontrolling interests - Unitholders of the Operating Partnership, net reinvestment-->
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  <!--Distributions paid to noncontrolling interests - Unitholders of the Operating Partnership, net reinvestment-->
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  <!--Proceeds from financing liability-->
  <us-gaap:ProceedsFromPaymentsForOtherFinancingActivities contextRef="c20130501to20130731" unitRef="U001" decimals="-3">7900000</us-gaap:ProceedsFromPaymentsForOtherFinancingActivities>
  <!--Proceeds from financing liability-->
  <us-gaap:ProceedsFromPaymentsForOtherFinancingActivities contextRef="c20120501to20120731" unitRef="U001" decimals="-3">0</us-gaap:ProceedsFromPaymentsForOtherFinancingActivities>
  <!--Insurance proceeds received-->
  <us-gaap:ProceedsFromCollectionOfOtherReceivables contextRef="c20130501to20130731" unitRef="U001" decimals="-3">1004000</us-gaap:ProceedsFromCollectionOfOtherReceivables>
  <!--Insurance proceeds received-->
  <us-gaap:ProceedsFromCollectionOfOtherReceivables contextRef="c20120501to20120731" unitRef="U001" decimals="-3">469000</us-gaap:ProceedsFromCollectionOfOtherReceivables>
  <!--Shares issued under the Incentive Award Plan-->
  <us-gaap:ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans contextRef="c20130501to20130731" unitRef="U001" decimals="-3">112000</us-gaap:ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans>
  <!--Shares issued under the Incentive Award Plan-->
  <us-gaap:ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans contextRef="c20120501to20120731" unitRef="U001" decimals="-3">398000</us-gaap:ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans>
  <!--Proceeds from mortgages payable-->
  <us-gaap:ProceedsFromIssuanceOfLongTermDebt contextRef="c20130501to20130731" unitRef="U001" decimals="-3">4100000</us-gaap:ProceedsFromIssuanceOfLongTermDebt>
  <!--Proceeds from mortgages payable-->
  <us-gaap:ProceedsFromIssuanceOfLongTermDebt contextRef="c20120501to20120731" unitRef="U001" decimals="-3">35450000</us-gaap:ProceedsFromIssuanceOfLongTermDebt>
  <!--Proceeds from sale of common shares, net of issue costs-->
  <us-gaap:ProceedsFromIssuanceOfCommonStock contextRef="c20130501to20130731" unitRef="U001" decimals="-3">0</us-gaap:ProceedsFromIssuanceOfCommonStock>
  <!--Proceeds from sale of common shares, net of issue costs-->
  <us-gaap:ProceedsFromIssuanceOfCommonStock contextRef="c20120501to20120731" unitRef="U001" decimals="-3">2168000</us-gaap:ProceedsFromIssuanceOfCommonStock>
  <!--Proceeds from revolving line of credit and other debt-->
  <us-gaap:ProceedsFromLinesOfCredit contextRef="c20130501to20130731" unitRef="U001" decimals="-3">6313000</us-gaap:ProceedsFromLinesOfCredit>
  <!--Proceeds from revolving line of credit and other debt-->
  <us-gaap:ProceedsFromLinesOfCredit contextRef="c20120501to20120731" unitRef="U001" decimals="-3">16593000</us-gaap:ProceedsFromLinesOfCredit>
  <!--Proceeds from sale of common shares under distribution reinvestment and share purchase program-->
  <us-gaap:ProceedsFromOtherEquity contextRef="c20130501to20130731" unitRef="U001" decimals="-3">15941000</us-gaap:ProceedsFromOtherEquity>
  <!--Proceeds from sale of common shares under distribution reinvestment and share purchase program-->
  <us-gaap:ProceedsFromOtherEquity contextRef="c20120501to20120731" unitRef="U001" decimals="-3">11357000</us-gaap:ProceedsFromOtherEquity>
  <!--Proceeds from sale of discontinued operations-->
  <us-gaap:ProceedsFromSaleOfRealEstate contextRef="c20130501to20130731" unitRef="U001" decimals="-3">21261000</us-gaap:ProceedsFromSaleOfRealEstate>
  <!--Proceeds from sale of discontinued operations-->
  <us-gaap:ProceedsFromSaleOfRealEstate contextRef="c20120501to20120731" unitRef="U001" decimals="-3">875000</us-gaap:ProceedsFromSaleOfRealEstate>
  <!--Net income-->
  <us-gaap:ProfitLoss contextRef="c20130501to20130731" unitRef="U001" decimals="-3">3216000</us-gaap:ProfitLoss>
  <!--Net income-->
  <us-gaap:ProfitLoss contextRef="c20120501to20120731" unitRef="U001" decimals="-3">1996000</us-gaap:ProfitLoss>
  <!--Acquisitions and development projects placed in service-->
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The Company's acquisitions and development projects placed in service during the three months ended July 31, 2013 and 2012 are detailed below:&lt;/div&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;"&gt;Three Months Ended July 31, 2013&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td rowspan="2" style="border-bottom: #000000 2px solid; width: 47.41%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Acquisitions&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 12.91%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="8" style="border-bottom: #000000 2px solid; width: 39.67%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; width: 12.91%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Date Acquired&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 9.48%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Land&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 10.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Building&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 9.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Intangible&lt;/div&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Assets&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 10.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Acquisition&lt;/div&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Cost&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 47.41%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 12.91%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.76%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.78%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.6%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 47.41%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Multi-Family Residential&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 12.91%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.76%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.78%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.6%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 47.41%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;71 unit - Alps Park - Rapid City, SD&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 12.91%; vertical-align: top;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;2013-05-01&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.72%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 7.76%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;287&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.72%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;5,551&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.72%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 7.78%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;362&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.74%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.6%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;6,200&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 47.41%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 12.91%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.76%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.78%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.6%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 47.41%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Unimproved Land&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 12.91%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.76%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.78%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.6%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 47.41%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Chateau II - Minot, ND&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 12.91%; vertical-align: top;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;2013-05-21&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 7.76%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;179&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 7.78%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.6%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;179&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 47.41%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 12.91%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 7.76%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 7.78%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.6%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 4px double; width: 47.41%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Total Property Acquisitions&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 12.91%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.72%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 7.76%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;466&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.72%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;5,551&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.72%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 7.78%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;362&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.74%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.6%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;6,379&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="margin-bottom: 10pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;"&gt;Three Months Ended July 31, 2012&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td rowspan="2" style="border-bottom: #000000 2px solid; width: 47.42%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Acquisitions&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 12.58%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="8" style="border-bottom: #000000 2px solid; width: 40%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; width: 12.58%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Date Acquired&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 9.56%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Land&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 10.44%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Building&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 9.1%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Intangible&lt;/div&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Assets&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 10.9%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Acquisition&lt;/div&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Cost&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 47.42%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 12.58%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.82%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.36%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.2%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 47.42%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Multi-Family Residential&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 12.58%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.82%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.36%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.2%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 47.42%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;308 unit - Villa West - Topeka, KS&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 12.58%; vertical-align: top;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;2012-05-08&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.82%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;1,590&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;15,760&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.36%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;300&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.2%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;17,650&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 47.42%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;232 unit - Colony - Lincoln, NE&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 12.58%; vertical-align: top;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;2012-06-04&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.82%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;1,515&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;15,731&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.36%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;254&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.2%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;17,500&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 47.42%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;208 unit - Lakeside Village - Lincoln, NE&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 12.58%; vertical-align: top;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;2012-06-04&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.74%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 7.82%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;1,215&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.74%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;15,837&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.74%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 7.36%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;198&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 2.2%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;17,250&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 47.42%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 12.58%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 7.82%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 7.36%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 2.2%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 4px double; width: 47.42%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Total Property Acquisitions&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 12.58%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.74%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 7.82%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;4,320&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.74%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;47,328&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.74%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 7.36%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;752&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 2.2%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;52,400&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 46.55%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 13.78%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="8" style="border-bottom: #000000 2px solid; width: 39.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; width: 46.55%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Development Projects Placed in Service&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 13.78%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Date Placed in&lt;/div&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Service&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 9.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;&amp;#160;&lt;/div&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Land&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 10.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;&amp;#160;&lt;/div&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Building&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;&amp;#160;&lt;/div&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Intangible&lt;/div&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Assets&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 11.2%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;&amp;#160;&lt;/div&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Acquisition&lt;/div&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Cost&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 46.55%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 13.78%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.76%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 6.9%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.54%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 46.55%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Multi-Family Residential&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 13.78%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.76%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 6.9%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.54%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 46.55%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;159 unit &amp;#8211; Quarry Ridge II &amp;#8211; Rochester, MN&lt;sup&gt;(1)&lt;/sup&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 13.78%; vertical-align: top;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;2012-06-29&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.76%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;3,543&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 6.9%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.54%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;3,543&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 46.55%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;73 unit - Williston Garden Buildings 3 and 4 - Williston, ND&lt;sup&gt;(2)&lt;/sup&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 13.78%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; margin-left: 18pt; font-size: 10pt; margin-right: 3.75pt;"&gt;2012-07-31&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 7.76%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; margin-left: 18pt; font-size: 10pt; margin-right: 3.75pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.72%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; margin-left: 18pt; font-size: 10pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; margin-left: 18pt; font-size: 10pt; margin-right: 3.75pt;"&gt;4,158&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.72%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; margin-left: 18pt; font-size: 10pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 6.9%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; margin-left: 18pt; font-size: 10pt; margin-right: 3.75pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 2.54%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; margin-left: 18pt; font-size: 10pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; margin-left: 18pt; font-size: 10pt; margin-right: 3.75pt;"&gt;4,158&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 46.55%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 13.78%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 7.76%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 6.9%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 2.54%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 4px double; width: 46.55%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Total Development Projects Placed in Service&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 13.78%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.74%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 7.76%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.72%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;7,701&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.72%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 6.9%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 2.54%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;7,701&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 18pt; vertical-align: top; align: right;"&gt;&lt;div style="text-align: left; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt;"&gt;(1)&lt;/div&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top;"&gt;&lt;div style="text-align: justify; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt;"&gt;Development property placed in service June 29, 2012. Additional costs paid in fiscal years 2012 and 2011, and land acquired in fiscal year 2007, totaled $13.0 million, for a total project cost at July 31, 2012 of $16.5 million.&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman', Times, serif; margin-bottom: 7.5pt; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 18pt; vertical-align: top; align: right;"&gt;&lt;div style="text-align: left; font-style: italic; font-family: 'Times New Roman', serif; margin-bottom: 7.5pt; font-size: 8pt;"&gt;(2)&lt;/div&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top;"&gt;&lt;div style="text-align: justify; font-style: italic; font-family: 'Times New Roman', serif; margin-bottom: 7.5pt; font-size: 8pt;"&gt;Development property placed in service July 31, 2012. Buildings 1 and 2 were placed in service in fiscal year 2012. Additional costs paid in fiscal year 2012 totaled $12.0 million, for a total project cost at July 31, 2012 of $16.2 million.&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-bottom: 12pt; font-size: 10pt;"&gt;Acquisitions in the three months ended July 31, 2013 and 2012 are immaterial to our real estate portfolio both individually and in the aggregate, and consequently no proforma information is presented. The results of operations from acquired properties are included in the Condensed Consolidated Statements of Operations as of their acquisition date. The revenue and net income of our acquisitions in the three months ended July 31, 2013 and 2012, respectively, (excluding development projects placed in service) are detailed below.&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 75.86%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="4" style="border-bottom: #000000 2px solid; width: 24.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 75.86%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="4" style="border-bottom: #000000 2px solid; width: 24.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Three Months Ended&lt;/div&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;July 31&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; width: 75.86%; vertical-align: top;"&gt;&lt;div style="text-align: left;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 12.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;2013&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 11.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;2012&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 75.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Total revenue&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;186&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.96%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;1,232&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 75.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Net (loss) income&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;(108)&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.96%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;(72)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="text-align: left; margin-top: 10pt; font-family: 'Times New Roman', serif; margin-bottom: 6pt; font-size: 10pt; font-weight: bold;"&gt;PROPERTY DISPOSITIONS&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;During the first quarter of fiscal year 2014, the Company sold four commercial industrial properties and one commercial retail property. During the first quarter of fiscal year 2013, IRET sold two condominium units and a commercial retail property. The following table details the Company's dispositions during the three months ended July 31, 2013 and 2012:&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 6pt; font-size: 10pt; font-weight: bold;"&gt;Three Months Ended July 31, 2013&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 50.86%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 13.62%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="6" style="border-bottom: #000000 2px solid; width: 35.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; width: 50.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Dispositions&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 13.62%; vertical-align: top;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Date&lt;/div&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Disposed&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 11.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Sales Price&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 13.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Book Value&lt;/div&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;and Sales Cost&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 10.12%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Gain/(Loss)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 50.86%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 13.62%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.16%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 11.84%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.4%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 50.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Commercial Industrial&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 13.62%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.16%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 11.84%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.4%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 50.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;41,880 sq ft Bodycote - Eden Prairie, MN&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 13.62%; vertical-align: top;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; margin-left: 18pt; font-size: 10pt; margin-right: 3.75pt;"&gt;2013-05-13&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.16%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;3,150&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 11.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;1,375&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.4%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;1,775&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 50.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;42,244 sq ft Fargo 1320 45&lt;sup&gt;th&lt;/sup&gt; St. N - Fargo, ND&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 13.62%; vertical-align: top;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; margin-left: 18pt; font-size: 10pt; margin-right: 3.75pt;"&gt;2013-05-13&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.16%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;4,700&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 11.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;4,100&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.4%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;600&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 50.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;49,620 sq ft Metal Improvement - New Brighton, MN&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 13.62%; vertical-align: top;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; margin-left: 18pt; font-size: 10pt; margin-right: 3.75pt;"&gt;2013-05-13&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.16%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;2,350&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 11.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;1,949&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.4%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;401&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 50.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;172,057 sq ft Roseville 2929 Long Lake Road - Roseville, MN&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 13.62%; vertical-align: top;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; margin-left: 18pt; font-size: 10pt; margin-right: 3.75pt;"&gt;2013-05-13&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 10.16%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;9,275&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 11.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;9,998&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.4%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;(723)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 50.86%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 13.62%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.16%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;19,475&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 11.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;17,422&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.4%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;2,053&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 50.86%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 13.62%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.16%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 11.84%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.4%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 50.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Commercial Retail&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 13.62%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.16%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 11.84%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.4%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 50.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;23,187 sq ft Eagan - Eagan, MN&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 13.62%; vertical-align: top;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; margin-left: 18pt; font-size: 10pt; margin-right: 3.75pt;"&gt;2013-05-14&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 10.16%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;2,310&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 11.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;2,420&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.4%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;(110)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 50.86%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 13.62%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 10.16%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 11.84%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.4%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 4px double; width: 50.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Total Property Dispositions&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 13.62%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 10.16%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;21,785&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 11.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;19,842&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.72%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.4%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;1,943&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="text-align: justify; margin-bottom: 6pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-bottom: 12pt; font-size: 10pt; font-weight: bold;"&gt;Three Months Ended July 31, 2012&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 50.86%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 13.58%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="6" style="border-bottom: #000000 2px solid; width: 35.56%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; width: 50.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Dispositions&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 13.58%; vertical-align: top;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Date&lt;/div&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Disposed&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 11.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Sales Price&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 13.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Book Value&lt;/div&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;and Sales Cost&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 10.16%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Gain/(Loss)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 50.86%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 13.58%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.16%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 11.84%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.44%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 50.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Commercial Retail&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 13.58%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.16%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 11.84%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.44%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 50.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;16,080 sq ft. Kentwood Thomasville &amp;#8211; Kentwood, MI&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 13.58%; vertical-align: top;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;2012-06-20&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 10.16%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;625&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 11.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;692&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.44%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;(67)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 50.86%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 13.58%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.16%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 11.84%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.44%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 50.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Other&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 13.58%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.16%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 11.84%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.44%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 50.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Georgetown Square&lt;font style="font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;Condominiums 5 and 6&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 13.58%; vertical-align: top;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;2012-06-21&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 10.16%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;330&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 11.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;336&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.72%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.44%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;(6)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 50.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 13.58%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 10.16%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 11.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.72%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.44%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 4px double; width: 50.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Total Property Dispositions&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 13.58%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 10.16%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;955&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 11.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;1,028&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.72%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.44%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;(73)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:PropertyPlantAndEquipmentScheduleOfSignificantAcquisitionsAndDisposalsTextBlock>
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  <!--Property and equipment, net of accumulated depreciation of $1,757 and $1,673, respectively-->
  <us-gaap:PropertyPlantAndEquipmentNet contextRef="c20130430" unitRef="U001" decimals="-3">1221000</us-gaap:PropertyPlantAndEquipmentNet>
  <!--Other property expenses-->
  <us-gaap:ProvisionForDoubtfulAccounts contextRef="c20130501to20130731" unitRef="U001" decimals="-3">177000</us-gaap:ProvisionForDoubtfulAccounts>
  <!--Other property expenses-->
  <us-gaap:ProvisionForDoubtfulAccounts contextRef="c20120501to20120731" unitRef="U001" decimals="-3">335000</us-gaap:ProvisionForDoubtfulAccounts>
  <!--Construction interest capitalized-->
  <us-gaap:RealEstateInventoryCapitalizedInterestCostsIncurred contextRef="c20130501to20130731" unitRef="U001" decimals="0">580000</us-gaap:RealEstateInventoryCapitalizedInterestCostsIncurred>
  <!--Construction interest capitalized-->
  <us-gaap:RealEstateInventoryCapitalizedInterestCostsIncurred contextRef="c20120501to20120731" unitRef="U001" decimals="0">161000</us-gaap:RealEstateInventoryCapitalizedInterestCostsIncurred>
  <!--Insurance-->
  <us-gaap:RealEstateInsurance contextRef="c20130501to20130731" unitRef="U001" decimals="-3">1347000</us-gaap:RealEstateInsurance>
  <!--Insurance-->
  <us-gaap:RealEstateInsurance contextRef="c20120501to20120731" unitRef="U001" decimals="-3">901000</us-gaap:RealEstateInsurance>
  <!--Insurance-Discontinued Operations [Member]-->
  <us-gaap:RealEstateInsurance contextRef="c20130501to20130731_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis_SegmentDiscontinuedOperationsMember" unitRef="U001" decimals="-3">3000</us-gaap:RealEstateInsurance>
  <!--Insurance-Discontinued Operations [Member]-->
  <us-gaap:RealEstateInsurance contextRef="c20120501to20120731_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis_SegmentDiscontinuedOperationsMember" unitRef="U001" decimals="-3">21000</us-gaap:RealEstateInsurance>
  <!--Property owned-->
  <us-gaap:RealEstateInvestmentPropertyAtCost contextRef="c20130731" unitRef="U001" decimals="-3">2016523000</us-gaap:RealEstateInvestmentPropertyAtCost>
  <!--Property owned-->
  <us-gaap:RealEstateInvestmentPropertyAtCost contextRef="c20130430" unitRef="U001" decimals="-3">2032970000</us-gaap:RealEstateInvestmentPropertyAtCost>
  <!--Property owned-Multi Family Residential [Member]-->
  <us-gaap:RealEstateInvestmentPropertyAtCost contextRef="c20130731_StatementBusinessSegmentsAxis_MultiFamilyResidentialMember" unitRef="U001" decimals="-3">670573000</us-gaap:RealEstateInvestmentPropertyAtCost>
  <!--Property owned-Commercial Office [Member]-->
  <us-gaap:RealEstateInvestmentPropertyAtCost contextRef="c20130731_StatementBusinessSegmentsAxis_CommercialOfficeMember" unitRef="U001" decimals="-3">625610000</us-gaap:RealEstateInvestmentPropertyAtCost>
  <!--Property owned-Commercial Healthcare [Member]-->
  <us-gaap:RealEstateInvestmentPropertyAtCost contextRef="c20130731_StatementBusinessSegmentsAxis_CommercialHealthcareMember" unitRef="U001" decimals="-3">502346000</us-gaap:RealEstateInvestmentPropertyAtCost>
  <!--Property owned-Commercial Industrial [Member]-->
  <us-gaap:RealEstateInvestmentPropertyAtCost contextRef="c20130731_StatementBusinessSegmentsAxis_CommercialIndustrialMember" unitRef="U001" decimals="-3">100204000</us-gaap:RealEstateInvestmentPropertyAtCost>
  <!--Property owned-Commercial Retail [Member]-->
  <us-gaap:RealEstateInvestmentPropertyAtCost contextRef="c20130731_StatementBusinessSegmentsAxis_CommercialRetailMember" unitRef="U001" decimals="-3">117790000</us-gaap:RealEstateInvestmentPropertyAtCost>
  <!--Property owned-Multi Family Residential [Member]-->
  <us-gaap:RealEstateInvestmentPropertyAtCost contextRef="c20130430_StatementBusinessSegmentsAxis_MultiFamilyResidentialMember" unitRef="U001" decimals="-3">659696000</us-gaap:RealEstateInvestmentPropertyAtCost>
  <!--Property owned-Commercial Office [Member]-->
  <us-gaap:RealEstateInvestmentPropertyAtCost contextRef="c20130430_StatementBusinessSegmentsAxis_CommercialOfficeMember" unitRef="U001" decimals="-3">613775000</us-gaap:RealEstateInvestmentPropertyAtCost>
  <!--Property owned-Commercial Healthcare [Member]-->
  <us-gaap:RealEstateInvestmentPropertyAtCost contextRef="c20130430_StatementBusinessSegmentsAxis_CommercialHealthcareMember" unitRef="U001" decimals="-3">501191000</us-gaap:RealEstateInvestmentPropertyAtCost>
  <!--Property owned-Commercial Industrial [Member]-->
  <us-gaap:RealEstateInvestmentPropertyAtCost contextRef="c20130430_StatementBusinessSegmentsAxis_CommercialIndustrialMember" unitRef="U001" decimals="-3">125772000</us-gaap:RealEstateInvestmentPropertyAtCost>
  <!--Property owned-Commercial Retail [Member]-->
  <us-gaap:RealEstateInvestmentPropertyAtCost contextRef="c20130430_StatementBusinessSegmentsAxis_CommercialRetailMember" unitRef="U001" decimals="-3">132536000</us-gaap:RealEstateInvestmentPropertyAtCost>
  <!--Net property owned-->
  <us-gaap:RealEstateInvestmentPropertyNet contextRef="c20130731" unitRef="U001" decimals="-3">1587147000</us-gaap:RealEstateInvestmentPropertyNet>
  <!--Net property owned-->
  <us-gaap:RealEstateInvestmentPropertyNet contextRef="c20130430" unitRef="U001" decimals="-3">1612549000</us-gaap:RealEstateInvestmentPropertyNet>
  <!--Net property owned-Multi Family Residential [Member]-->
  <us-gaap:RealEstateInvestmentPropertyNet contextRef="c20130731_StatementBusinessSegmentsAxis_MultiFamilyResidentialMember" unitRef="U001" decimals="-3">525297000</us-gaap:RealEstateInvestmentPropertyNet>
  <!--Net property owned-Commercial Office [Member]-->
  <us-gaap:RealEstateInvestmentPropertyNet contextRef="c20130731_StatementBusinessSegmentsAxis_CommercialOfficeMember" unitRef="U001" decimals="-3">482364000</us-gaap:RealEstateInvestmentPropertyNet>
  <!--Net property owned-Commercial Healthcare [Member]-->
  <us-gaap:RealEstateInvestmentPropertyNet contextRef="c20130731_StatementBusinessSegmentsAxis_CommercialHealthcareMember" unitRef="U001" decimals="-3">407730000</us-gaap:RealEstateInvestmentPropertyNet>
  <!--Net property owned-Commercial Industrial [Member]-->
  <us-gaap:RealEstateInvestmentPropertyNet contextRef="c20130731_StatementBusinessSegmentsAxis_CommercialIndustrialMember" unitRef="U001" decimals="-3">80236000</us-gaap:RealEstateInvestmentPropertyNet>
  <!--Net property owned-Commercial Retail [Member]-->
  <us-gaap:RealEstateInvestmentPropertyNet contextRef="c20130731_StatementBusinessSegmentsAxis_CommercialRetailMember" unitRef="U001" decimals="-3">91520000</us-gaap:RealEstateInvestmentPropertyNet>
  <!--Net property owned-Multi Family Residential [Member]-->
  <us-gaap:RealEstateInvestmentPropertyNet contextRef="c20130430_StatementBusinessSegmentsAxis_MultiFamilyResidentialMember" unitRef="U001" decimals="-3">519342000</us-gaap:RealEstateInvestmentPropertyNet>
  <!--Net property owned-Commercial Office [Member]-->
  <us-gaap:RealEstateInvestmentPropertyNet contextRef="c20130430_StatementBusinessSegmentsAxis_CommercialOfficeMember" unitRef="U001" decimals="-3">475505000</us-gaap:RealEstateInvestmentPropertyNet>
  <!--Net property owned-Commercial Healthcare [Member]-->
  <us-gaap:RealEstateInvestmentPropertyNet contextRef="c20130430_StatementBusinessSegmentsAxis_CommercialHealthcareMember" unitRef="U001" decimals="-3">410300000</us-gaap:RealEstateInvestmentPropertyNet>
  <!--Net property owned-Commercial Industrial [Member]-->
  <us-gaap:RealEstateInvestmentPropertyNet contextRef="c20130430_StatementBusinessSegmentsAxis_CommercialIndustrialMember" unitRef="U001" decimals="-3">102084000</us-gaap:RealEstateInvestmentPropertyNet>
  <!--Net property owned-Commercial Retail [Member]-->
  <us-gaap:RealEstateInvestmentPropertyNet contextRef="c20130430_StatementBusinessSegmentsAxis_CommercialRetailMember" unitRef="U001" decimals="-3">105318000</us-gaap:RealEstateInvestmentPropertyNet>
  <!--Real estate investment amount of properties (net of accumulated depreciation)-->
  <us-gaap:RealEstateInvestments contextRef="c20130731" unitRef="U001" decimals="-5">876100000</us-gaap:RealEstateInvestments>
  <!--Real Estate Investment Property, Accumulated Depreciation-->
  <us-gaap:RealEstateInvestmentPropertyAccumulatedDepreciation contextRef="c20130731" unitRef="U001" decimals="-3">429376000</us-gaap:RealEstateInvestmentPropertyAccumulatedDepreciation>
  <!--Real Estate Investment Property, Accumulated Depreciation-->
  <us-gaap:RealEstateInvestmentPropertyAccumulatedDepreciation contextRef="c20130430" unitRef="U001" decimals="-3">420421000</us-gaap:RealEstateInvestmentPropertyAccumulatedDepreciation>
  <!--Real Estate Investment Property, Accumulated Depreciation-Multi Family Residential [Member]-->
  <us-gaap:RealEstateInvestmentPropertyAccumulatedDepreciation contextRef="c20130731_StatementBusinessSegmentsAxis_MultiFamilyResidentialMember" unitRef="U001" decimals="-3">145276000</us-gaap:RealEstateInvestmentPropertyAccumulatedDepreciation>
  <!--Real Estate Investment Property, Accumulated Depreciation-Commercial Office [Member]-->
  <us-gaap:RealEstateInvestmentPropertyAccumulatedDepreciation contextRef="c20130731_StatementBusinessSegmentsAxis_CommercialOfficeMember" unitRef="U001" decimals="-3">143246000</us-gaap:RealEstateInvestmentPropertyAccumulatedDepreciation>
  <!--Real Estate Investment Property, Accumulated Depreciation-Commercial Healthcare [Member]-->
  <us-gaap:RealEstateInvestmentPropertyAccumulatedDepreciation contextRef="c20130731_StatementBusinessSegmentsAxis_CommercialHealthcareMember" unitRef="U001" decimals="-3">94616000</us-gaap:RealEstateInvestmentPropertyAccumulatedDepreciation>
  <!--Real Estate Investment Property, Accumulated Depreciation-Commercial Industrial [Member]-->
  <us-gaap:RealEstateInvestmentPropertyAccumulatedDepreciation contextRef="c20130731_StatementBusinessSegmentsAxis_CommercialIndustrialMember" unitRef="U001" decimals="-3">19968000</us-gaap:RealEstateInvestmentPropertyAccumulatedDepreciation>
  <!--Real Estate Investment Property, Accumulated Depreciation-Commercial Retail [Member]-->
  <us-gaap:RealEstateInvestmentPropertyAccumulatedDepreciation contextRef="c20130731_StatementBusinessSegmentsAxis_CommercialRetailMember" unitRef="U001" decimals="-3">26270000</us-gaap:RealEstateInvestmentPropertyAccumulatedDepreciation>
  <!--Real Estate Investment Property, Accumulated Depreciation-Multi Family Residential [Member]-->
  <us-gaap:RealEstateInvestmentPropertyAccumulatedDepreciation contextRef="c20130430_StatementBusinessSegmentsAxis_MultiFamilyResidentialMember" unitRef="U001" decimals="-3">140354000</us-gaap:RealEstateInvestmentPropertyAccumulatedDepreciation>
  <!--Real Estate Investment Property, Accumulated Depreciation-Commercial Office [Member]-->
  <us-gaap:RealEstateInvestmentPropertyAccumulatedDepreciation contextRef="c20130430_StatementBusinessSegmentsAxis_CommercialOfficeMember" unitRef="U001" decimals="-3">138270000</us-gaap:RealEstateInvestmentPropertyAccumulatedDepreciation>
  <!--Real Estate Investment Property, Accumulated Depreciation-Commercial Healthcare [Member]-->
  <us-gaap:RealEstateInvestmentPropertyAccumulatedDepreciation contextRef="c20130430_StatementBusinessSegmentsAxis_CommercialHealthcareMember" unitRef="U001" decimals="-3">90891000</us-gaap:RealEstateInvestmentPropertyAccumulatedDepreciation>
  <!--Real Estate Investment Property, Accumulated Depreciation-Commercial Industrial [Member]-->
  <us-gaap:RealEstateInvestmentPropertyAccumulatedDepreciation contextRef="c20130430_StatementBusinessSegmentsAxis_CommercialIndustrialMember" unitRef="U001" decimals="-3">23688000</us-gaap:RealEstateInvestmentPropertyAccumulatedDepreciation>
  <!--Real Estate Investment Property, Accumulated Depreciation-Commercial Retail [Member]-->
  <us-gaap:RealEstateInvestmentPropertyAccumulatedDepreciation contextRef="c20130430_StatementBusinessSegmentsAxis_CommercialRetailMember" unitRef="U001" decimals="-3">27218000</us-gaap:RealEstateInvestmentPropertyAccumulatedDepreciation>
  <!--Joint ventures partner's interest acquired-->
  <us-gaap:RealEstateInvestmentsJointVentures contextRef="c20130731" unitRef="U001" decimals="0">0</us-gaap:RealEstateInvestmentsJointVentures>
  <!--Real estate held for sale-->
  <us-gaap:RealEstateHeldforsale contextRef="c20130731" unitRef="U001" decimals="-3">3969000</us-gaap:RealEstateHeldforsale>
  <!--Real estate held for sale-->
  <us-gaap:RealEstateHeldforsale contextRef="c20130430" unitRef="U001" decimals="-3">0</us-gaap:RealEstateHeldforsale>
  <!--TOTAL REVENUE-->
  <us-gaap:RealEstateRevenueNet contextRef="c20130501to20130731" unitRef="U001" decimals="-3">67182000</us-gaap:RealEstateRevenueNet>
  <!--TOTAL REVENUE-->
  <us-gaap:RealEstateRevenueNet contextRef="c20120501to20120731" unitRef="U001" decimals="-3">60975000</us-gaap:RealEstateRevenueNet>
  <!--TOTAL REVENUE-Multi Family Residential [Member]-->
  <us-gaap:RealEstateRevenueNet contextRef="c20130501to20130731_StatementBusinessSegmentsAxis_MultiFamilyResidentialMember" unitRef="U001" decimals="-3">24582000</us-gaap:RealEstateRevenueNet>
  <!--TOTAL REVENUE-Commercial Office [Member]-->
  <us-gaap:RealEstateRevenueNet contextRef="c20130501to20130731_StatementBusinessSegmentsAxis_CommercialOfficeMember" unitRef="U001" decimals="-3">19744000</us-gaap:RealEstateRevenueNet>
  <!--TOTAL REVENUE-Commercial Healthcare [Member]-->
  <us-gaap:RealEstateRevenueNet contextRef="c20130501to20130731_StatementBusinessSegmentsAxis_CommercialHealthcareMember" unitRef="U001" decimals="-3">16072000</us-gaap:RealEstateRevenueNet>
  <!--TOTAL REVENUE-Commercial Industrial [Member]-->
  <us-gaap:RealEstateRevenueNet contextRef="c20130501to20130731_StatementBusinessSegmentsAxis_CommercialIndustrialMember" unitRef="U001" decimals="-3">3456000</us-gaap:RealEstateRevenueNet>
  <!--TOTAL REVENUE-Commercial Retail [Member]-->
  <us-gaap:RealEstateRevenueNet contextRef="c20130501to20130731_StatementBusinessSegmentsAxis_CommercialRetailMember" unitRef="U001" decimals="-3">3328000</us-gaap:RealEstateRevenueNet>
  <!--TOTAL REVENUE-Multi Family Residential [Member]-->
  <us-gaap:RealEstateRevenueNet contextRef="c20120501to20120731_StatementBusinessSegmentsAxis_MultiFamilyResidentialMember" unitRef="U001" decimals="-3">21210000</us-gaap:RealEstateRevenueNet>
  <!--TOTAL REVENUE-Commercial Office [Member]-->
  <us-gaap:RealEstateRevenueNet contextRef="c20120501to20120731_StatementBusinessSegmentsAxis_CommercialOfficeMember" unitRef="U001" decimals="-3">18778000</us-gaap:RealEstateRevenueNet>
  <!--TOTAL REVENUE-Commercial Healthcare [Member]-->
  <us-gaap:RealEstateRevenueNet contextRef="c20120501to20120731_StatementBusinessSegmentsAxis_CommercialHealthcareMember" unitRef="U001" decimals="-3">15073000</us-gaap:RealEstateRevenueNet>
  <!--TOTAL REVENUE-Commercial Industrial [Member]-->
  <us-gaap:RealEstateRevenueNet contextRef="c20120501to20120731_StatementBusinessSegmentsAxis_CommercialIndustrialMember" unitRef="U001" decimals="-3">2788000</us-gaap:RealEstateRevenueNet>
  <!--TOTAL REVENUE-Commercial Retail [Member]-->
  <us-gaap:RealEstateRevenueNet contextRef="c20120501to20120731_StatementBusinessSegmentsAxis_CommercialRetailMember" unitRef="U001" decimals="-3">3126000</us-gaap:RealEstateRevenueNet>
  <!--TOTAL REVENUE-Discontinued Operations [Member]-->
  <us-gaap:RealEstateRevenueNet contextRef="c20130501to20130731_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis_SegmentDiscontinuedOperationsMember" unitRef="U001" decimals="-3">267000</us-gaap:RealEstateRevenueNet>
  <!--TOTAL REVENUE-Discontinued Operations [Member]-->
  <us-gaap:RealEstateRevenueNet contextRef="c20120501to20120731_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis_SegmentDiscontinuedOperationsMember" unitRef="U001" decimals="-3">1445000</us-gaap:RealEstateRevenueNet>
  <!--Real estate taxes-->
  <us-gaap:RealEstateTaxExpense contextRef="c20130501to20130731" unitRef="U001" decimals="-3">8862000</us-gaap:RealEstateTaxExpense>
  <!--Real estate taxes-->
  <us-gaap:RealEstateTaxExpense contextRef="c20120501to20120731" unitRef="U001" decimals="-3">8242000</us-gaap:RealEstateTaxExpense>
  <!--Real estate taxes-Discontinued Operations [Member]-->
  <us-gaap:RealEstateTaxExpense contextRef="c20130501to20130731_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis_SegmentDiscontinuedOperationsMember" unitRef="U001" decimals="-3">41000</us-gaap:RealEstateTaxExpense>
  <!--Real estate taxes-Discontinued Operations [Member]-->
  <us-gaap:RealEstateTaxExpense contextRef="c20120501to20120731_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis_SegmentDiscontinuedOperationsMember" unitRef="U001" decimals="-3">148000</us-gaap:RealEstateTaxExpense>
  <!--Revenues and net operating income for reportable segments-->
  <us-gaap:ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedTextBlock contextRef="c20130501to20130731">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10.5pt; color: #000000; font-size: 10pt;"&gt;The revenues and net operating income for these reportable segments are summarized as follows for the three month periods ended July 31, 2013 and 2012, along with reconciliations to the condensed consolidated financial statements. Segment assets are also reconciled to total assets as reported in the condensed consolidated financial statements.&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td rowspan="2" style="border-bottom: #000000 2px solid; width: 33.65%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Three Months Ended July 31, 2013&lt;/div&gt;&lt;/td&gt;&lt;td colspan="12" style="border-bottom: #000000 2px solid; width: 66.35%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-style: italic; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 9.68%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;Multi-Family&lt;font style="font-family: 'Times New Roman', serif; font-size: 8pt;"&gt;&lt;br /&gt;&lt;/font&gt;Residential&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 12.06%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;Commercial-&lt;font style="font-family: 'Times New Roman', serif; font-size: 8pt;"&gt;&lt;br /&gt;&lt;/font&gt;Office&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 11.22%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;Commercial-&lt;font style="font-family: 'Times New Roman', serif; font-size: 8pt;"&gt;&lt;br /&gt;&lt;/font&gt;Healthcare&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 12.08%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;Commercial-&lt;font style="font-family: 'Times New Roman', serif; font-size: 8pt;"&gt;&lt;br /&gt;&lt;/font&gt;Industrial&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 10.39%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;Commercial-&lt;font style="font-family: 'Times New Roman', serif; font-size: 8pt;"&gt;&lt;br /&gt;&lt;/font&gt;Retail&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 10.92%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;Total&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 33.65%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.94%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.04%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.18%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.64%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.48%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 6.92%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.6%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 33.65%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;Real estate revenue&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.94%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;24,582&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.44%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;19,744&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.04%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.18%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;16,072&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.44%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.64%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;3,456&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.48%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 6.92%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;3,328&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.6%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt; margin-right: 3.6pt;"&gt;67,182&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 33.65%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;Real estate expenses&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.74%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 7.94%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;10,959&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.44%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;9,985&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.04%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.18%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;4,282&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.44%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.64%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;1,039&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.48%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 6.92%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;1,326&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 2.6%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt; margin-right: 3.6pt;"&gt;27,591&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 33.65%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;Gain on involuntary conversion&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 7.94%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;966&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.04%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.18%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.64%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.48%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 6.92%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 2.6%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt; margin-right: 3.6pt;"&gt;966&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 4px double; width: 33.65%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;Net operating income&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.74%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 7.94%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;14,589&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 3.44%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;9,759&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 3.04%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.18%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;11,790&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 3.44%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.64%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;2,417&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 3.48%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 6.92%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;2,002&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 2.6%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt; margin-right: 3.6pt;"&gt;40,557&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 33.65%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: 9pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;Depreciation/amortization&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.94%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.04%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.18%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.64%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.48%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 6.92%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.6%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;(19,518)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 33.65%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: 9pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;Administrative, advisory and trustee services&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.94%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.04%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.18%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.64%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.48%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 6.92%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.6%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;(2,753)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td colspan="3" style="width: 43.33%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: 9pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;Impairment of real estate investments&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.04%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.18%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.64%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.48%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 6.92%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.6%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;(1,458)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td colspan="3" style="width: 43.33%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: 9pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;Other expenses&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.04%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.18%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.64%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.48%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 6.92%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.6%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;(679)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 33.65%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: 9pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;Interest expense&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.94%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.04%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.18%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.64%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.48%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 6.92%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.6%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;(14,799)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 33.65%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: 9pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;Interest and other income&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 7.94%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.04%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.18%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.64%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.48%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 6.92%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 2.6%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt; margin-right: 3.75pt;"&gt;210&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td colspan="11" style="width: 89.08%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 9pt;"&gt;Income from continuing operations&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.6%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt; margin-right: 3.75pt;"&gt;1,560&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td colspan="11" style="border-bottom: #000000 2px solid; width: 89.08%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 9pt;"&gt;Income from discontinued operations&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 2.6%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt; margin-right: 3.6pt;"&gt;1,656&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td colspan="11" style="border-bottom: #000000 4px double; width: 89.08%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;Net income&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 2.6%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt; margin-right: 3.75pt;"&gt;3,216&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td rowspan="2" style="border-bottom: #000000 2px solid; width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Three Months Ended July 31, 2012&lt;/div&gt;&lt;/td&gt;&lt;td colspan="12" style="border-bottom: #000000 2px solid; width: 66.39%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-style: italic; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 9.68%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;Multi-Family&lt;font style="font-family: 'Times New Roman', serif; font-size: 8pt;"&gt;&lt;br /&gt;&lt;/font&gt;Residential&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 11.63%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;Commercial-&lt;font style="font-family: 'Times New Roman', serif; font-size: 8pt;"&gt;&lt;br /&gt;&lt;/font&gt;Office&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 11.67%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;Commercial-&lt;font style="font-family: 'Times New Roman', serif; font-size: 8pt;"&gt;&lt;br /&gt;&lt;/font&gt;Healthcare&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 11.69%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;Commercial-&lt;font style="font-family: 'Times New Roman', serif; font-size: 8pt;"&gt;&lt;br /&gt;&lt;/font&gt;Industrial&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 10.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;Commercial-&lt;font style="font-family: 'Times New Roman', serif; font-size: 8pt;"&gt;&lt;br /&gt;&lt;/font&gt;Retail&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 10.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;Total&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 33.61%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.33%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.35%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.3%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.56%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;Real estate revenue&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.33%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.35%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;21,210&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.3%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;18,778&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;15,073&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;2,788&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.56%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;3,126&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt; margin-right: 3.6pt;"&gt;60,975&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;Real estate expenses&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.33%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.35%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;9,293&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.3%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;9,336&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;4,080&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;896&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 7.56%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;1,080&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 2.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt; margin-right: 3.6pt;"&gt;24,685&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 4px double; width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;Net operating income&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.33%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.35%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;11,917&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 3.3%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;9,442&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 3.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;10,993&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 3.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;1,892&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 3.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 7.56%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;2,046&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt; margin-right: 3.6pt;"&gt;36,290&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: 9pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;Depreciation/amortization&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.33%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.35%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.3%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.56%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;(15,885)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td colspan="3" style="width: 43.3%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: 9pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;Administrative, advisory and trustee services&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.3%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.56%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;(2,096)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: 9pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;Other expenses&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.33%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.35%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.3%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.56%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;(519)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: 9pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;Interest expense&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.33%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.35%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.3%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.56%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;(16,069)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: 9pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;Interest and other income&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.33%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.35%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.3%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 7.56%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt; margin-right: 3.6pt;"&gt;142&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: 9pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;Income from continuing operations&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.33%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.35%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.3%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.56%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt; margin-right: 3.6pt;"&gt;1,863&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: 9pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;Income from discontinued operations&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.33%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.35%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.3%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 7.56%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt; margin-right: 3.6pt;"&gt;133&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td colspan="11" style="border-bottom: #000000 4px double; width: 89.16%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;Net income&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 2.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt; margin-right: 3.6pt;"&gt;1,996&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedTextBlock>
  <!--Segment Assets and Accumulated Depreciation-->
  <us-gaap:ReconciliationOfAssetsFromSegmentToConsolidatedTextBlock contextRef="c20130501to20130731">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;Segment assets are summarized as follows as of July 31, 2013, and April 30, 2013, along with reconciliations to the condensed consolidated financial statements:&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 33.61%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="12" style="border-bottom: #000000 2px solid; width: 66.39%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;As of July 31, 2013&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 9.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;Multi-Family&lt;font style="font-family: 'Times New Roman', serif; font-size: 8pt;"&gt;&lt;br /&gt;&lt;/font&gt;Residential&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 11.67%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;Commercial-&lt;font style="font-family: 'Times New Roman', serif; font-size: 8pt;"&gt;&lt;br /&gt;&lt;/font&gt;Office&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 11.67%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;Commercial-&lt;font style="font-family: 'Times New Roman', serif; font-size: 8pt;"&gt;&lt;br /&gt;&lt;/font&gt;Healthcare&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 11.67%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;Commercial-&lt;font style="font-family: 'Times New Roman', serif; font-size: 8pt;"&gt;&lt;br /&gt;&lt;/font&gt;Industrial&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 10.82%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;Commercial-&lt;font style="font-family: 'Times New Roman', serif; font-size: 8pt;"&gt;&lt;br /&gt;&lt;/font&gt;Retail&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 11.06%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Total&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 33.61%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.15%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.35%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.56%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;Segment Assets&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.15%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.35%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.56%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 9pt;"&gt;Property owned&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.15%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.35%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;670,573&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;625,610&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;502,346&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;100,204&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;117,790&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.56%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;2,016,523&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 9pt;"&gt;Less accumulated depreciation&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.15%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.35%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;(145,276)&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;(143,246)&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;(94,616)&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;(19,968)&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 7.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;(26,270)&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.56%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;(429,376)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 4px double; width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;Net property owned&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.15%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.35%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;525,297&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 3.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;482,364&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 3.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;407,730&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 3.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;80,236&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 3.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 7.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;91,520&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.56%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;1,587,147&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 9pt;"&gt;Real estate held for sale&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.15%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.35%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.56%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; margin-left: 0.7pt; font-size: 9pt; margin-right: 3.6pt;"&gt;3,969&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 9pt;"&gt;Cash and cash equivalents&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.15%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.35%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.56%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 9pt; margin-right: 3.6pt;"&gt;93,193&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 9pt;"&gt;Other investments&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.15%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.35%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.56%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 9pt; margin-right: 3.6pt;"&gt;640&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 9pt;"&gt;Receivables and other assets&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.15%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.35%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.56%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;113,523&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 9pt;"&gt;Development in progress&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.15%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.35%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.56%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;77,396&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 9pt;"&gt;Unimproved land&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.15%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.35%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 7.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.56%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;20,774&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 4px double; width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;Total assets&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.15%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.35%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 7.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 2.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.56%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;1,896,642&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 33.61%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="12" style="border-bottom: #000000 2px solid; width: 66.39%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;As of April 30, 2013&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 10.56%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;Multi-Family&lt;font style="font-family: 'Times New Roman', serif; font-size: 8pt;"&gt;&lt;br /&gt;&lt;/font&gt;Residential&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 11.56%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;Commercial-&lt;font style="font-family: 'Times New Roman', serif; font-size: 8pt;"&gt;&lt;br /&gt;&lt;/font&gt;Office&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 11.56%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;Commercial-&lt;font style="font-family: 'Times New Roman', serif; font-size: 8pt;"&gt;&lt;br /&gt;&lt;/font&gt;Healthcare&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 11.02%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;Commercial-&lt;font style="font-family: 'Times New Roman', serif; font-size: 8pt;"&gt;&lt;br /&gt;&lt;/font&gt;Industrial&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 10.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;Commercial-&lt;font style="font-family: 'Times New Roman', serif; font-size: 8pt;"&gt;&lt;br /&gt;&lt;/font&gt;Retail&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 10.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Total&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 33.61%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.36%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.2%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.48%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.08%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.58%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.98%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.68%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.38%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.46%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.2%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.64%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;Segment assets&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.36%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.2%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.48%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.08%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.58%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.98%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.68%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.38%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.46%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.2%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.64%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 9pt;"&gt;Property owned&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.36%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.2%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;659,696&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.48%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.08%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;613,775&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.58%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.98%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;501,191&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.68%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;125,772&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.38%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.46%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;132,536&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.2%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.64%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;2,032,970&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 9pt;"&gt;Less accumulated depreciation&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.36%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 9.2%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;(140,354)&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 2.48%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 9.08%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;(138,270)&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 2.58%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.98%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;(90,891)&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 2.68%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;(23,688)&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.38%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 7.46%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;(27,218)&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 2.2%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.64%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;(420,421)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 4px double; width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;Net property owned&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.36%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 9.2%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;519,342&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 2.48%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 9.08%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;475,505&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 2.58%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.98%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;410,300&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 2.68%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;102,084&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 3.38%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 7.46%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;105,318&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 2.2%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.64%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;1,612,549&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 9pt;"&gt;Cash and cash equivalents&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.36%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.2%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.48%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.08%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.58%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.98%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.68%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.38%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.46%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.2%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.64%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;94,133&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9.4pt; font-size: 9pt;"&gt;Other investments&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.36%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.2%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.48%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.08%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.58%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.98%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.68%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.38%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.46%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.2%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.64%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;639&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9.4pt; font-size: 9pt;"&gt;Receivables and other assets&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.36%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.2%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.48%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.08%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.58%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.98%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.68%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.38%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.46%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.2%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.64%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;113,948&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9.4pt; font-size: 9pt;"&gt;Development in progress&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.36%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.2%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.48%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.08%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.58%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.98%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.68%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.38%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.46%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.2%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.64%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;46,782&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9.4pt; font-size: 9pt;"&gt;Unimproved land&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.36%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 9.2%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 2.48%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 9.08%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 2.58%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.98%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 2.68%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.38%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 7.46%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 2.2%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.64%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;21,503&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td colspan="11" style="border-bottom: #000000 4px double; width: 89.16%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;Total assets&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 2.2%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.64%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;1,889,554&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:ReconciliationOfAssetsFromSegmentToConsolidatedTextBlock>
  <!--Repayments of Long-term Debt-->
  <us-gaap:RepaymentsOfLongTermDebt contextRef="c20130501to20130731" unitRef="U001" decimals="-3">22916000</us-gaap:RepaymentsOfLongTermDebt>
  <!--Repayments of Long-term Debt-->
  <us-gaap:RepaymentsOfLongTermDebt contextRef="c20120501to20120731" unitRef="U001" decimals="-3">15984000</us-gaap:RepaymentsOfLongTermDebt>
  <!--Accumulated distributions in excess of net income-->
  <us-gaap:RetainedEarningsAccumulatedDeficit contextRef="c20130731" unitRef="U001" decimals="-3">-323406000</us-gaap:RetainedEarningsAccumulatedDeficit>
  <!--Accumulated distributions in excess of net income-->
  <us-gaap:RetainedEarningsAccumulatedDeficit contextRef="c20130430" unitRef="U001" decimals="-3">-310341000</us-gaap:RetainedEarningsAccumulatedDeficit>
  <!--Sales price-Bodycote - Eden Prairie, MN [Member]-Commercial Industrial [Member]-->
  <us-gaap:Revenues contextRef="c20130501to20130731_SignificantAcquisitionsAndDisposalsByTransactionAxis_BodycoteEdenPrairieMnMember_StatementBusinessSegmentsAxis_CommercialIndustrialMember" unitRef="U001" decimals="-3">3150000</us-gaap:Revenues>
  <!--Sales price-Fargo 1320 45th St. N - Fargo, ND [Member]-Commercial Industrial [Member]-->
  <us-gaap:Revenues contextRef="c20130501to20130731_SignificantAcquisitionsAndDisposalsByTransactionAxis_Fargo132045ThStNFargoNdMember_StatementBusinessSegmentsAxis_CommercialIndustrialMember" unitRef="U001" decimals="-3">4700000</us-gaap:Revenues>
  <!--Sales price-Commercial Industrial [Member]-Metal Improvement - New Brighton, MN [Member]-->
  <us-gaap:Revenues contextRef="c20130501to20130731_SignificantAcquisitionsAndDisposalsByTransactionAxis_MetalImprovementNewBrightonMnMember_StatementBusinessSegmentsAxis_CommercialIndustrialMember" unitRef="U001" decimals="-3">2350000</us-gaap:Revenues>
  <!--Sales price-Commercial Industrial [Member]-Roseville 2929 Long Lake Road - Roseville, MN [Member]-->
  <us-gaap:Revenues contextRef="c20130501to20130731_SignificantAcquisitionsAndDisposalsByTransactionAxis_Roseville2929LongLakeRoadRosevilleMnMember_StatementBusinessSegmentsAxis_CommercialIndustrialMember" unitRef="U001" decimals="-3">9275000</us-gaap:Revenues>
  <!--Sales price-Commercial Industrial [Member]-->
  <us-gaap:Revenues contextRef="c20130501to20130731_StatementBusinessSegmentsAxis_CommercialIndustrialMember" unitRef="U001" decimals="-3">19475000</us-gaap:Revenues>
  <!--Sales price-Commercial Retail [Member]-Eagan - Eagan, MN [Member]-->
  <us-gaap:Revenues contextRef="c20130501to20130731_SignificantAcquisitionsAndDisposalsByTransactionAxis_EaganEaganMnMember_StatementBusinessSegmentsAxis_CommercialRetailMember" unitRef="U001" decimals="-3">2310000</us-gaap:Revenues>
  <!--Sales price-->
  <us-gaap:Revenues contextRef="c20130501to20130731" unitRef="U001" decimals="-3">21785000</us-gaap:Revenues>
  <!--Sales price-Commercial Retail [Member]-Kentwood Thomasville Kentwood, MI [Member]-->
  <us-gaap:Revenues contextRef="c20120501to20120731_SignificantAcquisitionsAndDisposalsByTransactionAxis_KentwoodThomasvilleKentwoodMiMember_StatementBusinessSegmentsAxis_CommercialRetailMember" unitRef="U001" decimals="-3">625000</us-gaap:Revenues>
  <!--Sales price-Other Disposition [Member]-Georgetown Square Condominiums 5 and 6 [Member]-->
  <us-gaap:Revenues contextRef="c20120501to20120731_SignificantAcquisitionsAndDisposalsByTransactionAxis_GeorgetownSquareCondominiums5And6Member_StatementBusinessSegmentsAxis_OtherDispositionMember" unitRef="U001" decimals="-3">330000</us-gaap:Revenues>
  <!--Sales price-->
  <us-gaap:Revenues contextRef="c20120501to20120731" unitRef="U001" decimals="-3">955000</us-gaap:Revenues>
  <!--Straight Line Rent-->
  <us-gaap:StraightLineRent contextRef="c20130501to20130731" unitRef="U001" decimals="-3">654000</us-gaap:StraightLineRent>
  <!--Straight Line Rent-->
  <us-gaap:StraightLineRent contextRef="c20120501to20120731" unitRef="U001" decimals="-3">944000</us-gaap:StraightLineRent>
  <!--Sale Leaseback Transactions, Policy [Policy Text Block]-->
  <us-gaap:SaleLeasebackTransactionsPolicy contextRef="c20130501to20130731">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt; font-weight: bold;"&gt;PROCEEDS FROM FINANCING LIABILITY&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;During the first quarter of fiscal year 2014, the Company sold a non-core assisted living property in exchange for $7.9 million in cash and a $29.0 million contract for deed. The buyer leased the property back to the Company, and also granted an option to the Company to repurchase the property at a specified price at or prior to July 31, 2018. IRET accounted for the transaction as a financing due to the Company's continuing involvement with the property and recorded the $7.9 million in sales proceeds within other liabilities on the Condensed Consolidated Balance Sheets.&lt;/div&gt;&lt;/div&gt;</us-gaap:SaleLeasebackTransactionsPolicy>
  <!--Sale of Stock, Price Per Share-Distribution Reinvestment and Share Purchase Plan [Member]-->
  <us-gaap:SaleOfStockPricePerShare contextRef="c20130731_StatementClassOfStockAxis_DistributionReinvestmentAndSharePurchasePlanMember" unitRef="U003" decimals="2">8.72</us-gaap:SaleOfStockPricePerShare>
  <!--Sale of Stock, Price Per Share-Distribution Reinvestment and Share Purchase Plan [Member]-->
  <us-gaap:SaleOfStockPricePerShare contextRef="c20120731_StatementClassOfStockAxis_DistributionReinvestmentAndSharePurchasePlanMember" unitRef="U003" decimals="2">7.66</us-gaap:SaleOfStockPricePerShare>
  <!--Sale Leaseback Transaction, Gross Proceeds-->
  <us-gaap:SaleLeasebackTransactionGrossProceeds contextRef="c20130501to20130731" unitRef="U001" decimals="-5">7900000</us-gaap:SaleLeasebackTransactionGrossProceeds>
  <!--Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]-->
  <us-gaap:ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock contextRef="c20130501to20130731">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;The estimated fair values of the Company's financial instruments as of July 31, 2013 and April 30, 2013, are as follows:&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 50.96%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="8" style="border-bottom: #000000 2px solid; width: 49.04%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 50.96%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="4" style="border-bottom: #000000 2px solid; width: 24.04%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;July 31, 2013&lt;/div&gt;&lt;/td&gt;&lt;td colspan="4" style="border-bottom: #000000 2px solid; width: 25%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;April 30, 2013&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; width: 50.96%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 12.48%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Carrying Amount&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 11.56%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Fair Value&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 12.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Carrying Amount&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 12.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Fair Value&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 50.96%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;FINANCIAL ASSETS&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.6%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.68%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 50.96%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Cash and cash equivalents&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.6%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;93,193&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.68%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;93,193&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;94,133&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;94,133&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 50.96%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Other investments&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.6%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;640&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.68%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;640&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;639&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;639&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 50.96%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;FINANCIAL LIABILITIES&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.6%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.68%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 50.96%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Other debt&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.6%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;32,289&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.68%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;32,620&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;18,076&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;18,156&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 50.96%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Line of credit&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.6%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;10,000&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.68%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;10,000&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;10,000&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;10,000&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 50.96%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Mortgages payable&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.6%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;1,030,407&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.68%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;1,142,618&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;1,049,206&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;1,160,190&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;/div&gt;</us-gaap:ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock>
  <!--Aggregate amount of required future principal payments on mortgages payable-->
  <us-gaap:ScheduleOfMaturitiesOfLongTermDebtTableTextBlock contextRef="c20130501to20130731">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 12pt; font-size: 10pt;"&gt;Of the mortgages payable, the balances of fixed rate mortgages totaled $1.0 billion at July 31, 2013 and April 30, 2013. The balances of variable rate mortgages totaled $15.8 million and $26.2 million as of July 31, 2013 and April 30, 2013, respectively. The Company does not utilize derivative financial instruments to mitigate its exposure to changes in market interest rates. Most of the fixed rate mortgages have substantial pre-payment penalties. As of July 31, 2013, the weighted average rate of interest on the Company's mortgage debt was 5.54%, compared to 5.55% on April 30, 2013. The aggregate amount of required future principal payments on mortgages payable as of July 31, 2013, is as follows:&lt;/div&gt;&lt;table align="center" border="0" cellpadding="0" cellspacing="0" style="width: 50%; font-family: 'Times New Roman', Times, Serif; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; width: 66.24%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Year ended July 31,&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 33.76%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 66.24%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;2014 (remainder)&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.23%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 29.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;56,093&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 66.24%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;2015&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.23%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 29.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;98,892&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 66.24%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;2016&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.23%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 29.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;92,122&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 66.24%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;2017&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.23%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 29.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;219,086&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 66.24%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;2018&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.23%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 29.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;66,698&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff; height: 18px;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 66.24%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Thereafter&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.23%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 29.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;497,516&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 4px double; width: 66.24%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Total payments&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 4.23%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 29.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;1,030,407&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:ScheduleOfMaturitiesOfLongTermDebtTableTextBlock>
  <!--Estimated annual amortization of all other identified intangible assets-->
  <us-gaap:ScheduleOfExpectedAmortizationExpenseTableTextBlock contextRef="c20130501to20130731">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="text-align: left; margin-top: 12pt; font-family: 'Times New Roman', serif; margin-bottom: 12pt; font-size: 10pt;"&gt;Amortization of all other identified intangible assets (a component of depreciation and amortization expense) was $3.6 million and $1.5 million for the three months ended July 31, 2013 and 2012, respectively. The estimated annual amortization of all other identified intangible assets for each of the five succeeding fiscal years is as follows:&lt;/div&gt;&lt;table align="center" border="0" cellpadding="0" cellspacing="0" style="width: 50%; font-family: 'Times New Roman', Times, Serif; font-size: 10pt;"&gt;&lt;tr style="height: 17px;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 61.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold; margin-right: 5.05pt;"&gt;Year Ended April 30,&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 38.47%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 61.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 5.05pt;"&gt;2015&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15.13%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 23.35%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;4,830&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 61.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 5.05pt;"&gt;2016&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15.13%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 23.35%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;4,612&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 61.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 5.05pt;"&gt;2017&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15.13%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 23.35%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;4,143&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 61.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 5.05pt;"&gt;2018&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15.13%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 23.35%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;3,701&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 61.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 5.05pt;"&gt;2019&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15.13%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 23.35%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;3,549&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:ScheduleOfExpectedAmortizationExpenseTableTextBlock>
  <!--Reconciliation of numerator and denominator used to calculate basic and diluted earnings per share-->
  <us-gaap:ScheduleOfCalculationOfNumeratorAndDenominatorInEarningsPerShareTableTextBlock contextRef="c20130501to20130731">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;Basic earnings per share is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. The Company has no outstanding options, warrants, convertible stock or other contractual obligations requiring issuance of additional shares that would result in dilution of earnings. Units can be exchanged for shares on a one-for-one basis after a minimum holding period of one year. The following table presents a reconciliation of the numerator and denominator used to calculate basic and diluted earnings per share reported in the condensed consolidated financial statements for the three months ended July 31, 2013 and 2012:&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 69.52%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="4" style="border-bottom: #000000 2px solid; width: 30.48%; vertical-align: top;"&gt;&lt;div style="text-align: center; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;(in thousands, except per share data)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 69.52%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="4" style="border-bottom: #000000 2px solid; width: 30.48%; vertical-align: top;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Three Months Ended&lt;/div&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;July 31&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; width: 69.52%; vertical-align: top;"&gt;&lt;div style="text-align: left;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 15.2%; vertical-align: top;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;2013&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 15.28%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;2012&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 69.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;NUMERATOR&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.94%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 69.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Income from continuing operations &amp;#8211; Investors Real Estate Trust&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;1,718&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.94%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;1,571&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 69.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Income from discontinued operations &amp;#8211; Investors Real Estate Trust&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 10.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;1,360&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 10.94%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;108&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 69.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Net income attributable to Investors Real Estate Trust&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;3,078&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.94%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;1,679&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff; height: 19px;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 69.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Dividends to preferred shareholders&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 10.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;(2,879)&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 10.94%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;(593)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 69.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Numerator for basic earnings per share &amp;#8211; net income available to common shareholders&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;199&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.94%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;1,086&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 69.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Noncontrolling interests &amp;#8211; Operating Partnership&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 10.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;50&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 10.94%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;251&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 4px double; width: 69.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Numerator for diluted earnings per share&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 4.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 10.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;249&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 4.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 10.94%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;1,337&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 69.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;DENOMINATOR&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.94%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 69.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Denominator for basic earnings per share weighted average shares&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;102,358&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.94%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;90,518&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 69.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Effect of convertible operating partnership units&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 10.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;21,821&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 10.94%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;20,774&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 4px double; width: 69.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Denominator for diluted earnings per share&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 10.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;124,179&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 4.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 10.94%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;111,292&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff; height: 17px;"&gt;&lt;td style="width: 69.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;(Loss) earnings per common share from continuing operations &amp;#8211; Investors Real Estate Trust &amp;#8211; basic and diluted&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;(.01)&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.94%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;.01&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 69.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Earnings per common share from discontinued operations &amp;#8211; Investors Real Estate Trust &amp;#8211; basic and diluted&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 10.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;.01&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 10.94%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;.00&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 4px double; width: 69.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;NET INCOME PER COMMON SHARE &amp;#8211; BASIC &amp;amp; DILUTED&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 4.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 10.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;.00&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 4.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 10.94%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;.01&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:ScheduleOfCalculationOfNumeratorAndDenominatorInEarningsPerShareTableTextBlock>
  <!--Effect on net income and the gains or losses from the sale of properties classified as discontinued operations-->
  <us-gaap:ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock contextRef="c20130501to20130731">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;The Company reports in discontinued operations the results of operations of a property that has either been disposed of or is classified as held for sale. The Company also reports any gains or losses from the sale of a property in discontinued operations. During the first quarter of fiscal year 2014, the Company sold four commercial industrial properties and one commercial retail property and classified two commercial industrial properties as held for sale. During the first quarter of fiscal year 2013, IRET sold two condominium units and a commercial retail property. See Note 8 for additional information on the properties sold during the three months ended July 31, 2013 and 2012. The following information shows the effect on net income and the gains or losses from the sale of properties classified as discontinued operations for the three months ended July 31, 2013 and 2012:&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 74.14%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="4" style="border-bottom: #000000 2px solid; width: 25.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Three Months Ended&lt;/div&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;July 31&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 74.14%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="4" style="border-bottom: #000000 2px solid; width: 25.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; width: 74.14%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;2013&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.3%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold; margin-right: 9.05pt;"&gt;2012&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 74.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;REVENUE&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.32%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.3%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 74.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Real estate rentals&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;216&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.3%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;1,306&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 74.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Tenant reimbursement&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;51&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.3%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;139&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 74.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;TOTAL REVENUE&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;267&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.3%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;1,445&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 74.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;EXPENSES&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.3%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 74.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Depreciation/amortization related to real estate investments&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;65&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.3%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;390&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 74.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Utilities&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.3%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;37&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 74.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Maintenance&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;2&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.3%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;113&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 74.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Real estate taxes&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;41&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.3%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;148&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 74.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Insurance&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;3&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.3%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;21&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 74.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Property management expenses&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;11&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.3%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;65&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 74.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Other property expenses&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.3%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;6&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 74.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Amortization related to non-real estate investments&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;3&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.3%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;11&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 74.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Impairment of real estate investments&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;345&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.3%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 74.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;TOTAL EXPENSES&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;470&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.3%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;791&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff; height: 18px;"&gt;&lt;td style="width: 74.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Operating (loss) income&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;(203)&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.3%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;654&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 74.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Interest expense&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;(84)&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.3%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;(448)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 74.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;(Loss) income from discontinued operations before gain (loss) on sale&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;(287)&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.3%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;206&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 74.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Gain (loss) on sale of discontinued operations&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;1,943&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.3%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;(73)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 4px double; width: 74.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;INCOME FROM DISCONTINUED OPERATIONS&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 4.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;1,656&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 4.3%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;133&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock>
  <!--SUBSEQUENT EVENTS-->
  <us-gaap:ScheduleOfSubsequentEventsTextBlock contextRef="c20130501to20130731">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="text-align: left; margin-top: 10pt; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt; font-weight: bold;"&gt;NOTE 11 &amp;#8226; SUBSEQUENT EVENTS&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;&lt;font style="font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Common and Preferred Share Distributions.&lt;/font&gt; On September 4, 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 October 1, 2013, to shareholders and unitholders of record on September 16, 2013. Also on September 4, 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 September 30, 2013 to Series A preferred shareholders of record on September 16, 2013, and declared a distribution of 49.68 cents per share on the Company's Series B preferred shares of beneficial interest, payable September 30, 2013 to Series B preferred shareholders of record on September 16, 2013.&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;&lt;font style="font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Pending and Closed Acquisitions&lt;/font&gt;. Subsequent to the end of the first quarter of fiscal year 2014, the Company signed purchase agreements to acquire the following properties:&lt;/div&gt;&lt;div&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman', Times, serif; margin-bottom: 12pt; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 36pt; vertical-align: top; align: right;"&gt;&lt;div style="text-align: left; font-family: Symbol, serif; margin-bottom: 12pt; margin-left: 18pt; font-size: 10pt;"&gt;&amp;#183;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-bottom: 12pt; font-size: 10pt;"&gt;an approximately 121-unit senior housing property in Sartell, Minnesota, for a purchase price of approximately $15.2 million, to be paid in cash;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman', Times, serif; margin-bottom: 12pt; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 36pt; vertical-align: top; align: right;"&gt;&lt;div style="text-align: left; font-family: Symbol, serif; margin-bottom: 12pt; margin-left: 18pt; font-size: 10pt;"&gt;&amp;#183;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-bottom: 12pt; font-size: 10pt;"&gt;an approximately 5.0 acre parcel of vacant land in Monticello, Minnesota, for a purchase price of approximately $656,000, to be paid in cash; and&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman', Times, serif; margin-bottom: 12pt; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 36pt; vertical-align: top; align: right;"&gt;&lt;div style="text-align: left; font-family: Symbol, serif; margin-bottom: 12pt; margin-left: 18pt; font-size: 10pt;"&gt;&amp;#183;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-bottom: 12pt; font-size: 10pt;"&gt;approximately 5.2 and 5.6 acre parcels of vacant land in Rapid City, South Dakota, for a purchase price of approximately $657,000 and $707,000, respectively, to be paid in cash.&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;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.&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;On August 9, 2013, the Company closed on its acquisition of approximately 9.2 acres of vacant land in Jamestown, North Dakota, for a purchase price, paid in cash, of approximately $700,000. The purchase price accounting is incomplete for this acquisition that closed subsequent to the end of the first quarter of fiscal year 2014.&lt;/div&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-bottom: 12pt; font-size: 10pt;"&gt;&lt;font style="font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Pending Dispositions.&lt;/font&gt; &amp;#160;Subsequent to the end of the first quarter of fiscal year 2014, the Company signed agreements to sell the following properties. All of these pending dispositions are subject to various closing conditions and contingencies, and no assurances can be given that any or all of these transactions will be completed on the terms currently expected, or at all:&lt;/div&gt;&lt;div&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman', Times, serif; margin-bottom: 12pt; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 36pt; vertical-align: top; align: right;"&gt;&lt;div style="text-align: left; font-family: Symbol, serif; margin-bottom: 12pt; margin-left: 18pt; font-size: 10pt;"&gt;&amp;#183;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-bottom: 12pt; font-size: 10pt;"&gt;a commercial industrial property in Duluth, Minnesota for a sale price of $1.8 million;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman', Times, serif; margin-bottom: 12pt; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 36pt; vertical-align: top; align: right;"&gt;&lt;div style="text-align: left; font-family: Symbol, serif; margin-bottom: 12pt; margin-left: 18pt; font-size: 10pt;"&gt;&amp;#183;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-bottom: 12pt; font-size: 10pt;"&gt;a commercial retail property in Anoka, Minnesota for a sale price of $325,000;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman', Times, serif; margin-bottom: 12pt; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 36pt; vertical-align: top; align: right;"&gt;&lt;div style="text-align: left; font-family: Symbol, serif; margin-bottom: 12pt; margin-left: 18pt; font-size: 10pt;"&gt;&amp;#183;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-bottom: 12pt; font-size: 10pt;"&gt;a multi-family residential property in Sioux Falls, South Dakota for a sale price of $2.2 million; and&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman', Times, serif; margin-bottom: 12pt; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 36pt; vertical-align: top; align: right;"&gt;&lt;div style="text-align: left; font-family: Symbol, serif; margin-bottom: 12pt; margin-left: 18pt; font-size: 10pt;"&gt;&amp;#183;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-bottom: 12pt; font-size: 10pt;"&gt;a multi-family residential property in Sioux Falls, South Dakota for a sale price of $1.3 million.&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;&lt;font style="font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Development Projects. &amp;#160;&lt;/font&gt;&lt;font style="font-style: italic; font-family: 'Times New Roman', serif; color: #1f497d; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;Subsequent to the end of the first quarter of fiscal year 2014, the Company entered into a joint venture agreement to construct a 130-unit apartment building with approximately 10,000 square feet of commercial space in northeast Minneapolis, Minnesota. The Company owns approximately 58.6% of the joint venture entity, and will consolidate the joint venture's results in the Company's financial statements. The remaining approximately 41.4% of the joint venture entity is owned by entities formed by the Company's joint venture partner. The joint venture entity acquired the project site on August 20, 2013. Total costs for the project are currently estimated at approximately $29.0 million, including the purchase price of the land, and the project is currently expected to be completed in November 2014. The Company expects the joint venture entity to close on a construction loan of approximately $21.7 million in the second quarter of fiscal year 2014.&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;Subsequent to the end of the first quarter of fiscal year 2014, the Company commenced construction of an approximately 251-unit multi-family residential project in Grand Forks, North Dakota, on land purchased by the Company for approximately $1.6 million in the 4th quarter of fiscal year 2013. The estimated total cost of the project is $39.0 million, including the cost of the land, with projected completion in the second quarter of fiscal year 2015. The Company is pursuing a construction loan for the project, and currently estimates that its cash equity in the project will be approximately $14.5 million.&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;These projects are subject to various contingencies, and, accordingly, no assurances can be given that they will be completed in the time frames or on the terms currently proposed, or at all.&lt;/div&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-bottom: 12pt; font-size: 10pt;"&gt;&lt;font style="font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;ATM Program.&lt;/font&gt; On August 30, 2013, the Company entered into an at-the-market ("ATM") program with Robert W. Baird &amp;amp; Co. Incorporated as sales agent, pursuant to which the Company may from time to time offer and sell its common shares of beneficial interest having an aggregate gross sales price of up to $75.0 million. Sales of common shares, if any, under the program will depend upon market conditions and other factors to be determined by the Company. The Company to date has issued no shares under this program.&lt;/div&gt;&lt;/div&gt;</us-gaap:ScheduleOfSubsequentEventsTextBlock>
  <!--SEGMENT REPORTING-->
  <us-gaap:SegmentReportingDisclosureTextBlock contextRef="c20130501to20130731">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt; font-weight: bold;"&gt;NOTE 5 &amp;#8226; SEGMENT REPORTING&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10.5pt; font-size: 10pt;"&gt;IRET reports its results in five reportable segments: multi-family residential, commercial office, commercial healthcare (including senior housing), commercial industrial and commercial retail properties. The Company's reportable segments are aggregations of similar properties.&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10.5pt; font-size: 10pt;"&gt;IRET&amp;#160;measures the performance of its segments based on net operating income ("NOI"), which the Company defines as &lt;font style="font-family: 'Times New Roman', serif; color: #000000; font-size: 10pt;"&gt;total real estate revenues and gain on involuntary conversion less real estate expenses (which consist of utilities, maintenance, real estate taxes, insurance, property management expenses and other property expenses).&lt;/font&gt; IRET believes that NOI is an important supplemental measure of operating performance for a REIT's operating real estate because it provides a measure of core operations that is unaffected by depreciation, amortization, financing and general and administrative expense. NOI does not represent cash generated by operating activities in accordance with GAAP and should not be considered an alternative to net income, net income available for common shareholders or cash flow from operating activities as a measure of financial performance.&lt;/div&gt;&lt;div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10.5pt; color: #000000; font-size: 10pt;"&gt;The revenues and net operating income for these reportable segments are summarized as follows for the three month periods ended July 31, 2013 and 2012, along with reconciliations to the condensed consolidated financial statements. Segment assets are also reconciled to total assets as reported in the condensed consolidated financial statements.&lt;/div&gt;&lt;div&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td rowspan="2" style="border-bottom: #000000 2px solid; width: 33.65%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Three Months Ended July 31, 2013&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="12" style="border-bottom: #000000 2px solid; width: 66.35%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: center; font-style: italic; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 9.68%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;Multi-Family&lt;font style="font-family: 'Times New Roman', serif; font-size: 8pt;"&gt;&lt;br /&gt;&lt;/font&gt;Residential&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 12.06%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;Commercial-&lt;font style="font-family: 'Times New Roman', serif; font-size: 8pt;"&gt;&lt;br /&gt;&lt;/font&gt;Office&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 11.22%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;Commercial-&lt;font style="font-family: 'Times New Roman', serif; font-size: 8pt;"&gt;&lt;br /&gt;&lt;/font&gt;Healthcare&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 12.08%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;Commercial-&lt;font style="font-family: 'Times New Roman', serif; font-size: 8pt;"&gt;&lt;br /&gt;&lt;/font&gt;Industrial&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 10.39%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;Commercial-&lt;font style="font-family: 'Times New Roman', serif; font-size: 8pt;"&gt;&lt;br /&gt;&lt;/font&gt;Retail&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 10.92%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;Total&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 33.65%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.94%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.04%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.18%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.64%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.48%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 6.92%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.6%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 33.65%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;Real estate revenue&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.94%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;24,582&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;19,744&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.04%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.18%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;16,072&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.64%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;3,456&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.48%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 6.92%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;3,328&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.6%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt; margin-right: 3.6pt;"&gt;67,182&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 33.65%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;Real estate expenses&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 7.94%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;10,959&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;9,985&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.04%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.18%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;4,282&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.64%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;1,039&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.48%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 6.92%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;1,326&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 2.6%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt; margin-right: 3.6pt;"&gt;27,591&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 33.65%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;Gain on involuntary conversion&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 7.94%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;966&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;0&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.04%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.18%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;0&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.64%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;0&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.48%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 6.92%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;0&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 2.6%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt; margin-right: 3.6pt;"&gt;966&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 4px double; width: 33.65%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;Net operating income&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 7.94%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;14,589&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.62%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;9,759&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 3.04%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.18%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;11,790&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.64%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;2,417&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 3.48%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 6.92%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;2,002&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 2.6%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt; margin-right: 3.6pt;"&gt;40,557&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 33.65%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: left; text-indent: 9pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;Depreciation/amortization&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.94%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.04%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.18%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.64%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.48%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 6.92%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.6%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;(19,518)&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 33.65%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: left; text-indent: 9pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;Administrative, advisory and trustee services&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.94%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.04%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.18%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.64%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.48%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 6.92%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.6%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;(2,753)&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td colspan="3" style="width: 43.33%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: left; text-indent: 9pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;Impairment of real estate investments&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.04%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.18%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.64%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.48%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 6.92%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.6%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;(1,458)&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td colspan="3" style="width: 43.33%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: left; text-indent: 9pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;Other expenses&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.04%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.18%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.64%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.48%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 6.92%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.6%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;(679)&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 33.65%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: left; text-indent: 9pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;Interest expense&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.94%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.04%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.18%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.64%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.48%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 6.92%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.6%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;(14,799)&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 33.65%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: left; text-indent: 9pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;Interest and other income&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 7.94%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.04%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.18%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.64%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.48%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 6.92%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 2.6%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt; margin-right: 3.75pt;"&gt;210&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td colspan="11" style="width: 89.08%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 9pt;"&gt;Income from continuing operations&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.6%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt; margin-right: 3.75pt;"&gt;1,560&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td colspan="11" style="border-bottom: #000000 2px solid; width: 89.08%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 9pt;"&gt;Income from discontinued operations&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 2.6%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt; margin-right: 3.6pt;"&gt;1,656&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td colspan="11" style="border-bottom: #000000 4px double; width: 89.08%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;Net income&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 2.6%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt; margin-right: 3.75pt;"&gt;3,216&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td rowspan="2" style="border-bottom: #000000 2px solid; width: 33.61%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Three Months Ended July 31, 2012&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="12" style="border-bottom: #000000 2px solid; width: 66.39%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: center; font-style: italic; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 9.68%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;Multi-Family&lt;font style="font-family: 'Times New Roman', serif; font-size: 8pt;"&gt;&lt;br /&gt;&lt;/font&gt;Residential&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 11.63%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;Commercial-&lt;font style="font-family: 'Times New Roman', serif; font-size: 8pt;"&gt;&lt;br /&gt;&lt;/font&gt;Office&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 11.67%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;Commercial-&lt;font style="font-family: 'Times New Roman', serif; font-size: 8pt;"&gt;&lt;br /&gt;&lt;/font&gt;Healthcare&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 11.69%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;Commercial-&lt;font style="font-family: 'Times New Roman', serif; font-size: 8pt;"&gt;&lt;br /&gt;&lt;/font&gt;Industrial&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 10.88%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;Commercial-&lt;font style="font-family: 'Times New Roman', serif; font-size: 8pt;"&gt;&lt;br /&gt;&lt;/font&gt;Retail&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 10.84%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;Total&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 33.61%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.33%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.35%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.3%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.56%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 33.61%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;Real estate revenue&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.33%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.35%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;21,210&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.3%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;18,778&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;15,073&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;2,788&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.56%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;3,126&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt; margin-right: 3.6pt;"&gt;60,975&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 33.61%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;Real estate expenses&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.33%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.35%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;9,293&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.3%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;9,336&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;4,080&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;896&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 7.56%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;1,080&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt; margin-right: 3.6pt;"&gt;24,685&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 4px double; width: 33.61%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;Net operating income&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.33%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.35%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;11,917&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 3.3%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;9,442&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;10,993&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 3.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;1,892&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 7.56%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;2,046&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt; margin-right: 3.6pt;"&gt;36,290&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 33.61%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: left; text-indent: 9pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;Depreciation/amortization&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.33%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.35%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.3%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.56%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;(15,885)&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td colspan="3" style="width: 43.3%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: left; text-indent: 9pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;Administrative, advisory and trustee services&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.3%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.56%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;(2,096)&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 33.61%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: left; text-indent: 9pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;Other expenses&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.33%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.35%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.3%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.56%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;(519)&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 33.61%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: left; text-indent: 9pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;Interest expense&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.33%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.35%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.3%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.56%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;(16,069)&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 33.61%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: left; text-indent: 9pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;Interest and other income&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.33%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.35%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.3%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 7.56%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt; margin-right: 3.6pt;"&gt;142&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 33.61%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: left; text-indent: 9pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;Income from continuing operations&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.33%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.35%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.3%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.56%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt; margin-right: 3.6pt;"&gt;1,863&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 33.61%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: left; text-indent: 9pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;Income from discontinued operations&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.33%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.35%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.3%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 7.56%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt; margin-right: 3.6pt;"&gt;133&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td colspan="11" style="border-bottom: #000000 4px double; width: 89.16%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;Net income&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt; margin-right: 3.6pt;"&gt;1,996&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="text-align: justify; margin-top: 12pt; font-family: 'Times New Roman', serif; margin-bottom: 10.5pt; font-size: 10pt; font-weight: bold;"&gt;Segment Assets and Accumulated Depreciation&lt;/div&gt;&lt;div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;Segment assets are summarized as follows as of July 31, 2013, and April 30, 2013, along with reconciliations to the condensed consolidated financial statements:&lt;/div&gt;&lt;div&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 33.61%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="12" style="border-bottom: #000000 2px solid; width: 66.39%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: center; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; width: 33.61%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;As of July 31, 2013&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 9.5%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;Multi-Family&lt;font style="font-family: 'Times New Roman', serif; font-size: 8pt;"&gt;&lt;br /&gt;&lt;/font&gt;Residential&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 11.67%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;Commercial-&lt;font style="font-family: 'Times New Roman', serif; font-size: 8pt;"&gt;&lt;br /&gt;&lt;/font&gt;Office&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 11.67%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;Commercial-&lt;font style="font-family: 'Times New Roman', serif; font-size: 8pt;"&gt;&lt;br /&gt;&lt;/font&gt;Healthcare&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 11.67%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;Commercial-&lt;font style="font-family: 'Times New Roman', serif; font-size: 8pt;"&gt;&lt;br /&gt;&lt;/font&gt;Industrial&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 10.82%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;Commercial-&lt;font style="font-family: 'Times New Roman', serif; font-size: 8pt;"&gt;&lt;br /&gt;&lt;/font&gt;Retail&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 11.06%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Total&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 33.61%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.15%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.35%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.5%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.56%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 33.61%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;Segment Assets&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.15%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.35%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.5%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.56%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 33.61%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 9pt;"&gt;Property owned&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.15%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.35%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;670,573&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;625,610&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;502,346&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;100,204&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.5%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;117,790&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.56%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;2,016,523&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 33.61%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 9pt;"&gt;Less accumulated depreciation&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.15%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.35%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;(145,276)&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;(143,246)&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;(94,616)&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;(19,968)&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 7.5%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;(26,270)&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.56%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;(429,376)&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 4px double; width: 33.61%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;Net property owned&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.15%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.35%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;525,297&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;482,364&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;407,730&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;80,236&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 7.5%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;91,520&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.56%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;1,587,147&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 33.61%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 9pt;"&gt;Real estate held for sale&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.15%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.35%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.5%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.56%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; margin-left: 0.7pt; font-size: 9pt; margin-right: 3.6pt;"&gt;3,969&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 33.61%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 9pt;"&gt;Cash and cash equivalents&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.15%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.35%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.5%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.56%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 9pt; margin-right: 3.6pt;"&gt;93,193&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 33.61%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 9pt;"&gt;Other investments&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.15%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.35%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.5%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.56%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 9pt; margin-right: 3.6pt;"&gt;640&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 33.61%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 9pt;"&gt;Receivables and other assets&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.15%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.35%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.5%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.56%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;113,523&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 33.61%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 9pt;"&gt;Development in progress&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.15%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.35%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.5%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.56%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;77,396&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 33.61%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 9pt;"&gt;Unimproved land&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.15%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.35%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 7.5%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.56%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;20,774&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 4px double; width: 33.61%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;Total assets&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.15%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.35%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 7.5%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.56%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;1,896,642&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 33.61%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="12" style="border-bottom: #000000 2px solid; width: 66.39%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: center; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; width: 33.61%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;As of April 30, 2013&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 10.56%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;Multi-Family&lt;font style="font-family: 'Times New Roman', serif; font-size: 8pt;"&gt;&lt;br /&gt;&lt;/font&gt;Residential&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 11.56%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;Commercial-&lt;font style="font-family: 'Times New Roman', serif; font-size: 8pt;"&gt;&lt;br /&gt;&lt;/font&gt;Office&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 11.56%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;Commercial-&lt;font style="font-family: 'Times New Roman', serif; font-size: 8pt;"&gt;&lt;br /&gt;&lt;/font&gt;Healthcare&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 11.02%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;Commercial-&lt;font style="font-family: 'Times New Roman', serif; font-size: 8pt;"&gt;&lt;br /&gt;&lt;/font&gt;Industrial&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 10.84%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;Commercial-&lt;font style="font-family: 'Times New Roman', serif; font-size: 8pt;"&gt;&lt;br /&gt;&lt;/font&gt;Retail&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 10.84%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Total&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 33.61%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.36%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.2%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.48%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.08%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.58%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.98%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.68%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.38%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.46%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.2%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.64%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 33.61%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;Segment assets&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.36%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.2%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.48%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.08%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.58%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.98%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.68%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.38%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.46%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.2%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.64%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 33.61%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 9pt;"&gt;Property owned&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.36%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.2%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;659,696&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.48%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.08%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;613,775&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.58%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.98%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;501,191&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.68%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;125,772&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.38%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.46%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;132,536&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.2%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.64%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;2,032,970&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 33.61%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 9pt;"&gt;Less accumulated depreciation&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.36%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 9.2%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;(140,354)&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 2.48%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 9.08%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;(138,270)&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 2.58%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.98%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;(90,891)&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 2.68%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;(23,688)&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.38%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 7.46%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;(27,218)&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 2.2%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.64%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;(420,421)&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 4px double; width: 33.61%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;Net property owned&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.36%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 9.2%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;519,342&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 2.48%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 9.08%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;475,505&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 2.58%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.98%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;410,300&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 2.68%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;102,084&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 3.38%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 7.46%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;105,318&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 2.2%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.64%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;1,612,549&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 33.61%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 9pt;"&gt;Cash and cash equivalents&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.36%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.2%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.48%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.08%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.58%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.98%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.68%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.38%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.46%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.2%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.64%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;94,133&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 33.61%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9.4pt; font-size: 9pt;"&gt;Other investments&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.36%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.2%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.48%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.08%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.58%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.98%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.68%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.38%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.46%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.2%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.64%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;639&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 33.61%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9.4pt; font-size: 9pt;"&gt;Receivables and other assets&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.36%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.2%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.48%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.08%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.58%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.98%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.68%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.38%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.46%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.2%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.64%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;113,948&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 33.61%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9.4pt; font-size: 9pt;"&gt;Development in progress&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.36%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.2%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.48%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.08%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.58%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.98%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.68%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.38%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.46%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.2%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.64%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;46,782&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 33.61%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9.4pt; font-size: 9pt;"&gt;Unimproved land&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.36%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 9.2%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 2.48%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 9.08%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 2.58%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.98%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 2.68%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.38%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 7.46%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 2.2%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.64%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;21,503&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td colspan="11" style="border-bottom: #000000 4px double; width: 89.16%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;Total assets&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 2.2%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.64%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;1,889,554&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="margin-top: 7.5pt; margin-bottom: 10.5pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;/div&gt;</us-gaap:SegmentReportingDisclosureTextBlock>
  <!--Shares, Issued-PREFERRED SHARES [Member]-->
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  <!--Shares, Issued-PREFERRED SHARES [Member]-->
  <us-gaap:SharesIssued contextRef="c20130430_StatementEquityComponentsAxis_PreferredStockMember" unitRef="U002" decimals="-3">5750000</us-gaap:SharesIssued>
  <!--Shares, Issued-COMMON SHARES [Member]-->
  <us-gaap:SharesIssued contextRef="c20130430_StatementEquityComponentsAxis_CommonStockMember" unitRef="U002" decimals="-3">101488000</us-gaap:SharesIssued>
  <!--Shares, Issued-PREFERRED SHARES [Member]-->
  <us-gaap:SharesIssued contextRef="c20120731_StatementEquityComponentsAxis_PreferredStockMember" unitRef="U002" decimals="-3">1150000</us-gaap:SharesIssued>
  <!--Shares, Issued-COMMON SHARES [Member]-->
  <us-gaap:SharesIssued contextRef="c20120731_StatementEquityComponentsAxis_CommonStockMember" unitRef="U002" decimals="-3">91812000</us-gaap:SharesIssued>
  <!--Shares, Issued-PREFERRED SHARES [Member]-->
  <us-gaap:SharesIssued contextRef="c20130731_StatementEquityComponentsAxis_PreferredStockMember" unitRef="U002" decimals="-3">5750000</us-gaap:SharesIssued>
  <!--Shares, Issued-COMMON SHARES [Member]-->
  <us-gaap:SharesIssued contextRef="c20130731_StatementEquityComponentsAxis_CommonStockMember" unitRef="U002" decimals="-3">104226000</us-gaap:SharesIssued>
  <!--BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES-->
  <us-gaap:SignificantAccountingPoliciesTextBlock contextRef="c20130501to20130731">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt; font-weight: bold;"&gt;NOTE 2 &amp;#8226; BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES&lt;/div&gt;&lt;div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt; font-weight: bold;"&gt;BASIS OF PRESENTATION&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;The accompanying condensed consolidated financial statements include the accounts of IRET and all subsidiaries in which it maintains a controlling interest. All intercompany balances and transactions are eliminated in consolidation. The Company's fiscal year ends April 30th.&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;The accompanying condensed consolidated financial statements include the accounts of IRET and its interest in the Operating Partnership. The Company's interest in the Operating Partnership was &lt;font style="background-color: #ffffff; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;82.7%&lt;/font&gt; of the common units of the Operating Partnership as of July 31, 2013 and 82.4% as of April 30, 2013. The limited partners in the Operating Partnership have a redemption option that they may exercise. Upon exercise of the redemption option by the limited partners, IRET has the choice of redeeming the limited partners' interests ("Units") for IRET common shares of beneficial interest, on a one-for-one basis, or making a cash payment to the unitholder. The redemption generally may be exercised by the limited partners at any time after the first anniversary of the date of the acquisition of the Units (provided, however, that in general not more than two redemptions by a limited partner may occur during each calendar year, and each limited partner may not exercise the redemption for less than 1,000 Units, or, if such limited partner holds less than 1,000 Units, for all of the Units held by such limited partner). The Operating Partnership and some limited partners have contractually agreed to a holding period of greater than one year and/or a greater number of redemptions during a calendar year.&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;The condensed consolidated financial statements also reflect the ownership by the Operating Partnership of certain joint venture entities in which the Operating Partnership has a general partner or controlling interest. These entities are consolidated into IRET's other operations, with noncontrolling interests reflecting the noncontrolling partners' share of ownership and income and expenses.&lt;/div&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt; font-weight: bold;"&gt;UNAUDITED INTERIM FINANCIAL STATEMENTS&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;The interim condensed consolidated financial statements of IRET have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and the applicable rules and regulations of the Securities and Exchange Commission ("SEC"). Accordingly, certain disclosures accompanying annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") are omitted. The year-end balance sheet data was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. In the opinion of management, all adjustments, consisting solely of normal recurring adjustments, necessary for the fair presentation of the Company's financial position, results of operations and cash flows for the interim periods have been included.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;The current period's results of operations are not necessarily indicative of results which ultimately may be achieved for the year. The interim condensed consolidated financial statements and notes thereto should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended April 30, 2013, as filed with the SEC on July 1, 2013.&lt;/div&gt;&lt;/div&gt;&lt;div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10.5pt; font-size: 10pt; font-weight: bold;"&gt;IMPAIRMENT OF LONG-LIVED ASSETS&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10.5pt; font-size: 10pt;"&gt;The Company periodically evaluates its long-lived assets, including its investments in real estate, for impairment indicators. The impairment evaluation is performed on assets by property such that assets for a property form an asset group. The judgments regarding the existence of impairment indicators are based on factors such as operational performance, market conditions, expected holding period of each asset group and legal and environmental concerns. If indicators exist, the Company compares the expected future undiscounted cash flows for the long-lived asset group against the carrying amount of that asset group. If the sum of the estimated undiscounted cash flows is less than the carrying amount of the asset group, an impairment loss is recorded for the difference between the estimated fair value and the carrying amount of the asset group. If our anticipated holding period for properties, the estimated fair value of properties or other factors change based on market conditions or otherwise, our evaluation of impairment charges may be different and such differences could be material to our consolidated financial statements. The evaluation of anticipated cash flows is subjective and is based, in part, on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results. Plans to hold properties over longer periods decrease the likelihood of recording impairment losses. During the three months ended July 31, 2013, the Company incurred a loss of $1.8 million due to impairment of four commercial properties. The Company recognized impairments of approximately $864,000 on a commercial industrial property in St. Louis Park, Minnesota; $329,000 on a commercial office property in Bloomington, Minnesota; $265,000 on a commercial retail property in Anoka, Minnesota and $345,000 on a commercial industrial property in Clive, Iowa. These properties were written-down to estimated fair value during the first quarter of fiscal year 2014 based on receipt of individual market offers to purchase and the Company's intent to dispose of the properties. During the three months ended July 31, 2012, the Company incurred no losses due to impairment.&lt;/div&gt;&lt;/div&gt;&lt;div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10.5pt; font-size: 10pt; font-weight: bold;"&gt;COMPENSATING BALANCES AND OTHER INVESTMENTS; LENDER HOLDBACKS&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10.5pt; font-size: 10pt;"&gt;The Company maintains compensating balances, not restricted as to withdrawal, with several financial institutions in connection with financing received from those institutions and/or to ensure future credit availability. At July 31, 2013, the Company's compensating balances totaled $8.4 million and consisted of the following: Dacotah Bank, Minot, North Dakota, deposit of $350,000; United Community Bank,&lt;font style="font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;"&gt;&amp;#160;&lt;/font&gt;Minot, North Dakota, deposit of $275,000; Commerce Bank, A Minnesota Banking Corporation, deposit of $250,000; First International Bank, Watford City, North Dakota, deposit of $6.1 million; Peoples State Bank of Velva, North Dakota, deposit of $225,000; Equity Bank, Minnetonka, Minnesota, deposit of $300,000; Associated Bank, Green Bay, Wisconsin, deposit of $500,000; and American National Bank, Omaha, Nebraska, deposit of $400,000. The deposits at United Community Bank and Equity Bank and a portion of the deposit at Dacotah Bank are held as certificates of deposit and comprise the $640,000 in other investments on the Condensed Consolidated Balance Sheets. The certificates of deposit have remaining terms of less than two years and the Company intends to hold them to maturity.&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10.5pt; font-size: 10pt;"&gt;The Company has a number of mortgage loans under which the lender retains a portion of the loan proceeds for the payment of construction costs or tenant improvements. The decrease of $1.1 million in lender holdbacks for improvements reflected in the Condensed Consolidated Statements of Cash Flows for the three months ended July 31, 2013 is due primarily to the release of loan proceeds to the Company upon completion of these construction and tenant improvement projects, while the increase of approximately $279,000 represents additional amounts retained by lenders for new projects.&lt;/div&gt;&lt;/div&gt;&lt;div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10.5pt; font-size: 10pt; font-weight: bold;"&gt;IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES AND GOODWILL&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 12pt; font-size: 10pt;"&gt;Upon acquisition of real estate, the Company records the intangible assets and liabilities acquired (for example, if the leases in place for the real estate property acquired carry rents above the market rent, the difference is classified as an intangible asset) at their estimated fair value separate and apart from goodwill. The Company amortizes identified intangible assets and liabilities that are determined to have finite lives based on the period over which the assets and liabilities are expected to affect, directly or indirectly, the future cash flows of the real estate property acquired (generally the life of the lease). In the three months ended July 31, 2013 and 2012, respectively, the Company added approximately $362,000 and $752,000 of new intangible assets and no new intangible liabilities. The weighted average lives of the intangible assets acquired in the three months ended July 31, 2013 and 2012 are 0.5 years and 0.5 years, respectively. Amortization of intangibles related to above or below-market leases is recorded in real estate rentals in the Condensed Consolidated Statements of Operations. Amortization of other intangibles is recorded in depreciation/amortization related to real estate investments in the Condensed Consolidated Statements of Operations. Intangible&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 12pt; font-size: 10pt;"&gt;assets subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. An impairment loss is recognized if the carrying amount of an intangible asset is not recoverable and its carrying amount exceeds its estimated fair value.&lt;/div&gt;&lt;div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;The Company's identified intangible assets and intangible liabilities &lt;font style="font-family: 'Times New Roman', serif; color: #000000; font-size: 10pt;"&gt;at&lt;/font&gt;&amp;#160;&lt;font style="font-family: 'Times New Roman', serif; color: #000000; font-size: 10pt;"&gt;July&lt;/font&gt; 31, 2013 and April 30, 2013 were as follows:&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 75.84%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="4" style="border-bottom: #000000 2px solid; width: 24.16%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; width: 75.84%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 12.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;July 31, 2013&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 11.64%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;April 30, 2013&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 75.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Identified intangible assets (included in intangible assets):&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.86%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.98%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 75.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Gross carrying amount&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;61,008&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.98%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;68,165&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 75.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Accumulated amortization&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 10.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 0.15pt;"&gt;(24,019)&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 9.98%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;(27,708)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 4px double; width: 75.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Net carrying amount&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 10.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;36,989&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 9.98%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;40,457&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 75.84%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.86%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.98%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 75.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Identified intangible liabilities (included in other liabilities):&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.86%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.98%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 75.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Gross carrying amount&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;327&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.98%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;391&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 75.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Accumulated amortization&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 10.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 0.15pt;"&gt;(249)&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 9.98%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;(296)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 4px double; width: 75.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Net carrying amount&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 10.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;78&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 9.98%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;95&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div&gt;&lt;div style="text-align: justify; margin-top: 6pt; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;The effect of amortization of acquired below-market leases and acquired above-market leases on rental income was approximately $(10,000) and $(10,000) for the three months ended July 31, 2013 and 2012, respectively. The estimated annual amortization of acquired below-market leases, net of acquired above-market leases, for each of the five succeeding fiscal years is as follows:&lt;/div&gt;&lt;table align="center" border="0" cellpadding="0" cellspacing="0" style="width: 50%; font-family: 'Times New Roman', Times, Serif; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; width: 61.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold; margin-right: 5.05pt;"&gt;Year Ended April 30,&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 38.47%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 61.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 5.05pt;"&gt;2015&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15.13%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 23.35%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;21&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 61.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 5.05pt;"&gt;2016&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15.13%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 23.35%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;17&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 61.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 5.05pt;"&gt;2017&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15.13%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 23.35%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;9&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 61.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 5.05pt;"&gt;2018&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15.13%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 23.35%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;(5)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 61.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 5.05pt;"&gt;2019&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15.13%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 23.35%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;(5)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div&gt;&lt;div style="text-align: left; margin-top: 12pt; font-family: 'Times New Roman', serif; margin-bottom: 12pt; font-size: 10pt;"&gt;Amortization of all other identified intangible assets (a component of depreciation and amortization expense) was $3.6 million and $1.5 million for the three months ended July 31, 2013 and 2012, respectively. The estimated annual amortization of all other identified intangible assets for each of the five succeeding fiscal years is as follows:&lt;/div&gt;&lt;table align="center" border="0" cellpadding="0" cellspacing="0" style="width: 50%; font-family: 'Times New Roman', Times, Serif; font-size: 10pt;"&gt;&lt;tr style="height: 17px;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 61.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold; margin-right: 5.05pt;"&gt;Year Ended April 30,&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 38.47%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 61.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 5.05pt;"&gt;2015&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15.13%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 23.35%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;4,830&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 61.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 5.05pt;"&gt;2016&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15.13%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 23.35%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;4,612&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 61.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 5.05pt;"&gt;2017&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15.13%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 23.35%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;4,143&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 61.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 5.05pt;"&gt;2018&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15.13%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 23.35%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;3,701&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 61.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 5.05pt;"&gt;2019&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15.13%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 23.35%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;3,549&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div style="text-align: justify; margin-top: 10pt; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;The excess of the cost of an acquired business over the net of the amounts assigned to assets acquired (including identified intangible assets) and liabilities assumed is recorded as goodwill. &amp;#160;The Company's goodwill has an indeterminate life and is not amortized, but is tested for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that the asset might be impaired. The book value of goodwill as of July 31, 2013 and April 30, 2013 was $1.1 million. The annual review at April 30, 2013 indicated no impairment to goodwill and there was no indication of impairment at July 31, 2013. &amp;#160;During the three months ended July 31, 2013, the Company disposed of one commercial industrial property to which goodwill had been assigned, and as a result, approximately $7,000 of goodwill was derecognized.&lt;/div&gt;&lt;/div&gt;&lt;div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt; font-weight: bold;"&gt;USE OF ESTIMATES&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.&lt;/div&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10.5pt; font-size: 10pt; font-weight: bold;"&gt;RECLASSIFICATIONS&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;Certain previously reported amounts have been reclassified to conform to the current financial statement presentation. The Company reports, in discontinued operations, the results of operations and the related gains or losses of a property that has either been disposed of or is classified as held for sale and otherwise meets the classification of a discontinued operation. As a result of discontinued operations, retroactive reclassifications that change prior period numbers have been made. See Note 7 for additional information. During the first quarter of fiscal year 2014, the Company sold four commercial industrial properties and one commercial retail property and classified two commercial industrial properties as held for sale. During fiscal year 2013, the Company sold three multi-family residential properties and one commercial healthcare property. The results of operations for these properties are included in income from discontinued operations on the Condensed Consolidated Statements of Operations.&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 6pt; font-size: 10pt;"&gt;The Company also reclassified bad debt provision expense from property management expenses to other property expenses on the Consolidated Statements of Operations and reclassified amounts from payments for acquisitions and improvements of real estate assets to payments for acquisitions of real estate assets and payments for development and re-development of real estate assets on the Consolidated Statements of Cash Flows.&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;During the first quarter of fiscal year 2014 the Company reclassified a commercial property in Minot, North Dakota from the Company's commercial retail segment to its commercial office segment, following the departure of a retail tenant from the property and the Company's subsequent repurposing of the majority of the space in the building from retail to office premises.&lt;/div&gt;&lt;/div&gt;&lt;div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt; font-weight: bold;"&gt;INVOLUNTARY CONVERSION OF ASSETS&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;As previously reported, Minot, North Dakota, where IRET's corporate headquarters is located, experienced significant flooding in June 2011, resulting in extensive damage to the Arrowhead Shopping Center and to the Chateau Apartments property, which consisted of two 32-unit buildings. Additionally, on February 22, 2012, one of the buildings of the Chateau Apartments property, which had been undergoing restoration work following the flood, was completely destroyed by fire.&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;During the first quarter of fiscal year 2014, the Company received $966,000 of insurance proceeds for the Chateau fire loss. The total insurance proceeds for redevelopment related to the Chateau fire exceeded the basis in the assets requiring replacement, resulting in the recognition of $966,000 in gain from involuntary conversion in the first quarter of fiscal year 2014. The Company has commenced rebuilding of the destroyed building with completion of the project expected in April 2014. &amp;#160;IRET expects final settlement of the Chateau fire insurance claim to occur when the property is rebuilt.&lt;/div&gt;&lt;/div&gt;&lt;div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt; font-weight: bold;"&gt;PROCEEDS FROM FINANCING LIABILITY&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;During the first quarter of fiscal year 2014, the Company sold a non-core assisted living property in exchange for $7.9 million in cash and a $29.0 million contract for deed. The buyer leased the property back to the Company, and also granted an option to the Company to repurchase the property at a specified price at or prior to July 31, 2018. IRET accounted for the transaction as a financing due to the Company's continuing involvement with the property and recorded the $7.9 million in sales proceeds within other liabilities on the Condensed Consolidated Balance Sheets.&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt; font-weight: bold;"&gt;VARIABLE INTEREST ENTITY&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;On November 27, 2012 the Company entered into a joint venture operating agreement with a real estate development company to construct an apartment project in Minot, North Dakota as IRET &amp;#8211; Minot Apartments, LLC. The Company estimates total costs for the project at $52.2 million, with approximately 69% of the project financed with third-party debt and approximately 7% financed with debt from IRET to the joint venture entity. See Southgate Apartments in Note 6 for additional information on the development. IRET is the 51% owner of the joint venture and will have management and leasing responsibilities when the project is completed. The real estate development company owns 49% of the joint venture and is responsible for the development and construction of the property. The Company has determined that the joint venture is a variable interest entity ("VIE"), primarily based on the fact that the equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support. The Company has also determined that IRET is the primary beneficiary of the VIE due to the fact that IRET is providing 51% of the equity contributions, the subordinated debt and a guarantee on the third party debt and has the power to direct the most significant activities that impact the entity's economic performance.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</us-gaap:SignificantAccountingPoliciesTextBlock>
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  <iret:ImpairmentOfRealEstateContinuingOperations contextRef="c20120501to20120731" unitRef="U001" decimals="-3">0</iret:ImpairmentOfRealEstateContinuingOperations>
  <!--Dividends, Preferred Stock2-->
  <iret:DividendsPreferredStock2 contextRef="c20130501to20130731" unitRef="U001" decimals="-3">2879000</iret:DividendsPreferredStock2>
  <!--Dividends, Preferred Stock2-->
  <iret:DividendsPreferredStock2 contextRef="c20120501to20120731" unitRef="U001" decimals="-3">593000</iret:DividendsPreferredStock2>
  <!--Net income attributable to Investors Real Estate Trust and nonredeemable noncontrolling interests-ACCUMULATED DISTRIBUTIONS IN EXCESS OF NET INCOME [Member]-->
  <iret:NetIncomeAttributableToInvestorsRealEstateTrustAndNonredeemableNoncontrollingInterests contextRef="c20120501to20120731_StatementEquityComponentsAxis_RetainedEarningsMember" unitRef="U001" decimals="-3">1679000</iret:NetIncomeAttributableToInvestorsRealEstateTrustAndNonredeemableNoncontrollingInterests>
  <!--Net income attributable to Investors Real Estate Trust and nonredeemable noncontrolling interests-NONCONTROLLING INTERESTS [Member]-->
  <iret:NetIncomeAttributableToInvestorsRealEstateTrustAndNonredeemableNoncontrollingInterests contextRef="c20120501to20120731_StatementEquityComponentsAxis_NoncontrollingInterestMember" unitRef="U001" decimals="-3">317000</iret:NetIncomeAttributableToInvestorsRealEstateTrustAndNonredeemableNoncontrollingInterests>
  <!--Net income attributable to Investors Real Estate Trust and nonredeemable noncontrolling interests-->
  <iret:NetIncomeAttributableToInvestorsRealEstateTrustAndNonredeemableNoncontrollingInterests contextRef="c20120501to20120731" unitRef="U001" decimals="-3">1996000</iret:NetIncomeAttributableToInvestorsRealEstateTrustAndNonredeemableNoncontrollingInterests>
  <!--Net income attributable to Investors Real Estate Trust and nonredeemable noncontrolling interests-ACCUMULATED DISTRIBUTIONS IN EXCESS OF NET INCOME [Member]-->
  <iret:NetIncomeAttributableToInvestorsRealEstateTrustAndNonredeemableNoncontrollingInterests contextRef="c20130501to20130731_StatementEquityComponentsAxis_RetainedEarningsMember" unitRef="U001" decimals="-3">3078000</iret:NetIncomeAttributableToInvestorsRealEstateTrustAndNonredeemableNoncontrollingInterests>
  <!--Net income attributable to Investors Real Estate Trust and nonredeemable noncontrolling interests-NONCONTROLLING INTERESTS [Member]-->
  <iret:NetIncomeAttributableToInvestorsRealEstateTrustAndNonredeemableNoncontrollingInterests contextRef="c20130501to20130731_StatementEquityComponentsAxis_NoncontrollingInterestMember" unitRef="U001" decimals="-3">138000</iret:NetIncomeAttributableToInvestorsRealEstateTrustAndNonredeemableNoncontrollingInterests>
  <!--Net income attributable to Investors Real Estate Trust and nonredeemable noncontrolling interests-->
  <iret:NetIncomeAttributableToInvestorsRealEstateTrustAndNonredeemableNoncontrollingInterests contextRef="c20130501to20130731" unitRef="U001" decimals="-3">3216000</iret:NetIncomeAttributableToInvestorsRealEstateTrustAndNonredeemableNoncontrollingInterests>
  <!--Partnership Units Issued-NONCONTROLLING INTERESTS [Member]-->
  <iret:PartnershipUnitsIssued contextRef="c20120501to20120731_StatementEquityComponentsAxis_NoncontrollingInterestMember" unitRef="U001" decimals="-3">6428000</iret:PartnershipUnitsIssued>
  <!--Partnership Units Issued-->
  <iret:PartnershipUnitsIssued contextRef="c20120501to20120731" unitRef="U001" decimals="-3">6428000</iret:PartnershipUnitsIssued>
  <!--Partnership Units Issued-NONCONTROLLING INTERESTS [Member]-->
  <iret:PartnershipUnitsIssued contextRef="c20130501to20130731_StatementEquityComponentsAxis_NoncontrollingInterestMember" unitRef="U001" decimals="-3">3280000</iret:PartnershipUnitsIssued>
  <!--Partnership Units Issued-->
  <iret:PartnershipUnitsIssued contextRef="c20130501to20130731" unitRef="U001" decimals="-3">3280000</iret:PartnershipUnitsIssued>
  <!--Other, shares-COMMON SHARES [Member]-->
  <iret:OtherShares contextRef="c20120501to20120731_StatementEquityComponentsAxis_CommonStockMember" unitRef="U002" decimals="-3">1000</iret:OtherShares>
  <!--Proceeds From Real Estate Deposits-->
  <iret:ProceedsFromRealEstateDeposits contextRef="c20130501to20130731" unitRef="U001" decimals="-3">157000</iret:ProceedsFromRealEstateDeposits>
  <!--Proceeds From Real Estate Deposits-->
  <iret:ProceedsFromRealEstateDeposits contextRef="c20120501to20120731" unitRef="U001" decimals="-3">1039000</iret:ProceedsFromRealEstateDeposits>
  <!--Payments For Real Estate Deposits-->
  <iret:PaymentsForRealEstateDeposits contextRef="c20130501to20130731" unitRef="U001" decimals="-3">450000</iret:PaymentsForRealEstateDeposits>
  <!--Payments For Real Estate Deposits-->
  <iret:PaymentsForRealEstateDeposits contextRef="c20120501to20120731" unitRef="U001" decimals="-3">780000</iret:PaymentsForRealEstateDeposits>
  <!--Decrease In Lender Holdbacks For Improvements-->
  <iret:DecreaseInLenderHoldbacksForImprovements contextRef="c20130501to20130731" unitRef="U001" decimals="-3">1144000</iret:DecreaseInLenderHoldbacksForImprovements>
  <!--Decrease In Lender Holdbacks For Improvements-->
  <iret:DecreaseInLenderHoldbacksForImprovements contextRef="c20120501to20120731" unitRef="U001" decimals="-3">624000</iret:DecreaseInLenderHoldbacksForImprovements>
  <!--Increase Lender Holdbacks For Improvements-->
  <iret:IncreaseLenderHoldbacksForImprovements contextRef="c20130501to20130731" unitRef="U001" decimals="-3">279000</iret:IncreaseLenderHoldbacksForImprovements>
  <!--Increase Lender Holdbacks For Improvements-->
  <iret:IncreaseLenderHoldbacksForImprovements contextRef="c20120501to20120731" unitRef="U001" decimals="-3">1403000</iret:IncreaseLenderHoldbacksForImprovements>
  <!--Increase Lender Holdbacks For Improvements-->
  <!--Proceeds from sale of real estate and other investments-->
  <iret:ProceedsFromSaleOfRealEstateAndOtherInvestments contextRef="c20130501to20130731" unitRef="U001" decimals="-3">7000</iret:ProceedsFromSaleOfRealEstateAndOtherInvestments>
  <!--Proceeds from sale of real estate and other investments-->
  <iret:ProceedsFromSaleOfRealEstateAndOtherInvestments contextRef="c20120501to20120731" unitRef="U001" decimals="-3">0</iret:ProceedsFromSaleOfRealEstateAndOtherInvestments>
  <!--Percentage of ordinary taxable income that must be distributed to shareholders-->
  <iret:PercentageOfOrdinaryTaxableIncomeThatMustBeDistributedToShareholders contextRef="c20130731" unitRef="U004" decimals="1">0.9</iret:PercentageOfOrdinaryTaxableIncomeThatMustBeDistributedToShareholders>
  <!--Distribution Reinvestment Plan-->
  <iret:DistributionReinvestmentPlan contextRef="c20130501to20130731" unitRef="U001" decimals="-3">3549000</iret:DistributionReinvestmentPlan>
  <!--Distribution Reinvestment Plan-->
  <iret:DistributionReinvestmentPlan contextRef="c20120501to20120731" unitRef="U001" decimals="-3">2971000</iret:DistributionReinvestmentPlan>
  <!--Operating partnership distribution reinvestment plan-->
  <iret:OperatingPartnershipDistributionReinvestmentPlan contextRef="c20130501to20130731" unitRef="U001" decimals="-3">183000</iret:OperatingPartnershipDistributionReinvestmentPlan>
  <!--Operating partnership distribution reinvestment plan-->
  <iret:OperatingPartnershipDistributionReinvestmentPlan contextRef="c20120501to20120731" unitRef="U001" decimals="-3">157000</iret:OperatingPartnershipDistributionReinvestmentPlan>
  <!--Operating partnership units converted to shares-->
  <iret:OperatingPartnershipUnitsConvertedToShares contextRef="c20130501to20130731" unitRef="U001" decimals="-3">706000</iret:OperatingPartnershipUnitsConvertedToShares>
  <!--Operating partnership units converted to shares-->
  <iret:OperatingPartnershipUnitsConvertedToShares contextRef="c20120501to20120731" unitRef="U001" decimals="-3">337000</iret:OperatingPartnershipUnitsConvertedToShares>
  <!--Assets Acquired Through The Issuance Of Operating Partnership Units-->
  <iret:AssetsAcquiredThroughIssuanceOfOperatingPartnershipUnits contextRef="c20130501to20130731" unitRef="U001" decimals="-3">3280000</iret:AssetsAcquiredThroughIssuanceOfOperatingPartnershipUnits>
  <!--Assets Acquired Through The Issuance Of Operating Partnership Units-->
  <iret:AssetsAcquiredThroughIssuanceOfOperatingPartnershipUnits contextRef="c20120501to20120731" unitRef="U001" decimals="-3">6428000</iret:AssetsAcquiredThroughIssuanceOfOperatingPartnershipUnits>
  <!--Adjustments to accounts payable included within real estate investments-->
  <iret:AdjustmentsToAccountsPayableIncludedWithinRealEstateInvestments contextRef="c20130501to20130731" unitRef="U001" decimals="-3">4547000</iret:AdjustmentsToAccountsPayableIncludedWithinRealEstateInvestments>
  <!--Adjustments to accounts payable included within real estate investments-->
  <iret:AdjustmentsToAccountsPayableIncludedWithinRealEstateInvestments contextRef="c20120501to20120731" unitRef="U001" decimals="-3">-1808000</iret:AdjustmentsToAccountsPayableIncludedWithinRealEstateInvestments>
  <!--Distributions paid to common shareholders, reinvestment-->
  <iret:DistributionsPaidToCommonShareholdersReinvestment contextRef="c20130501to20130731" unitRef="U001" decimals="-3">3549000</iret:DistributionsPaidToCommonShareholdersReinvestment>
  <!--Distributions paid to common shareholders, reinvestment-->
  <iret:DistributionsPaidToCommonShareholdersReinvestment contextRef="c20120501to20120731" unitRef="U001" decimals="-3">2971000</iret:DistributionsPaidToCommonShareholdersReinvestment>
  <!--Number of apartment units owned-Multi-family residential properties [Member]-->
  <iret:NumberOfApartmentUnitsOwned contextRef="c20130731_RealEstatePropertiesAxis_ResidentialRealEstateMember" unitRef="U004" decimals="0">10351</iret:NumberOfApartmentUnitsOwned>
  <!--COMPENSATING BALANCES AND OTHER INVESTMENTS; LENDER HOLDBACKS [Policy Text Block]-->
  <iret:CompensatingBalancesAndOtherInvestmentsLenderHoldbacksPolicyTextBlock contextRef="c20130501to20130731">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10.5pt; font-size: 10pt; font-weight: bold;"&gt;COMPENSATING BALANCES AND OTHER INVESTMENTS; LENDER HOLDBACKS&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10.5pt; font-size: 10pt;"&gt;The Company maintains compensating balances, not restricted as to withdrawal, with several financial institutions in connection with financing received from those institutions and/or to ensure future credit availability. At July 31, 2013, the Company's compensating balances totaled $8.4 million and consisted of the following: Dacotah Bank, Minot, North Dakota, deposit of $350,000; United Community Bank,&lt;font style="font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;"&gt;&amp;#160;&lt;/font&gt;Minot, North Dakota, deposit of $275,000; Commerce Bank, A Minnesota Banking Corporation, deposit of $250,000; First International Bank, Watford City, North Dakota, deposit of $6.1 million; Peoples State Bank of Velva, North Dakota, deposit of $225,000; Equity Bank, Minnetonka, Minnesota, deposit of $300,000; Associated Bank, Green Bay, Wisconsin, deposit of $500,000; and American National Bank, Omaha, Nebraska, deposit of $400,000. The deposits at United Community Bank and Equity Bank and a portion of the deposit at Dacotah Bank are held as certificates of deposit and comprise the $640,000 in other investments on the Condensed Consolidated Balance Sheets. The certificates of deposit have remaining terms of less than two years and the Company intends to hold them to maturity.&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10.5pt; font-size: 10pt;"&gt;The Company has a number of mortgage loans under which the lender retains a portion of the loan proceeds for the payment of construction costs or tenant improvements. The decrease of $1.1 million in lender holdbacks for improvements reflected in the Condensed Consolidated Statements of Cash Flows for the three months ended July 31, 2013 is due primarily to the release of loan proceeds to the Company upon completion of these construction and tenant improvement projects, while the increase of approximately $279,000 represents additional amounts retained by lenders for new projects.&lt;/div&gt;&lt;/div&gt;</iret:CompensatingBalancesAndOtherInvestmentsLenderHoldbacksPolicyTextBlock>
  <!--INVOLUNTARY CONVERSION OF ASSETS [Policy Text Block]-->
  <iret:InvoluntaryConversionOfAssetsPolicyTextBlock contextRef="c20130501to20130731">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt; font-weight: bold;"&gt;INVOLUNTARY CONVERSION OF ASSETS&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;As previously reported, Minot, North Dakota, where IRET's corporate headquarters is located, experienced significant flooding in June 2011, resulting in extensive damage to the Arrowhead Shopping Center and to the Chateau Apartments property, which consisted of two 32-unit buildings. Additionally, on February 22, 2012, one of the buildings of the Chateau Apartments property, which had been undergoing restoration work following the flood, was completely destroyed by fire.&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;During the first quarter of fiscal year 2014, the Company received $966,000 of insurance proceeds for the Chateau fire loss. The total insurance proceeds for redevelopment related to the Chateau fire exceeded the basis in the assets requiring replacement, resulting in the recognition of $966,000 in gain from involuntary conversion in the first quarter of fiscal year 2014. The Company has commenced rebuilding of the destroyed building with completion of the project expected in April 2014. &amp;#160;IRET expects final settlement of the Chateau fire insurance claim to occur when the property is rebuilt.&lt;/div&gt;&lt;/div&gt;</iret:InvoluntaryConversionOfAssetsPolicyTextBlock>
  <!--Identified intangible assets and intangible liabilities [Table Text Block]-->
  <iret:IdentifiedIntangibleAssetsAndIntangibleLiabilitiesTableTextBlock contextRef="c20130501to20130731">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;The Company's identified intangible assets and intangible liabilities &lt;font style="font-family: 'Times New Roman', serif; color: #000000; font-size: 10pt;"&gt;at&lt;/font&gt;&amp;#160;&lt;font style="font-family: 'Times New Roman', serif; color: #000000; font-size: 10pt;"&gt;July&lt;/font&gt; 31, 2013 and April 30, 2013 were as follows:&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 75.84%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="4" style="border-bottom: #000000 2px solid; width: 24.16%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; width: 75.84%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 12.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;July 31, 2013&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 11.64%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;April 30, 2013&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 75.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Identified intangible assets (included in intangible assets):&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.86%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.98%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 75.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Gross carrying amount&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;61,008&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.98%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;68,165&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 75.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Accumulated amortization&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 10.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 0.15pt;"&gt;(24,019)&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 9.98%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;(27,708)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 4px double; width: 75.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Net carrying amount&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 10.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;36,989&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 9.98%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;40,457&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 75.84%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.86%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.98%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 75.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Identified intangible liabilities (included in other liabilities):&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.86%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.98%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 75.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Gross carrying amount&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;327&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.98%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;391&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 75.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Accumulated amortization&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 10.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 0.15pt;"&gt;(249)&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 9.98%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;(296)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 4px double; width: 75.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Net carrying amount&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 10.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;78&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 9.98%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;95&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</iret:IdentifiedIntangibleAssetsAndIntangibleLiabilitiesTableTextBlock>
  <!--Estimated annual amortization of acquired below-market leases, net of acquired above market leases [Table Text Block]-->
  <iret:EstimatedAnnualAmortizationOfAcquiredBelowMarketLeasesNetOfAcquiredAboveMarketLeasesTableTextBlock contextRef="c20130501to20130731">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="text-align: justify; margin-top: 6pt; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;The effect of amortization of acquired below-market leases and acquired above-market leases on rental income was approximately $(10,000) and $(10,000) for the three months ended July 31, 2013 and 2012, respectively. The estimated annual amortization of acquired below-market leases, net of acquired above-market leases, for each of the five succeeding fiscal years is as follows:&lt;/div&gt;&lt;table align="center" border="0" cellpadding="0" cellspacing="0" style="width: 50%; font-family: 'Times New Roman', Times, Serif; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; width: 61.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold; margin-right: 5.05pt;"&gt;Year Ended April 30,&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 38.47%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 61.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 5.05pt;"&gt;2015&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15.13%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 23.35%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;21&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 61.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 5.05pt;"&gt;2016&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15.13%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 23.35%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;17&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 61.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 5.05pt;"&gt;2017&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15.13%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 23.35%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;9&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 61.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 5.05pt;"&gt;2018&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15.13%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 23.35%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;(5)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 61.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 5.05pt;"&gt;2019&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15.13%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 23.35%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;(5)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</iret:EstimatedAnnualAmortizationOfAcquiredBelowMarketLeasesNetOfAcquiredAboveMarketLeasesTableTextBlock>
  <!--Interest in common units in operating partnership-->
  <iret:InterestInCommonUnitsInOperatingPartnership contextRef="c20130731" unitRef="U004" decimals="3">0.827</iret:InterestInCommonUnitsInOperatingPartnership>
  <!--Interest in common units in operating partnership-->
  <iret:InterestInCommonUnitsInOperatingPartnership contextRef="c20130430" unitRef="U004" decimals="3">0.824</iret:InterestInCommonUnitsInOperatingPartnership>
  <!--Redemption basis-->
  <iret:RedemptionBasis contextRef="c20130731">one-for-one</iret:RedemptionBasis>
  <!--Redemptions by limited partner, maximum-->
  <iret:RedemptionsByLimitedPartnerMaximum contextRef="c20130501to20130731" unitRef="U004" decimals="0">2</iret:RedemptionsByLimitedPartnerMaximum>
  <!--Number of units to redeem, minimum-->
  <iret:NumberOfUnitsToRedeemMinimum contextRef="c20130731" unitRef="U002" decimals="0">1000</iret:NumberOfUnitsToRedeemMinimum>
  <!--Weighted average lives of intangible assets and intangible liabilities-->
  <iret:WeightedAverageLivesOfIntangibleAssetsAndIntangibleLiabilities contextRef="c20130501to20130731">P6M</iret:WeightedAverageLivesOfIntangibleAssetsAndIntangibleLiabilities>
  <!--Weighted average lives of intangible assets and intangible liabilities-->
  <iret:WeightedAverageLivesOfIntangibleAssetsAndIntangibleLiabilities contextRef="c20120501to20120731">P6M</iret:WeightedAverageLivesOfIntangibleAssetsAndIntangibleLiabilities>
  <!--Indentified intangible liabilities, gross-->
  <iret:IndentifiedIntangibleLiabilitiesGross contextRef="c20130731" unitRef="U001" decimals="-3">327000</iret:IndentifiedIntangibleLiabilitiesGross>
  <!--Indentified intangible liabilities, gross-->
  <iret:IndentifiedIntangibleLiabilitiesGross contextRef="c20130430" unitRef="U001" decimals="-3">391000</iret:IndentifiedIntangibleLiabilitiesGross>
  <!--Indentified intangible liabilities, accumulated amortization-->
  <iret:IndentifiedIntangibleLiabilitiesAccumulatedAmortization contextRef="c20130731" unitRef="U001" decimals="-3">249000</iret:IndentifiedIntangibleLiabilitiesAccumulatedAmortization>
  <!--Indentified intangible liabilities, accumulated amortization-->
  <iret:IndentifiedIntangibleLiabilitiesAccumulatedAmortization contextRef="c20130430" unitRef="U001" decimals="-3">296000</iret:IndentifiedIntangibleLiabilitiesAccumulatedAmortization>
  <!--Indentified intangible liabilities, net-->
  <iret:IndentifiedIntangibleLiabilitiesNet contextRef="c20130731" unitRef="U001" decimals="-3">78000</iret:IndentifiedIntangibleLiabilitiesNet>
  <!--Indentified intangible liabilities, net-->
  <iret:IndentifiedIntangibleLiabilitiesNet contextRef="c20130430" unitRef="U001" decimals="-3">95000</iret:IndentifiedIntangibleLiabilitiesNet>
  <!--Number of 32 unit buildings-->
  <iret:NumberOf32UnitBuildings contextRef="c20130501to20130731" unitRef="U004" decimals="0">2</iret:NumberOf32UnitBuildings>
  <!--Insurance proceeds received for business interruption from the flood and fire-->
  <iret:InsuranceProceedsReceivedForBusinessInterruptionFromFloodAndFire contextRef="c20130731" unitRef="U001" decimals="0">966000</iret:InsuranceProceedsReceivedForBusinessInterruptionFromFloodAndFire>
  <!--Insurance proceeds received for total business interruption proceeds-->
  <iret:InsuranceProceedsReceivedForTotalBusinessInterruptionProceeds contextRef="c20130731" unitRef="U001" decimals="0">966000</iret:InsuranceProceedsReceivedForTotalBusinessInterruptionProceeds>
  <!--Depreciation and amortization including related to non real estate investments-->
  <iret:DepreciationAndAmortizationIncludingRelatedToNonRealEstateInvestments contextRef="c20130501to20130731" unitRef="U001" decimals="-3">19518000</iret:DepreciationAndAmortizationIncludingRelatedToNonRealEstateInvestments>
  <!--Depreciation and amortization including related to non real estate investments-->
  <iret:DepreciationAndAmortizationIncludingRelatedToNonRealEstateInvestments contextRef="c20120501to20120731" unitRef="U001" decimals="-3">15885000</iret:DepreciationAndAmortizationIncludingRelatedToNonRealEstateInvestments>
  <!--Administrative, advisory and trustee services-->
  <iret:AdministrativeAdvisoryAndTrusteeServices contextRef="c20130501to20130731" unitRef="U001" decimals="-3">2753000</iret:AdministrativeAdvisoryAndTrusteeServices>
  <!--Administrative, advisory and trustee services-->
  <iret:AdministrativeAdvisoryAndTrusteeServices contextRef="c20120501to20120731" unitRef="U001" decimals="-3">2096000</iret:AdministrativeAdvisoryAndTrusteeServices>
  <!--Impairment of real estate investments-->
  <iret:ImpairmentOfRealEstateInvestments contextRef="c20130501to20130731" unitRef="U001" decimals="-3">1458000</iret:ImpairmentOfRealEstateInvestments>
  <!--Receivables and other assets-->
  <iret:ReceivablesAndOtherAssets contextRef="c20130731" unitRef="U001" decimals="-3">113523000</iret:ReceivablesAndOtherAssets>
  <!--Receivables and other assets-->
  <iret:ReceivablesAndOtherAssets contextRef="c20130430" unitRef="U001" decimals="-3">113948000</iret:ReceivablesAndOtherAssets>
  <!--Number Of Condominium Units Sold-->
  <iret:NumberOfCondominiumUnitsSold contextRef="c20120501to20120731" unitRef="U004" decimals="0">2</iret:NumberOfCondominiumUnitsSold>
  <!--Number of retail properties sold-->
  <iret:NumberOfRetailPropertiesSold contextRef="c20130501to20130731" unitRef="U004" decimals="0">1</iret:NumberOfRetailPropertiesSold>
  <!--Results of operations from acquired properties [Text Block]-->
  <iret:ResultsOfOperationsFromAcquiredPropertiesTextBlock contextRef="c20130501to20130731">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-bottom: 12pt; font-size: 10pt;"&gt;Acquisitions in the three months ended July 31, 2013 and 2012 are immaterial to our real estate portfolio both individually and in the aggregate, and consequently no proforma information is presented. The results of operations from acquired properties are included in the Condensed Consolidated Statements of Operations as of their acquisition date. The revenue and net income of our acquisitions in the three months ended July 31, 2013 and 2012, respectively, (excluding development projects placed in service) are detailed below.&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 75.86%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="4" style="border-bottom: #000000 2px solid; width: 24.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 75.86%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="4" style="border-bottom: #000000 2px solid; width: 24.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Three Months Ended&lt;/div&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;July 31&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; width: 75.86%; vertical-align: top;"&gt;&lt;div style="text-align: left;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 12.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;2013&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 11.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;2012&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 75.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Total revenue&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;186&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.96%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;1,232&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 75.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Net (loss) income&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;(108)&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.96%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;(72)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</iret:ResultsOfOperationsFromAcquiredPropertiesTextBlock>
  <!--Estimated total costs of joint venture project-->
  <iret:EstimatedTotalCostsOfJointVentureProject contextRef="c20130731" unitRef="U001" decimals="-5">52200000</iret:EstimatedTotalCostsOfJointVentureProject>
  <!--Number of buildings-Cypress Court Apartment Homes, St. Cloud, Minnesota [Member]-->
  <iret:NumberOfBuildings contextRef="c20130731_RealEstatePropertiesAxis_CypressCourtApartmentHomesStCloudMinnesotaMember" unitRef="U004" decimals="0">2</iret:NumberOfBuildings>
  <!--Number of buildings-The Landing at Southgate Apartments, Minot, North Dakota [Member]-->
  <iret:NumberOfBuildings contextRef="c20130731_RealEstatePropertiesAxis_LandingAtSouthgateApartmentsMinotNorthDakotaMember" unitRef="U004" decimals="0">3</iret:NumberOfBuildings>
  <!--Number of buildings-Renaissance Heights I Apartments, Williston, North Dakota [Member]-->
  <iret:NumberOfBuildings contextRef="c20130731_RealEstatePropertiesAxis_RenaissanceHeightsIApartmentsWillistonNorthDakotaMember" unitRef="U004" decimals="0">5</iret:NumberOfBuildings>
  <!--Number of buildings-Chateau II, Minot, North Dakota [Member]-->
  <iret:NumberOfBuildings contextRef="c20130731_RealEstatePropertiesAxis_ChateauIiMinotNorthDakotaMember" unitRef="U004" decimals="0">2</iret:NumberOfBuildings>
  <!--Project costs incurred to date-River Ridge Apartment Homes, Bismarck, ND [Member]-->
  <iret:ProjectCostsIncurredToDate contextRef="c20130731_RealEstatePropertiesAxis_RiverRidgeApartmentHomesBismarckNdMember" unitRef="U001" decimals="-5">19700000</iret:ProjectCostsIncurredToDate>
  <!--Project costs incurred to date-Cypress Court Apartment Homes, St. Cloud, Minnesota [Member]-->
  <iret:ProjectCostsIncurredToDate contextRef="c20130731_RealEstatePropertiesAxis_CypressCourtApartmentHomesStCloudMinnesotaMember" unitRef="U001" decimals="-5">10100000</iret:ProjectCostsIncurredToDate>
  <!--Project costs incurred to date-The Landing at Southgate Apartments, Minot, North Dakota [Member]-->
  <iret:ProjectCostsIncurredToDate contextRef="c20130731_RealEstatePropertiesAxis_LandingAtSouthgateApartmentsMinotNorthDakotaMember" unitRef="U001" decimals="-5">12500000</iret:ProjectCostsIncurredToDate>
  <!--Project costs incurred to date-The Commons at Southgate Apartments, Minot, North Dakota [Member]-->
  <iret:ProjectCostsIncurredToDate contextRef="c20130731_RealEstatePropertiesAxis_CommonsAtSouthgateApartmentsMinotNorthDakotaMember" unitRef="U001" decimals="-5">10500000</iret:ProjectCostsIncurredToDate>
  <!--Project costs incurred to date-Renaissance Heights I Apartments, Williston, North Dakota [Member]-->
  <iret:ProjectCostsIncurredToDate contextRef="c20130731_RealEstatePropertiesAxis_RenaissanceHeightsIApartmentsWillistonNorthDakotaMember" unitRef="U001" decimals="-5">16900000</iret:ProjectCostsIncurredToDate>
  <!--Project costs incurred to date-Arcata Apartments, Golden Valley, Minnesota [Member]-->
  <iret:ProjectCostsIncurredToDate contextRef="c20130731_RealEstatePropertiesAxis_ArcataApartmentsGoldenValleyMinnesotaMember" unitRef="U001" decimals="-5">2700000</iret:ProjectCostsIncurredToDate>
  <!--Project costs incurred to date-Dakota Commons, Williston, North Dakota [Member]-->
  <iret:ProjectCostsIncurredToDate contextRef="c20130731_RealEstatePropertiesAxis_DakotaCommonsWillistonNorthDakotaMember" unitRef="U001" decimals="-5">2600000</iret:ProjectCostsIncurredToDate>
  <!--Project costs incurred to date-Chateau II, Minot, North Dakota [Member]-->
  <iret:ProjectCostsIncurredToDate contextRef="c20130731_RealEstatePropertiesAxis_ChateauIiMinotNorthDakotaMember" unitRef="U001" decimals="-5">2300000</iret:ProjectCostsIncurredToDate>
  <!--Estimated cost of construction-River Ridge Apartment Homes, Bismarck, ND [Member]-->
  <iret:EstimatedCostOfConstruction contextRef="c20130731_RealEstatePropertiesAxis_RiverRidgeApartmentHomesBismarckNdMember" unitRef="U001" decimals="-5">25900000</iret:EstimatedCostOfConstruction>
  <!--Estimated cost of construction-Cypress Court Apartment Homes, St. Cloud, Minnesota [Member]-->
  <iret:EstimatedCostOfConstruction contextRef="c20130731_RealEstatePropertiesAxis_CypressCourtApartmentHomesStCloudMinnesotaMember" unitRef="U001" decimals="-5">14300000</iret:EstimatedCostOfConstruction>
  <!--Estimated cost of construction-The Landing at Southgate Apartments, Minot, North Dakota [Member]-->
  <iret:EstimatedCostOfConstruction contextRef="c20130731_RealEstatePropertiesAxis_LandingAtSouthgateApartmentsMinotNorthDakotaMember" unitRef="U001" decimals="-5">15000000</iret:EstimatedCostOfConstruction>
  <!--Estimated cost of construction-The Commons at Southgate Apartments, Minot, North Dakota [Member]-->
  <iret:EstimatedCostOfConstruction contextRef="c20130731_RealEstatePropertiesAxis_CommonsAtSouthgateApartmentsMinotNorthDakotaMember" unitRef="U001" decimals="-5">37200000</iret:EstimatedCostOfConstruction>
  <!--Estimated cost of construction-Renaissance Heights I Apartments, Williston, North Dakota [Member]-->
  <iret:EstimatedCostOfConstruction contextRef="c20130731_RealEstatePropertiesAxis_RenaissanceHeightsIApartmentsWillistonNorthDakotaMember" unitRef="U001" decimals="-5">62400000</iret:EstimatedCostOfConstruction>
  <!--Estimated cost of construction-Arcata Apartments, Golden Valley, Minnesota [Member]-->
  <iret:EstimatedCostOfConstruction contextRef="c20130731_RealEstatePropertiesAxis_ArcataApartmentsGoldenValleyMinnesotaMember" unitRef="U001" decimals="-5">33400000</iret:EstimatedCostOfConstruction>
  <!--Estimated cost of construction-Dakota Commons, Williston, North Dakota [Member]-->
  <iret:EstimatedCostOfConstruction contextRef="c20130731_RealEstatePropertiesAxis_DakotaCommonsWillistonNorthDakotaMember" unitRef="U001" decimals="-5">10700000</iret:EstimatedCostOfConstruction>
  <!--Estimated cost of construction-Chateau II, Minot, North Dakota [Member]-->
  <iret:EstimatedCostOfConstruction contextRef="c20130731_RealEstatePropertiesAxis_ChateauIiMinotNorthDakotaMember" unitRef="U001" decimals="-5">14700000</iret:EstimatedCostOfConstruction>
  <!--Estimated cost of construction-Minneapolis, Minnesota [Member]-Subsequent Event [Member]-->
  <iret:EstimatedCostOfConstruction contextRef="c20130731_BusinessAcquisitionAxis_MinneapolisMinnesotaMember_SubsequentEventTypeAxis_SubsequentEventMember" unitRef="U001" decimals="-5">29000000</iret:EstimatedCostOfConstruction>
  <!--Estimated cost of construction-Grand Forks Grand Forks, ND [Member]-Subsequent Event [Member]-->
  <iret:EstimatedCostOfConstruction contextRef="c20130731_BusinessAcquisitionAxis_GrandForksGrandForksNdMember_SubsequentEventTypeAxis_SubsequentEventMember" unitRef="U001" decimals="-5">39000000</iret:EstimatedCostOfConstruction>
  <!--Acquisitions, Date of Transaction for Acquisition or Disposal-Multi Family Residential [Member]-Alps Park - Rapid City, SD [Member]-->
  <iret:AcquisitionsDateOfTransactionForAcquisitionOrDisposal contextRef="c20130501to20130731_SignificantAcquisitionsAndDisposalsByTransactionAxis_AlpsParkRapidCitySdMember_StatementBusinessSegmentsAxis_MultiFamilyResidentialMember">2013-05-01</iret:AcquisitionsDateOfTransactionForAcquisitionOrDisposal>
  <!--Acquisitions, Date of Transaction for Acquisition or Disposal-Unimproved Land [Member]-Chateau II - Minot, ND [Member]-->
  <iret:AcquisitionsDateOfTransactionForAcquisitionOrDisposal contextRef="c20130501to20130731_SignificantAcquisitionsAndDisposalsByTransactionAxis_ChateauIiMinotNdMember_StatementBusinessSegmentsAxis_UnimprovedLandMember">2013-05-21</iret:AcquisitionsDateOfTransactionForAcquisitionOrDisposal>
  <!--Acquisitions, Date of Transaction for Acquisition or Disposal-Multi Family Residential [Member]-Villa West Topeka, KS [Member]-->
  <iret:AcquisitionsDateOfTransactionForAcquisitionOrDisposal contextRef="c20120501to20120731_SignificantAcquisitionsAndDisposalsByTransactionAxis_VillaWestTopekaKsMember_StatementBusinessSegmentsAxis_MultiFamilyResidentialMember">2012-05-08</iret:AcquisitionsDateOfTransactionForAcquisitionOrDisposal>
  <!--Acquisitions, Date of Transaction for Acquisition or Disposal-Multi Family Residential [Member]-Colony Lincoln, NE [Member]-->
  <iret:AcquisitionsDateOfTransactionForAcquisitionOrDisposal contextRef="c20120501to20120731_SignificantAcquisitionsAndDisposalsByTransactionAxis_ColonyLincolnNeMember_StatementBusinessSegmentsAxis_MultiFamilyResidentialMember">2012-06-04</iret:AcquisitionsDateOfTransactionForAcquisitionOrDisposal>
  <!--Acquisitions, Date of Transaction for Acquisition or Disposal-Multi Family Residential [Member]-Lakeside Village Lincoln, NE [Member]-->
  <iret:AcquisitionsDateOfTransactionForAcquisitionOrDisposal contextRef="c20120501to20120731_SignificantAcquisitionsAndDisposalsByTransactionAxis_LakesideVillageLincolnNeMember_StatementBusinessSegmentsAxis_MultiFamilyResidentialMember">2012-06-04</iret:AcquisitionsDateOfTransactionForAcquisitionOrDisposal>
  <!--Acquisitions, Date of Transaction for Acquisition or Disposal-Quarry Ridge II Rochester, MN [Member]-Multi Family Residential [Member]-Development Projects Placed in Service [Member]-->
  <iret:AcquisitionsDateOfTransactionForAcquisitionOrDisposal contextRef="c20120501to20120731_BusinessAcquisitionByStatusOfPropertyAcquiredAxis_DevelopmentProjectsPlacedInServiceMember_SignificantAcquisitionsAndDisposalsByTransactionAxis_QuarryRidgeIiRochesterMnMember_StatementBusinessSegmentsAxis_MultiFamilyResidentialMember" id="Item-9">2012-06-29</iret:AcquisitionsDateOfTransactionForAcquisitionOrDisposal>
  <!--Acquisitions, Date of Transaction for Acquisition or Disposal-Williston Garden Buildings 3 and 4 Williston, ND [Member]-Multi Family Residential [Member]-Development Projects Placed in Service [Member]-->
  <iret:AcquisitionsDateOfTransactionForAcquisitionOrDisposal contextRef="c20120501to20120731_BusinessAcquisitionByStatusOfPropertyAcquiredAxis_DevelopmentProjectsPlacedInServiceMember_SignificantAcquisitionsAndDisposalsByTransactionAxis_WillistonGardenBuildings3And4WillistonNdMember_StatementBusinessSegmentsAxis_MultiFamilyResidentialMember" id="Item-10">2012-07-31</iret:AcquisitionsDateOfTransactionForAcquisitionOrDisposal>
  <!--Number of apartment units, acquisitions-Multi Family Residential [Member]-Alps Park - Rapid City, SD [Member]-->
  <iret:NumberOfApartmentUnitsAcquisitions contextRef="c20130731_SignificantAcquisitionsAndDisposalsByTransactionAxis_AlpsParkRapidCitySdMember_StatementBusinessSegmentsAxis_MultiFamilyResidentialMember" unitRef="U004" decimals="0">71</iret:NumberOfApartmentUnitsAcquisitions>
  <!--Number of apartment units, acquisitions-Multi Family Residential [Member]-Villa West Topeka, KS [Member]-->
  <iret:NumberOfApartmentUnitsAcquisitions contextRef="c20120731_SignificantAcquisitionsAndDisposalsByTransactionAxis_VillaWestTopekaKsMember_StatementBusinessSegmentsAxis_MultiFamilyResidentialMember" unitRef="U004" decimals="0">308</iret:NumberOfApartmentUnitsAcquisitions>
  <!--Number of apartment units, acquisitions-Multi Family Residential [Member]-Colony Lincoln, NE [Member]-->
  <iret:NumberOfApartmentUnitsAcquisitions contextRef="c20120731_SignificantAcquisitionsAndDisposalsByTransactionAxis_ColonyLincolnNeMember_StatementBusinessSegmentsAxis_MultiFamilyResidentialMember" unitRef="U004" decimals="0">232</iret:NumberOfApartmentUnitsAcquisitions>
  <!--Number of apartment units, acquisitions-Multi Family Residential [Member]-Lakeside Village Lincoln, NE [Member]-->
  <iret:NumberOfApartmentUnitsAcquisitions contextRef="c20120731_SignificantAcquisitionsAndDisposalsByTransactionAxis_LakesideVillageLincolnNeMember_StatementBusinessSegmentsAxis_MultiFamilyResidentialMember" unitRef="U004" decimals="0">208</iret:NumberOfApartmentUnitsAcquisitions>
  <!--Number of apartment units, acquisitions-Quarry Ridge II Rochester, MN [Member]-Multi Family Residential [Member]-Development Projects Placed in Service [Member]-->
  <iret:NumberOfApartmentUnitsAcquisitions contextRef="c20120731_BusinessAcquisitionByStatusOfPropertyAcquiredAxis_DevelopmentProjectsPlacedInServiceMember_SignificantAcquisitionsAndDisposalsByTransactionAxis_QuarryRidgeIiRochesterMnMember_StatementBusinessSegmentsAxis_MultiFamilyResidentialMember" unitRef="U004" decimals="0" id="Item-11">159</iret:NumberOfApartmentUnitsAcquisitions>
  <!--Number of apartment units, acquisitions-Williston Garden Buildings 3 and 4 Williston, ND [Member]-Multi Family Residential [Member]-Development Projects Placed in Service [Member]-->
  <iret:NumberOfApartmentUnitsAcquisitions contextRef="c20120731_BusinessAcquisitionByStatusOfPropertyAcquiredAxis_DevelopmentProjectsPlacedInServiceMember_SignificantAcquisitionsAndDisposalsByTransactionAxis_WillistonGardenBuildings3And4WillistonNdMember_StatementBusinessSegmentsAxis_MultiFamilyResidentialMember" unitRef="U004" decimals="0" id="Item-12">73</iret:NumberOfApartmentUnitsAcquisitions>
  <!--Disposals, Date of Transaction for Acquisition or Disposal-Bodycote - Eden Prairie, MN [Member]-Commercial Industrial [Member]-->
  <iret:DisposalsDateOfTransactionForAcquisitionOrDisposal contextRef="c20130501to20130731_SignificantAcquisitionsAndDisposalsByTransactionAxis_BodycoteEdenPrairieMnMember_StatementBusinessSegmentsAxis_CommercialIndustrialMember">2013-05-13</iret:DisposalsDateOfTransactionForAcquisitionOrDisposal>
  <!--Disposals, Date of Transaction for Acquisition or Disposal-Fargo 1320 45th St. N - Fargo, ND [Member]-Commercial Industrial [Member]-->
  <iret:DisposalsDateOfTransactionForAcquisitionOrDisposal contextRef="c20130501to20130731_SignificantAcquisitionsAndDisposalsByTransactionAxis_Fargo132045ThStNFargoNdMember_StatementBusinessSegmentsAxis_CommercialIndustrialMember">2013-05-13</iret:DisposalsDateOfTransactionForAcquisitionOrDisposal>
  <!--Disposals, Date of Transaction for Acquisition or Disposal-Commercial Industrial [Member]-Metal Improvement - New Brighton, MN [Member]-->
  <iret:DisposalsDateOfTransactionForAcquisitionOrDisposal contextRef="c20130501to20130731_SignificantAcquisitionsAndDisposalsByTransactionAxis_MetalImprovementNewBrightonMnMember_StatementBusinessSegmentsAxis_CommercialIndustrialMember">2013-05-13</iret:DisposalsDateOfTransactionForAcquisitionOrDisposal>
  <!--Disposals, Date of Transaction for Acquisition or Disposal-Commercial Industrial [Member]-Roseville 2929 Long Lake Road - Roseville, MN [Member]-->
  <iret:DisposalsDateOfTransactionForAcquisitionOrDisposal contextRef="c20130501to20130731_SignificantAcquisitionsAndDisposalsByTransactionAxis_Roseville2929LongLakeRoadRosevilleMnMember_StatementBusinessSegmentsAxis_CommercialIndustrialMember">2013-05-13</iret:DisposalsDateOfTransactionForAcquisitionOrDisposal>
  <!--Disposals, Date of Transaction for Acquisition or Disposal-Commercial Retail [Member]-Eagan - Eagan, MN [Member]-->
  <iret:DisposalsDateOfTransactionForAcquisitionOrDisposal contextRef="c20130501to20130731_SignificantAcquisitionsAndDisposalsByTransactionAxis_EaganEaganMnMember_StatementBusinessSegmentsAxis_CommercialRetailMember">2013-05-14</iret:DisposalsDateOfTransactionForAcquisitionOrDisposal>
  <!--Disposals, Date of Transaction for Acquisition or Disposal-Commercial Retail [Member]-Kentwood Thomasville Kentwood, MI [Member]-->
  <iret:DisposalsDateOfTransactionForAcquisitionOrDisposal contextRef="c20120501to20120731_SignificantAcquisitionsAndDisposalsByTransactionAxis_KentwoodThomasvilleKentwoodMiMember_StatementBusinessSegmentsAxis_CommercialRetailMember">2012-06-20</iret:DisposalsDateOfTransactionForAcquisitionOrDisposal>
  <!--Disposals, Date of Transaction for Acquisition or Disposal-Other Disposition [Member]-Georgetown Square Condominiums 5 and 6 [Member]-->
  <iret:DisposalsDateOfTransactionForAcquisitionOrDisposal contextRef="c20120501to20120731_SignificantAcquisitionsAndDisposalsByTransactionAxis_GeorgetownSquareCondominiums5And6Member_StatementBusinessSegmentsAxis_OtherDispositionMember">2012-06-21</iret:DisposalsDateOfTransactionForAcquisitionOrDisposal>
  <!--Area of Real Estate Property, dispositions-Bodycote - Eden Prairie, MN [Member]-Commercial Industrial [Member]-->
  <iret:AreaOfRealEstatePropertyDispositions contextRef="c20130731_SignificantAcquisitionsAndDisposalsByTransactionAxis_BodycoteEdenPrairieMnMember_StatementBusinessSegmentsAxis_CommercialIndustrialMember" unitRef="U005" decimals="INF">41880</iret:AreaOfRealEstatePropertyDispositions>
  <!--Area of Real Estate Property, dispositions-Fargo 1320 45th St. N - Fargo, ND [Member]-Commercial Industrial [Member]-->
  <iret:AreaOfRealEstatePropertyDispositions contextRef="c20130731_SignificantAcquisitionsAndDisposalsByTransactionAxis_Fargo132045ThStNFargoNdMember_StatementBusinessSegmentsAxis_CommercialIndustrialMember" unitRef="U005" decimals="INF">42244</iret:AreaOfRealEstatePropertyDispositions>
  <!--Area of Real Estate Property, dispositions-Commercial Industrial [Member]-Metal Improvement - New Brighton, MN [Member]-->
  <iret:AreaOfRealEstatePropertyDispositions contextRef="c20130731_SignificantAcquisitionsAndDisposalsByTransactionAxis_MetalImprovementNewBrightonMnMember_StatementBusinessSegmentsAxis_CommercialIndustrialMember" unitRef="U005" decimals="INF">49620</iret:AreaOfRealEstatePropertyDispositions>
  <!--Area of Real Estate Property, dispositions-Commercial Industrial [Member]-Roseville 2929 Long Lake Road - Roseville, MN [Member]-->
  <iret:AreaOfRealEstatePropertyDispositions contextRef="c20130731_SignificantAcquisitionsAndDisposalsByTransactionAxis_Roseville2929LongLakeRoadRosevilleMnMember_StatementBusinessSegmentsAxis_CommercialIndustrialMember" unitRef="U005" decimals="INF">172057</iret:AreaOfRealEstatePropertyDispositions>
  <!--Area of Real Estate Property, dispositions-Commercial Retail [Member]-Eagan - Eagan, MN [Member]-->
  <iret:AreaOfRealEstatePropertyDispositions contextRef="c20130731_SignificantAcquisitionsAndDisposalsByTransactionAxis_EaganEaganMnMember_StatementBusinessSegmentsAxis_CommercialRetailMember" unitRef="U005" decimals="INF">23187</iret:AreaOfRealEstatePropertyDispositions>
  <!--Area of Real Estate Property, dispositions-Commercial Retail [Member]-Kentwood Thomasville Kentwood, MI [Member]-->
  <iret:AreaOfRealEstatePropertyDispositions contextRef="c20120731_SignificantAcquisitionsAndDisposalsByTransactionAxis_KentwoodThomasvilleKentwoodMiMember_StatementBusinessSegmentsAxis_CommercialRetailMember" unitRef="U005" decimals="INF">16080</iret:AreaOfRealEstatePropertyDispositions>
  <!--Number of properties securing line of credit-->
  <iret:NumberOfPropertiesSecuringLineOfCredit contextRef="c20130731" unitRef="U004" decimals="0">23</iret:NumberOfPropertiesSecuringLineOfCredit>
  <!--Line of credit, minimum outstanding principal balance-->
  <iret:LineOfCreditMinimumOutstandingPrincipalBalance contextRef="c20130501to20130731" unitRef="U001" decimals="-5">10000000</iret:LineOfCreditMinimumOutstandingPrincipalBalance>
  <!--Minimum depository accounts-->
  <iret:MinimumDepositoryAccounts contextRef="c20130731" unitRef="U001" decimals="-5">6000000</iret:MinimumDepositoryAccounts>
  <!--Non interest bearing account-->
  <iret:NonInterestBearingAccount contextRef="c20130731" unitRef="U001" decimals="-5">1500000</iret:NonInterestBearingAccount>
  <!--Real Estate Held for sale, Fair Value Disclosure-Nonrecurring [Member]-->
  <iret:RealEstateHeldForSaleFairValueDisclosure contextRef="c20130731_FairValueByMeasurementFrequencyAxis_FairValueMeasurementsNonrecurringMember" unitRef="U001" decimals="-3">3969000</iret:RealEstateHeldForSaleFairValueDisclosure>
  <!--Real Estate Held for sale, Fair Value Disclosure-Nonrecurring [Member]-Level 1 [Member]-->
  <iret:RealEstateHeldForSaleFairValueDisclosure contextRef="c20130731_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel1Member_FairValueByMeasurementFrequencyAxis_FairValueMeasurementsNonrecurringMember" unitRef="U001" decimals="-3">0</iret:RealEstateHeldForSaleFairValueDisclosure>
  <!--Real Estate Held for sale, Fair Value Disclosure-Nonrecurring [Member]-Level 2 [Member]-->
  <iret:RealEstateHeldForSaleFairValueDisclosure contextRef="c20130731_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel2Member_FairValueByMeasurementFrequencyAxis_FairValueMeasurementsNonrecurringMember" unitRef="U001" decimals="-3">0</iret:RealEstateHeldForSaleFairValueDisclosure>
  <!--Real Estate Held for sale, Fair Value Disclosure-Nonrecurring [Member]-Level 3 [Member]-->
  <iret:RealEstateHeldForSaleFairValueDisclosure contextRef="c20130731_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel3Member_FairValueByMeasurementFrequencyAxis_FairValueMeasurementsNonrecurringMember" unitRef="U001" decimals="-3">3969000</iret:RealEstateHeldForSaleFairValueDisclosure>
  <!--Real Estate Investment, Fair Value Disclosure-Nonrecurring [Member]-->
  <iret:RealEstateInvestmentFairValueDisclosure contextRef="c20130731_FairValueByMeasurementFrequencyAxis_FairValueMeasurementsNonrecurringMember" unitRef="U001" decimals="-3">3899000</iret:RealEstateInvestmentFairValueDisclosure>
  <!--Real Estate Investment, Fair Value Disclosure-Nonrecurring [Member]-Level 1 [Member]-->
  <iret:RealEstateInvestmentFairValueDisclosure contextRef="c20130731_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel1Member_FairValueByMeasurementFrequencyAxis_FairValueMeasurementsNonrecurringMember" unitRef="U001" decimals="-3">0</iret:RealEstateInvestmentFairValueDisclosure>
  <!--Real Estate Investment, Fair Value Disclosure-Nonrecurring [Member]-Level 2 [Member]-->
  <iret:RealEstateInvestmentFairValueDisclosure contextRef="c20130731_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel2Member_FairValueByMeasurementFrequencyAxis_FairValueMeasurementsNonrecurringMember" unitRef="U001" decimals="-3">0</iret:RealEstateInvestmentFairValueDisclosure>
  <!--Real Estate Investment, Fair Value Disclosure-Nonrecurring [Member]-Level 3 [Member]-->
  <iret:RealEstateInvestmentFairValueDisclosure contextRef="c20130731_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel3Member_FairValueByMeasurementFrequencyAxis_FairValueMeasurementsNonrecurringMember" unitRef="U001" decimals="-3">3899000</iret:RealEstateInvestmentFairValueDisclosure>
  <!--Real Estate Investment, Fair Value Disclosure-Nonrecurring [Member]-->
  <iret:RealEstateInvestmentFairValueDisclosure contextRef="c20130430_FairValueByMeasurementFrequencyAxis_FairValueMeasurementsNonrecurringMember" unitRef="U001" decimals="-3">335000</iret:RealEstateInvestmentFairValueDisclosure>
  <!--Real Estate Investment, Fair Value Disclosure-Nonrecurring [Member]-Level 1 [Member]-->
  <iret:RealEstateInvestmentFairValueDisclosure contextRef="c20130430_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel1Member_FairValueByMeasurementFrequencyAxis_FairValueMeasurementsNonrecurringMember" unitRef="U001" decimals="-3">0</iret:RealEstateInvestmentFairValueDisclosure>
  <!--Real Estate Investment, Fair Value Disclosure-Nonrecurring [Member]-Level 2 [Member]-->
  <iret:RealEstateInvestmentFairValueDisclosure contextRef="c20130430_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel2Member_FairValueByMeasurementFrequencyAxis_FairValueMeasurementsNonrecurringMember" unitRef="U001" decimals="-3">0</iret:RealEstateInvestmentFairValueDisclosure>
  <!--Real Estate Investment, Fair Value Disclosure-Nonrecurring [Member]-Level 3 [Member]-->
  <iret:RealEstateInvestmentFairValueDisclosure contextRef="c20130430_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel3Member_FairValueByMeasurementFrequencyAxis_FairValueMeasurementsNonrecurringMember" unitRef="U001" decimals="-3">335000</iret:RealEstateInvestmentFairValueDisclosure>
  <!--Number of industrial sold-->
  <iret:IretNumberOfIndustrialSold contextRef="c20130501to20130731" unitRef="U004" decimals="0">4</iret:IretNumberOfIndustrialSold>
  <!--Number of industrial held for sale-->
  <iret:NumberOfIndustrialHeldForSale contextRef="c20130501to20130731" unitRef="U004" decimals="0">2</iret:NumberOfIndustrialHeldForSale>
  <!--Sale Leaseback Transaction Amount Of Deed Contract-->
  <iret:SaleLeasebackTransactionAmountOfDeedContract contextRef="c20130731" unitRef="U001" decimals="-5">29000000</iret:SaleLeasebackTransactionAmountOfDeedContract>
  <!--Percentage of project financed with entity in joint venture-->
  <iret:PercentageOfProjectFinancedWithEntityInJointVenture contextRef="c20130501to20130731" unitRef="U004" decimals="2">0.07</iret:PercentageOfProjectFinancedWithEntityInJointVenture>
  <!--Percentage of project financed with third-party debt in joint venture-->
  <iret:PercentageOfProjectFinancedWithThirdPartyDebtInJointVenture contextRef="c20130501to20130731" unitRef="U004" decimals="2">0.69</iret:PercentageOfProjectFinancedWithThirdPartyDebtInJointVenture>
  <!--Shares registered under Distribution Reinvestment and Share Purchase Plan-->
  <iret:SharesRegisteredUnderDistributionReinvestmentAndSharePurchasePlan contextRef="c20130501to20130731" unitRef="U002" decimals="-6">10000000</iret:SharesRegisteredUnderDistributionReinvestmentAndSharePurchasePlan>
  <!--Aggregate gross sales price of common shares of beneficial interest allowed to be sold-->
  <iret:AggregateGrossSalesPriceOfCommonSharesOfBeneficialInterestAllowedToBeSold contextRef="c20130501to20130731" unitRef="U001" decimals="-5">75000000</iret:AggregateGrossSalesPriceOfCommonSharesOfBeneficialInterestAllowedToBeSold>
  <!--Number of properties subject to purchase options-->
  <iret:NumberOfPropertiesSubjectToPurchaseOptions contextRef="c20130731" unitRef="U004" decimals="0">14</iret:NumberOfPropertiesSubjectToPurchaseOptions>
  <!--Total property cost subject to purchase options-->
  <iret:TotalPropertyCostSubjectToPurchaseOptions contextRef="c20130731" unitRef="U001" decimals="-5">92800000</iret:TotalPropertyCostSubjectToPurchaseOptions>
  <!--Total gross rental revenue from properties subject to purchase options-->
  <iret:TotalGrossRentalRevenueFromPropertiesSubjectToPurchaseOptions contextRef="c20130501to20130731" unitRef="U001" decimals="-5">2000000</iret:TotalGrossRentalRevenueFromPropertiesSubjectToPurchaseOptions>
  <!--Number of properties subject to restrictions on taxable dispositions-->
  <iret:NumberOfPropertiesSubjectToRestrictionsOnTaxableDispositions contextRef="c20130731" unitRef="U004" decimals="0">115</iret:NumberOfPropertiesSubjectToRestrictionsOnTaxableDispositions>
  <!--Number of apartment units-River Ridge Apartment Homes, Bismarck, ND [Member]-->
  <iret:NumberOfApartmentUnits contextRef="c20130731_RealEstatePropertiesAxis_RiverRidgeApartmentHomesBismarckNdMember" unitRef="U004" decimals="0">146</iret:NumberOfApartmentUnits>
  <!--Number of apartment units-Cypress Court Apartment Homes, St. Cloud, Minnesota [Member]-->
  <iret:NumberOfApartmentUnits contextRef="c20130731_RealEstatePropertiesAxis_CypressCourtApartmentHomesStCloudMinnesotaMember" unitRef="U004" decimals="0">132</iret:NumberOfApartmentUnits>
  <!--Number of apartment units-The Landing at Southgate Apartments, Minot, North Dakota [Member]-->
  <iret:NumberOfApartmentUnits contextRef="c20130731_RealEstatePropertiesAxis_LandingAtSouthgateApartmentsMinotNorthDakotaMember" unitRef="U004" decimals="0">36</iret:NumberOfApartmentUnits>
  <!--Number of apartment units-The Commons at Southgate Apartments, Minot, North Dakota [Member]-->
  <iret:NumberOfApartmentUnits contextRef="c20130731_RealEstatePropertiesAxis_CommonsAtSouthgateApartmentsMinotNorthDakotaMember" unitRef="U004" decimals="0">233</iret:NumberOfApartmentUnits>
  <!--Number of apartment units-Renaissance Heights I Apartments, Williston, North Dakota [Member]-->
  <iret:NumberOfApartmentUnits contextRef="c20130731_RealEstatePropertiesAxis_RenaissanceHeightsIApartmentsWillistonNorthDakotaMember" unitRef="U004" decimals="0">288</iret:NumberOfApartmentUnits>
  <!--Number of apartment units-Dakota Commons, Williston, North Dakota [Member]-->
  <iret:NumberOfApartmentUnits contextRef="c20130731_RealEstatePropertiesAxis_DakotaCommonsWillistonNorthDakotaMember" unitRef="U004" decimals="0">44</iret:NumberOfApartmentUnits>
  <!--Number of apartment units-Chateau II, Minot, North Dakota [Member]-->
  <iret:NumberOfApartmentUnits contextRef="c20130731_RealEstatePropertiesAxis_ChateauIiMinotNorthDakotaMember" unitRef="U004" decimals="0">32</iret:NumberOfApartmentUnits>
  <!--Number of apartment units-Grand Forks Grand Forks, ND [Member]-->
  <iret:NumberOfApartmentUnits contextRef="c20130731_RealEstatePropertiesAxis_GrandForksGrandForksNdMember" unitRef="U004" decimals="0">96</iret:NumberOfApartmentUnits>
  <!--Number of apartment units-Arcata Apartments, Golden Valley, Minnesota [Member]-->
  <iret:NumberOfApartmentUnits contextRef="c20130731_RealEstatePropertiesAxis_ArcataApartmentsGoldenValleyMinnesotaMember" unitRef="U004" decimals="0">165</iret:NumberOfApartmentUnits>
  <!--Number of apartment units placed in service-->
  <iret:NumberOfApartmentUnitsPlacedInService contextRef="c20130501to20130731" unitRef="U004" decimals="0">4936</iret:NumberOfApartmentUnitsPlacedInService>
  <!--Redemption holding period, minimum-->
  <iret:RedemptionHoldingPeriodMinimum contextRef="c20130501to20130731">P1Y</iret:RedemptionHoldingPeriodMinimum>
  <!--Number of consecutive trading days for valuation-->
  <iret:NumberOfConsecutiveTradingDaysForValuation contextRef="c20130501to20130731">P10D</iret:NumberOfConsecutiveTradingDaysForValuation>
  <!--Redemption Value of UPREIT Units-->
  <iret:RedemptionValueOfUpreitUnits contextRef="c20130731" unitRef="U001" decimals="-5">197700000</iret:RedemptionValueOfUpreitUnits>
  <!--Redemption Value of UPREIT Units-->
  <iret:RedemptionValueOfUpreitUnits contextRef="c20120731" unitRef="U001" decimals="-5">172400000</iret:RedemptionValueOfUpreitUnits>
  <!--Commitment period for tenant improvements-->
  <iret:CommitmentPeriodForTenantImprovements contextRef="c20130501to20130731">P12M</iret:CommitmentPeriodForTenantImprovements>
  <!--Equity Method Investment, Ownership Percentage Held by Joint Venture Partner-Cypress Court Apartment Homes, St. Cloud, Minnesota [Member]-->
  <iret:EquityMethodInvestmentOwnershipPercentageHeldByJointVenturePartner contextRef="c20130731_RealEstatePropertiesAxis_CypressCourtApartmentHomesStCloudMinnesotaMember" unitRef="U004" decimals="2">0.21</iret:EquityMethodInvestmentOwnershipPercentageHeldByJointVenturePartner>
  <!--Equity Method Investment, Ownership Percentage Held by Joint Venture Partner-Southgate Apartments, Minot, North Dakota [Member]-->
  <iret:EquityMethodInvestmentOwnershipPercentageHeldByJointVenturePartner contextRef="c20130731_RealEstatePropertiesAxis_SouthgateApartmentsMinotNorthDakotaMember" unitRef="U004" decimals="2">0.49</iret:EquityMethodInvestmentOwnershipPercentageHeldByJointVenturePartner>
  <!--Number of certificate of occupancy units-River Ridge Apartment Homes, Bismarck, ND [Member]-->
  <iret:NumberOfCertificateOfOccupancyUnits contextRef="c20130731_RealEstatePropertiesAxis_RiverRidgeApartmentHomesBismarckNdMember" unitRef="U004" decimals="0">60</iret:NumberOfCertificateOfOccupancyUnits>
  <!--Acre of land purchased (in acres)-Renaissance Heights I Apartments, Williston, North Dakota [Member]-->
  <iret:AcreOfLandPurchasedInAcres contextRef="c20130731_RealEstatePropertiesAxis_RenaissanceHeightsIApartmentsWillistonNorthDakotaMember" unitRef="U006" decimals="INF">40</iret:AcreOfLandPurchasedInAcres>
  <!--Land purchased-Arcata Apartments, Golden Valley, Minnesota [Member]-->
  <iret:LandPurchased contextRef="c20130731_RealEstatePropertiesAxis_ArcataApartmentsGoldenValleyMinnesotaMember" unitRef="U001" decimals="-5">2100000</iret:LandPurchased>
  <!--Land purchased-Dakota Commons, Williston, North Dakota [Member]-->
  <iret:LandPurchased contextRef="c20130731_RealEstatePropertiesAxis_DakotaCommonsWillistonNorthDakotaMember" unitRef="U001" decimals="0">823000</iret:LandPurchased>
  <!--Area of Property-Minneapolis, Minnesota [Member]-Subsequent Event [Member]-->
  <iret:AreaOfProperty contextRef="c20130731_BusinessAcquisitionAxis_MinneapolisMinnesotaMember_SubsequentEventTypeAxis_SubsequentEventMember" unitRef="U005" decimals="INF">10000</iret:AreaOfProperty>
  <!--Number of properties-Subsequent Event [Member]-Sartell, Minnesota [Member]-->
  <iret:NumberOfProperties contextRef="c20130731_BusinessAcquisitionAxis_SartellMinnesotaMember_SubsequentEventTypeAxis_SubsequentEventMember" unitRef="U004" decimals="0">121</iret:NumberOfProperties>
  <!--Number of properties-Grand Forks Grand Forks, ND [Member]-Subsequent Event [Member]-->
  <iret:NumberOfProperties contextRef="c20130731_BusinessAcquisitionAxis_GrandForksGrandForksNdMember_SubsequentEventTypeAxis_SubsequentEventMember" unitRef="U004" decimals="INF">251</iret:NumberOfProperties>
  <!--Number of properties-Minneapolis, Minnesota [Member]-Subsequent Event [Member]-->
  <iret:NumberOfProperties contextRef="c20130731_BusinessAcquisitionAxis_MinneapolisMinnesotaMember_SubsequentEventTypeAxis_SubsequentEventMember" unitRef="U004" decimals="INF">130</iret:NumberOfProperties>
  <!--Equity Method Investment, Remaining Ownership Percentage-Minneapolis, Minnesota [Member]-Subsequent Event [Member]-->
  <iret:EquityMethodInvestmentRemainingOwnershipPercentage contextRef="c20130731_BusinessAcquisitionAxis_MinneapolisMinnesotaMember_SubsequentEventTypeAxis_SubsequentEventMember" unitRef="U004" decimals="3">0.414</iret:EquityMethodInvestmentRemainingOwnershipPercentage>
  <!--Shares Authorized for Sale Under Agreement, Maximum Value-Subsequent Event [Member]-->
  <iret:SharesAuthorizedForSaleUnderAgreementMaximumValue contextRef="c20130830_SubsequentEventTypeAxis_SubsequentEventMember" unitRef="U001" decimals="1">75.0</iret:SharesAuthorizedForSaleUnderAgreementMaximumValue>
  <!--Shares Issued Under Agreement-Subsequent Event [Member]-->
  <iret:SharesIssuedUnderAgreement contextRef="c20130830_SubsequentEventTypeAxis_SubsequentEventMember" unitRef="U002" decimals="0">0</iret:SharesIssuedUnderAgreement>
  <!--Area of Real Estate Property Pending Disposition-Bloomington Business Plaza, Bloomington, Minnesota [Member]-->
  <iret:AreaOfRealEstatePropertyPendingDisposition contextRef="c20130731_RealEstatePropertiesAxis_BloomingtonBusinessPlazaBloomingtonMinnesotaMember" unitRef="U005" decimals="INF">121669</iret:AreaOfRealEstatePropertyPendingDisposition>
  <!--Area of Real Estate Property Pending Disposition-Brooklyn Park 7401 Boone Avenue, Brooklyn Park, Minnesota [Member]-->
  <iret:AreaOfRealEstatePropertyPendingDisposition contextRef="c20130731_RealEstatePropertiesAxis_BrooklynPark7401BooneAvenueBrooklynParkMinnesotaMember" unitRef="U005" decimals="INF">322751</iret:AreaOfRealEstatePropertyPendingDisposition>
  <!--Area of Real Estate Property Pending Disposition-Cedar Lake Business Center, St. Louis Park, Minnesota [Member]-->
  <iret:AreaOfRealEstatePropertyPendingDisposition contextRef="c20130731_RealEstatePropertiesAxis_CedarLakeBusinessCenterStLouisParkMinnesotaMember" unitRef="U005" decimals="INF">50400</iret:AreaOfRealEstatePropertyPendingDisposition>
  <!--Area of Real Estate Property Pending Disposition-Nicollet VII, Burnsville, Minnesota [Member]-->
  <iret:AreaOfRealEstatePropertyPendingDisposition contextRef="c20130731_RealEstatePropertiesAxis_NicolletViiBurnsvilleMinnesotaMember" unitRef="U005" decimals="INF">118125</iret:AreaOfRealEstatePropertyPendingDisposition>
  <!--Area of Real Estate Property Pending Disposition-Pillsbury Business Center, Bloomington, Minnesota [Member]-->
  <iret:AreaOfRealEstatePropertyPendingDisposition contextRef="c20130731_RealEstatePropertiesAxis_PillsburyBusinessCenterBloomingtonMinnesotaMember" unitRef="U005" decimals="INF">42929</iret:AreaOfRealEstatePropertyPendingDisposition>
  <!--Area of Real Estate Property Pending Disposition-Clive 2075 NW 94th Street, Clive, Iowa [Member]-->
  <iret:AreaOfRealEstatePropertyPendingDisposition contextRef="c20130731_RealEstatePropertiesAxis_Clive2075Nw94ThStreetCliveIowaMember" unitRef="U005" decimals="INF">42510</iret:AreaOfRealEstatePropertyPendingDisposition>
  <!--Area of Real Estate Property Pending Disposition-Dixon Avenue Industrial Park, Des Moines, Iowa [Member]-->
  <iret:AreaOfRealEstatePropertyPendingDisposition contextRef="c20130731_RealEstatePropertiesAxis_DixonAvenueIndustrialParkDesMoinesIowaMember" unitRef="U005" decimals="INF">606006</iret:AreaOfRealEstatePropertyPendingDisposition>
  <!--Area of Real Estate Property Pending Disposition-Burnsville II Strip Center, Burnsville, Minnesota [Member]-->
  <iret:AreaOfRealEstatePropertyPendingDisposition contextRef="c20130731_RealEstatePropertiesAxis_BurnsvilleIiStripCenterBurnsvilleMinnesotaMember" unitRef="U005" decimals="INF">8400</iret:AreaOfRealEstatePropertyPendingDisposition>
  <!--Area of Real Estate Property Pending Disposition-API Building, Duluth, Minnesota [Member]-->
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<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>10
<FILENAME>iret-20130731_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
<TEXT>
<XBRL>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="EntityCommonStockSharesOutstanding" xlink:title="EntityCommonStockSharesOutstanding" />
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AreaOfRealEstateProperty" xlink:label="AreaOfRealEstateProperty" xlink:title="AreaOfRealEstateProperty" />
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    <link:label xlink:type="resource" xlink:label="us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_lbl" xml:lang="en-US" id="us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_lbl">Property and equipment, accumulated depreciation</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" xlink:to="us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_lbl" xlink:title="label: AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment to us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:title="AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xml:lang="en-US" id="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_lbl">Adjustments to reconcile net income to net cash provided by operating activities:</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AllowanceForDoubtfulAccountsReceivable" xlink:label="AllowanceForDoubtfulAccountsReceivable" xlink:title="AllowanceForDoubtfulAccountsReceivable" />
    <link:label xlink:type="resource" xlink:label="us-gaap_AllowanceForDoubtfulAccountsReceivable_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_AllowanceForDoubtfulAccountsReceivable_lbl" xml:lang="en-US" id="us-gaap_AllowanceForDoubtfulAccountsReceivable_lbl">Accounts receivable, allowance</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AllowanceForDoubtfulAccountsReceivable" xlink:to="us-gaap_AllowanceForDoubtfulAccountsReceivable_lbl" xlink:title="label: AllowanceForDoubtfulAccountsReceivable to us-gaap_AllowanceForDoubtfulAccountsReceivable_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AmortizationOfDeferredLeasingFees" xlink:label="AmortizationOfDeferredLeasingFees" xlink:title="AmortizationOfDeferredLeasingFees" />
    <link:label xlink:type="resource" xlink:label="us-gaap_AmortizationOfDeferredLeasingFees_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_AmortizationOfDeferredLeasingFees_lbl" xml:lang="en-US" id="us-gaap_AmortizationOfDeferredLeasingFees_lbl">Amortization related to non-real estate investments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmortizationOfDeferredLeasingFees" xlink:to="us-gaap_AmortizationOfDeferredLeasingFees_lbl" xlink:title="label: AmortizationOfDeferredLeasingFees to us-gaap_AmortizationOfDeferredLeasingFees_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AmortizationOfIntangibleAssets" xlink:label="AmortizationOfIntangibleAssets" xlink:title="AmortizationOfIntangibleAssets" />
    <link:label xlink:type="resource" xlink:label="us-gaap_AmortizationOfIntangibleAssets_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_AmortizationOfIntangibleAssets_lbl" xml:lang="en-US" id="us-gaap_AmortizationOfIntangibleAssets_lbl">Amortization of Intangible Assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmortizationOfIntangibleAssets" xlink:to="us-gaap_AmortizationOfIntangibleAssets_lbl" xlink:title="label: AmortizationOfIntangibleAssets to us-gaap_AmortizationOfIntangibleAssets_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AssetsAbstract" xlink:label="AssetsAbstract" xlink:title="AssetsAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_AssetsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_AssetsAbstract_lbl" xml:lang="en-US" id="us-gaap_AssetsAbstract_lbl">ASSETS</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AssetsAbstract" xlink:to="us-gaap_AssetsAbstract_lbl" xlink:title="label: AssetsAbstract to us-gaap_AssetsAbstract_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_AssetsAbstract_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_AssetsAbstract_lbl1" xml:lang="en-US" id="us-gaap_AssetsAbstract_lbl1">Segment Assets [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AssetsAbstract" xlink:to="us-gaap_AssetsAbstract_lbl1" xlink:title="label: AssetsAbstract to us-gaap_AssetsAbstract_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_Assets" xlink:label="Assets" xlink:title="Assets" />
    <link:label xlink:type="resource" xlink:label="us-gaap_Assets_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="us-gaap_Assets_lbl" xml:lang="en-US" id="us-gaap_Assets_lbl">TOTAL ASSETS</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Assets" xlink:to="us-gaap_Assets_lbl" xlink:title="label: Assets to us-gaap_Assets_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_Assets_lbl1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_Assets_lbl1" xml:lang="en-US" id="us-gaap_Assets_lbl1">Total Assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Assets" xlink:to="us-gaap_Assets_lbl1" xlink:title="label: Assets to us-gaap_Assets_lbl1" />
    <link:label xlink:type="resource" xlink:label="us-gaap_Assets_lbl2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_Assets_lbl2" xml:lang="en-US" id="us-gaap_Assets_lbl2">Assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Assets" xlink:to="us-gaap_Assets_lbl2" xlink:title="label: Assets to us-gaap_Assets_lbl2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AssetsNoncurrentAbstract" xlink:label="AssetsNoncurrentAbstract" xlink:title="AssetsNoncurrentAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_AssetsNoncurrentAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_AssetsNoncurrentAbstract_lbl" xml:lang="en-US" id="us-gaap_AssetsNoncurrentAbstract_lbl">Other assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AssetsNoncurrentAbstract" xlink:to="us-gaap_AssetsNoncurrentAbstract_lbl" xlink:title="label: AssetsNoncurrentAbstract to us-gaap_AssetsNoncurrentAbstract_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AuctionMarketPreferredSecuritiesStockSeriesAggregateRedemptionAmount" xlink:label="AuctionMarketPreferredSecuritiesStockSeriesAggregateRedemptionAmount" xlink:title="AuctionMarketPreferredSecuritiesStockSeriesAggregateRedemptionAmount" />
    <link:label xlink:type="resource" xlink:label="us-gaap_AuctionMarketPreferredSecuritiesStockSeriesAggregateRedemptionAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_AuctionMarketPreferredSecuritiesStockSeriesAggregateRedemptionAmount_lbl" xml:lang="en-US" id="us-gaap_AuctionMarketPreferredSecuritiesStockSeriesAggregateRedemptionAmount_lbl">Preferred Shares of Beneficial Interest, aggregate liquidation preference</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AuctionMarketPreferredSecuritiesStockSeriesAggregateRedemptionAmount" xlink:to="us-gaap_AuctionMarketPreferredSecuritiesStockSeriesAggregateRedemptionAmount_lbl" xlink:title="label: AuctionMarketPreferredSecuritiesStockSeriesAggregateRedemptionAmount to us-gaap_AuctionMarketPreferredSecuritiesStockSeriesAggregateRedemptionAmount_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_BasisOfAccountingPolicyPolicyTextBlock" xlink:label="BasisOfAccountingPolicyPolicyTextBlock" xlink:title="BasisOfAccountingPolicyPolicyTextBlock" />
    <link:label xlink:type="resource" xlink:label="us-gaap_BasisOfAccountingPolicyPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_BasisOfAccountingPolicyPolicyTextBlock_lbl" xml:lang="en-US" id="us-gaap_BasisOfAccountingPolicyPolicyTextBlock_lbl">BASIS OF PRESENTATION AND UNAUDITED INTERIM FINANCIAL STATEMENTS</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BasisOfAccountingPolicyPolicyTextBlock" xlink:to="us-gaap_BasisOfAccountingPolicyPolicyTextBlock_lbl" xlink:title="label: BasisOfAccountingPolicyPolicyTextBlock to us-gaap_BasisOfAccountingPolicyPolicyTextBlock_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_BusinessAcquisitionAxis" xlink:label="BusinessAcquisitionAxis" xlink:title="BusinessAcquisitionAxis" />
    <link:label xlink:type="resource" xlink:label="us-gaap_BusinessAcquisitionAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_BusinessAcquisitionAxis_lbl" xml:lang="en-US" id="us-gaap_BusinessAcquisitionAxis_lbl">Business Acquisition [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BusinessAcquisitionAxis" xlink:to="us-gaap_BusinessAcquisitionAxis_lbl" xlink:title="label: BusinessAcquisitionAxis to us-gaap_BusinessAcquisitionAxis_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_BusinessAcquisitionCostOfAcquiredEntityCashPaid" xlink:label="BusinessAcquisitionCostOfAcquiredEntityCashPaid" xlink:title="BusinessAcquisitionCostOfAcquiredEntityCashPaid" />
    <link:label xlink:type="resource" xlink:label="us-gaap_BusinessAcquisitionCostOfAcquiredEntityCashPaid_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_BusinessAcquisitionCostOfAcquiredEntityCashPaid_lbl" xml:lang="en-US" id="us-gaap_BusinessAcquisitionCostOfAcquiredEntityCashPaid_lbl">Cash paid for acquisition of property</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BusinessAcquisitionCostOfAcquiredEntityCashPaid" xlink:to="us-gaap_BusinessAcquisitionCostOfAcquiredEntityCashPaid_lbl" xlink:title="label: BusinessAcquisitionCostOfAcquiredEntityCashPaid to us-gaap_BusinessAcquisitionCostOfAcquiredEntityCashPaid_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_BusinessAcquisitionCostOfAcquiredEntityCashPaid_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_BusinessAcquisitionCostOfAcquiredEntityCashPaid_lbl1" xml:lang="en-US" id="us-gaap_BusinessAcquisitionCostOfAcquiredEntityCashPaid_lbl1">Business Acquisition, Cost of Acquired Entity, Cash Paid</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BusinessAcquisitionCostOfAcquiredEntityCashPaid" xlink:to="us-gaap_BusinessAcquisitionCostOfAcquiredEntityCashPaid_lbl1" xlink:title="label: BusinessAcquisitionCostOfAcquiredEntityCashPaid to us-gaap_BusinessAcquisitionCostOfAcquiredEntityCashPaid_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_BusinessAcquisitionPurchasePriceAllocationBuildings" xlink:label="BusinessAcquisitionPurchasePriceAllocationBuildings" xlink:title="BusinessAcquisitionPurchasePriceAllocationBuildings" />
    <link:label xlink:type="resource" xlink:label="us-gaap_BusinessAcquisitionPurchasePriceAllocationBuildings_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_BusinessAcquisitionPurchasePriceAllocationBuildings_lbl" xml:lang="en-US" id="us-gaap_BusinessAcquisitionPurchasePriceAllocationBuildings_lbl">Buildings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BusinessAcquisitionPurchasePriceAllocationBuildings" xlink:to="us-gaap_BusinessAcquisitionPurchasePriceAllocationBuildings_lbl" xlink:title="label: BusinessAcquisitionPurchasePriceAllocationBuildings to us-gaap_BusinessAcquisitionPurchasePriceAllocationBuildings_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_BusinessAcquisitionPurchasePriceAllocationBuildings_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_BusinessAcquisitionPurchasePriceAllocationBuildings_lbl1" xml:lang="en-US" id="us-gaap_BusinessAcquisitionPurchasePriceAllocationBuildings_lbl1">Business Acquisition, Purchase Price Allocation, Buildings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BusinessAcquisitionPurchasePriceAllocationBuildings" xlink:to="us-gaap_BusinessAcquisitionPurchasePriceAllocationBuildings_lbl1" xlink:title="label: BusinessAcquisitionPurchasePriceAllocationBuildings to us-gaap_BusinessAcquisitionPurchasePriceAllocationBuildings_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_BusinessAcquisitionAcquireeDomain" xlink:label="BusinessAcquisitionAcquireeDomain" xlink:title="BusinessAcquisitionAcquireeDomain" />
    <link:label xlink:type="resource" xlink:label="us-gaap_BusinessAcquisitionAcquireeDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_BusinessAcquisitionAcquireeDomain_lbl" xml:lang="en-US" id="us-gaap_BusinessAcquisitionAcquireeDomain_lbl">Business Acquisition, Acquiree [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BusinessAcquisitionAcquireeDomain" xlink:to="us-gaap_BusinessAcquisitionAcquireeDomain_lbl" xlink:title="label: BusinessAcquisitionAcquireeDomain to us-gaap_BusinessAcquisitionAcquireeDomain_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_BusinessCombinationsAbstract" xlink:label="BusinessCombinationsAbstract" xlink:title="BusinessCombinationsAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_BusinessCombinationsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_BusinessCombinationsAbstract_lbl" xml:lang="en-US" id="us-gaap_BusinessCombinationsAbstract_lbl">ACQUISITIONS AND DISPOSITIONS [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BusinessCombinationsAbstract" xlink:to="us-gaap_BusinessCombinationsAbstract_lbl" xlink:title="label: BusinessCombinationsAbstract to us-gaap_BusinessCombinationsAbstract_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_BusinessAcquisitionPurchasePriceAllocationLand" xlink:label="BusinessAcquisitionPurchasePriceAllocationLand" xlink:title="BusinessAcquisitionPurchasePriceAllocationLand" />
    <link:label xlink:type="resource" xlink:label="us-gaap_BusinessAcquisitionPurchasePriceAllocationLand_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_BusinessAcquisitionPurchasePriceAllocationLand_lbl" xml:lang="en-US" id="us-gaap_BusinessAcquisitionPurchasePriceAllocationLand_lbl">Land</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BusinessAcquisitionPurchasePriceAllocationLand" xlink:to="us-gaap_BusinessAcquisitionPurchasePriceAllocationLand_lbl" xlink:title="label: BusinessAcquisitionPurchasePriceAllocationLand to us-gaap_BusinessAcquisitionPurchasePriceAllocationLand_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_BusinessAcquisitionPurchasePriceAllocationLand_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_BusinessAcquisitionPurchasePriceAllocationLand_lbl1" xml:lang="en-US" id="us-gaap_BusinessAcquisitionPurchasePriceAllocationLand_lbl1">Business Acquisition, Purchase Price Allocation, Land</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BusinessAcquisitionPurchasePriceAllocationLand" xlink:to="us-gaap_BusinessAcquisitionPurchasePriceAllocationLand_lbl1" xlink:title="label: BusinessAcquisitionPurchasePriceAllocationLand to us-gaap_BusinessAcquisitionPurchasePriceAllocationLand_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_BusinessAcquisitionPurchasePriceAllocationIntangibleAssetsOtherThanGoodwill" xlink:label="BusinessAcquisitionPurchasePriceAllocationIntangibleAssetsOtherThanGoodwill" xlink:title="BusinessAcquisitionPurchasePriceAllocationIntangibleAssetsOtherThanGoodwill" />
    <link:label xlink:type="resource" xlink:label="us-gaap_BusinessAcquisitionPurchasePriceAllocationIntangibleAssetsOtherThanGoodwill_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_BusinessAcquisitionPurchasePriceAllocationIntangibleAssetsOtherThanGoodwill_lbl" xml:lang="en-US" id="us-gaap_BusinessAcquisitionPurchasePriceAllocationIntangibleAssetsOtherThanGoodwill_lbl">Intangible assets</link:label>
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    <link:label xlink:type="resource" xlink:label="us-gaap_BusinessAcquisitionPurchasePriceAllocationIntangibleAssetsOtherThanGoodwill_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_BusinessAcquisitionPurchasePriceAllocationIntangibleAssetsOtherThanGoodwill_lbl1" xml:lang="en-US" id="us-gaap_BusinessAcquisitionPurchasePriceAllocationIntangibleAssetsOtherThanGoodwill_lbl1">Business Acquisition, Purchase Price Allocation, Intangible Assets Other than Goodwill</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BusinessAcquisitionPurchasePriceAllocationIntangibleAssetsOtherThanGoodwill" xlink:to="us-gaap_BusinessAcquisitionPurchasePriceAllocationIntangibleAssetsOtherThanGoodwill_lbl1" xlink:title="label: BusinessAcquisitionPurchasePriceAllocationIntangibleAssetsOtherThanGoodwill to us-gaap_BusinessAcquisitionPurchasePriceAllocationIntangibleAssetsOtherThanGoodwill_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_BusinessAcquisitionCostOfAcquiredEntityEquityInterestsIssuedAndIssuable" xlink:label="BusinessAcquisitionCostOfAcquiredEntityEquityInterestsIssuedAndIssuable" xlink:title="BusinessAcquisitionCostOfAcquiredEntityEquityInterestsIssuedAndIssuable" />
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CarryingReportedAmountFairValueDisclosureMember" xlink:label="CarryingReportedAmountFairValueDisclosureMember" xlink:title="CarryingReportedAmountFairValueDisclosureMember" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommitmentsAndContingenciesDisclosureTextBlock" xlink:to="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_lbl" xlink:title="label: CommitmentsAndContingenciesDisclosureTextBlock to us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_lbl1" xml:lang="en-US" id="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_lbl1">Commitments and Contingencies Disclosure [Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommitmentsAndContingenciesDisclosureTextBlock" xlink:to="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_lbl1" xlink:title="label: CommitmentsAndContingenciesDisclosureTextBlock to us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:label="CommitmentsAndContingenciesDisclosureAbstract" xlink:title="CommitmentsAndContingenciesDisclosureAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_CommitmentsAndContingenciesDisclosureAbstract_lbl" xml:lang="en-US" id="us-gaap_CommitmentsAndContingenciesDisclosureAbstract_lbl">COMMITMENTS AND CONTINGENCIES [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommitmentsAndContingenciesDisclosureAbstract" xlink:to="us-gaap_CommitmentsAndContingenciesDisclosureAbstract_lbl" xlink:title="label: CommitmentsAndContingenciesDisclosureAbstract to us-gaap_CommitmentsAndContingenciesDisclosureAbstract_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CommonStockMember" xlink:label="CommonStockMember" xlink:title="CommonStockMember" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CommonStockMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_CommonStockMember_lbl" xml:lang="en-US" id="us-gaap_CommonStockMember_lbl">COMMON SHARES [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommonStockMember" xlink:to="us-gaap_CommonStockMember_lbl" xlink:title="label: CommonStockMember to us-gaap_CommonStockMember_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CommonStockSharesOutstanding" xlink:label="CommonStockSharesOutstanding" xlink:title="CommonStockSharesOutstanding" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CommonStockSharesOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_CommonStockSharesOutstanding_lbl" xml:lang="en-US" id="us-gaap_CommonStockSharesOutstanding_lbl">Common Shares of Beneficial Interest, shares outstanding (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommonStockSharesOutstanding" xlink:to="us-gaap_CommonStockSharesOutstanding_lbl" xlink:title="label: CommonStockSharesOutstanding to us-gaap_CommonStockSharesOutstanding_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CommonStockValue" xlink:label="CommonStockValue" xlink:title="CommonStockValue" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CommonStockValue_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_CommonStockValue_lbl" xml:lang="en-US" id="us-gaap_CommonStockValue_lbl">Common Shares of Beneficial Interest (Unlimited authorization, no par value, 104,226,469 shares issued and outstanding at July 31, 2013, and 101,487,976 shares issued and outstanding at April 30, 2013)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommonStockValue" xlink:to="us-gaap_CommonStockValue_lbl" xlink:title="label: CommonStockValue to us-gaap_CommonStockValue_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CommonStockSharesIssued" xlink:label="CommonStockSharesIssued" xlink:title="CommonStockSharesIssued" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CommonStockSharesIssued_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_CommonStockSharesIssued_lbl" xml:lang="en-US" id="us-gaap_CommonStockSharesIssued_lbl">Common Shares of Beneficial Interest, shares issued (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommonStockSharesIssued" xlink:to="us-gaap_CommonStockSharesIssued_lbl" xlink:title="label: CommonStockSharesIssued to us-gaap_CommonStockSharesIssued_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CommonStockDividendsPerShareDeclared" xlink:label="CommonStockDividendsPerShareDeclared" xlink:title="CommonStockDividendsPerShareDeclared" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CommonStockDividendsPerShareDeclared_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_CommonStockDividendsPerShareDeclared_lbl" xml:lang="en-US" id="us-gaap_CommonStockDividendsPerShareDeclared_lbl">DIVIDENDS PER COMMON SHARE</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommonStockDividendsPerShareDeclared" xlink:to="us-gaap_CommonStockDividendsPerShareDeclared_lbl" xlink:title="label: CommonStockDividendsPerShareDeclared to us-gaap_CommonStockDividendsPerShareDeclared_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CommonStockDividendsPerShareDeclared_lbl1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_CommonStockDividendsPerShareDeclared_lbl1" xml:lang="en-US" id="us-gaap_CommonStockDividendsPerShareDeclared_lbl1">Distributions, common shares and units (in dollars per share)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommonStockDividendsPerShareDeclared" xlink:to="us-gaap_CommonStockDividendsPerShareDeclared_lbl1" xlink:title="label: CommonStockDividendsPerShareDeclared to us-gaap_CommonStockDividendsPerShareDeclared_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CommonStockParOrStatedValuePerShare" xlink:label="CommonStockParOrStatedValuePerShare" xlink:title="CommonStockParOrStatedValuePerShare" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CommonStockParOrStatedValuePerShare_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_CommonStockParOrStatedValuePerShare_lbl" xml:lang="en-US" id="us-gaap_CommonStockParOrStatedValuePerShare_lbl">Common Shares of Beneficial Interest, no par value (in dollars per share)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommonStockParOrStatedValuePerShare" xlink:to="us-gaap_CommonStockParOrStatedValuePerShare_lbl" xlink:title="label: CommonStockParOrStatedValuePerShare to us-gaap_CommonStockParOrStatedValuePerShare_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CompensatingBalancesCashAndCashEquivalentsMember" xlink:label="CompensatingBalancesCashAndCashEquivalentsMember" xlink:title="CompensatingBalancesCashAndCashEquivalentsMember" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CompensatingBalancesCashAndCashEquivalentsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_CompensatingBalancesCashAndCashEquivalentsMember_lbl" xml:lang="en-US" id="us-gaap_CompensatingBalancesCashAndCashEquivalentsMember_lbl">Compensating Balances, Cash and Cash Equivalents [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CompensatingBalancesCashAndCashEquivalentsMember" xlink:to="us-gaap_CompensatingBalancesCashAndCashEquivalentsMember_lbl" xlink:title="label: CompensatingBalancesCashAndCashEquivalentsMember to us-gaap_CompensatingBalancesCashAndCashEquivalentsMember_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CompensatingBalancesCashAndCashEquivalentsAxis" xlink:label="CompensatingBalancesCashAndCashEquivalentsAxis" xlink:title="CompensatingBalancesCashAndCashEquivalentsAxis" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CompensatingBalancesCashAndCashEquivalentsAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_CompensatingBalancesCashAndCashEquivalentsAxis_lbl" xml:lang="en-US" id="us-gaap_CompensatingBalancesCashAndCashEquivalentsAxis_lbl">Compensating Balances, Cash and Cash Equivalents [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CompensatingBalancesCashAndCashEquivalentsAxis" xlink:to="us-gaap_CompensatingBalancesCashAndCashEquivalentsAxis_lbl" xlink:title="label: CompensatingBalancesCashAndCashEquivalentsAxis to us-gaap_CompensatingBalancesCashAndCashEquivalentsAxis_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CompensatingBalancesLineItems" xlink:label="CompensatingBalancesLineItems" xlink:title="CompensatingBalancesLineItems" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CompensatingBalancesLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_CompensatingBalancesLineItems_lbl" xml:lang="en-US" id="us-gaap_CompensatingBalancesLineItems_lbl">Compensating Balances [Line Items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CompensatingBalancesLineItems" xlink:to="us-gaap_CompensatingBalancesLineItems_lbl" xlink:title="label: CompensatingBalancesLineItems to us-gaap_CompensatingBalancesLineItems_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CompensatingBalanceAmount" xlink:label="CompensatingBalanceAmount" xlink:title="CompensatingBalanceAmount" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CompensatingBalanceAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_CompensatingBalanceAmount_lbl" xml:lang="en-US" id="us-gaap_CompensatingBalanceAmount_lbl">Compensating balances</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CompensatingBalanceAmount" xlink:to="us-gaap_CompensatingBalanceAmount_lbl" xlink:title="label: CompensatingBalanceAmount to us-gaap_CompensatingBalanceAmount_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ConsolidationVariableInterestEntityPolicy" xlink:label="ConsolidationVariableInterestEntityPolicy" xlink:title="ConsolidationVariableInterestEntityPolicy" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ConsolidationVariableInterestEntityPolicy_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_ConsolidationVariableInterestEntityPolicy_lbl" xml:lang="en-US" id="us-gaap_ConsolidationVariableInterestEntityPolicy_lbl">VARIABLE INTEREST ENTITY</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConsolidationVariableInterestEntityPolicy" xlink:to="us-gaap_ConsolidationVariableInterestEntityPolicy_lbl" xlink:title="label: ConsolidationVariableInterestEntityPolicy to us-gaap_ConsolidationVariableInterestEntityPolicy_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ConsolidationVariableInterestEntityPolicy_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ConsolidationVariableInterestEntityPolicy_lbl1" xml:lang="en-US" id="us-gaap_ConsolidationVariableInterestEntityPolicy_lbl1">Consolidation, Variable Interest Entity, Policy [Policy Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConsolidationVariableInterestEntityPolicy" xlink:to="us-gaap_ConsolidationVariableInterestEntityPolicy_lbl1" xlink:title="label: ConsolidationVariableInterestEntityPolicy to us-gaap_ConsolidationVariableInterestEntityPolicy_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ConversionOfStockSharesConverted1" xlink:label="ConversionOfStockSharesConverted1" xlink:title="ConversionOfStockSharesConverted1" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ConversionOfStockSharesConverted1_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ConversionOfStockSharesConverted1_lbl" xml:lang="en-US" id="us-gaap_ConversionOfStockSharesConverted1_lbl">Units converted to common shares (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConversionOfStockSharesConverted1" xlink:to="us-gaap_ConversionOfStockSharesConverted1_lbl" xlink:title="label: ConversionOfStockSharesConverted1 to us-gaap_ConversionOfStockSharesConverted1_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ConversionOfStockAmountConverted1" xlink:label="ConversionOfStockAmountConverted1" xlink:title="ConversionOfStockAmountConverted1" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ConversionOfStockAmountConverted1_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ConversionOfStockAmountConverted1_lbl" xml:lang="en-US" id="us-gaap_ConversionOfStockAmountConverted1_lbl">Units converted to common shares</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConversionOfStockAmountConverted1" xlink:to="us-gaap_ConversionOfStockAmountConverted1_lbl" xlink:title="label: ConversionOfStockAmountConverted1 to us-gaap_ConversionOfStockAmountConverted1_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CostOfPropertyRepairsAndMaintenance" xlink:label="CostOfPropertyRepairsAndMaintenance" xlink:title="CostOfPropertyRepairsAndMaintenance" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CostOfPropertyRepairsAndMaintenance_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_CostOfPropertyRepairsAndMaintenance_lbl" xml:lang="en-US" id="us-gaap_CostOfPropertyRepairsAndMaintenance_lbl">Maintenance</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfPropertyRepairsAndMaintenance" xlink:to="us-gaap_CostOfPropertyRepairsAndMaintenance_lbl" xlink:title="label: CostOfPropertyRepairsAndMaintenance to us-gaap_CostOfPropertyRepairsAndMaintenance_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CostOfRealEstateRevenue" xlink:label="CostOfRealEstateRevenue" xlink:title="CostOfRealEstateRevenue" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CostOfRealEstateRevenue_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_CostOfRealEstateRevenue_lbl" xml:lang="en-US" id="us-gaap_CostOfRealEstateRevenue_lbl">Real estate expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfRealEstateRevenue" xlink:to="us-gaap_CostOfRealEstateRevenue_lbl" xlink:title="label: CostOfRealEstateRevenue to us-gaap_CostOfRealEstateRevenue_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CostOfRealEstateSales" xlink:label="CostOfRealEstateSales" xlink:title="CostOfRealEstateSales" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CostOfRealEstateSales_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_CostOfRealEstateSales_lbl" xml:lang="en-US" id="us-gaap_CostOfRealEstateSales_lbl">Book value and sales cost</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfRealEstateSales" xlink:to="us-gaap_CostOfRealEstateSales_lbl" xlink:title="label: CostOfRealEstateSales to us-gaap_CostOfRealEstateSales_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CostsAndExpensesAbstract" xlink:label="CostsAndExpensesAbstract" xlink:title="CostsAndExpensesAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CostsAndExpensesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_CostsAndExpensesAbstract_lbl" xml:lang="en-US" id="us-gaap_CostsAndExpensesAbstract_lbl">EXPENSES</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostsAndExpensesAbstract" xlink:to="us-gaap_CostsAndExpensesAbstract_lbl" xlink:title="label: CostsAndExpensesAbstract to us-gaap_CostsAndExpensesAbstract_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CostsAndExpenses" xlink:label="CostsAndExpenses" xlink:title="CostsAndExpenses" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CostsAndExpenses_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="us-gaap_CostsAndExpenses_lbl" xml:lang="en-US" id="us-gaap_CostsAndExpenses_lbl">TOTAL EXPENSES</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostsAndExpenses" xlink:to="us-gaap_CostsAndExpenses_lbl" xlink:title="label: CostsAndExpenses to us-gaap_CostsAndExpenses_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CostsAndExpenses_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_CostsAndExpenses_lbl1" xml:lang="en-US" id="us-gaap_CostsAndExpenses_lbl1">Costs and Expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostsAndExpenses" xlink:to="us-gaap_CostsAndExpenses_lbl1" xlink:title="label: CostsAndExpenses to us-gaap_CostsAndExpenses_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DebtInstrumentFairValue" xlink:label="DebtInstrumentFairValue" xlink:title="DebtInstrumentFairValue" />
    <link:label xlink:type="resource" xlink:label="us-gaap_DebtInstrumentFairValue_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_DebtInstrumentFairValue_lbl" xml:lang="en-US" id="us-gaap_DebtInstrumentFairValue_lbl">Mortgages payable</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtInstrumentFairValue" xlink:to="us-gaap_DebtInstrumentFairValue_lbl" xlink:title="label: DebtInstrumentFairValue to us-gaap_DebtInstrumentFairValue_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_DebtInstrumentFairValue_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_DebtInstrumentFairValue_lbl1" xml:lang="en-US" id="us-gaap_DebtInstrumentFairValue_lbl1">Debt Instrument, Fair Value Disclosure</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtInstrumentFairValue" xlink:to="us-gaap_DebtInstrumentFairValue_lbl1" xlink:title="label: DebtInstrumentFairValue to us-gaap_DebtInstrumentFairValue_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DebtDisclosureTextBlock" xlink:label="DebtDisclosureTextBlock" xlink:title="DebtDisclosureTextBlock" />
    <link:label xlink:type="resource" xlink:label="us-gaap_DebtDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_DebtDisclosureTextBlock_lbl" xml:lang="en-US" id="us-gaap_DebtDisclosureTextBlock_lbl">MORTGAGES PAYABLE AND LINE OF CREDIT</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtDisclosureTextBlock" xlink:to="us-gaap_DebtDisclosureTextBlock_lbl" xlink:title="label: DebtDisclosureTextBlock to us-gaap_DebtDisclosureTextBlock_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DebtDisclosureAbstract" xlink:label="DebtDisclosureAbstract" xlink:title="DebtDisclosureAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_DebtDisclosureAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_DebtDisclosureAbstract_lbl" xml:lang="en-US" id="us-gaap_DebtDisclosureAbstract_lbl">MORTGAGES PAYABLE AND LINE OF CREDIT [Abstract]</link:label>
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    <link:label xlink:type="resource" xlink:label="us-gaap_DebtInstrumentMaturityDateRangeEnd1_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_DebtInstrumentMaturityDateRangeEnd1_lbl" xml:lang="en-US" id="us-gaap_DebtInstrumentMaturityDateRangeEnd1_lbl">Mortgages maturity date range, end</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DeferredRentReceivablesNet" xlink:label="DeferredRentReceivablesNet" xlink:title="DeferredRentReceivablesNet" />
    <link:label xlink:type="resource" xlink:label="us-gaap_DeferredRentReceivablesNet_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_DeferredRentReceivablesNet_lbl" xml:lang="en-US" id="us-gaap_DeferredRentReceivablesNet_lbl">Receivable arising from straight-lining of rents, net of allowance of $752 and $830, respectively</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DeferredCostsLeasingNet" xlink:label="DeferredCostsLeasingNet" xlink:title="DeferredCostsLeasingNet" />
    <link:label xlink:type="resource" xlink:label="us-gaap_DeferredCostsLeasingNet_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_DeferredCostsLeasingNet_lbl" xml:lang="en-US" id="us-gaap_DeferredCostsLeasingNet_lbl">Deferred charges and leasing costs, net of accumulated amortization of $19,810 and $18,714, respectively</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DeferredCostsLeasingAccumulatedAmortization" xlink:label="DeferredCostsLeasingAccumulatedAmortization" xlink:title="DeferredCostsLeasingAccumulatedAmortization" />
    <link:label xlink:type="resource" xlink:label="us-gaap_DeferredCostsLeasingAccumulatedAmortization_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_DeferredCostsLeasingAccumulatedAmortization_lbl" xml:lang="en-US" id="us-gaap_DeferredCostsLeasingAccumulatedAmortization_lbl">Deferred charges and leasing costs, accumulated amortization</link:label>
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    <link:label xlink:type="resource" xlink:label="us-gaap_DepreciationAndAmortization_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_DepreciationAndAmortization_lbl" xml:lang="en-US" id="us-gaap_DepreciationAndAmortization_lbl">Depreciation/amortization related to real estate investments</link:label>
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    <link:label xlink:type="resource" xlink:label="us-gaap_DepreciationAndAmortization_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_DepreciationAndAmortization_lbl1" xml:lang="en-US" id="us-gaap_DepreciationAndAmortization_lbl1">Depreciation, Depletion and Amortization, Nonproduction</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DepreciationDepletionAndAmortization" xlink:label="DepreciationDepletionAndAmortization" xlink:title="DepreciationDepletionAndAmortization" />
    <link:label xlink:type="resource" xlink:label="us-gaap_DepreciationDepletionAndAmortization_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_DepreciationDepletionAndAmortization_lbl" xml:lang="en-US" id="us-gaap_DepreciationDepletionAndAmortization_lbl">Depreciation and amortization</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DepreciationDepletionAndAmortization" xlink:to="us-gaap_DepreciationDepletionAndAmortization_lbl" xlink:title="label: DepreciationDepletionAndAmortization to us-gaap_DepreciationDepletionAndAmortization_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_DepreciationDepletionAndAmortization_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_DepreciationDepletionAndAmortization_lbl1" xml:lang="en-US" id="us-gaap_DepreciationDepletionAndAmortization_lbl1">Depreciation, Depletion and Amortization</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DepreciationDepletionAndAmortization" xlink:to="us-gaap_DepreciationDepletionAndAmortization_lbl1" xlink:title="label: DepreciationDepletionAndAmortization to us-gaap_DepreciationDepletionAndAmortization_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DevelopmentInProcess" xlink:label="DevelopmentInProcess" xlink:title="DevelopmentInProcess" />
    <link:label xlink:type="resource" xlink:label="us-gaap_DevelopmentInProcess_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_DevelopmentInProcess_lbl" xml:lang="en-US" id="us-gaap_DevelopmentInProcess_lbl">Development in progress</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DevelopmentInProcess" xlink:to="us-gaap_DevelopmentInProcess_lbl" xlink:title="label: DevelopmentInProcess to us-gaap_DevelopmentInProcess_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax" xlink:label="DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax" xlink:title="DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax" />
    <link:label xlink:type="resource" xlink:label="us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax_lbl" xml:lang="en-US" id="us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax_lbl">(Gain) loss on sale of real estate, land, other investments and discontinued operations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax" xlink:to="us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax_lbl" xlink:title="label: DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax to us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax_lbl1" xml:lang="en-US" id="us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax_lbl1">Gain (loss) on sale of discontinued operations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax" xlink:to="us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax_lbl1" xlink:title="label: DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax to us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax" xlink:label="DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax" xlink:title="DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax" />
    <link:label xlink:type="resource" xlink:label="us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax_lbl" xml:lang="en-US" id="us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax_lbl">(Loss) income from discontinued operations before gain (loss) on sale</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax" xlink:to="us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax_lbl" xlink:title="label: DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax to us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax_lbl1" xml:lang="en-US" id="us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax_lbl1">Discontinued Operation, Income (Loss) from Discontinued Operation During Phase-out Period, Net of Tax</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax" xlink:to="us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax_lbl1" xlink:title="label: DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax to us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DiscontinuedOperationsAndDisposalGroupsAbstract" xlink:label="DiscontinuedOperationsAndDisposalGroupsAbstract" xlink:title="DiscontinuedOperationsAndDisposalGroupsAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_DiscontinuedOperationsAndDisposalGroupsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_DiscontinuedOperationsAndDisposalGroupsAbstract_lbl" xml:lang="en-US" id="us-gaap_DiscontinuedOperationsAndDisposalGroupsAbstract_lbl">DISCONTINUED OPERATIONS [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DiscontinuedOperationsAndDisposalGroupsAbstract" xlink:to="us-gaap_DiscontinuedOperationsAndDisposalGroupsAbstract_lbl" xlink:title="label: DiscontinuedOperationsAndDisposalGroupsAbstract to us-gaap_DiscontinuedOperationsAndDisposalGroupsAbstract_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss" xlink:label="DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss" xlink:title="DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss" />
    <link:label xlink:type="resource" xlink:label="us-gaap_DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss_lbl" xml:lang="en-US" id="us-gaap_DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss_lbl">Operating (loss) income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss" xlink:to="us-gaap_DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss_lbl" xlink:title="label: DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss to us-gaap_DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss_lbl1" xml:lang="en-US" id="us-gaap_DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss_lbl1">Disposal Group, Including Discontinued Operation, Operating Income (Loss)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss" xlink:to="us-gaap_DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss_lbl1" xlink:title="label: DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss to us-gaap_DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock" xlink:label="DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock" xlink:title="DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock" xlink:to="us-gaap_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock_lbl" xlink:title="label: DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock to us-gaap_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DisposalGroupsIncludingDiscontinuedOperationsNameDomain" xlink:label="DisposalGroupsIncludingDiscontinuedOperationsNameDomain" xlink:title="DisposalGroupsIncludingDiscontinuedOperationsNameDomain" />
    <link:label xlink:type="resource" xlink:label="us-gaap_DisposalGroupsIncludingDiscontinuedOperationsNameDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_DisposalGroupsIncludingDiscontinuedOperationsNameDomain_lbl" xml:lang="en-US" id="us-gaap_DisposalGroupsIncludingDiscontinuedOperationsNameDomain_lbl">Disposal Groups, Including Discontinued Operations, Name [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisposalGroupsIncludingDiscontinuedOperationsNameDomain" xlink:to="us-gaap_DisposalGroupsIncludingDiscontinuedOperationsNameDomain_lbl" xlink:title="label: DisposalGroupsIncludingDiscontinuedOperationsNameDomain to us-gaap_DisposalGroupsIncludingDiscontinuedOperationsNameDomain_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DividendPayableDateToBePaidDayMonthAndYear" xlink:label="DividendPayableDateToBePaidDayMonthAndYear" xlink:title="DividendPayableDateToBePaidDayMonthAndYear" />
    <link:label xlink:type="resource" xlink:label="us-gaap_DividendPayableDateToBePaidDayMonthAndYear_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_DividendPayableDateToBePaidDayMonthAndYear_lbl" xml:lang="en-US" id="us-gaap_DividendPayableDateToBePaidDayMonthAndYear_lbl">Dividends date to be paid</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendPayableDateToBePaidDayMonthAndYear" xlink:to="us-gaap_DividendPayableDateToBePaidDayMonthAndYear_lbl" xlink:title="label: DividendPayableDateToBePaidDayMonthAndYear to us-gaap_DividendPayableDateToBePaidDayMonthAndYear_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_DividendPayableDateToBePaidDayMonthAndYear_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_DividendPayableDateToBePaidDayMonthAndYear_lbl1" xml:lang="en-US" id="us-gaap_DividendPayableDateToBePaidDayMonthAndYear_lbl1">Dividends Payable, Date to be Paid</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendPayableDateToBePaidDayMonthAndYear" xlink:to="us-gaap_DividendPayableDateToBePaidDayMonthAndYear_lbl1" xlink:title="label: DividendPayableDateToBePaidDayMonthAndYear to us-gaap_DividendPayableDateToBePaidDayMonthAndYear_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DividendDeclaredMember" xlink:label="DividendDeclaredMember" xlink:title="DividendDeclaredMember" />
    <link:label xlink:type="resource" xlink:label="us-gaap_DividendDeclaredMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_DividendDeclaredMember_lbl" xml:lang="en-US" id="us-gaap_DividendDeclaredMember_lbl">Dividend Declared [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendDeclaredMember" xlink:to="us-gaap_DividendDeclaredMember_lbl" xlink:title="label: DividendDeclaredMember to us-gaap_DividendDeclaredMember_lbl" />
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    <link:label xlink:type="resource" xlink:label="us-gaap_DividendsCommonStock_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="us-gaap_DividendsCommonStock_lbl" xml:lang="en-US" id="us-gaap_DividendsCommonStock_lbl">Distributions - common shares and units</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsCommonStock" xlink:to="us-gaap_DividendsCommonStock_lbl" xlink:title="label: DividendsCommonStock to us-gaap_DividendsCommonStock_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_DividendsCommonStock_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_DividendsCommonStock_lbl1" xml:lang="en-US" id="us-gaap_DividendsCommonStock_lbl1">Dividends, Common Stock</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsCommonStock" xlink:to="us-gaap_DividendsCommonStock_lbl1" xlink:title="label: DividendsCommonStock to us-gaap_DividendsCommonStock_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DividendsPayableDateDeclaredDayMonthAndYear" xlink:label="DividendsPayableDateDeclaredDayMonthAndYear" xlink:title="DividendsPayableDateDeclaredDayMonthAndYear" />
    <link:label xlink:type="resource" xlink:label="us-gaap_DividendsPayableDateDeclaredDayMonthAndYear_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_DividendsPayableDateDeclaredDayMonthAndYear_lbl" xml:lang="en-US" id="us-gaap_DividendsPayableDateDeclaredDayMonthAndYear_lbl">Dividends date declared</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsPayableDateDeclaredDayMonthAndYear" xlink:to="us-gaap_DividendsPayableDateDeclaredDayMonthAndYear_lbl" xlink:title="label: DividendsPayableDateDeclaredDayMonthAndYear to us-gaap_DividendsPayableDateDeclaredDayMonthAndYear_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_DividendsPayableDateDeclaredDayMonthAndYear_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_DividendsPayableDateDeclaredDayMonthAndYear_lbl1" xml:lang="en-US" id="us-gaap_DividendsPayableDateDeclaredDayMonthAndYear_lbl1">Dividends Payable, Date Declared</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsPayableDateDeclaredDayMonthAndYear" xlink:to="us-gaap_DividendsPayableDateDeclaredDayMonthAndYear_lbl1" xlink:title="label: DividendsPayableDateDeclaredDayMonthAndYear to us-gaap_DividendsPayableDateDeclaredDayMonthAndYear_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DividendsAxis" xlink:label="DividendsAxis" xlink:title="DividendsAxis" />
    <link:label xlink:type="resource" xlink:label="us-gaap_DividendsAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_DividendsAxis_lbl" xml:lang="en-US" id="us-gaap_DividendsAxis_lbl">Dividends [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsAxis" xlink:to="us-gaap_DividendsAxis_lbl" xlink:title="label: DividendsAxis to us-gaap_DividendsAxis_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DividendsPayableDateOfRecordDayMonthAndYear" xlink:label="DividendsPayableDateOfRecordDayMonthAndYear" xlink:title="DividendsPayableDateOfRecordDayMonthAndYear" />
    <link:label xlink:type="resource" xlink:label="us-gaap_DividendsPayableDateOfRecordDayMonthAndYear_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_DividendsPayableDateOfRecordDayMonthAndYear_lbl" xml:lang="en-US" id="us-gaap_DividendsPayableDateOfRecordDayMonthAndYear_lbl">Dividends date of record</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsPayableDateOfRecordDayMonthAndYear" xlink:to="us-gaap_DividendsPayableDateOfRecordDayMonthAndYear_lbl" xlink:title="label: DividendsPayableDateOfRecordDayMonthAndYear to us-gaap_DividendsPayableDateOfRecordDayMonthAndYear_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_DividendsPayableDateOfRecordDayMonthAndYear_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_DividendsPayableDateOfRecordDayMonthAndYear_lbl1" xml:lang="en-US" id="us-gaap_DividendsPayableDateOfRecordDayMonthAndYear_lbl1">Dividends Payable, Date of Record</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsPayableDateOfRecordDayMonthAndYear" xlink:to="us-gaap_DividendsPayableDateOfRecordDayMonthAndYear_lbl1" xlink:title="label: DividendsPayableDateOfRecordDayMonthAndYear to us-gaap_DividendsPayableDateOfRecordDayMonthAndYear_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DividendsPreferredStock" xlink:label="DividendsPreferredStock" xlink:title="DividendsPreferredStock" />
    <link:label xlink:type="resource" xlink:label="us-gaap_DividendsPreferredStock_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:title="us-gaap_DividendsPreferredStock_lbl" xml:lang="en-US" id="us-gaap_DividendsPreferredStock_lbl">Distributions - preferred shares</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsPreferredStock" xlink:to="us-gaap_DividendsPreferredStock_lbl" xlink:title="label: DividendsPreferredStock to us-gaap_DividendsPreferredStock_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_DividendsPreferredStock_lbl1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="us-gaap_DividendsPreferredStock_lbl1" xml:lang="en-US" id="us-gaap_DividendsPreferredStock_lbl1">Dividends to preferred shareholders</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsPreferredStock" xlink:to="us-gaap_DividendsPreferredStock_lbl1" xlink:title="label: DividendsPreferredStock to us-gaap_DividendsPreferredStock_lbl1" />
    <link:label xlink:type="resource" xlink:label="us-gaap_DividendsPreferredStock_lbl2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_DividendsPreferredStock_lbl2" xml:lang="en-US" id="us-gaap_DividendsPreferredStock_lbl2">Dividends, Preferred Stock</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsPreferredStock" xlink:to="us-gaap_DividendsPreferredStock_lbl2" xlink:title="label: DividendsPreferredStock to us-gaap_DividendsPreferredStock_lbl2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DividendsDomain" xlink:label="DividendsDomain" xlink:title="DividendsDomain" />
    <link:label xlink:type="resource" xlink:label="us-gaap_DividendsDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_DividendsDomain_lbl" xml:lang="en-US" id="us-gaap_DividendsDomain_lbl">Dividends [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsDomain" xlink:to="us-gaap_DividendsDomain_lbl" xlink:title="label: DividendsDomain to us-gaap_DividendsDomain_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_EarnestMoneyDeposits" xlink:label="EarnestMoneyDeposits" xlink:title="EarnestMoneyDeposits" />
    <link:label xlink:type="resource" xlink:label="us-gaap_EarnestMoneyDeposits_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_EarnestMoneyDeposits_lbl" xml:lang="en-US" id="us-gaap_EarnestMoneyDeposits_lbl">Real estate deposits</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EarnestMoneyDeposits" xlink:to="us-gaap_EarnestMoneyDeposits_lbl" xlink:title="label: EarnestMoneyDeposits to us-gaap_EarnestMoneyDeposits_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_EarningsPerShareBasicAndDiluted" xlink:label="EarningsPerShareBasicAndDiluted" xlink:title="EarningsPerShareBasicAndDiluted" />
    <link:label xlink:type="resource" xlink:label="us-gaap_EarningsPerShareBasicAndDiluted_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_EarningsPerShareBasicAndDiluted_lbl" xml:lang="en-US" id="us-gaap_EarningsPerShareBasicAndDiluted_lbl">NET INCOME PER COMMON SHARE - BASIC AND DILUTED</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EarningsPerShareBasicAndDiluted" xlink:to="us-gaap_EarningsPerShareBasicAndDiluted_lbl" xlink:title="label: EarningsPerShareBasicAndDiluted to us-gaap_EarningsPerShareBasicAndDiluted_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_EarningsPerShareBasicAndDiluted_lbl1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="us-gaap_EarningsPerShareBasicAndDiluted_lbl1" xml:lang="en-US" id="us-gaap_EarningsPerShareBasicAndDiluted_lbl1">NET INCOME PER COMMON SHARE - BASIC AND DILUTED</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EarningsPerShareBasicAndDiluted" xlink:to="us-gaap_EarningsPerShareBasicAndDiluted_lbl1" xlink:title="label: EarningsPerShareBasicAndDiluted to us-gaap_EarningsPerShareBasicAndDiluted_lbl1" />
    <link:label xlink:type="resource" xlink:label="us-gaap_EarningsPerShareBasicAndDiluted_lbl2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_EarningsPerShareBasicAndDiluted_lbl2" xml:lang="en-US" id="us-gaap_EarningsPerShareBasicAndDiluted_lbl2">Earnings Per Share, Basic and Diluted</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EarningsPerShareBasicAndDiluted" xlink:to="us-gaap_EarningsPerShareBasicAndDiluted_lbl2" xlink:title="label: EarningsPerShareBasicAndDiluted to us-gaap_EarningsPerShareBasicAndDiluted_lbl2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_EarningsPerShareTextBlock" xlink:label="EarningsPerShareTextBlock" xlink:title="EarningsPerShareTextBlock" />
    <link:label xlink:type="resource" xlink:label="us-gaap_EarningsPerShareTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_EarningsPerShareTextBlock_lbl" xml:lang="en-US" id="us-gaap_EarningsPerShareTextBlock_lbl">EARNINGS PER SHARE</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EarningsPerShareTextBlock" xlink:to="us-gaap_EarningsPerShareTextBlock_lbl" xlink:title="label: EarningsPerShareTextBlock to us-gaap_EarningsPerShareTextBlock_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_EarningsPerShareAbstract" xlink:label="EarningsPerShareAbstract" xlink:title="EarningsPerShareAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_EarningsPerShareAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_EarningsPerShareAbstract_lbl" xml:lang="en-US" id="us-gaap_EarningsPerShareAbstract_lbl">EARNINGS PER SHARE [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EarningsPerShareAbstract" xlink:to="us-gaap_EarningsPerShareAbstract_lbl" xlink:title="label: EarningsPerShareAbstract to us-gaap_EarningsPerShareAbstract_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_EquityAbstract" xlink:label="EquityAbstract" xlink:title="EquityAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_EquityAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_EquityAbstract_lbl" xml:lang="en-US" id="us-gaap_EquityAbstract_lbl">EQUITY [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityAbstract" xlink:to="us-gaap_EquityAbstract_lbl" xlink:title="label: EquityAbstract to us-gaap_EquityAbstract_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_EquityMethodInvestmentOwnershipPercentage" xlink:label="EquityMethodInvestmentOwnershipPercentage" xlink:title="EquityMethodInvestmentOwnershipPercentage" />
    <link:label xlink:type="resource" xlink:label="us-gaap_EquityMethodInvestmentOwnershipPercentage_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_EquityMethodInvestmentOwnershipPercentage_lbl" xml:lang="en-US" id="us-gaap_EquityMethodInvestmentOwnershipPercentage_lbl">Interest in joint venture (in hundredths)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityMethodInvestmentOwnershipPercentage" xlink:to="us-gaap_EquityMethodInvestmentOwnershipPercentage_lbl" xlink:title="label: EquityMethodInvestmentOwnershipPercentage to us-gaap_EquityMethodInvestmentOwnershipPercentage_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_EquityComponentDomain" xlink:label="EquityComponentDomain" xlink:title="EquityComponentDomain" />
    <link:label xlink:type="resource" xlink:label="us-gaap_EquityComponentDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_EquityComponentDomain_lbl" xml:lang="en-US" id="us-gaap_EquityComponentDomain_lbl">Equity Component [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityComponentDomain" xlink:to="us-gaap_EquityComponentDomain_lbl" xlink:title="label: EquityComponentDomain to us-gaap_EquityComponentDomain_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_EstimateOfFairValueFairValueDisclosureMember" xlink:label="EstimateOfFairValueFairValueDisclosureMember" xlink:title="EstimateOfFairValueFairValueDisclosureMember" />
    <link:label xlink:type="resource" xlink:label="us-gaap_EstimateOfFairValueFairValueDisclosureMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_EstimateOfFairValueFairValueDisclosureMember_lbl" xml:lang="en-US" id="us-gaap_EstimateOfFairValueFairValueDisclosureMember_lbl">Fair Value [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EstimateOfFairValueFairValueDisclosureMember" xlink:to="us-gaap_EstimateOfFairValueFairValueDisclosureMember_lbl" xlink:title="label: EstimateOfFairValueFairValueDisclosureMember to us-gaap_EstimateOfFairValueFairValueDisclosureMember_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_FairValueByMeasurementFrequencyAxis" xlink:label="FairValueByMeasurementFrequencyAxis" xlink:title="FairValueByMeasurementFrequencyAxis" />
    <link:label xlink:type="resource" xlink:label="us-gaap_FairValueByMeasurementFrequencyAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_FairValueByMeasurementFrequencyAxis_lbl" xml:lang="en-US" id="us-gaap_FairValueByMeasurementFrequencyAxis_lbl">Measurement Frequency [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FairValueByMeasurementFrequencyAxis" xlink:to="us-gaap_FairValueByMeasurementFrequencyAxis_lbl" xlink:title="label: FairValueByMeasurementFrequencyAxis to us-gaap_FairValueByMeasurementFrequencyAxis_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_FairValueByFairValueHierarchyLevelAxis" xlink:label="FairValueByFairValueHierarchyLevelAxis" xlink:title="FairValueByFairValueHierarchyLevelAxis" />
    <link:label xlink:type="resource" xlink:label="us-gaap_FairValueByFairValueHierarchyLevelAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_FairValueByFairValueHierarchyLevelAxis_lbl" xml:lang="en-US" id="us-gaap_FairValueByFairValueHierarchyLevelAxis_lbl">Fair Value, Hierarchy [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FairValueByFairValueHierarchyLevelAxis" xlink:to="us-gaap_FairValueByFairValueHierarchyLevelAxis_lbl" xlink:title="label: FairValueByFairValueHierarchyLevelAxis to us-gaap_FairValueByFairValueHierarchyLevelAxis_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_FairValueMeasurementFrequencyDomain" xlink:label="FairValueMeasurementFrequencyDomain" xlink:title="FairValueMeasurementFrequencyDomain" />
    <link:label xlink:type="resource" xlink:label="us-gaap_FairValueMeasurementFrequencyDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_FairValueMeasurementFrequencyDomain_lbl" xml:lang="en-US" id="us-gaap_FairValueMeasurementFrequencyDomain_lbl">Fair Value, Measurement Frequency [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FairValueMeasurementFrequencyDomain" xlink:to="us-gaap_FairValueMeasurementFrequencyDomain_lbl" xlink:title="label: FairValueMeasurementFrequencyDomain to us-gaap_FairValueMeasurementFrequencyDomain_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xlink:label="FairValueMeasurementsFairValueHierarchyDomain" xlink:title="FairValueMeasurementsFairValueHierarchyDomain" />
    <link:label xlink:type="resource" xlink:label="us-gaap_FairValueMeasurementsFairValueHierarchyDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_FairValueMeasurementsFairValueHierarchyDomain_lbl" xml:lang="en-US" id="us-gaap_FairValueMeasurementsFairValueHierarchyDomain_lbl">Fair Value, Measurements, Fair Value Hierarchy [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FairValueMeasurementsFairValueHierarchyDomain" xlink:to="us-gaap_FairValueMeasurementsFairValueHierarchyDomain_lbl" xlink:title="label: FairValueMeasurementsFairValueHierarchyDomain to us-gaap_FairValueMeasurementsFairValueHierarchyDomain_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_FairValueDisclosuresAbstract" xlink:label="FairValueDisclosuresAbstract" xlink:title="FairValueDisclosuresAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_FairValueDisclosuresAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_FairValueDisclosuresAbstract_lbl" xml:lang="en-US" id="us-gaap_FairValueDisclosuresAbstract_lbl">FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FairValueDisclosuresAbstract" xlink:to="us-gaap_FairValueDisclosuresAbstract_lbl" xlink:title="label: FairValueDisclosuresAbstract to us-gaap_FairValueDisclosuresAbstract_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_FairValueDisclosuresTextBlock" xlink:label="FairValueDisclosuresTextBlock" xlink:title="FairValueDisclosuresTextBlock" />
    <link:label xlink:type="resource" xlink:label="us-gaap_FairValueDisclosuresTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_FairValueDisclosuresTextBlock_lbl" xml:lang="en-US" id="us-gaap_FairValueDisclosuresTextBlock_lbl">FAIR VALUE OF FINANCIAL INSTRUMENTS</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FairValueDisclosuresTextBlock" xlink:to="us-gaap_FairValueDisclosuresTextBlock_lbl" xlink:title="label: FairValueDisclosuresTextBlock to us-gaap_FairValueDisclosuresTextBlock_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_FairValueMeasurementsNonrecurringMember" xlink:label="FairValueMeasurementsNonrecurringMember" xlink:title="FairValueMeasurementsNonrecurringMember" />
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    <link:label xlink:type="resource" xlink:label="us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization_lbl1" xml:lang="en-US" id="us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization_lbl1">Intangible assets, accumulated amortization</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths" xlink:label="FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths" xlink:title="FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths" />
    <link:label xlink:type="resource" xlink:label="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths_lbl" xml:lang="en-US" id="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths_lbl">2015</link:label>
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    <link:label xlink:type="resource" xlink:label="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths_lbl1" xml:lang="en-US" id="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths_lbl1">Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths" xlink:to="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths_lbl1" xlink:title="label: FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths to us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFour" xlink:label="FiniteLivedIntangibleAssetsAmortizationExpenseYearFour" xlink:title="FiniteLivedIntangibleAssetsAmortizationExpenseYearFour" />
    <link:label xlink:type="resource" xlink:label="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFour_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFour_lbl" xml:lang="en-US" id="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFour_lbl">2018</link:label>
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    <link:label xlink:type="resource" xlink:label="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFour_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFour_lbl1" xml:lang="en-US" id="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFour_lbl1">Finite-Lived Intangible Assets, Amortization Expense, Year Four</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FiniteLivedIntangibleAssetsAmortizationExpenseYearFour" xlink:to="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFour_lbl1" xlink:title="label: FiniteLivedIntangibleAssetsAmortizationExpenseYearFour to us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFour_lbl1" />
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    <link:label xlink:type="resource" xlink:label="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo_lbl" xml:lang="en-US" id="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo_lbl">2016</link:label>
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    <link:label xlink:type="resource" xlink:label="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo_lbl1" xml:lang="en-US" id="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo_lbl1">Finite-Lived Intangible Assets, Amortization Expense, Year Two</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo" xlink:to="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo_lbl1" xlink:title="label: FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo to us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo_lbl1" />
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    <link:label xlink:type="resource" xlink:label="us-gaap_FiniteLivedIntangibleAssetsNet_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="us-gaap_FiniteLivedIntangibleAssetsNet_lbl" xml:lang="en-US" id="us-gaap_FiniteLivedIntangibleAssetsNet_lbl">Finite-Lived Intangible Assets, Net, Total</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FiniteLivedIntangibleAssetsNet" xlink:to="us-gaap_FiniteLivedIntangibleAssetsNet_lbl" xlink:title="label: FiniteLivedIntangibleAssetsNet to us-gaap_FiniteLivedIntangibleAssetsNet_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_FiniteLivedIntangibleAssetsNet_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_FiniteLivedIntangibleAssetsNet_lbl1" xml:lang="en-US" id="us-gaap_FiniteLivedIntangibleAssetsNet_lbl1">Finite-Lived Intangible Assets, Net</link:label>
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    <link:label xlink:type="resource" xlink:label="us-gaap_GainLossOnDispositionOfProperty_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_GainLossOnDispositionOfProperty_lbl" xml:lang="en-US" id="us-gaap_GainLossOnDispositionOfProperty_lbl">Gain/(Loss)</link:label>
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    <link:label xlink:type="resource" xlink:label="us-gaap_GainOnBusinessInterruptionInsuranceRecovery_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:title="us-gaap_GainOnBusinessInterruptionInsuranceRecovery_lbl" xml:lang="en-US" id="us-gaap_GainOnBusinessInterruptionInsuranceRecovery_lbl">Gain on involuntary conversion</link:label>
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    <link:label xlink:type="resource" xlink:label="us-gaap_GainOnBusinessInterruptionInsuranceRecovery_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_GainOnBusinessInterruptionInsuranceRecovery_lbl1" xml:lang="en-US" id="us-gaap_GainOnBusinessInterruptionInsuranceRecovery_lbl1">Gain on involuntary conversion</link:label>
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    <link:label xlink:type="resource" xlink:label="us-gaap_GainOnBusinessInterruptionInsuranceRecovery_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_GainOnBusinessInterruptionInsuranceRecovery_lbl2" xml:lang="en-US" id="us-gaap_GainOnBusinessInterruptionInsuranceRecovery_lbl2">Gain on Business Interruption Insurance Recovery</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_GeneralAndAdministrativeExpense" xlink:label="GeneralAndAdministrativeExpense" xlink:title="GeneralAndAdministrativeExpense" />
    <link:label xlink:type="resource" xlink:label="us-gaap_GeneralAndAdministrativeExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_GeneralAndAdministrativeExpense_lbl" xml:lang="en-US" id="us-gaap_GeneralAndAdministrativeExpense_lbl">Administrative expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GeneralAndAdministrativeExpense" xlink:to="us-gaap_GeneralAndAdministrativeExpense_lbl" xlink:title="label: GeneralAndAdministrativeExpense to us-gaap_GeneralAndAdministrativeExpense_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_Goodwill" xlink:label="Goodwill" xlink:title="Goodwill" />
    <link:label xlink:type="resource" xlink:label="us-gaap_Goodwill_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_Goodwill_lbl" xml:lang="en-US" id="us-gaap_Goodwill_lbl">Goodwill</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Goodwill" xlink:to="us-gaap_Goodwill_lbl" xlink:title="label: Goodwill to us-gaap_Goodwill_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_GoodwillWrittenOffRelatedToSaleOfBusinessUnit" xlink:label="GoodwillWrittenOffRelatedToSaleOfBusinessUnit" xlink:title="GoodwillWrittenOffRelatedToSaleOfBusinessUnit" />
    <link:label xlink:type="resource" xlink:label="us-gaap_GoodwillWrittenOffRelatedToSaleOfBusinessUnit_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_GoodwillWrittenOffRelatedToSaleOfBusinessUnit_lbl" xml:lang="en-US" id="us-gaap_GoodwillWrittenOffRelatedToSaleOfBusinessUnit_lbl">Goodwill derecognized</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GoodwillWrittenOffRelatedToSaleOfBusinessUnit" xlink:to="us-gaap_GoodwillWrittenOffRelatedToSaleOfBusinessUnit_lbl" xlink:title="label: GoodwillWrittenOffRelatedToSaleOfBusinessUnit to us-gaap_GoodwillWrittenOffRelatedToSaleOfBusinessUnit_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_GoodwillWrittenOffRelatedToSaleOfBusinessUnit_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_GoodwillWrittenOffRelatedToSaleOfBusinessUnit_lbl1" xml:lang="en-US" id="us-gaap_GoodwillWrittenOffRelatedToSaleOfBusinessUnit_lbl1">Goodwill, Written off Related to Sale of Business Unit</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GoodwillWrittenOffRelatedToSaleOfBusinessUnit" xlink:to="us-gaap_GoodwillWrittenOffRelatedToSaleOfBusinessUnit_lbl1" xlink:title="label: GoodwillWrittenOffRelatedToSaleOfBusinessUnit to us-gaap_GoodwillWrittenOffRelatedToSaleOfBusinessUnit_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_GoodwillAndIntangibleAssetsPolicyTextBlock" xlink:label="GoodwillAndIntangibleAssetsPolicyTextBlock" xlink:title="GoodwillAndIntangibleAssetsPolicyTextBlock" />
    <link:label xlink:type="resource" xlink:label="us-gaap_GoodwillAndIntangibleAssetsPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_GoodwillAndIntangibleAssetsPolicyTextBlock_lbl" xml:lang="en-US" id="us-gaap_GoodwillAndIntangibleAssetsPolicyTextBlock_lbl">IDENTIFIED INTANGIBLE ASSETS AND INTANGIBLE LIABILITIES AND GOODWILL</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GoodwillAndIntangibleAssetsPolicyTextBlock" xlink:to="us-gaap_GoodwillAndIntangibleAssetsPolicyTextBlock_lbl" xlink:title="label: GoodwillAndIntangibleAssetsPolicyTextBlock to us-gaap_GoodwillAndIntangibleAssetsPolicyTextBlock_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock" xlink:label="ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock" xlink:title="ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:to="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets_lbl" xlink:title="label: IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets to us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets_lbl1" xml:lang="en-US" id="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets_lbl1">Increase (Decrease) in Prepaid Expense and Other Assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:to="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets_lbl1" xlink:title="label: IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets to us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IntangibleAssetsNetExcludingGoodwill" xlink:label="IntangibleAssetsNetExcludingGoodwill" xlink:title="IntangibleAssetsNetExcludingGoodwill" />
    <link:label xlink:type="resource" xlink:label="us-gaap_IntangibleAssetsNetExcludingGoodwill_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_IntangibleAssetsNetExcludingGoodwill_lbl" xml:lang="en-US" id="us-gaap_IntangibleAssetsNetExcludingGoodwill_lbl">Intangible assets, net of accumulated amortization of $24,019 and $27,708, respectively</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IntangibleAssetsNetExcludingGoodwill" xlink:to="us-gaap_IntangibleAssetsNetExcludingGoodwill_lbl" xlink:title="label: IntangibleAssetsNetExcludingGoodwill to us-gaap_IntangibleAssetsNetExcludingGoodwill_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_InterestExpense" xlink:label="InterestExpense" xlink:title="InterestExpense" />
    <link:label xlink:type="resource" xlink:label="us-gaap_InterestExpense_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="us-gaap_InterestExpense_lbl" xml:lang="en-US" id="us-gaap_InterestExpense_lbl">Interest expense</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestExpense" xlink:to="us-gaap_InterestExpense_lbl" xlink:title="label: InterestExpense to us-gaap_InterestExpense_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_InterestExpense_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_InterestExpense_lbl1" xml:lang="en-US" id="us-gaap_InterestExpense_lbl1">Interest Expense</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestExpense" xlink:to="us-gaap_InterestExpense_lbl1" xlink:title="label: InterestExpense to us-gaap_InterestExpense_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_InterestPaidCapitalized" xlink:label="InterestPaidCapitalized" xlink:title="InterestPaidCapitalized" />
    <link:label xlink:type="resource" xlink:label="us-gaap_InterestPaidCapitalized_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_InterestPaidCapitalized_lbl" xml:lang="en-US" id="us-gaap_InterestPaidCapitalized_lbl">Cash paid for interest</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestPaidCapitalized" xlink:to="us-gaap_InterestPaidCapitalized_lbl" xlink:title="label: InterestPaidCapitalized to us-gaap_InterestPaidCapitalized_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_InterestAndOtherIncome" xlink:label="InterestAndOtherIncome" xlink:title="InterestAndOtherIncome" />
    <link:label xlink:type="resource" xlink:label="us-gaap_InterestAndOtherIncome_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_InterestAndOtherIncome_lbl" xml:lang="en-US" id="us-gaap_InterestAndOtherIncome_lbl">Interest and other income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestAndOtherIncome" xlink:to="us-gaap_InterestAndOtherIncome_lbl" xlink:title="label: InterestAndOtherIncome to us-gaap_InterestAndOtherIncome_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_InterestPaid" xlink:label="InterestPaid" xlink:title="InterestPaid" />
    <link:label xlink:type="resource" xlink:label="us-gaap_InterestPaid_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_InterestPaid_lbl" xml:lang="en-US" id="us-gaap_InterestPaid_lbl">Cash paid for interest, net of amounts capitalized of $580 and $161, respectively</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestPaid" xlink:to="us-gaap_InterestPaid_lbl" xlink:title="label: InterestPaid to us-gaap_InterestPaid_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_InvestmentIncomeInterest" xlink:label="InvestmentIncomeInterest" xlink:title="InvestmentIncomeInterest" />
    <link:label xlink:type="resource" xlink:label="us-gaap_InvestmentIncomeInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_InvestmentIncomeInterest_lbl" xml:lang="en-US" id="us-gaap_InvestmentIncomeInterest_lbl">Interest income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentIncomeInterest" xlink:to="us-gaap_InvestmentIncomeInterest_lbl" xlink:title="label: InvestmentIncomeInterest to us-gaap_InvestmentIncomeInterest_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_Investments" xlink:label="Investments" xlink:title="Investments" />
    <link:label xlink:type="resource" xlink:label="us-gaap_Investments_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="us-gaap_Investments_lbl" xml:lang="en-US" id="us-gaap_Investments_lbl">Total real estate investments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Investments" xlink:to="us-gaap_Investments_lbl" xlink:title="label: Investments to us-gaap_Investments_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_Investments_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_Investments_lbl1" xml:lang="en-US" id="us-gaap_Investments_lbl1">Investments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Investments" xlink:to="us-gaap_Investments_lbl1" xlink:title="label: Investments to us-gaap_Investments_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_InvestmentsAbstract" xlink:label="InvestmentsAbstract" xlink:title="InvestmentsAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_InvestmentsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_InvestmentsAbstract_lbl" xml:lang="en-US" id="us-gaap_InvestmentsAbstract_lbl">Real estate investments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentsAbstract" xlink:to="us-gaap_InvestmentsAbstract_lbl" xlink:title="label: InvestmentsAbstract to us-gaap_InvestmentsAbstract_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_InvestmentsFairValueDisclosure" xlink:label="InvestmentsFairValueDisclosure" xlink:title="InvestmentsFairValueDisclosure" />
    <link:label xlink:type="resource" xlink:label="us-gaap_InvestmentsFairValueDisclosure_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_InvestmentsFairValueDisclosure_lbl" xml:lang="en-US" id="us-gaap_InvestmentsFairValueDisclosure_lbl">Other investments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentsFairValueDisclosure" xlink:to="us-gaap_InvestmentsFairValueDisclosure_lbl" xlink:title="label: InvestmentsFairValueDisclosure to us-gaap_InvestmentsFairValueDisclosure_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_InvestmentsFairValueDisclosure_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_InvestmentsFairValueDisclosure_lbl1" xml:lang="en-US" id="us-gaap_InvestmentsFairValueDisclosure_lbl1">Investments, Fair Value Disclosure</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentsFairValueDisclosure" xlink:to="us-gaap_InvestmentsFairValueDisclosure_lbl1" xlink:title="label: InvestmentsFairValueDisclosure to us-gaap_InvestmentsFairValueDisclosure_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LongtermDebtPercentageBearingFixedInterestAmount" xlink:label="LongtermDebtPercentageBearingFixedInterestAmount" xlink:title="LongtermDebtPercentageBearingFixedInterestAmount" />
    <link:label xlink:type="resource" xlink:label="us-gaap_LongtermDebtPercentageBearingFixedInterestAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_LongtermDebtPercentageBearingFixedInterestAmount_lbl" xml:lang="en-US" id="us-gaap_LongtermDebtPercentageBearingFixedInterestAmount_lbl">Fixed rate mortgages</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LongtermDebtPercentageBearingFixedInterestAmount" xlink:to="us-gaap_LongtermDebtPercentageBearingFixedInterestAmount_lbl" xlink:title="label: LongtermDebtPercentageBearingFixedInterestAmount to us-gaap_LongtermDebtPercentageBearingFixedInterestAmount_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_LongtermDebtPercentageBearingFixedInterestAmount_lbl1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_LongtermDebtPercentageBearingFixedInterestAmount_lbl1" xml:lang="en-US" id="us-gaap_LongtermDebtPercentageBearingFixedInterestAmount_lbl1">Long-term Debt, Percentage Bearing Fixed Interest, Amount</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LongtermDebtPercentageBearingFixedInterestAmount" xlink:to="us-gaap_LongtermDebtPercentageBearingFixedInterestAmount_lbl1" xlink:title="label: LongtermDebtPercentageBearingFixedInterestAmount to us-gaap_LongtermDebtPercentageBearingFixedInterestAmount_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LongtermDebtPercentageBearingVariableInterestAmount" xlink:label="LongtermDebtPercentageBearingVariableInterestAmount" xlink:title="LongtermDebtPercentageBearingVariableInterestAmount" />
    <link:label xlink:type="resource" xlink:label="us-gaap_LongtermDebtPercentageBearingVariableInterestAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_LongtermDebtPercentageBearingVariableInterestAmount_lbl" xml:lang="en-US" id="us-gaap_LongtermDebtPercentageBearingVariableInterestAmount_lbl">Variable rate mortgages</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LongtermDebtPercentageBearingVariableInterestAmount" xlink:to="us-gaap_LongtermDebtPercentageBearingVariableInterestAmount_lbl" xlink:title="label: LongtermDebtPercentageBearingVariableInterestAmount to us-gaap_LongtermDebtPercentageBearingVariableInterestAmount_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LongtermDebtWeightedAverageInterestRate" xlink:label="LongtermDebtWeightedAverageInterestRate" xlink:title="LongtermDebtWeightedAverageInterestRate" />
    <link:label xlink:type="resource" xlink:label="us-gaap_LongtermDebtWeightedAverageInterestRate_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_LongtermDebtWeightedAverageInterestRate_lbl" xml:lang="en-US" id="us-gaap_LongtermDebtWeightedAverageInterestRate_lbl">Weighted average rate of interest on mortgage debt (in hundredths)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LongtermDebtWeightedAverageInterestRate" xlink:to="us-gaap_LongtermDebtWeightedAverageInterestRate_lbl" xlink:title="label: LongtermDebtWeightedAverageInterestRate to us-gaap_LongtermDebtWeightedAverageInterestRate_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LongtermConstructionLoanCurrentAndNoncurrent" xlink:label="LongtermConstructionLoanCurrentAndNoncurrent" xlink:title="LongtermConstructionLoanCurrentAndNoncurrent" />
    <link:label xlink:type="resource" xlink:label="us-gaap_LongtermConstructionLoanCurrentAndNoncurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_LongtermConstructionLoanCurrentAndNoncurrent_lbl" xml:lang="en-US" id="us-gaap_LongtermConstructionLoanCurrentAndNoncurrent_lbl">Construction loan for joint venture project</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LongtermConstructionLoanCurrentAndNoncurrent" xlink:to="us-gaap_LongtermConstructionLoanCurrentAndNoncurrent_lbl" xlink:title="label: LongtermConstructionLoanCurrentAndNoncurrent to us-gaap_LongtermConstructionLoanCurrentAndNoncurrent_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LandAvailableForDevelopment" xlink:label="LandAvailableForDevelopment" xlink:title="LandAvailableForDevelopment" />
    <link:label xlink:type="resource" xlink:label="us-gaap_LandAvailableForDevelopment_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_LandAvailableForDevelopment_lbl" xml:lang="en-US" id="us-gaap_LandAvailableForDevelopment_lbl">Unimproved land</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LandAvailableForDevelopment" xlink:to="us-gaap_LandAvailableForDevelopment_lbl" xlink:title="label: LandAvailableForDevelopment to us-gaap_LandAvailableForDevelopment_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LeasesAcquiredInPlaceMember" xlink:label="LeasesAcquiredInPlaceMember" xlink:title="LeasesAcquiredInPlaceMember" />
    <link:label xlink:type="resource" xlink:label="us-gaap_LeasesAcquiredInPlaceMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_LeasesAcquiredInPlaceMember_lbl" xml:lang="en-US" id="us-gaap_LeasesAcquiredInPlaceMember_lbl">Acquired below-market leases and acquired above-market leases [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeasesAcquiredInPlaceMember" xlink:to="us-gaap_LeasesAcquiredInPlaceMember_lbl" xlink:title="label: LeasesAcquiredInPlaceMember to us-gaap_LeasesAcquiredInPlaceMember_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_LeasesAcquiredInPlaceMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_LeasesAcquiredInPlaceMember_lbl1" xml:lang="en-US" id="us-gaap_LeasesAcquiredInPlaceMember_lbl1">Leases, Acquired-in-Place [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeasesAcquiredInPlaceMember" xlink:to="us-gaap_LeasesAcquiredInPlaceMember_lbl1" xlink:title="label: LeasesAcquiredInPlaceMember to us-gaap_LeasesAcquiredInPlaceMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LiabilitiesAbstract" xlink:label="LiabilitiesAbstract" xlink:title="LiabilitiesAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_LiabilitiesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_LiabilitiesAbstract_lbl" xml:lang="en-US" id="us-gaap_LiabilitiesAbstract_lbl">LIABILITIES</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiabilitiesAbstract" xlink:to="us-gaap_LiabilitiesAbstract_lbl" xlink:title="label: LiabilitiesAbstract to us-gaap_LiabilitiesAbstract_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_LiabilitiesAbstract_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_LiabilitiesAbstract_lbl1" xml:lang="en-US" id="us-gaap_LiabilitiesAbstract_lbl1">Liabilities [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiabilitiesAbstract" xlink:to="us-gaap_LiabilitiesAbstract_lbl1" xlink:title="label: LiabilitiesAbstract to us-gaap_LiabilitiesAbstract_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_Liabilities" xlink:label="Liabilities" xlink:title="Liabilities" />
    <link:label xlink:type="resource" xlink:label="us-gaap_Liabilities_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="us-gaap_Liabilities_lbl" xml:lang="en-US" id="us-gaap_Liabilities_lbl">TOTAL LIABILITIES</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Liabilities" xlink:to="us-gaap_Liabilities_lbl" xlink:title="label: Liabilities to us-gaap_Liabilities_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_Liabilities_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_Liabilities_lbl1" xml:lang="en-US" id="us-gaap_Liabilities_lbl1">Liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Liabilities" xlink:to="us-gaap_Liabilities_lbl1" xlink:title="label: Liabilities to us-gaap_Liabilities_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:label="LiabilitiesAndStockholdersEquityAbstract" xlink:title="LiabilitiesAndStockholdersEquityAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_LiabilitiesAndStockholdersEquityAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_LiabilitiesAndStockholdersEquityAbstract_lbl" xml:lang="en-US" id="us-gaap_LiabilitiesAndStockholdersEquityAbstract_lbl">LIABILITIES AND SHAREHOLDERS' EQUITY</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiabilitiesAndStockholdersEquityAbstract" xlink:to="us-gaap_LiabilitiesAndStockholdersEquityAbstract_lbl" xlink:title="label: LiabilitiesAndStockholdersEquityAbstract to us-gaap_LiabilitiesAndStockholdersEquityAbstract_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity" xlink:label="LiabilitiesAndStockholdersEquity" xlink:title="LiabilitiesAndStockholdersEquity" />
    <link:label xlink:type="resource" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="us-gaap_LiabilitiesAndStockholdersEquity_lbl" xml:lang="en-US" id="us-gaap_LiabilitiesAndStockholdersEquity_lbl">TOTAL LIABILITIES AND EQUITY</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiabilitiesAndStockholdersEquity" xlink:to="us-gaap_LiabilitiesAndStockholdersEquity_lbl" xlink:title="label: LiabilitiesAndStockholdersEquity to us-gaap_LiabilitiesAndStockholdersEquity_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_LiabilitiesAndStockholdersEquity_lbl1" xml:lang="en-US" id="us-gaap_LiabilitiesAndStockholdersEquity_lbl1">Liabilities and Equity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiabilitiesAndStockholdersEquity" xlink:to="us-gaap_LiabilitiesAndStockholdersEquity_lbl1" xlink:title="label: LiabilitiesAndStockholdersEquity to us-gaap_LiabilitiesAndStockholdersEquity_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity" xlink:label="LineOfCreditFacilityMaximumBorrowingCapacity" xlink:title="LineOfCreditFacilityMaximumBorrowingCapacity" />
    <link:label xlink:type="resource" xlink:label="us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity_lbl" xml:lang="en-US" id="us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity_lbl">Lending commitments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LineOfCreditFacilityMaximumBorrowingCapacity" xlink:to="us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity_lbl" xlink:title="label: LineOfCreditFacilityMaximumBorrowingCapacity to us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LineOfCreditFacilityAmountOutstanding" xlink:label="LineOfCreditFacilityAmountOutstanding" xlink:title="LineOfCreditFacilityAmountOutstanding" />
    <link:label xlink:type="resource" xlink:label="us-gaap_LineOfCreditFacilityAmountOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_LineOfCreditFacilityAmountOutstanding_lbl" xml:lang="en-US" id="us-gaap_LineOfCreditFacilityAmountOutstanding_lbl">Borrowed amount</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LineOfCreditFacilityAmountOutstanding" xlink:to="us-gaap_LineOfCreditFacilityAmountOutstanding_lbl" xlink:title="label: LineOfCreditFacilityAmountOutstanding to us-gaap_LineOfCreditFacilityAmountOutstanding_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LineOfCreditFacilityInterestRateDuringPeriod" xlink:label="LineOfCreditFacilityInterestRateDuringPeriod" xlink:title="LineOfCreditFacilityInterestRateDuringPeriod" />
    <link:label xlink:type="resource" xlink:label="us-gaap_LineOfCreditFacilityInterestRateDuringPeriod_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_LineOfCreditFacilityInterestRateDuringPeriod_lbl" xml:lang="en-US" id="us-gaap_LineOfCreditFacilityInterestRateDuringPeriod_lbl">Line of credit, current interest rate (in hundredths)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LineOfCreditFacilityInterestRateDuringPeriod" xlink:to="us-gaap_LineOfCreditFacilityInterestRateDuringPeriod_lbl" xlink:title="label: LineOfCreditFacilityInterestRateDuringPeriod to us-gaap_LineOfCreditFacilityInterestRateDuringPeriod_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LinesOfCreditFairValueDisclosure" xlink:label="LinesOfCreditFairValueDisclosure" xlink:title="LinesOfCreditFairValueDisclosure" />
    <link:label xlink:type="resource" xlink:label="us-gaap_LinesOfCreditFairValueDisclosure_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_LinesOfCreditFairValueDisclosure_lbl" xml:lang="en-US" id="us-gaap_LinesOfCreditFairValueDisclosure_lbl">Line of credit</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LinesOfCreditFairValueDisclosure" xlink:to="us-gaap_LinesOfCreditFairValueDisclosure_lbl" xlink:title="label: LinesOfCreditFairValueDisclosure to us-gaap_LinesOfCreditFairValueDisclosure_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_LinesOfCreditFairValueDisclosure_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_LinesOfCreditFairValueDisclosure_lbl1" xml:lang="en-US" id="us-gaap_LinesOfCreditFairValueDisclosure_lbl1">Lines of Credit, Fair Value Disclosure</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LinesOfCreditFairValueDisclosure" xlink:to="us-gaap_LinesOfCreditFairValueDisclosure_lbl1" xlink:title="label: LinesOfCreditFairValueDisclosure to us-gaap_LinesOfCreditFairValueDisclosure_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LinesOfCreditCurrent" xlink:label="LinesOfCreditCurrent" xlink:title="LinesOfCreditCurrent" />
    <link:label xlink:type="resource" xlink:label="us-gaap_LinesOfCreditCurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_LinesOfCreditCurrent_lbl" xml:lang="en-US" id="us-gaap_LinesOfCreditCurrent_lbl">Revolving line of credit</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LinesOfCreditCurrent" xlink:to="us-gaap_LinesOfCreditCurrent_lbl" xlink:title="label: LinesOfCreditCurrent to us-gaap_LinesOfCreditCurrent_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LoansPayableFairValueDisclosure" xlink:label="LoansPayableFairValueDisclosure" xlink:title="LoansPayableFairValueDisclosure" />
    <link:label xlink:type="resource" xlink:label="us-gaap_LoansPayableFairValueDisclosure_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_LoansPayableFairValueDisclosure_lbl" xml:lang="en-US" id="us-gaap_LoansPayableFairValueDisclosure_lbl">Other debt</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoansPayableFairValueDisclosure" xlink:to="us-gaap_LoansPayableFairValueDisclosure_lbl" xlink:title="label: LoansPayableFairValueDisclosure to us-gaap_LoansPayableFairValueDisclosure_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LoansAndLeasesReceivableOtherAllowance" xlink:label="LoansAndLeasesReceivableOtherAllowance" xlink:title="LoansAndLeasesReceivableOtherAllowance" />
    <link:label xlink:type="resource" xlink:label="us-gaap_LoansAndLeasesReceivableOtherAllowance_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_LoansAndLeasesReceivableOtherAllowance_lbl" xml:lang="en-US" id="us-gaap_LoansAndLeasesReceivableOtherAllowance_lbl">Receivable arising from straight-lining of rents, allowance</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoansAndLeasesReceivableOtherAllowance" xlink:to="us-gaap_LoansAndLeasesReceivableOtherAllowance_lbl" xlink:title="label: LoansAndLeasesReceivableOtherAllowance to us-gaap_LoansAndLeasesReceivableOtherAllowance_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LongTermDebt" xlink:label="LongTermDebt" xlink:title="LongTermDebt" />
    <link:label xlink:type="resource" xlink:label="us-gaap_LongTermDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_LongTermDebt_lbl" xml:lang="en-US" id="us-gaap_LongTermDebt_lbl">Mortgages payable</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LongTermDebt" xlink:to="us-gaap_LongTermDebt_lbl" xlink:title="label: LongTermDebt to us-gaap_LongTermDebt_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_LongTermDebt_lbl1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="us-gaap_LongTermDebt_lbl1" xml:lang="en-US" id="us-gaap_LongTermDebt_lbl1">Total payments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LongTermDebt" xlink:to="us-gaap_LongTermDebt_lbl1" xlink:title="label: LongTermDebt to us-gaap_LongTermDebt_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LongTermDebtByMaturityAbstract" xlink:label="LongTermDebtByMaturityAbstract" xlink:title="LongTermDebtByMaturityAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_LongTermDebtByMaturityAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_LongTermDebtByMaturityAbstract_lbl" xml:lang="en-US" id="us-gaap_LongTermDebtByMaturityAbstract_lbl">Aggregate amount of required future principal payments on mortgages payable [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LongTermDebtByMaturityAbstract" xlink:to="us-gaap_LongTermDebtByMaturityAbstract_lbl" xlink:title="label: LongTermDebtByMaturityAbstract to us-gaap_LongTermDebtByMaturityAbstract_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree" xlink:label="LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree" xlink:title="LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree" />
    <link:label xlink:type="resource" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_lbl" xml:lang="en-US" id="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_lbl">2016</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree" xlink:to="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_lbl" xlink:title="label: LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree to us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo" xlink:label="LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo" xlink:title="LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo" />
    <link:label xlink:type="resource" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_lbl" xml:lang="en-US" id="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_lbl">2015</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo" xlink:to="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_lbl" xlink:title="label: LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo to us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour" xlink:label="LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour" xlink:title="LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour" />
    <link:label xlink:type="resource" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_lbl" xml:lang="en-US" id="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_lbl">2017</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour" xlink:to="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_lbl" xlink:title="label: LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour to us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths" xlink:label="LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths" xlink:title="LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths" />
    <link:label xlink:type="resource" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_lbl" xml:lang="en-US" id="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_lbl">2014 (remainder)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths" xlink:to="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_lbl" xlink:title="label: LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths to us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive" xlink:label="LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive" xlink:title="LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive" />
    <link:label xlink:type="resource" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive_lbl" xml:lang="en-US" id="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive_lbl">2018</link:label>
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    <link:label xlink:type="resource" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive_lbl1" xml:lang="en-US" id="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive_lbl1">Long-term Debt, Maturities, Repayments of Principal in Year Five</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive" xlink:to="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive_lbl1" xlink:title="label: LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive to us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive" xlink:label="LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive" xlink:title="LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive" />
    <link:label xlink:type="resource" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive_lbl" xml:lang="en-US" id="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive_lbl">Thereafter</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_MinorityInterestInNetIncomeLossOperatingPartnerships" xlink:label="MinorityInterestInNetIncomeLossOperatingPartnerships" xlink:title="MinorityInterestInNetIncomeLossOperatingPartnerships" />
    <link:label xlink:type="resource" xlink:label="us-gaap_MinorityInterestInNetIncomeLossOperatingPartnerships_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_MinorityInterestInNetIncomeLossOperatingPartnerships_lbl" xml:lang="en-US" id="us-gaap_MinorityInterestInNetIncomeLossOperatingPartnerships_lbl">Net income attributable to noncontrolling interests - Operating Partnership</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MinorityInterestInNetIncomeLossOperatingPartnerships" xlink:to="us-gaap_MinorityInterestInNetIncomeLossOperatingPartnerships_lbl" xlink:title="label: MinorityInterestInNetIncomeLossOperatingPartnerships to us-gaap_MinorityInterestInNetIncomeLossOperatingPartnerships_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_MinorityInterestInNetIncomeLossOperatingPartnerships_lbl1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="us-gaap_MinorityInterestInNetIncomeLossOperatingPartnerships_lbl1" xml:lang="en-US" id="us-gaap_MinorityInterestInNetIncomeLossOperatingPartnerships_lbl1">Noncontrolling interests - Operating Partnership</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MinorityInterestInNetIncomeLossOperatingPartnerships" xlink:to="us-gaap_MinorityInterestInNetIncomeLossOperatingPartnerships_lbl1" xlink:title="label: MinorityInterestInNetIncomeLossOperatingPartnerships to us-gaap_MinorityInterestInNetIncomeLossOperatingPartnerships_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_MinorityInterestInOperatingPartnerships" xlink:label="MinorityInterestInOperatingPartnerships" xlink:title="MinorityInterestInOperatingPartnerships" />
    <link:label xlink:type="resource" xlink:label="us-gaap_MinorityInterestInOperatingPartnerships_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_MinorityInterestInOperatingPartnerships_lbl" xml:lang="en-US" id="us-gaap_MinorityInterestInOperatingPartnerships_lbl">Noncontrolling interests - consolidated real estate entities</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_MinorityInterestInPreferredUnitHolders" xlink:label="MinorityInterestInPreferredUnitHolders" xlink:title="MinorityInterestInPreferredUnitHolders" />
    <link:label xlink:type="resource" xlink:label="us-gaap_MinorityInterestInPreferredUnitHolders_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_MinorityInterestInPreferredUnitHolders_lbl" xml:lang="en-US" id="us-gaap_MinorityInterestInPreferredUnitHolders_lbl">Noncontrolling interests - Operating Partnership (21,848,891 units at July 31, 2013 and 21,635,127 units at April 30, 2013)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MinorityInterestInPreferredUnitHolders" xlink:to="us-gaap_MinorityInterestInPreferredUnitHolders_lbl" xlink:title="label: MinorityInterestInPreferredUnitHolders to us-gaap_MinorityInterestInPreferredUnitHolders_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_MortgageLoansOnRealEstateMaximumInterestRateInRange" xlink:label="MortgageLoansOnRealEstateMaximumInterestRateInRange" xlink:title="MortgageLoansOnRealEstateMaximumInterestRateInRange" />
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    <link:label xlink:type="resource" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl" xml:lang="en-US" id="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl">Net cash used by investing activities</link:label>
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    <link:label xlink:type="resource" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl1" xml:lang="en-US" id="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl1">Net Cash Provided by (Used in) Investing Activities</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_NetIncomeLossAbstract" xlink:label="NetIncomeLossAbstract" xlink:title="NetIncomeLossAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_NetIncomeLossAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_NetIncomeLossAbstract_lbl" xml:lang="en-US" id="us-gaap_NetIncomeLossAbstract_lbl">NUMERATOR [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetIncomeLossAbstract" xlink:to="us-gaap_NetIncomeLossAbstract_lbl" xlink:title="label: NetIncomeLossAbstract to us-gaap_NetIncomeLossAbstract_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:label="NetCashProvidedByUsedInFinancingActivities" xlink:title="NetCashProvidedByUsedInFinancingActivities" />
    <link:label xlink:type="resource" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="us-gaap_NetCashProvidedByUsedInFinancingActivities_lbl" xml:lang="en-US" id="us-gaap_NetCashProvidedByUsedInFinancingActivities_lbl">Net cash (used) provided by financing activities</link:label>
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    <link:label xlink:type="resource" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivities_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_NetCashProvidedByUsedInFinancingActivities_lbl1" xml:lang="en-US" id="us-gaap_NetCashProvidedByUsedInFinancingActivities_lbl1">Net Cash Provided by (Used in) Financing Activities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetCashProvidedByUsedInFinancingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInFinancingActivities_lbl1" xlink:title="label: NetCashProvidedByUsedInFinancingActivities to us-gaap_NetCashProvidedByUsedInFinancingActivities_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted" xlink:label="NetIncomeLossAvailableToCommonStockholdersDiluted" xlink:title="NetIncomeLossAvailableToCommonStockholdersDiluted" />
    <link:label xlink:type="resource" xlink:label="us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted_lbl" xml:lang="en-US" id="us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted_lbl">Numerator for diluted earnings per share</link:label>
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    <link:label xlink:type="resource" xlink:label="us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted_lbl1" xml:lang="en-US" id="us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted_lbl1">Net Income (Loss) Available to Common Stockholders, Diluted</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetIncomeLossAvailableToCommonStockholdersDiluted" xlink:to="us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted_lbl1" xlink:title="label: NetIncomeLossAvailableToCommonStockholdersDiluted to us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_NetRentableArea" xlink:label="NetRentableArea" xlink:title="NetRentableArea" />
    <link:label xlink:type="resource" xlink:label="us-gaap_NetRentableArea_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_NetRentableArea_lbl" xml:lang="en-US" id="us-gaap_NetRentableArea_lbl">Net rentable area (in square feet)</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:label="NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:title="NetCashProvidedByUsedInInvestingActivitiesAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_lbl" xml:lang="en-US" id="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_lbl">CASH FLOWS FROM INVESTING ACTIVITIES</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:to="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_lbl" xlink:title="label: NetCashProvidedByUsedInInvestingActivitiesAbstract to us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:title="NetCashProvidedByUsedInOperatingActivitiesAbstract" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xlink:title="label: NetCashProvidedByUsedInOperatingActivitiesAbstract to us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_lbl" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetCashProvidedByUsedInOperatingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl1" xlink:title="label: NetCashProvidedByUsedInOperatingActivities to us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NewAccountingPronouncementsPolicyPolicyTextBlock" xlink:to="us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock_lbl" xlink:title="label: NewAccountingPronouncementsPolicyPolicyTextBlock to us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock_lbl" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:to="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract_lbl" xlink:title="label: OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract to us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" xlink:label="OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" xlink:title="OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" />
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OtherAssets" xlink:label="OtherAssets" xlink:title="OtherAssets" />
    <link:label xlink:type="resource" xlink:label="us-gaap_OtherAssets_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_OtherAssets_lbl" xml:lang="en-US" id="us-gaap_OtherAssets_lbl">Tax, insurance, and other escrow</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherAssets" xlink:to="us-gaap_OtherAssets_lbl" xlink:title="label: OtherAssets to us-gaap_OtherAssets_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OtherNoncashIncomeExpense" xlink:label="OtherNoncashIncomeExpense" xlink:title="OtherNoncashIncomeExpense" />
    <link:label xlink:type="resource" xlink:label="us-gaap_OtherNoncashIncomeExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_OtherNoncashIncomeExpense_lbl" xml:lang="en-US" id="us-gaap_OtherNoncashIncomeExpense_lbl">Bad debt expense</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherNoncashIncomeExpense" xlink:to="us-gaap_OtherNoncashIncomeExpense_lbl" xlink:title="label: OtherNoncashIncomeExpense to us-gaap_OtherNoncashIncomeExpense_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_OtherNoncashIncomeExpense_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_OtherNoncashIncomeExpense_lbl1" xml:lang="en-US" id="us-gaap_OtherNoncashIncomeExpense_lbl1">Other Noncash Income (Expense)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherNoncashIncomeExpense" xlink:to="us-gaap_OtherNoncashIncomeExpense_lbl1" xlink:title="label: OtherNoncashIncomeExpense to us-gaap_OtherNoncashIncomeExpense_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OtherIntangibleAssetsMember" xlink:label="OtherIntangibleAssetsMember" xlink:title="OtherIntangibleAssetsMember" />
    <link:label xlink:type="resource" xlink:label="us-gaap_OtherIntangibleAssetsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_OtherIntangibleAssetsMember_lbl" xml:lang="en-US" id="us-gaap_OtherIntangibleAssetsMember_lbl">Other identified intangible assets [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherIntangibleAssetsMember" xlink:to="us-gaap_OtherIntangibleAssetsMember_lbl" xlink:title="label: OtherIntangibleAssetsMember to us-gaap_OtherIntangibleAssetsMember_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OtherSignificantNoncashTransactionValueOfConsiderationReceived1" xlink:label="OtherSignificantNoncashTransactionValueOfConsiderationReceived1" xlink:title="OtherSignificantNoncashTransactionValueOfConsiderationReceived1" />
    <link:label xlink:type="resource" xlink:label="us-gaap_OtherSignificantNoncashTransactionValueOfConsiderationReceived1_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_OtherSignificantNoncashTransactionValueOfConsiderationReceived1_lbl" xml:lang="en-US" id="us-gaap_OtherSignificantNoncashTransactionValueOfConsiderationReceived1_lbl">Other Significant Noncash Transaction, Value of Consideration Received</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherSignificantNoncashTransactionValueOfConsiderationReceived1" xlink:to="us-gaap_OtherSignificantNoncashTransactionValueOfConsiderationReceived1_lbl" xlink:title="label: OtherSignificantNoncashTransactionValueOfConsiderationReceived1 to us-gaap_OtherSignificantNoncashTransactionValueOfConsiderationReceived1_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OtherGeneralExpense" xlink:label="OtherGeneralExpense" xlink:title="OtherGeneralExpense" />
    <link:label xlink:type="resource" xlink:label="us-gaap_OtherGeneralExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_OtherGeneralExpense_lbl" xml:lang="en-US" id="us-gaap_OtherGeneralExpense_lbl">Other expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherGeneralExpense" xlink:to="us-gaap_OtherGeneralExpense_lbl" xlink:title="label: OtherGeneralExpense to us-gaap_OtherGeneralExpense_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_OtherGeneralExpense_lbl1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="us-gaap_OtherGeneralExpense_lbl1" xml:lang="en-US" id="us-gaap_OtherGeneralExpense_lbl1">Other expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherGeneralExpense" xlink:to="us-gaap_OtherGeneralExpense_lbl1" xlink:title="label: OtherGeneralExpense to us-gaap_OtherGeneralExpense_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OtherLongTermInvestments" xlink:label="OtherLongTermInvestments" xlink:title="OtherLongTermInvestments" />
    <link:label xlink:type="resource" xlink:label="us-gaap_OtherLongTermInvestments_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_OtherLongTermInvestments_lbl" xml:lang="en-US" id="us-gaap_OtherLongTermInvestments_lbl">Other investments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherLongTermInvestments" xlink:to="us-gaap_OtherLongTermInvestments_lbl" xlink:title="label: OtherLongTermInvestments to us-gaap_OtherLongTermInvestments_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OtherNonoperatingIncomeExpense" xlink:label="OtherNonoperatingIncomeExpense" xlink:title="OtherNonoperatingIncomeExpense" />
    <link:label xlink:type="resource" xlink:label="us-gaap_OtherNonoperatingIncomeExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_OtherNonoperatingIncomeExpense_lbl" xml:lang="en-US" id="us-gaap_OtherNonoperatingIncomeExpense_lbl">Other income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherNonoperatingIncomeExpense" xlink:to="us-gaap_OtherNonoperatingIncomeExpense_lbl" xlink:title="label: OtherNonoperatingIncomeExpense to us-gaap_OtherNonoperatingIncomeExpense_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OtherLiabilities" xlink:label="OtherLiabilities" xlink:title="OtherLiabilities" />
    <link:label xlink:type="resource" xlink:label="us-gaap_OtherLiabilities_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_OtherLiabilities_lbl" xml:lang="en-US" id="us-gaap_OtherLiabilities_lbl">Other</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherLiabilities" xlink:to="us-gaap_OtherLiabilities_lbl" xlink:title="label: OtherLiabilities to us-gaap_OtherLiabilities_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OwnedPropertyManagementCosts" xlink:label="OwnedPropertyManagementCosts" xlink:title="OwnedPropertyManagementCosts" />
    <link:label xlink:type="resource" xlink:label="us-gaap_OwnedPropertyManagementCosts_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_OwnedPropertyManagementCosts_lbl" xml:lang="en-US" id="us-gaap_OwnedPropertyManagementCosts_lbl">Property management expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OwnedPropertyManagementCosts" xlink:to="us-gaap_OwnedPropertyManagementCosts_lbl" xlink:title="label: OwnedPropertyManagementCosts to us-gaap_OwnedPropertyManagementCosts_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PartnersCapitalAccountRedemptions" xlink:label="PartnersCapitalAccountRedemptions" xlink:title="PartnersCapitalAccountRedemptions" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PartnersCapitalAccountRedemptions_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="us-gaap_PartnersCapitalAccountRedemptions_lbl" xml:lang="en-US" id="us-gaap_PartnersCapitalAccountRedemptions_lbl">Redemption of units for common shares</link:label>
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    <link:label xlink:type="resource" xlink:label="us-gaap_PartnersCapitalAccountRedemptions_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_PartnersCapitalAccountRedemptions_lbl1" xml:lang="en-US" id="us-gaap_PartnersCapitalAccountRedemptions_lbl1">Partners' Capital Account, Redemptions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PartnersCapitalAccountRedemptions" xlink:to="us-gaap_PartnersCapitalAccountRedemptions_lbl1" xlink:title="label: PartnersCapitalAccountRedemptions to us-gaap_PartnersCapitalAccountRedemptions_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PartnersCapitalAccountUnitsRedeemed" xlink:label="PartnersCapitalAccountUnitsRedeemed" xlink:title="PartnersCapitalAccountUnitsRedeemed" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PartnersCapitalAccountUnitsRedeemed_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_PartnersCapitalAccountUnitsRedeemed_lbl" xml:lang="en-US" id="us-gaap_PartnersCapitalAccountUnitsRedeemed_lbl">Redemption of units for common shares, shares (in shares)</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PaymentsForCapitalImprovements" xlink:label="PaymentsForCapitalImprovements" xlink:title="PaymentsForCapitalImprovements" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PaymentsForCapitalImprovements_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="us-gaap_PaymentsForCapitalImprovements_lbl" xml:lang="en-US" id="us-gaap_PaymentsForCapitalImprovements_lbl">Payments for improvements of real estate assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsForCapitalImprovements" xlink:to="us-gaap_PaymentsForCapitalImprovements_lbl" xlink:title="label: PaymentsForCapitalImprovements to us-gaap_PaymentsForCapitalImprovements_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PaymentsForCapitalImprovements_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_PaymentsForCapitalImprovements_lbl1" xml:lang="en-US" id="us-gaap_PaymentsForCapitalImprovements_lbl1">Payments for Capital Improvements</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsForCapitalImprovements" xlink:to="us-gaap_PaymentsForCapitalImprovements_lbl1" xlink:title="label: PaymentsForCapitalImprovements to us-gaap_PaymentsForCapitalImprovements_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PaymentsForConstructionInProcess" xlink:label="PaymentsForConstructionInProcess" xlink:title="PaymentsForConstructionInProcess" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PaymentsForConstructionInProcess_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="us-gaap_PaymentsForConstructionInProcess_lbl" xml:lang="en-US" id="us-gaap_PaymentsForConstructionInProcess_lbl">Payments for development and re-development of real estate assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsForConstructionInProcess" xlink:to="us-gaap_PaymentsForConstructionInProcess_lbl" xlink:title="label: PaymentsForConstructionInProcess to us-gaap_PaymentsForConstructionInProcess_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PaymentsForConstructionInProcess_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_PaymentsForConstructionInProcess_lbl1" xml:lang="en-US" id="us-gaap_PaymentsForConstructionInProcess_lbl1">Payments for Construction in Process</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsForConstructionInProcess" xlink:to="us-gaap_PaymentsForConstructionInProcess_lbl1" xlink:title="label: PaymentsForConstructionInProcess to us-gaap_PaymentsForConstructionInProcess_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PaymentsOfDistributionsToAffiliates" xlink:label="PaymentsOfDistributionsToAffiliates" xlink:title="PaymentsOfDistributionsToAffiliates" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PaymentsOfDistributionsToAffiliates_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="us-gaap_PaymentsOfDistributionsToAffiliates_lbl" xml:lang="en-US" id="us-gaap_PaymentsOfDistributionsToAffiliates_lbl">Distributions paid to noncontrolling interests - Unitholders of the Operating Partnership, net of reinvestment of $183 and $157, respectively</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsOfDistributionsToAffiliates" xlink:to="us-gaap_PaymentsOfDistributionsToAffiliates_lbl" xlink:title="label: PaymentsOfDistributionsToAffiliates to us-gaap_PaymentsOfDistributionsToAffiliates_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PaymentsOfDistributionsToAffiliates_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_PaymentsOfDistributionsToAffiliates_lbl1" xml:lang="en-US" id="us-gaap_PaymentsOfDistributionsToAffiliates_lbl1">Payments of Distributions to Affiliates</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsOfDistributionsToAffiliates" xlink:to="us-gaap_PaymentsOfDistributionsToAffiliates_lbl1" xlink:title="label: PaymentsOfDistributionsToAffiliates to us-gaap_PaymentsOfDistributionsToAffiliates_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PaymentsForRepurchaseOfCommonStock" xlink:label="PaymentsForRepurchaseOfCommonStock" xlink:title="PaymentsForRepurchaseOfCommonStock" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PaymentsForRepurchaseOfCommonStock_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="us-gaap_PaymentsForRepurchaseOfCommonStock_lbl" xml:lang="en-US" id="us-gaap_PaymentsForRepurchaseOfCommonStock_lbl">Repurchase of fractional shares and partnership units</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsForRepurchaseOfCommonStock" xlink:to="us-gaap_PaymentsForRepurchaseOfCommonStock_lbl" xlink:title="label: PaymentsForRepurchaseOfCommonStock to us-gaap_PaymentsForRepurchaseOfCommonStock_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PaymentsForRepurchaseOfCommonStock_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_PaymentsForRepurchaseOfCommonStock_lbl1" xml:lang="en-US" id="us-gaap_PaymentsForRepurchaseOfCommonStock_lbl1">Payments for Repurchase of Common Stock</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsForRepurchaseOfCommonStock" xlink:to="us-gaap_PaymentsForRepurchaseOfCommonStock_lbl1" xlink:title="label: PaymentsForRepurchaseOfCommonStock to us-gaap_PaymentsForRepurchaseOfCommonStock_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock" xlink:label="PaymentsOfDividendsPreferredStockAndPreferenceStock" xlink:title="PaymentsOfDividendsPreferredStockAndPreferenceStock" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock_lbl" xml:lang="en-US" id="us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock_lbl">Distributions paid to preferred shareholders</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsOfDividendsPreferredStockAndPreferenceStock" xlink:to="us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock_lbl" xlink:title="label: PaymentsOfDividendsPreferredStockAndPreferenceStock to us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock_lbl1" xml:lang="en-US" id="us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock_lbl1">Payments of Ordinary Dividends, Preferred Stock and Preference Stock</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsOfDividendsPreferredStockAndPreferenceStock" xlink:to="us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock_lbl1" xlink:title="label: PaymentsOfDividendsPreferredStockAndPreferenceStock to us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PaymentsOfDividendsMinorityInterest" xlink:label="PaymentsOfDividendsMinorityInterest" xlink:title="PaymentsOfDividendsMinorityInterest" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PaymentsOfDividendsMinorityInterest_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="us-gaap_PaymentsOfDividendsMinorityInterest_lbl" xml:lang="en-US" id="us-gaap_PaymentsOfDividendsMinorityInterest_lbl">Distributions paid to noncontrolling interests - consolidated real estate entities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsOfDividendsMinorityInterest" xlink:to="us-gaap_PaymentsOfDividendsMinorityInterest_lbl" xlink:title="label: PaymentsOfDividendsMinorityInterest to us-gaap_PaymentsOfDividendsMinorityInterest_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PaymentsOfDividendsMinorityInterest_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_PaymentsOfDividendsMinorityInterest_lbl1" xml:lang="en-US" id="us-gaap_PaymentsOfDividendsMinorityInterest_lbl1">Payments of Ordinary Dividends, Noncontrolling Interest</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsOfDividendsMinorityInterest" xlink:to="us-gaap_PaymentsOfDividendsMinorityInterest_lbl1" xlink:title="label: PaymentsOfDividendsMinorityInterest to us-gaap_PaymentsOfDividendsMinorityInterest_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PaymentsOfDividendsCommonStock" xlink:label="PaymentsOfDividendsCommonStock" xlink:title="PaymentsOfDividendsCommonStock" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PaymentsOfDividendsCommonStock_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="us-gaap_PaymentsOfDividendsCommonStock_lbl" xml:lang="en-US" id="us-gaap_PaymentsOfDividendsCommonStock_lbl">Distributions paid to common shareholders, net of reinvestment of $3,549 and $2,971, respectively</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsOfDividendsCommonStock" xlink:to="us-gaap_PaymentsOfDividendsCommonStock_lbl" xlink:title="label: PaymentsOfDividendsCommonStock to us-gaap_PaymentsOfDividendsCommonStock_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PaymentsOfDividendsCommonStock_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_PaymentsOfDividendsCommonStock_lbl1" xml:lang="en-US" id="us-gaap_PaymentsOfDividendsCommonStock_lbl1">Payments of Ordinary Dividends, Common Stock</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsOfDividendsCommonStock" xlink:to="us-gaap_PaymentsOfDividendsCommonStock_lbl1" xlink:title="label: PaymentsOfDividendsCommonStock to us-gaap_PaymentsOfDividendsCommonStock_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PaymentsToAcquireRealEstate" xlink:label="PaymentsToAcquireRealEstate" xlink:title="PaymentsToAcquireRealEstate" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PaymentsToAcquireRealEstate_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="us-gaap_PaymentsToAcquireRealEstate_lbl" xml:lang="en-US" id="us-gaap_PaymentsToAcquireRealEstate_lbl">Payments for acquisitions of real estate assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsToAcquireRealEstate" xlink:to="us-gaap_PaymentsToAcquireRealEstate_lbl" xlink:title="label: PaymentsToAcquireRealEstate to us-gaap_PaymentsToAcquireRealEstate_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PaymentsToAcquireRealEstate_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_PaymentsToAcquireRealEstate_lbl1" xml:lang="en-US" id="us-gaap_PaymentsToAcquireRealEstate_lbl1">Payments to Acquire Real Estate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsToAcquireRealEstate" xlink:to="us-gaap_PaymentsToAcquireRealEstate_lbl1" xlink:title="label: PaymentsToAcquireRealEstate to us-gaap_PaymentsToAcquireRealEstate_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PreferredStockDividendsPerShareDeclared" xlink:label="PreferredStockDividendsPerShareDeclared" xlink:title="PreferredStockDividendsPerShareDeclared" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PreferredStockDividendsPerShareDeclared_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_PreferredStockDividendsPerShareDeclared_lbl" xml:lang="en-US" id="us-gaap_PreferredStockDividendsPerShareDeclared_lbl">Distributions, Redeemable Preferred Shares (in dollars per share)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PreferredStockDividendsPerShareDeclared" xlink:to="us-gaap_PreferredStockDividendsPerShareDeclared_lbl" xlink:title="label: PreferredStockDividendsPerShareDeclared to us-gaap_PreferredStockDividendsPerShareDeclared_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PreferredStockDividendsPerShareDeclared_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_PreferredStockDividendsPerShareDeclared_lbl1" xml:lang="en-US" id="us-gaap_PreferredStockDividendsPerShareDeclared_lbl1">Preferred Stock, Dividends Per Share, Declared</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PreferredStockDividendsPerShareDeclared" xlink:to="us-gaap_PreferredStockDividendsPerShareDeclared_lbl1" xlink:title="label: PreferredStockDividendsPerShareDeclared to us-gaap_PreferredStockDividendsPerShareDeclared_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PreferredClassAMember" xlink:label="PreferredClassAMember" xlink:title="PreferredClassAMember" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PreferredClassAMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_PreferredClassAMember_lbl" xml:lang="en-US" id="us-gaap_PreferredClassAMember_lbl">Preferred Class A [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PreferredClassAMember" xlink:to="us-gaap_PreferredClassAMember_lbl" xlink:title="label: PreferredClassAMember to us-gaap_PreferredClassAMember_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PreferredClassBMember" xlink:label="PreferredClassBMember" xlink:title="PreferredClassBMember" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PreferredClassBMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_PreferredClassBMember_lbl" xml:lang="en-US" id="us-gaap_PreferredClassBMember_lbl">Preferred Class B [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PreferredClassBMember" xlink:to="us-gaap_PreferredClassBMember_lbl" xlink:title="label: PreferredClassBMember to us-gaap_PreferredClassBMember_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PreferredStockSharesIssued" xlink:label="PreferredStockSharesIssued" xlink:title="PreferredStockSharesIssued" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PreferredStockSharesIssued_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_PreferredStockSharesIssued_lbl" xml:lang="en-US" id="us-gaap_PreferredStockSharesIssued_lbl">Preferred Shares of Beneficial Interest, shares issued (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PreferredStockSharesIssued" xlink:to="us-gaap_PreferredStockSharesIssued_lbl" xlink:title="label: PreferredStockSharesIssued to us-gaap_PreferredStockSharesIssued_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PreferredStockParOrStatedValuePerShare" xlink:label="PreferredStockParOrStatedValuePerShare" xlink:title="PreferredStockParOrStatedValuePerShare" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PreferredStockParOrStatedValuePerShare_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_PreferredStockParOrStatedValuePerShare_lbl" xml:lang="en-US" id="us-gaap_PreferredStockParOrStatedValuePerShare_lbl">Preferred Shares of Beneficial Interest, no par value (in dollars per share)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PreferredStockParOrStatedValuePerShare" xlink:to="us-gaap_PreferredStockParOrStatedValuePerShare_lbl" xlink:title="label: PreferredStockParOrStatedValuePerShare to us-gaap_PreferredStockParOrStatedValuePerShare_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PreferredStockSharesOutstanding" xlink:label="PreferredStockSharesOutstanding" xlink:title="PreferredStockSharesOutstanding" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PreferredStockSharesOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_PreferredStockSharesOutstanding_lbl" xml:lang="en-US" id="us-gaap_PreferredStockSharesOutstanding_lbl">Preferred Shares of Beneficial Interest, shares outstanding (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PreferredStockSharesOutstanding" xlink:to="us-gaap_PreferredStockSharesOutstanding_lbl" xlink:title="label: PreferredStockSharesOutstanding to us-gaap_PreferredStockSharesOutstanding_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PreferredStockMember" xlink:label="PreferredStockMember" xlink:title="PreferredStockMember" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PreferredStockMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_PreferredStockMember_lbl" xml:lang="en-US" id="us-gaap_PreferredStockMember_lbl">PREFERRED SHARES [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PreferredStockMember" xlink:to="us-gaap_PreferredStockMember_lbl" xlink:title="label: PreferredStockMember to us-gaap_PreferredStockMember_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PrepaidExpenseAndOtherAssets" xlink:label="PrepaidExpenseAndOtherAssets" xlink:title="PrepaidExpenseAndOtherAssets" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PrepaidExpenseAndOtherAssets_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_PrepaidExpenseAndOtherAssets_lbl" xml:lang="en-US" id="us-gaap_PrepaidExpenseAndOtherAssets_lbl">Prepaid and other assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PrepaidExpenseAndOtherAssets" xlink:to="us-gaap_PrepaidExpenseAndOtherAssets_lbl" xlink:title="label: PrepaidExpenseAndOtherAssets to us-gaap_PrepaidExpenseAndOtherAssets_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PriorPeriodReclassificationAdjustmentDescription" xlink:label="PriorPeriodReclassificationAdjustmentDescription" xlink:title="PriorPeriodReclassificationAdjustmentDescription" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PriorPeriodReclassificationAdjustmentDescription_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_PriorPeriodReclassificationAdjustmentDescription_lbl" xml:lang="en-US" id="us-gaap_PriorPeriodReclassificationAdjustmentDescription_lbl">RECLASSIFICATIONS</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PriorPeriodReclassificationAdjustmentDescription" xlink:to="us-gaap_PriorPeriodReclassificationAdjustmentDescription_lbl" xlink:title="label: PriorPeriodReclassificationAdjustmentDescription to us-gaap_PriorPeriodReclassificationAdjustmentDescription_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ProceedsFromContributionsFromAffiliates" xlink:label="ProceedsFromContributionsFromAffiliates" xlink:title="ProceedsFromContributionsFromAffiliates" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ProceedsFromContributionsFromAffiliates_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ProceedsFromContributionsFromAffiliates_lbl" xml:lang="en-US" id="us-gaap_ProceedsFromContributionsFromAffiliates_lbl">Distributions paid to noncontrolling interests - Unitholders of the Operating Partnership, net reinvestment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProceedsFromContributionsFromAffiliates" xlink:to="us-gaap_ProceedsFromContributionsFromAffiliates_lbl" xlink:title="label: ProceedsFromContributionsFromAffiliates to us-gaap_ProceedsFromContributionsFromAffiliates_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ProceedsFromPaymentsForOtherFinancingActivities" xlink:label="ProceedsFromPaymentsForOtherFinancingActivities" xlink:title="ProceedsFromPaymentsForOtherFinancingActivities" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ProceedsFromPaymentsForOtherFinancingActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ProceedsFromPaymentsForOtherFinancingActivities_lbl" xml:lang="en-US" id="us-gaap_ProceedsFromPaymentsForOtherFinancingActivities_lbl">Proceeds from financing liability</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProceedsFromPaymentsForOtherFinancingActivities" xlink:to="us-gaap_ProceedsFromPaymentsForOtherFinancingActivities_lbl" xlink:title="label: ProceedsFromPaymentsForOtherFinancingActivities to us-gaap_ProceedsFromPaymentsForOtherFinancingActivities_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ProceedsFromCollectionOfOtherReceivables" xlink:label="ProceedsFromCollectionOfOtherReceivables" xlink:title="ProceedsFromCollectionOfOtherReceivables" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ProceedsFromCollectionOfOtherReceivables_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ProceedsFromCollectionOfOtherReceivables_lbl" xml:lang="en-US" id="us-gaap_ProceedsFromCollectionOfOtherReceivables_lbl">Insurance proceeds received</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProceedsFromCollectionOfOtherReceivables" xlink:to="us-gaap_ProceedsFromCollectionOfOtherReceivables_lbl" xlink:title="label: ProceedsFromCollectionOfOtherReceivables to us-gaap_ProceedsFromCollectionOfOtherReceivables_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans" xlink:label="ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans" xlink:title="ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans_lbl" xml:lang="en-US" id="us-gaap_ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans_lbl">Shares issued under the Incentive Award Plan</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans" xlink:to="us-gaap_ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans_lbl" xlink:title="label: ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans to us-gaap_ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ProceedsFromIssuanceOfLongTermDebt" xlink:label="ProceedsFromIssuanceOfLongTermDebt" xlink:title="ProceedsFromIssuanceOfLongTermDebt" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ProceedsFromIssuanceOfLongTermDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ProceedsFromIssuanceOfLongTermDebt_lbl" xml:lang="en-US" id="us-gaap_ProceedsFromIssuanceOfLongTermDebt_lbl">Proceeds from mortgages payable</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProceedsFromIssuanceOfLongTermDebt" xlink:to="us-gaap_ProceedsFromIssuanceOfLongTermDebt_lbl" xlink:title="label: ProceedsFromIssuanceOfLongTermDebt to us-gaap_ProceedsFromIssuanceOfLongTermDebt_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ProceedsFromIssuanceOfCommonStock" xlink:label="ProceedsFromIssuanceOfCommonStock" xlink:title="ProceedsFromIssuanceOfCommonStock" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ProceedsFromIssuanceOfCommonStock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ProceedsFromIssuanceOfCommonStock_lbl" xml:lang="en-US" id="us-gaap_ProceedsFromIssuanceOfCommonStock_lbl">Proceeds from sale of common shares, net of issue costs</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProceedsFromIssuanceOfCommonStock" xlink:to="us-gaap_ProceedsFromIssuanceOfCommonStock_lbl" xlink:title="label: ProceedsFromIssuanceOfCommonStock to us-gaap_ProceedsFromIssuanceOfCommonStock_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ProceedsFromLinesOfCredit" xlink:label="ProceedsFromLinesOfCredit" xlink:title="ProceedsFromLinesOfCredit" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ProceedsFromLinesOfCredit_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ProceedsFromLinesOfCredit_lbl" xml:lang="en-US" id="us-gaap_ProceedsFromLinesOfCredit_lbl">Proceeds from revolving line of credit and other debt</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProceedsFromLinesOfCredit" xlink:to="us-gaap_ProceedsFromLinesOfCredit_lbl" xlink:title="label: ProceedsFromLinesOfCredit to us-gaap_ProceedsFromLinesOfCredit_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ProceedsFromOtherEquity" xlink:label="ProceedsFromOtherEquity" xlink:title="ProceedsFromOtherEquity" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ProceedsFromOtherEquity_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ProceedsFromOtherEquity_lbl" xml:lang="en-US" id="us-gaap_ProceedsFromOtherEquity_lbl">Proceeds from sale of common shares under distribution reinvestment and share purchase program</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProceedsFromOtherEquity" xlink:to="us-gaap_ProceedsFromOtherEquity_lbl" xlink:title="label: ProceedsFromOtherEquity to us-gaap_ProceedsFromOtherEquity_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ProceedsFromSaleOfRealEstate" xlink:label="ProceedsFromSaleOfRealEstate" xlink:title="ProceedsFromSaleOfRealEstate" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ProceedsFromSaleOfRealEstate_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ProceedsFromSaleOfRealEstate_lbl" xml:lang="en-US" id="us-gaap_ProceedsFromSaleOfRealEstate_lbl">Proceeds from sale of discontinued operations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProceedsFromSaleOfRealEstate" xlink:to="us-gaap_ProceedsFromSaleOfRealEstate_lbl" xlink:title="label: ProceedsFromSaleOfRealEstate to us-gaap_ProceedsFromSaleOfRealEstate_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ProfitLoss" xlink:label="ProfitLoss" xlink:title="ProfitLoss" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ProfitLoss_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ProfitLoss_lbl" xml:lang="en-US" id="us-gaap_ProfitLoss_lbl">Net income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProfitLoss" xlink:to="us-gaap_ProfitLoss_lbl" xlink:title="label: ProfitLoss to us-gaap_ProfitLoss_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ProfitLoss_lbl1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="us-gaap_ProfitLoss_lbl1" xml:lang="en-US" id="us-gaap_ProfitLoss_lbl1">NET INCOME</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProfitLoss" xlink:to="us-gaap_ProfitLoss_lbl1" xlink:title="label: ProfitLoss to us-gaap_ProfitLoss_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PropertyPlantAndEquipmentScheduleOfSignificantAcquisitionsAndDisposalsTextBlock" xlink:label="PropertyPlantAndEquipmentScheduleOfSignificantAcquisitionsAndDisposalsTextBlock" xlink:title="PropertyPlantAndEquipmentScheduleOfSignificantAcquisitionsAndDisposalsTextBlock" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PropertyPlantAndEquipmentScheduleOfSignificantAcquisitionsAndDisposalsTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_PropertyPlantAndEquipmentScheduleOfSignificantAcquisitionsAndDisposalsTextBlock_lbl" xml:lang="en-US" id="us-gaap_PropertyPlantAndEquipmentScheduleOfSignificantAcquisitionsAndDisposalsTextBlock_lbl">Acquisitions and development projects placed in service</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertyPlantAndEquipmentScheduleOfSignificantAcquisitionsAndDisposalsTextBlock" xlink:to="us-gaap_PropertyPlantAndEquipmentScheduleOfSignificantAcquisitionsAndDisposalsTextBlock_lbl" xlink:title="label: PropertyPlantAndEquipmentScheduleOfSignificantAcquisitionsAndDisposalsTextBlock to us-gaap_PropertyPlantAndEquipmentScheduleOfSignificantAcquisitionsAndDisposalsTextBlock_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PropertyPlantAndEquipmentNet" xlink:label="PropertyPlantAndEquipmentNet" xlink:title="PropertyPlantAndEquipmentNet" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PropertyPlantAndEquipmentNet_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_PropertyPlantAndEquipmentNet_lbl" xml:lang="en-US" id="us-gaap_PropertyPlantAndEquipmentNet_lbl">Property and equipment, net of accumulated depreciation of $1,757 and $1,673, respectively</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertyPlantAndEquipmentNet" xlink:to="us-gaap_PropertyPlantAndEquipmentNet_lbl" xlink:title="label: PropertyPlantAndEquipmentNet to us-gaap_PropertyPlantAndEquipmentNet_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ProvisionForDoubtfulAccounts" xlink:label="ProvisionForDoubtfulAccounts" xlink:title="ProvisionForDoubtfulAccounts" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ProvisionForDoubtfulAccounts_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ProvisionForDoubtfulAccounts_lbl" xml:lang="en-US" id="us-gaap_ProvisionForDoubtfulAccounts_lbl">Other property expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionForDoubtfulAccounts" xlink:to="us-gaap_ProvisionForDoubtfulAccounts_lbl" xlink:title="label: ProvisionForDoubtfulAccounts to us-gaap_ProvisionForDoubtfulAccounts_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_RealEstateInventoryCapitalizedInterestCostsIncurred" xlink:label="RealEstateInventoryCapitalizedInterestCostsIncurred" xlink:title="RealEstateInventoryCapitalizedInterestCostsIncurred" />
    <link:label xlink:type="resource" xlink:label="us-gaap_RealEstateInventoryCapitalizedInterestCostsIncurred_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_RealEstateInventoryCapitalizedInterestCostsIncurred_lbl" xml:lang="en-US" id="us-gaap_RealEstateInventoryCapitalizedInterestCostsIncurred_lbl">Construction interest capitalized</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RealEstateInventoryCapitalizedInterestCostsIncurred" xlink:to="us-gaap_RealEstateInventoryCapitalizedInterestCostsIncurred_lbl" xlink:title="label: RealEstateInventoryCapitalizedInterestCostsIncurred to us-gaap_RealEstateInventoryCapitalizedInterestCostsIncurred_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_RealEstateInsurance" xlink:label="RealEstateInsurance" xlink:title="RealEstateInsurance" />
    <link:label xlink:type="resource" xlink:label="us-gaap_RealEstateInsurance_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_RealEstateInsurance_lbl" xml:lang="en-US" id="us-gaap_RealEstateInsurance_lbl">Insurance</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RealEstateInsurance" xlink:to="us-gaap_RealEstateInsurance_lbl" xlink:title="label: RealEstateInsurance to us-gaap_RealEstateInsurance_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_RealEstatePropertiesDomain" xlink:label="RealEstatePropertiesDomain" xlink:title="RealEstatePropertiesDomain" />
    <link:label xlink:type="resource" xlink:label="us-gaap_RealEstatePropertiesDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_RealEstatePropertiesDomain_lbl" xml:lang="en-US" id="us-gaap_RealEstatePropertiesDomain_lbl">Real Estate Properties [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RealEstatePropertiesDomain" xlink:to="us-gaap_RealEstatePropertiesDomain_lbl" xlink:title="label: RealEstatePropertiesDomain to us-gaap_RealEstatePropertiesDomain_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_RealEstatePropertiesAxis" xlink:label="RealEstatePropertiesAxis" xlink:title="RealEstatePropertiesAxis" />
    <link:label xlink:type="resource" xlink:label="us-gaap_RealEstatePropertiesAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_RealEstatePropertiesAxis_lbl" xml:lang="en-US" id="us-gaap_RealEstatePropertiesAxis_lbl">Real Estate Property Ownership [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RealEstatePropertiesAxis" xlink:to="us-gaap_RealEstatePropertiesAxis_lbl" xlink:title="label: RealEstatePropertiesAxis to us-gaap_RealEstatePropertiesAxis_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_RealEstateInvestmentPropertyAtCost" xlink:label="RealEstateInvestmentPropertyAtCost" xlink:title="RealEstateInvestmentPropertyAtCost" />
    <link:label xlink:type="resource" xlink:label="us-gaap_RealEstateInvestmentPropertyAtCost_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_RealEstateInvestmentPropertyAtCost_lbl" xml:lang="en-US" id="us-gaap_RealEstateInvestmentPropertyAtCost_lbl">Property owned</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RealEstateInvestmentPropertyAtCost" xlink:to="us-gaap_RealEstateInvestmentPropertyAtCost_lbl" xlink:title="label: RealEstateInvestmentPropertyAtCost to us-gaap_RealEstateInvestmentPropertyAtCost_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_RealEstatePropertiesLineItems" xlink:label="RealEstatePropertiesLineItems" xlink:title="RealEstatePropertiesLineItems" />
    <link:label xlink:type="resource" xlink:label="us-gaap_RealEstatePropertiesLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_RealEstatePropertiesLineItems_lbl" xml:lang="en-US" id="us-gaap_RealEstatePropertiesLineItems_lbl">Real Estate Properties [Line Items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RealEstatePropertiesLineItems" xlink:to="us-gaap_RealEstatePropertiesLineItems_lbl" xlink:title="label: RealEstatePropertiesLineItems to us-gaap_RealEstatePropertiesLineItems_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_RealEstateInvestmentPropertyNet" xlink:label="RealEstateInvestmentPropertyNet" xlink:title="RealEstateInvestmentPropertyNet" />
    <link:label xlink:type="resource" xlink:label="us-gaap_RealEstateInvestmentPropertyNet_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="us-gaap_RealEstateInvestmentPropertyNet_lbl" xml:lang="en-US" id="us-gaap_RealEstateInvestmentPropertyNet_lbl">Total property owned</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RealEstateInvestmentPropertyNet" xlink:to="us-gaap_RealEstateInvestmentPropertyNet_lbl" xlink:title="label: RealEstateInvestmentPropertyNet to us-gaap_RealEstateInvestmentPropertyNet_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_RealEstateInvestmentPropertyNet_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_RealEstateInvestmentPropertyNet_lbl1" xml:lang="en-US" id="us-gaap_RealEstateInvestmentPropertyNet_lbl1">Net property owned</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RealEstateInvestmentPropertyNet" xlink:to="us-gaap_RealEstateInvestmentPropertyNet_lbl1" xlink:title="label: RealEstateInvestmentPropertyNet to us-gaap_RealEstateInvestmentPropertyNet_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_RealEstateInvestments" xlink:label="RealEstateInvestments" xlink:title="RealEstateInvestments" />
    <link:label xlink:type="resource" xlink:label="us-gaap_RealEstateInvestments_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_RealEstateInvestments_lbl" xml:lang="en-US" id="us-gaap_RealEstateInvestments_lbl">Real estate investment amount of properties (net of accumulated depreciation)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RealEstateInvestments" xlink:to="us-gaap_RealEstateInvestments_lbl" xlink:title="label: RealEstateInvestments to us-gaap_RealEstateInvestments_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation" xlink:label="RealEstateInvestmentPropertyAccumulatedDepreciation" xlink:title="RealEstateInvestmentPropertyAccumulatedDepreciation" />
    <link:label xlink:type="resource" xlink:label="us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation_lbl" xml:lang="en-US" id="us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation_lbl">Less accumulated depreciation</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RealEstateInvestmentPropertyAccumulatedDepreciation" xlink:to="us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation_lbl" xlink:title="label: RealEstateInvestmentPropertyAccumulatedDepreciation to us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation_lbl1" xml:lang="en-US" id="us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation_lbl1">Real Estate Investment Property, Accumulated Depreciation</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RealEstateInvestmentPropertyAccumulatedDepreciation" xlink:to="us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation_lbl1" xlink:title="label: RealEstateInvestmentPropertyAccumulatedDepreciation to us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_RealEstateInvestmentsJointVentures" xlink:label="RealEstateInvestmentsJointVentures" xlink:title="RealEstateInvestmentsJointVentures" />
    <link:label xlink:type="resource" xlink:label="us-gaap_RealEstateInvestmentsJointVentures_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_RealEstateInvestmentsJointVentures_lbl" xml:lang="en-US" id="us-gaap_RealEstateInvestmentsJointVentures_lbl">Joint ventures partner's interest acquired</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RealEstateInvestmentsJointVentures" xlink:to="us-gaap_RealEstateInvestmentsJointVentures_lbl" xlink:title="label: RealEstateInvestmentsJointVentures to us-gaap_RealEstateInvestmentsJointVentures_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_RealEstateHeldforsale" xlink:label="RealEstateHeldforsale" xlink:title="RealEstateHeldforsale" />
    <link:label xlink:type="resource" xlink:label="us-gaap_RealEstateHeldforsale_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_RealEstateHeldforsale_lbl" xml:lang="en-US" id="us-gaap_RealEstateHeldforsale_lbl">Real estate held for sale</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RealEstateHeldforsale" xlink:to="us-gaap_RealEstateHeldforsale_lbl" xlink:title="label: RealEstateHeldforsale to us-gaap_RealEstateHeldforsale_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_RealEstateHeldforsale_lbl1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_RealEstateHeldforsale_lbl1" xml:lang="en-US" id="us-gaap_RealEstateHeldforsale_lbl1">Real Estate Held-for-sale</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RealEstateHeldforsale" xlink:to="us-gaap_RealEstateHeldforsale_lbl1" xlink:title="label: RealEstateHeldforsale to us-gaap_RealEstateHeldforsale_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_RealEstateRevenueNet" xlink:label="RealEstateRevenueNet" xlink:title="RealEstateRevenueNet" />
    <link:label xlink:type="resource" xlink:label="us-gaap_RealEstateRevenueNet_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="us-gaap_RealEstateRevenueNet_lbl" xml:lang="en-US" id="us-gaap_RealEstateRevenueNet_lbl">TOTAL REVENUE</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RealEstateRevenueNet" xlink:to="us-gaap_RealEstateRevenueNet_lbl" xlink:title="label: RealEstateRevenueNet to us-gaap_RealEstateRevenueNet_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_RealEstateRevenueNet_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_RealEstateRevenueNet_lbl1" xml:lang="en-US" id="us-gaap_RealEstateRevenueNet_lbl1">TOTAL REVENUE</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RealEstateRevenueNet" xlink:to="us-gaap_RealEstateRevenueNet_lbl1" xlink:title="label: RealEstateRevenueNet to us-gaap_RealEstateRevenueNet_lbl1" />
    <link:label xlink:type="resource" xlink:label="us-gaap_RealEstateRevenueNet_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_RealEstateRevenueNet_lbl2" xml:lang="en-US" id="us-gaap_RealEstateRevenueNet_lbl2">Real estate revenue</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RealEstateRevenueNet" xlink:to="us-gaap_RealEstateRevenueNet_lbl2" xlink:title="label: RealEstateRevenueNet to us-gaap_RealEstateRevenueNet_lbl2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_RealEstateTaxExpense" xlink:label="RealEstateTaxExpense" xlink:title="RealEstateTaxExpense" />
    <link:label xlink:type="resource" xlink:label="us-gaap_RealEstateTaxExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_RealEstateTaxExpense_lbl" xml:lang="en-US" id="us-gaap_RealEstateTaxExpense_lbl">Real estate taxes</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RealEstateTaxExpense" xlink:to="us-gaap_RealEstateTaxExpense_lbl" xlink:title="label: RealEstateTaxExpense to us-gaap_RealEstateTaxExpense_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedTextBlock" xlink:label="ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedTextBlock" xlink:title="ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedTextBlock" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedTextBlock_lbl" xml:lang="en-US" id="us-gaap_ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedTextBlock_lbl">Revenues and net operating income for reportable segments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedTextBlock" xlink:to="us-gaap_ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedTextBlock_lbl" xlink:title="label: ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedTextBlock to us-gaap_ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedTextBlock_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTextBlock" xlink:label="ReconciliationOfAssetsFromSegmentToConsolidatedTextBlock" xlink:title="ReconciliationOfAssetsFromSegmentToConsolidatedTextBlock" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTextBlock_lbl" xml:lang="en-US" id="us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTextBlock_lbl">Segment Assets and Accumulated Depreciation</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReconciliationOfAssetsFromSegmentToConsolidatedTextBlock" xlink:to="us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTextBlock_lbl" xlink:title="label: ReconciliationOfAssetsFromSegmentToConsolidatedTextBlock to us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTextBlock_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_RepaymentsOfLongTermDebt" xlink:label="RepaymentsOfLongTermDebt" xlink:title="RepaymentsOfLongTermDebt" />
    <link:label xlink:type="resource" xlink:label="us-gaap_RepaymentsOfLongTermDebt_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="us-gaap_RepaymentsOfLongTermDebt_lbl" xml:lang="en-US" id="us-gaap_RepaymentsOfLongTermDebt_lbl">Principal payments on mortgages payable</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RepaymentsOfLongTermDebt" xlink:to="us-gaap_RepaymentsOfLongTermDebt_lbl" xlink:title="label: RepaymentsOfLongTermDebt to us-gaap_RepaymentsOfLongTermDebt_lbl" />
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ResidentialRealEstateMember" xlink:label="ResidentialRealEstateMember" xlink:title="ResidentialRealEstateMember" />
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_RetainedEarningsAccumulatedDeficit" xlink:label="RetainedEarningsAccumulatedDeficit" xlink:title="RetainedEarningsAccumulatedDeficit" />
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_Revenues" xlink:label="Revenues" xlink:title="Revenues" />
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StraightLineRent" xlink:label="StraightLineRent" xlink:title="StraightLineRent" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StraightLineRent" xlink:to="us-gaap_StraightLineRent_lbl" xlink:title="label: StraightLineRent to us-gaap_StraightLineRent_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_StraightLineRent_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_StraightLineRent_lbl1" xml:lang="en-US" id="us-gaap_StraightLineRent_lbl1">Straight Line Rent</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StraightLineRent" xlink:to="us-gaap_StraightLineRent_lbl1" xlink:title="label: StraightLineRent to us-gaap_StraightLineRent_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_SaleLeasebackTransactionsPolicy" xlink:label="SaleLeasebackTransactionsPolicy" xlink:title="SaleLeasebackTransactionsPolicy" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SaleLeasebackTransactionsPolicy" xlink:to="us-gaap_SaleLeasebackTransactionsPolicy_lbl" xlink:title="label: SaleLeasebackTransactionsPolicy to us-gaap_SaleLeasebackTransactionsPolicy_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_SaleLeasebackTransactionsPolicy_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_SaleLeasebackTransactionsPolicy_lbl1" xml:lang="en-US" id="us-gaap_SaleLeasebackTransactionsPolicy_lbl1">Sale Leaseback Transactions, Policy [Policy Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SaleLeasebackTransactionsPolicy" xlink:to="us-gaap_SaleLeasebackTransactionsPolicy_lbl1" xlink:title="label: SaleLeasebackTransactionsPolicy to us-gaap_SaleLeasebackTransactionsPolicy_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_SaleOfStockPricePerShare" xlink:label="SaleOfStockPricePerShare" xlink:title="SaleOfStockPricePerShare" />
    <link:label xlink:type="resource" xlink:label="us-gaap_SaleOfStockPricePerShare_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_SaleOfStockPricePerShare_lbl" xml:lang="en-US" id="us-gaap_SaleOfStockPricePerShare_lbl">Average price of shares issued (in dollars per share)</link:label>
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    <link:label xlink:type="resource" xlink:label="us-gaap_SaleOfStockPricePerShare_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_SaleOfStockPricePerShare_lbl1" xml:lang="en-US" id="us-gaap_SaleOfStockPricePerShare_lbl1">Sale of Stock, Price Per Share</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SaleOfStockPricePerShare" xlink:to="us-gaap_SaleOfStockPricePerShare_lbl1" xlink:title="label: SaleOfStockPricePerShare to us-gaap_SaleOfStockPricePerShare_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_SaleLeasebackTransactionGrossProceeds" xlink:label="SaleLeasebackTransactionGrossProceeds" xlink:title="SaleLeasebackTransactionGrossProceeds" />
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    <link:label xlink:type="resource" xlink:label="us-gaap_SaleLeasebackTransactionGrossProceeds_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_SaleLeasebackTransactionGrossProceeds_lbl1" xml:lang="en-US" id="us-gaap_SaleLeasebackTransactionGrossProceeds_lbl1">Sale Leaseback Transaction, Gross Proceeds</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SaleLeasebackTransactionGrossProceeds" xlink:to="us-gaap_SaleLeasebackTransactionGrossProceeds_lbl1" xlink:title="label: SaleLeasebackTransactionGrossProceeds to us-gaap_SaleLeasebackTransactionGrossProceeds_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ScheduleOfRealEstatePropertiesTable" xlink:label="ScheduleOfRealEstatePropertiesTable" xlink:title="ScheduleOfRealEstatePropertiesTable" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ScheduleOfRealEstatePropertiesTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ScheduleOfRealEstatePropertiesTable_lbl" xml:lang="en-US" id="us-gaap_ScheduleOfRealEstatePropertiesTable_lbl">Schedule of Real Estate Properties [Table]</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock" xlink:label="ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock" xlink:title="ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_lbl" xml:lang="en-US" id="us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_lbl">Estimated Fair Values of Financial Instruments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock" xlink:to="us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_lbl" xlink:title="label: ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock to us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_lbl" />
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock" xlink:label="ScheduleOfMaturitiesOfLongTermDebtTableTextBlock" xlink:title="ScheduleOfMaturitiesOfLongTermDebtTableTextBlock" />
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ScheduleOfExpectedAmortizationExpenseTableTextBlock" xlink:label="ScheduleOfExpectedAmortizationExpenseTableTextBlock" xlink:title="ScheduleOfExpectedAmortizationExpenseTableTextBlock" />
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTable" xlink:label="ScheduleOfFiniteLivedIntangibleAssetsTable" xlink:title="ScheduleOfFiniteLivedIntangibleAssetsTable" />
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ScheduleOfCalculationOfNumeratorAndDenominatorInEarningsPerShareTableTextBlock" xlink:label="ScheduleOfCalculationOfNumeratorAndDenominatorInEarningsPerShareTableTextBlock" xlink:title="ScheduleOfCalculationOfNumeratorAndDenominatorInEarningsPerShareTableTextBlock" />
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    <link:label xlink:type="resource" xlink:label="us-gaap_ScheduleOfSubsequentEventsTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ScheduleOfSubsequentEventsTextBlock_lbl" xml:lang="en-US" id="us-gaap_ScheduleOfSubsequentEventsTextBlock_lbl">SUBSEQUENT EVENTS</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ScheduleOfSubsequentEventsTextBlock" xlink:to="us-gaap_ScheduleOfSubsequentEventsTextBlock_lbl" xlink:title="label: ScheduleOfSubsequentEventsTextBlock to us-gaap_ScheduleOfSubsequentEventsTextBlock_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ScheduleOfSignificantAcquisitionsAndDisposalsTable" xlink:label="ScheduleOfSignificantAcquisitionsAndDisposalsTable" xlink:title="ScheduleOfSignificantAcquisitionsAndDisposalsTable" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ScheduleOfSignificantAcquisitionsAndDisposalsTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ScheduleOfSignificantAcquisitionsAndDisposalsTable_lbl" xml:lang="en-US" id="us-gaap_ScheduleOfSignificantAcquisitionsAndDisposalsTable_lbl">Schedule of Significant Acquisitions and Disposals [Table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ScheduleOfSignificantAcquisitionsAndDisposalsTable" xlink:to="us-gaap_ScheduleOfSignificantAcquisitionsAndDisposalsTable_lbl" xlink:title="label: ScheduleOfSignificantAcquisitionsAndDisposalsTable to us-gaap_ScheduleOfSignificantAcquisitionsAndDisposalsTable_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ScheduleOfStockByClassTable" xlink:label="ScheduleOfStockByClassTable" xlink:title="ScheduleOfStockByClassTable" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ScheduleOfStockByClassTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ScheduleOfStockByClassTable_lbl" xml:lang="en-US" id="us-gaap_ScheduleOfStockByClassTable_lbl">Schedule of Stock by Class [Table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ScheduleOfStockByClassTable" xlink:to="us-gaap_ScheduleOfStockByClassTable_lbl" xlink:title="label: ScheduleOfStockByClassTable to us-gaap_ScheduleOfStockByClassTable_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ScheduleOfVariableInterestEntitiesTable" xlink:label="ScheduleOfVariableInterestEntitiesTable" xlink:title="ScheduleOfVariableInterestEntitiesTable" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ScheduleOfVariableInterestEntitiesTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ScheduleOfVariableInterestEntitiesTable_lbl" xml:lang="en-US" id="us-gaap_ScheduleOfVariableInterestEntitiesTable_lbl">Schedule of Variable Interest Entities [Table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ScheduleOfVariableInterestEntitiesTable" xlink:to="us-gaap_ScheduleOfVariableInterestEntitiesTable_lbl" xlink:title="label: ScheduleOfVariableInterestEntitiesTable to us-gaap_ScheduleOfVariableInterestEntitiesTable_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_SegmentReportingInformationLineItems" xlink:label="SegmentReportingInformationLineItems" xlink:title="SegmentReportingInformationLineItems" />
    <link:label xlink:type="resource" xlink:label="us-gaap_SegmentReportingInformationLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_SegmentReportingInformationLineItems_lbl" xml:lang="en-US" id="us-gaap_SegmentReportingInformationLineItems_lbl">Segment Reporting Information [Line Items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SegmentReportingInformationLineItems" xlink:to="us-gaap_SegmentReportingInformationLineItems_lbl" xlink:title="label: SegmentReportingInformationLineItems to us-gaap_SegmentReportingInformationLineItems_lbl" />
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    <link:label xlink:type="resource" xlink:label="us-gaap_SegmentReportingAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_SegmentReportingAbstract_lbl" xml:lang="en-US" id="us-gaap_SegmentReportingAbstract_lbl">SEGMENT REPORTING [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SegmentReportingAbstract" xlink:to="us-gaap_SegmentReportingAbstract_lbl" xlink:title="label: SegmentReportingAbstract to us-gaap_SegmentReportingAbstract_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_SegmentReportingInformationProfitLossAbstract" xlink:label="SegmentReportingInformationProfitLossAbstract" xlink:title="SegmentReportingInformationProfitLossAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_SegmentReportingInformationProfitLossAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_SegmentReportingInformationProfitLossAbstract_lbl" xml:lang="en-US" id="us-gaap_SegmentReportingInformationProfitLossAbstract_lbl">Segment revenues and net operating income [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SegmentReportingInformationProfitLossAbstract" xlink:to="us-gaap_SegmentReportingInformationProfitLossAbstract_lbl" xlink:title="label: SegmentReportingInformationProfitLossAbstract to us-gaap_SegmentReportingInformationProfitLossAbstract_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_SegmentReportingDisclosureTextBlock" xlink:label="SegmentReportingDisclosureTextBlock" xlink:title="SegmentReportingDisclosureTextBlock" />
    <link:label xlink:type="resource" xlink:label="us-gaap_SegmentReportingDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_SegmentReportingDisclosureTextBlock_lbl" xml:lang="en-US" id="us-gaap_SegmentReportingDisclosureTextBlock_lbl">SEGMENT REPORTING</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SegmentReportingDisclosureTextBlock" xlink:to="us-gaap_SegmentReportingDisclosureTextBlock_lbl" xlink:title="label: SegmentReportingDisclosureTextBlock to us-gaap_SegmentReportingDisclosureTextBlock_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_SegmentDomain" xlink:label="SegmentDomain" xlink:title="SegmentDomain" />
    <link:label xlink:type="resource" xlink:label="us-gaap_SegmentDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_SegmentDomain_lbl" xml:lang="en-US" id="us-gaap_SegmentDomain_lbl">Segment [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SegmentDomain" xlink:to="us-gaap_SegmentDomain_lbl" xlink:title="label: SegmentDomain to us-gaap_SegmentDomain_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_SegmentDiscontinuedOperationsMember" xlink:label="SegmentDiscontinuedOperationsMember" xlink:title="SegmentDiscontinuedOperationsMember" />
    <link:label xlink:type="resource" xlink:label="us-gaap_SegmentDiscontinuedOperationsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_SegmentDiscontinuedOperationsMember_lbl" xml:lang="en-US" id="us-gaap_SegmentDiscontinuedOperationsMember_lbl">Discontinued Operations [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SegmentDiscontinuedOperationsMember" xlink:to="us-gaap_SegmentDiscontinuedOperationsMember_lbl" xlink:title="label: SegmentDiscontinuedOperationsMember to us-gaap_SegmentDiscontinuedOperationsMember_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_SeriesAPreferredStockMember" xlink:label="SeriesAPreferredStockMember" xlink:title="SeriesAPreferredStockMember" />
    <link:label xlink:type="resource" xlink:label="us-gaap_SeriesAPreferredStockMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_SeriesAPreferredStockMember_lbl" xml:lang="en-US" id="us-gaap_SeriesAPreferredStockMember_lbl">Series A Preferred Stock [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SeriesAPreferredStockMember" xlink:to="us-gaap_SeriesAPreferredStockMember_lbl" xlink:title="label: SeriesAPreferredStockMember to us-gaap_SeriesAPreferredStockMember_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_SeriesBPreferredStockMember" xlink:label="SeriesBPreferredStockMember" xlink:title="SeriesBPreferredStockMember" />
    <link:label xlink:type="resource" xlink:label="us-gaap_SeriesBPreferredStockMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_SeriesBPreferredStockMember_lbl" xml:lang="en-US" id="us-gaap_SeriesBPreferredStockMember_lbl">Series B Preferred Stock [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SeriesBPreferredStockMember" xlink:to="us-gaap_SeriesBPreferredStockMember_lbl" xlink:title="label: SeriesBPreferredStockMember to us-gaap_SeriesBPreferredStockMember_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_SharesIssued" xlink:label="SharesIssued" xlink:title="SharesIssued" />
    <link:label xlink:type="resource" xlink:label="us-gaap_SharesIssued_lbl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="us-gaap_SharesIssued_lbl" xml:lang="en-US" id="us-gaap_SharesIssued_lbl">Balance, shares (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharesIssued" xlink:to="us-gaap_SharesIssued_lbl" xlink:title="label: SharesIssued to us-gaap_SharesIssued_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_SharesIssued_lbl1" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="us-gaap_SharesIssued_lbl1" xml:lang="en-US" id="us-gaap_SharesIssued_lbl1">Balance, shares (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharesIssued" xlink:to="us-gaap_SharesIssued_lbl1" xlink:title="label: SharesIssued to us-gaap_SharesIssued_lbl1" />
    <link:label xlink:type="resource" xlink:label="us-gaap_SharesIssued_lbl2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_SharesIssued_lbl2" xml:lang="en-US" id="us-gaap_SharesIssued_lbl2">Shares, Issued</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharesIssued" xlink:to="us-gaap_SharesIssued_lbl2" xlink:title="label: SharesIssued to us-gaap_SharesIssued_lbl2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_SignificantAccountingPoliciesTextBlock" xlink:label="SignificantAccountingPoliciesTextBlock" xlink:title="SignificantAccountingPoliciesTextBlock" />
    <link:label xlink:type="resource" xlink:label="us-gaap_SignificantAccountingPoliciesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_SignificantAccountingPoliciesTextBlock_lbl" xml:lang="en-US" id="us-gaap_SignificantAccountingPoliciesTextBlock_lbl">BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SignificantAccountingPoliciesTextBlock" xlink:to="us-gaap_SignificantAccountingPoliciesTextBlock_lbl" xlink:title="label: SignificantAccountingPoliciesTextBlock to us-gaap_SignificantAccountingPoliciesTextBlock_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_SignificantAcquisitionsAndDisposalsLineItems" xlink:label="SignificantAcquisitionsAndDisposalsLineItems" xlink:title="SignificantAcquisitionsAndDisposalsLineItems" />
    <link:label xlink:type="resource" xlink:label="us-gaap_SignificantAcquisitionsAndDisposalsLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_SignificantAcquisitionsAndDisposalsLineItems_lbl" xml:lang="en-US" id="us-gaap_SignificantAcquisitionsAndDisposalsLineItems_lbl">Significant Acquisitions and Disposals [Line Items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SignificantAcquisitionsAndDisposalsLineItems" xlink:to="us-gaap_SignificantAcquisitionsAndDisposalsLineItems_lbl" xlink:title="label: SignificantAcquisitionsAndDisposalsLineItems to us-gaap_SignificantAcquisitionsAndDisposalsLineItems_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_SignificantAcquisitionsAndDisposalsTransactionDomain" xlink:label="SignificantAcquisitionsAndDisposalsTransactionDomain" xlink:title="SignificantAcquisitionsAndDisposalsTransactionDomain" />
    <link:label xlink:type="resource" xlink:label="us-gaap_SignificantAcquisitionsAndDisposalsTransactionDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_SignificantAcquisitionsAndDisposalsTransactionDomain_lbl" xml:lang="en-US" id="us-gaap_SignificantAcquisitionsAndDisposalsTransactionDomain_lbl">Significant Acquisitions and Disposals, Transaction [Domain]</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_SignificantAcquisitionsAndDisposalsByTransactionAxis" xlink:label="SignificantAcquisitionsAndDisposalsByTransactionAxis" xlink:title="SignificantAcquisitionsAndDisposalsByTransactionAxis" />
    <link:label xlink:type="resource" xlink:label="us-gaap_SignificantAcquisitionsAndDisposalsByTransactionAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_SignificantAcquisitionsAndDisposalsByTransactionAxis_lbl" xml:lang="en-US" id="us-gaap_SignificantAcquisitionsAndDisposalsByTransactionAxis_lbl">Significant Acquisitions and Disposals by Transaction [Axis]</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_SignificantAcquisitionsAndDisposalsAcquisitionCostsOrSaleProceeds" xlink:label="SignificantAcquisitionsAndDisposalsAcquisitionCostsOrSaleProceeds" xlink:title="SignificantAcquisitionsAndDisposalsAcquisitionCostsOrSaleProceeds" />
    <link:label xlink:type="resource" xlink:label="us-gaap_SignificantAcquisitionsAndDisposalsAcquisitionCostsOrSaleProceeds_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_SignificantAcquisitionsAndDisposalsAcquisitionCostsOrSaleProceeds_lbl" xml:lang="en-US" id="us-gaap_SignificantAcquisitionsAndDisposalsAcquisitionCostsOrSaleProceeds_lbl">Acquisition costs</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementTable" xlink:label="StatementTable" xlink:title="StatementTable" />
    <link:label xlink:type="resource" xlink:label="us-gaap_StatementTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_StatementTable_lbl" xml:lang="en-US" id="us-gaap_StatementTable_lbl">Statement [Table]</link:label>
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    <link:label xlink:type="resource" xlink:label="us-gaap_StatementScenarioAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_StatementScenarioAxis_lbl" xml:lang="en-US" id="us-gaap_StatementScenarioAxis_lbl">Scenario [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatementScenarioAxis" xlink:to="us-gaap_StatementScenarioAxis_lbl" xlink:title="label: StatementScenarioAxis to us-gaap_StatementScenarioAxis_lbl" />
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    <link:label xlink:type="resource" xlink:label="us-gaap_StatementLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_StatementLineItems_lbl" xml:lang="en-US" id="us-gaap_StatementLineItems_lbl">Statement [Line Items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatementLineItems" xlink:to="us-gaap_StatementLineItems_lbl" xlink:title="label: StatementLineItems to us-gaap_StatementLineItems_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementOfStockholdersEquityAbstract" xlink:label="StatementOfStockholdersEquityAbstract" xlink:title="StatementOfStockholdersEquityAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_StatementOfStockholdersEquityAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_StatementOfStockholdersEquityAbstract_lbl" xml:lang="en-US" id="us-gaap_StatementOfStockholdersEquityAbstract_lbl">CONSOLIDATED STATEMENTS OF EQUITY [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatementOfStockholdersEquityAbstract" xlink:to="us-gaap_StatementOfStockholdersEquityAbstract_lbl" xlink:title="label: StatementOfStockholdersEquityAbstract to us-gaap_StatementOfStockholdersEquityAbstract_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementOfCashFlowsAbstract" xlink:label="StatementOfCashFlowsAbstract" xlink:title="StatementOfCashFlowsAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_StatementOfCashFlowsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_StatementOfCashFlowsAbstract_lbl" xml:lang="en-US" id="us-gaap_StatementOfCashFlowsAbstract_lbl">CONSOLIDATED STATEMENTS OF CASH FLOWS [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatementOfCashFlowsAbstract" xlink:to="us-gaap_StatementOfCashFlowsAbstract_lbl" xlink:title="label: StatementOfCashFlowsAbstract to us-gaap_StatementOfCashFlowsAbstract_lbl" />
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    <link:label xlink:type="resource" xlink:label="us-gaap_StatementEquityComponentsAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_StatementEquityComponentsAxis_lbl" xml:lang="en-US" id="us-gaap_StatementEquityComponentsAxis_lbl">Statement, Equity Components [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatementEquityComponentsAxis" xlink:to="us-gaap_StatementEquityComponentsAxis_lbl" xlink:title="label: StatementEquityComponentsAxis to us-gaap_StatementEquityComponentsAxis_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementOfFinancialPositionAbstract" xlink:label="StatementOfFinancialPositionAbstract" xlink:title="StatementOfFinancialPositionAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_StatementOfFinancialPositionAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_StatementOfFinancialPositionAbstract_lbl" xml:lang="en-US" id="us-gaap_StatementOfFinancialPositionAbstract_lbl">CONDENSED CONSOLIDATED BALANCE SHEETS [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatementOfFinancialPositionAbstract" xlink:to="us-gaap_StatementOfFinancialPositionAbstract_lbl" xlink:title="label: StatementOfFinancialPositionAbstract to us-gaap_StatementOfFinancialPositionAbstract_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="StatementClassOfStockAxis" xlink:title="StatementClassOfStockAxis" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatementClassOfStockAxis" xlink:to="us-gaap_StatementClassOfStockAxis_lbl" xlink:title="label: StatementClassOfStockAxis to us-gaap_StatementClassOfStockAxis_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueDividendReinvestmentPlan" xlink:label="StockIssuedDuringPeriodValueDividendReinvestmentPlan" xlink:title="StockIssuedDuringPeriodValueDividendReinvestmentPlan" />
    <link:label xlink:type="resource" xlink:label="us-gaap_StockIssuedDuringPeriodValueDividendReinvestmentPlan_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_StockIssuedDuringPeriodValueDividendReinvestmentPlan_lbl" xml:lang="en-US" id="us-gaap_StockIssuedDuringPeriodValueDividendReinvestmentPlan_lbl">Distribution reinvestment and share purchase plan</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockIssuedDuringPeriodValueDividendReinvestmentPlan" xlink:to="us-gaap_StockIssuedDuringPeriodValueDividendReinvestmentPlan_lbl" xlink:title="label: StockIssuedDuringPeriodValueDividendReinvestmentPlan to us-gaap_StockIssuedDuringPeriodValueDividendReinvestmentPlan_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_StockIssuedDuringPeriodValueDividendReinvestmentPlan_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_StockIssuedDuringPeriodValueDividendReinvestmentPlan_lbl1" xml:lang="en-US" id="us-gaap_StockIssuedDuringPeriodValueDividendReinvestmentPlan_lbl1">Stock Issued During Period, Value, Dividend Reinvestment Plan</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockIssuedDuringPeriodValueDividendReinvestmentPlan" xlink:to="us-gaap_StockIssuedDuringPeriodValueDividendReinvestmentPlan_lbl1" xlink:title="label: StockIssuedDuringPeriodValueDividendReinvestmentPlan to us-gaap_StockIssuedDuringPeriodValueDividendReinvestmentPlan_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesDividendReinvestmentPlan" xlink:label="StockIssuedDuringPeriodSharesDividendReinvestmentPlan" xlink:title="StockIssuedDuringPeriodSharesDividendReinvestmentPlan" />
    <link:label xlink:type="resource" xlink:label="us-gaap_StockIssuedDuringPeriodSharesDividendReinvestmentPlan_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_StockIssuedDuringPeriodSharesDividendReinvestmentPlan_lbl" xml:lang="en-US" id="us-gaap_StockIssuedDuringPeriodSharesDividendReinvestmentPlan_lbl">Distribution reinvestment and share purchase plan (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockIssuedDuringPeriodSharesDividendReinvestmentPlan" xlink:to="us-gaap_StockIssuedDuringPeriodSharesDividendReinvestmentPlan_lbl" xlink:title="label: StockIssuedDuringPeriodSharesDividendReinvestmentPlan to us-gaap_StockIssuedDuringPeriodSharesDividendReinvestmentPlan_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:label="StockIssuedDuringPeriodValueNewIssues" xlink:title="StockIssuedDuringPeriodValueNewIssues" />
    <link:label xlink:type="resource" xlink:label="us-gaap_StockIssuedDuringPeriodValueNewIssues_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_StockIssuedDuringPeriodValueNewIssues_lbl" xml:lang="en-US" id="us-gaap_StockIssuedDuringPeriodValueNewIssues_lbl">Shares issued</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockIssuedDuringPeriodValueNewIssues" xlink:to="us-gaap_StockIssuedDuringPeriodValueNewIssues_lbl" xlink:title="label: StockIssuedDuringPeriodValueNewIssues to us-gaap_StockIssuedDuringPeriodValueNewIssues_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:label="StockIssuedDuringPeriodSharesNewIssues" xlink:title="StockIssuedDuringPeriodSharesNewIssues" />
    <link:label xlink:type="resource" xlink:label="us-gaap_StockIssuedDuringPeriodSharesNewIssues_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_StockIssuedDuringPeriodSharesNewIssues_lbl" xml:lang="en-US" id="us-gaap_StockIssuedDuringPeriodSharesNewIssues_lbl">Shares issued, shares (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockIssuedDuringPeriodSharesNewIssues" xlink:to="us-gaap_StockIssuedDuringPeriodSharesNewIssues_lbl" xlink:title="label: StockIssuedDuringPeriodSharesNewIssues to us-gaap_StockIssuedDuringPeriodSharesNewIssues_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueEmployeeStockPurchasePlan" xlink:label="StockIssuedDuringPeriodValueEmployeeStockPurchasePlan" xlink:title="StockIssuedDuringPeriodValueEmployeeStockPurchasePlan" />
    <link:label xlink:type="resource" xlink:label="us-gaap_StockIssuedDuringPeriodValueEmployeeStockPurchasePlan_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_StockIssuedDuringPeriodValueEmployeeStockPurchasePlan_lbl" xml:lang="en-US" id="us-gaap_StockIssuedDuringPeriodValueEmployeeStockPurchasePlan_lbl">Value of common shares issued under 2008 Incentive Plan Award</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockIssuedDuringPeriodValueEmployeeStockPurchasePlan" xlink:to="us-gaap_StockIssuedDuringPeriodValueEmployeeStockPurchasePlan_lbl" xlink:title="label: StockIssuedDuringPeriodValueEmployeeStockPurchasePlan to us-gaap_StockIssuedDuringPeriodValueEmployeeStockPurchasePlan_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_StockIssuedDuringPeriodValueEmployeeStockPurchasePlan_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_StockIssuedDuringPeriodValueEmployeeStockPurchasePlan_lbl1" xml:lang="en-US" id="us-gaap_StockIssuedDuringPeriodValueEmployeeStockPurchasePlan_lbl1">Stock Issued During Period, Value, Employee Stock Purchase Plan</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockIssuedDuringPeriodValueEmployeeStockPurchasePlan" xlink:to="us-gaap_StockIssuedDuringPeriodValueEmployeeStockPurchasePlan_lbl1" xlink:title="label: StockIssuedDuringPeriodValueEmployeeStockPurchasePlan to us-gaap_StockIssuedDuringPeriodValueEmployeeStockPurchasePlan_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans" xlink:label="StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans" xlink:title="StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans" />
    <link:label xlink:type="resource" xlink:label="us-gaap_StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans_lbl" xml:lang="en-US" id="us-gaap_StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans_lbl">Common shares issued under 2008 Incentive Plan Award (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans" xlink:to="us-gaap_StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans_lbl" xlink:title="label: StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans to us-gaap_StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans_lbl1" xml:lang="en-US" id="us-gaap_StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans_lbl1">Stock Issued During Period, Shares, Employee Stock Purchase Plans</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans" xlink:to="us-gaap_StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans_lbl1" xlink:title="label: StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans to us-gaap_StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" xlink:label="StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" xlink:title="StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract_lbl" xml:lang="en-US" id="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract_lbl">EQUITY</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" xlink:to="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract_lbl" xlink:title="label: StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract to us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StockholdersEquityOther" xlink:label="StockholdersEquityOther" xlink:title="StockholdersEquityOther" />
    <link:label xlink:type="resource" xlink:label="us-gaap_StockholdersEquityOther_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="us-gaap_StockholdersEquityOther_lbl" xml:lang="en-US" id="us-gaap_StockholdersEquityOther_lbl">Other</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockholdersEquityOther" xlink:to="us-gaap_StockholdersEquityOther_lbl" xlink:title="label: StockholdersEquityOther to us-gaap_StockholdersEquityOther_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_StockholdersEquityOther_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_StockholdersEquityOther_lbl1" xml:lang="en-US" id="us-gaap_StockholdersEquityOther_lbl1">Stockholders' Equity, Other</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockholdersEquityOther" xlink:to="us-gaap_StockholdersEquityOther_lbl1" xlink:title="label: StockholdersEquityOther to us-gaap_StockholdersEquityOther_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:label="StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:title="StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" />
    <link:label xlink:type="resource" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_lbl" xml:lang="en-US" id="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_lbl">Total equity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:to="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_lbl" xlink:title="label: StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest to us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_lbl1" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_lbl1" xml:lang="en-US" id="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_lbl1">Balance</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:to="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_lbl1" xlink:title="label: StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest to us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_lbl1" />
    <link:label xlink:type="resource" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_lbl2" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_lbl2" xml:lang="en-US" id="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_lbl2">Balance</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:to="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_lbl2" xlink:title="label: StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest to us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_lbl2" />
    <link:label xlink:type="resource" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_lbl3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_lbl3" xml:lang="en-US" id="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_lbl3">Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:to="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_lbl3" xlink:title="label: StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest to us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_lbl3" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StockholdersEquityAbstract" xlink:label="StockholdersEquityAbstract" xlink:title="StockholdersEquityAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_StockholdersEquityAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_StockholdersEquityAbstract_lbl" xml:lang="en-US" id="us-gaap_StockholdersEquityAbstract_lbl">Investors Real Estate Trust shareholders' equity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockholdersEquityAbstract" xlink:to="us-gaap_StockholdersEquityAbstract_lbl" xlink:title="label: StockholdersEquityAbstract to us-gaap_StockholdersEquityAbstract_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StockholdersEquity" xlink:label="StockholdersEquity" xlink:title="StockholdersEquity" />
    <link:label xlink:type="resource" xlink:label="us-gaap_StockholdersEquity_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="us-gaap_StockholdersEquity_lbl" xml:lang="en-US" id="us-gaap_StockholdersEquity_lbl">Total Investors Real Estate Trust shareholders' equity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockholdersEquity" xlink:to="us-gaap_StockholdersEquity_lbl" xlink:title="label: StockholdersEquity to us-gaap_StockholdersEquity_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_StockholdersEquity_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_StockholdersEquity_lbl1" xml:lang="en-US" id="us-gaap_StockholdersEquity_lbl1">Stockholders' Equity Attributable to Parent</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockholdersEquity" xlink:to="us-gaap_StockholdersEquity_lbl1" xlink:title="label: StockholdersEquity to us-gaap_StockholdersEquity_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StockholdersEquityNoteDisclosureTextBlock" xlink:label="StockholdersEquityNoteDisclosureTextBlock" xlink:title="StockholdersEquityNoteDisclosureTextBlock" />
    <link:label xlink:type="resource" xlink:label="us-gaap_StockholdersEquityNoteDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_StockholdersEquityNoteDisclosureTextBlock_lbl" xml:lang="en-US" id="us-gaap_StockholdersEquityNoteDisclosureTextBlock_lbl">EQUITY</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockholdersEquityNoteDisclosureTextBlock" xlink:to="us-gaap_StockholdersEquityNoteDisclosureTextBlock_lbl" xlink:title="label: StockholdersEquityNoteDisclosureTextBlock to us-gaap_StockholdersEquityNoteDisclosureTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_StockholdersEquityNoteDisclosureTextBlock_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_StockholdersEquityNoteDisclosureTextBlock_lbl1" xml:lang="en-US" id="us-gaap_StockholdersEquityNoteDisclosureTextBlock_lbl1">Stockholders' Equity Note Disclosure [Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockholdersEquityNoteDisclosureTextBlock" xlink:to="us-gaap_StockholdersEquityNoteDisclosureTextBlock_lbl1" xlink:title="label: StockholdersEquityNoteDisclosureTextBlock to us-gaap_StockholdersEquityNoteDisclosureTextBlock_lbl1" />
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    <link:label xlink:type="resource" xlink:label="us-gaap_SubsequentEventsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_SubsequentEventsAbstract_lbl" xml:lang="en-US" id="us-gaap_SubsequentEventsAbstract_lbl">SUBSEQUENT EVENTS [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SubsequentEventsAbstract" xlink:to="us-gaap_SubsequentEventsAbstract_lbl" xlink:title="label: SubsequentEventsAbstract to us-gaap_SubsequentEventsAbstract_lbl" />
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    <link:label xlink:type="resource" xlink:label="us-gaap_SubsequentEventTypeDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_SubsequentEventTypeDomain_lbl" xml:lang="en-US" id="us-gaap_SubsequentEventTypeDomain_lbl">Subsequent Event Type [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SubsequentEventTypeDomain" xlink:to="us-gaap_SubsequentEventTypeDomain_lbl" xlink:title="label: SubsequentEventTypeDomain to us-gaap_SubsequentEventTypeDomain_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_SubsequentEventLineItems" xlink:label="SubsequentEventLineItems" xlink:title="SubsequentEventLineItems" />
    <link:label xlink:type="resource" xlink:label="us-gaap_SubsequentEventLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_SubsequentEventLineItems_lbl" xml:lang="en-US" id="us-gaap_SubsequentEventLineItems_lbl">Subsequent Event [Line Items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SubsequentEventLineItems" xlink:to="us-gaap_SubsequentEventLineItems_lbl" xlink:title="label: SubsequentEventLineItems to us-gaap_SubsequentEventLineItems_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_SubsequentEventTypeAxis" xlink:label="SubsequentEventTypeAxis" xlink:title="SubsequentEventTypeAxis" />
    <link:label xlink:type="resource" xlink:label="us-gaap_SubsequentEventTypeAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_SubsequentEventTypeAxis_lbl" xml:lang="en-US" id="us-gaap_SubsequentEventTypeAxis_lbl">Subsequent Event Type [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SubsequentEventTypeAxis" xlink:to="us-gaap_SubsequentEventTypeAxis_lbl" xlink:title="label: SubsequentEventTypeAxis to us-gaap_SubsequentEventTypeAxis_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_SubsequentEventTable" xlink:label="SubsequentEventTable" xlink:title="SubsequentEventTable" />
    <link:label xlink:type="resource" xlink:label="us-gaap_SubsequentEventTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_SubsequentEventTable_lbl" xml:lang="en-US" id="us-gaap_SubsequentEventTable_lbl">Subsequent Event [Table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SubsequentEventTable" xlink:to="us-gaap_SubsequentEventTable_lbl" xlink:title="label: SubsequentEventTable to us-gaap_SubsequentEventTable_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_SubsequentEventMember" xlink:label="SubsequentEventMember" xlink:title="SubsequentEventMember" />
    <link:label xlink:type="resource" xlink:label="us-gaap_SubsequentEventMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_SubsequentEventMember_lbl" xml:lang="en-US" id="us-gaap_SubsequentEventMember_lbl">Subsequent Event [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SubsequentEventMember" xlink:to="us-gaap_SubsequentEventMember_lbl" xlink:title="label: SubsequentEventMember to us-gaap_SubsequentEventMember_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_SupplementalCashFlowInformationAbstract" xlink:label="SupplementalCashFlowInformationAbstract" xlink:title="SupplementalCashFlowInformationAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_SupplementalCashFlowInformationAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="us-gaap_SupplementalCashFlowInformationAbstract_lbl" xml:lang="en-US" id="us-gaap_SupplementalCashFlowInformationAbstract_lbl">SUPPLEMENTARY SCHEDULE OF NON-CASH INVESTING AND FINANCING</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SupplementalCashFlowInformationAbstract" xlink:to="us-gaap_SupplementalCashFlowInformationAbstract_lbl" xlink:title="label: SupplementalCashFlowInformationAbstract to us-gaap_SupplementalCashFlowInformationAbstract_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_SupplementalCashFlowInformationAbstract_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_SupplementalCashFlowInformationAbstract_lbl1" xml:lang="en-US" id="us-gaap_SupplementalCashFlowInformationAbstract_lbl1">Supplemental Cash Flow Information [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SupplementalCashFlowInformationAbstract" xlink:to="us-gaap_SupplementalCashFlowInformationAbstract_lbl1" xlink:title="label: SupplementalCashFlowInformationAbstract to us-gaap_SupplementalCashFlowInformationAbstract_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_TenantReimbursements" xlink:label="TenantReimbursements" xlink:title="TenantReimbursements" />
    <link:label xlink:type="resource" xlink:label="us-gaap_TenantReimbursements_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_TenantReimbursements_lbl" xml:lang="en-US" id="us-gaap_TenantReimbursements_lbl">Tenant reimbursement</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TenantReimbursements" xlink:to="us-gaap_TenantReimbursements_lbl" xlink:title="label: TenantReimbursements to us-gaap_TenantReimbursements_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_TenantImprovements" xlink:label="TenantImprovements" xlink:title="TenantImprovements" />
    <link:label xlink:type="resource" xlink:label="us-gaap_TenantImprovements_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_TenantImprovements_lbl" xml:lang="en-US" id="us-gaap_TenantImprovements_lbl">Tenant Improvements</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TenantImprovements" xlink:to="us-gaap_TenantImprovements_lbl" xlink:title="label: TenantImprovements to us-gaap_TenantImprovements_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_TransferOfOtherRealEstate" xlink:label="TransferOfOtherRealEstate" xlink:title="TransferOfOtherRealEstate" />
    <link:label xlink:type="resource" xlink:label="us-gaap_TransferOfOtherRealEstate_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_TransferOfOtherRealEstate_lbl" xml:lang="en-US" id="us-gaap_TransferOfOtherRealEstate_lbl">Real estate assets acquired through assumption of indebtedness and accrued costs</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TransferOfOtherRealEstate" xlink:to="us-gaap_TransferOfOtherRealEstate_lbl" xlink:title="label: TransferOfOtherRealEstate to us-gaap_TransferOfOtherRealEstate_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_TrusteeFees" xlink:label="TrusteeFees" xlink:title="TrusteeFees" />
    <link:label xlink:type="resource" xlink:label="us-gaap_TrusteeFees_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_TrusteeFees_lbl" xml:lang="en-US" id="us-gaap_TrusteeFees_lbl">Advisory and trustee services</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TrusteeFees" xlink:to="us-gaap_TrusteeFees_lbl" xlink:title="label: TrusteeFees to us-gaap_TrusteeFees_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_UseOfEstimates" xlink:label="UseOfEstimates" xlink:title="UseOfEstimates" />
    <link:label xlink:type="resource" xlink:label="us-gaap_UseOfEstimates_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_UseOfEstimates_lbl" xml:lang="en-US" id="us-gaap_UseOfEstimates_lbl">USE OF ESTIMATES</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UseOfEstimates" xlink:to="us-gaap_UseOfEstimates_lbl" xlink:title="label: UseOfEstimates to us-gaap_UseOfEstimates_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" xlink:label="VariableInterestEntityPrimaryBeneficiaryMember" xlink:title="VariableInterestEntityPrimaryBeneficiaryMember" />
    <link:label xlink:type="resource" xlink:label="us-gaap_VariableInterestEntityPrimaryBeneficiaryMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_VariableInterestEntityPrimaryBeneficiaryMember_lbl" xml:lang="en-US" id="us-gaap_VariableInterestEntityPrimaryBeneficiaryMember_lbl">IRET [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VariableInterestEntityPrimaryBeneficiaryMember" xlink:to="us-gaap_VariableInterestEntityPrimaryBeneficiaryMember_lbl" xlink:title="label: VariableInterestEntityPrimaryBeneficiaryMember to us-gaap_VariableInterestEntityPrimaryBeneficiaryMember_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_VariableInterestEntityPrimaryBeneficiaryMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_VariableInterestEntityPrimaryBeneficiaryMember_lbl1" xml:lang="en-US" id="us-gaap_VariableInterestEntityPrimaryBeneficiaryMember_lbl1">Variable Interest Entity, Primary Beneficiary [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VariableInterestEntityPrimaryBeneficiaryMember" xlink:to="us-gaap_VariableInterestEntityPrimaryBeneficiaryMember_lbl1" xlink:title="label: VariableInterestEntityPrimaryBeneficiaryMember to us-gaap_VariableInterestEntityPrimaryBeneficiaryMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_VariableInterestEntityLineItems" xlink:label="VariableInterestEntityLineItems" xlink:title="VariableInterestEntityLineItems" />
    <link:label xlink:type="resource" xlink:label="us-gaap_VariableInterestEntityLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_VariableInterestEntityLineItems_lbl" xml:lang="en-US" id="us-gaap_VariableInterestEntityLineItems_lbl">Variable Interest Entity [Line Items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VariableInterestEntityLineItems" xlink:to="us-gaap_VariableInterestEntityLineItems_lbl" xlink:title="label: VariableInterestEntityLineItems to us-gaap_VariableInterestEntityLineItems_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_VariableInterestEntityOwnershipPercentage" xlink:label="VariableInterestEntityOwnershipPercentage" xlink:title="VariableInterestEntityOwnershipPercentage" />
    <link:label xlink:type="resource" xlink:label="us-gaap_VariableInterestEntityOwnershipPercentage_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_VariableInterestEntityOwnershipPercentage_lbl" xml:lang="en-US" id="us-gaap_VariableInterestEntityOwnershipPercentage_lbl">Percentage of ownership in VIE (in hundredths)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VariableInterestEntityOwnershipPercentage" xlink:to="us-gaap_VariableInterestEntityOwnershipPercentage_lbl" xlink:title="label: VariableInterestEntityOwnershipPercentage to us-gaap_VariableInterestEntityOwnershipPercentage_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_VariableInterestEntityOwnershipPercentage_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_VariableInterestEntityOwnershipPercentage_lbl1" xml:lang="en-US" id="us-gaap_VariableInterestEntityOwnershipPercentage_lbl1">Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VariableInterestEntityOwnershipPercentage" xlink:to="us-gaap_VariableInterestEntityOwnershipPercentage_lbl1" xlink:title="label: VariableInterestEntityOwnershipPercentage to us-gaap_VariableInterestEntityOwnershipPercentage_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_VariableInterestEntityNotPrimaryBeneficiaryMember" xlink:label="VariableInterestEntityNotPrimaryBeneficiaryMember" xlink:title="VariableInterestEntityNotPrimaryBeneficiaryMember" />
    <link:label xlink:type="resource" xlink:label="us-gaap_VariableInterestEntityNotPrimaryBeneficiaryMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_VariableInterestEntityNotPrimaryBeneficiaryMember_lbl" xml:lang="en-US" id="us-gaap_VariableInterestEntityNotPrimaryBeneficiaryMember_lbl">Real Estate Development Company [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VariableInterestEntityNotPrimaryBeneficiaryMember" xlink:to="us-gaap_VariableInterestEntityNotPrimaryBeneficiaryMember_lbl" xlink:title="label: VariableInterestEntityNotPrimaryBeneficiaryMember to us-gaap_VariableInterestEntityNotPrimaryBeneficiaryMember_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_VariableInterestEntityNotPrimaryBeneficiaryMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_VariableInterestEntityNotPrimaryBeneficiaryMember_lbl1" xml:lang="en-US" id="us-gaap_VariableInterestEntityNotPrimaryBeneficiaryMember_lbl1">Variable Interest Entity, Not Primary Beneficiary [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VariableInterestEntityNotPrimaryBeneficiaryMember" xlink:to="us-gaap_VariableInterestEntityNotPrimaryBeneficiaryMember_lbl1" xlink:title="label: VariableInterestEntityNotPrimaryBeneficiaryMember to us-gaap_VariableInterestEntityNotPrimaryBeneficiaryMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis" xlink:label="VariableInterestEntitiesByClassificationOfEntityAxis" xlink:title="VariableInterestEntitiesByClassificationOfEntityAxis" />
    <link:label xlink:type="resource" xlink:label="us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis_lbl" xml:lang="en-US" id="us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis_lbl">Variable Interest Entities [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VariableInterestEntitiesByClassificationOfEntityAxis" xlink:to="us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis_lbl" xlink:title="label: VariableInterestEntitiesByClassificationOfEntityAxis to us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract" xlink:label="WeightedAverageNumberOfSharesOutstandingAbstract" xlink:title="WeightedAverageNumberOfSharesOutstandingAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract_lbl" xml:lang="en-US" id="us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract_lbl">DENOMINATOR [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WeightedAverageNumberOfSharesOutstandingAbstract" xlink:to="us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract_lbl" xlink:title="label: WeightedAverageNumberOfSharesOutstandingAbstract to us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:label="WeightedAverageNumberOfSharesOutstandingBasic" xlink:title="WeightedAverageNumberOfSharesOutstandingBasic" />
    <link:label xlink:type="resource" xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_lbl" xml:lang="en-US" id="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_lbl">Denominator for basic earnings per share weighted average shares</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WeightedAverageNumberOfSharesOutstandingBasic" xlink:to="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_lbl" xlink:title="label: WeightedAverageNumberOfSharesOutstandingBasic to us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_lbl1" xml:lang="en-US" id="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_lbl1">Weighted Average Number of Shares Outstanding, Basic</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WeightedAverageNumberOfSharesOutstandingBasic" xlink:to="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_lbl1" xlink:title="label: WeightedAverageNumberOfSharesOutstandingBasic to us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:label="WeightedAverageNumberOfDilutedSharesOutstanding" xlink:title="WeightedAverageNumberOfDilutedSharesOutstanding" />
    <link:label xlink:type="resource" xlink:label="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_lbl" xml:lang="en-US" id="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_lbl">Denominator for diluted earnings per share</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WeightedAverageNumberOfDilutedSharesOutstanding" xlink:to="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_lbl" xlink:title="label: WeightedAverageNumberOfDilutedSharesOutstanding to us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_lbl1" xml:lang="en-US" id="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_lbl1">Weighted Average Number of Shares Outstanding, Diluted</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WeightedAverageNumberOfDilutedSharesOutstanding" xlink:to="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_lbl1" xlink:title="label: WeightedAverageNumberOfDilutedSharesOutstanding to us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_WeightedAverageNumberDilutedSharesOutstandingAdjustment" xlink:label="WeightedAverageNumberDilutedSharesOutstandingAdjustment" xlink:title="WeightedAverageNumberDilutedSharesOutstandingAdjustment" />
    <link:label xlink:type="resource" xlink:label="us-gaap_WeightedAverageNumberDilutedSharesOutstandingAdjustment_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="us-gaap_WeightedAverageNumberDilutedSharesOutstandingAdjustment_lbl" xml:lang="en-US" id="us-gaap_WeightedAverageNumberDilutedSharesOutstandingAdjustment_lbl">Effect of convertible operating partnership units</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WeightedAverageNumberDilutedSharesOutstandingAdjustment" xlink:to="us-gaap_WeightedAverageNumberDilutedSharesOutstandingAdjustment_lbl" xlink:title="label: WeightedAverageNumberDilutedSharesOutstandingAdjustment to us-gaap_WeightedAverageNumberDilutedSharesOutstandingAdjustment_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_WeightedAverageNumberDilutedSharesOutstandingAdjustment_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_WeightedAverageNumberDilutedSharesOutstandingAdjustment_lbl1" xml:lang="en-US" id="us-gaap_WeightedAverageNumberDilutedSharesOutstandingAdjustment_lbl1">Weighted Average Number Diluted Shares Outstanding Adjustment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WeightedAverageNumberDilutedSharesOutstandingAdjustment" xlink:to="us-gaap_WeightedAverageNumberDilutedSharesOutstandingAdjustment_lbl1" xlink:title="label: WeightedAverageNumberDilutedSharesOutstandingAdjustment to us-gaap_WeightedAverageNumberDilutedSharesOutstandingAdjustment_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_PreferredStockSeriesValueIssued" xlink:label="PreferredStockSeriesValueIssued" xlink:title="PreferredStockSeriesValueIssued" />
    <link:label xlink:type="resource" xlink:label="iret_PreferredStockSeriesValueIssued_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_PreferredStockSeriesValueIssued_lbl" xml:lang="en-US" id="iret_PreferredStockSeriesValueIssued_lbl">Aggregate par or stated value of issued nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable preferred shares, par value and other disclosure concepts are in another section within stockholders' equity for Series A.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PreferredStockSeriesValueIssued" xlink:to="iret_PreferredStockSeriesValueIssued_lbl" xlink:title="label: PreferredStockSeriesValueIssued to iret_PreferredStockSeriesValueIssued_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_PreferredStockSeriesValueIssued_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_PreferredStockSeriesValueIssued_lbl1" xml:lang="en-US" id="iret_PreferredStockSeriesValueIssued_lbl1">Preferred Stock, Series A, Value, Issued</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PreferredStockSeriesValueIssued" xlink:to="iret_PreferredStockSeriesValueIssued_lbl1" xlink:title="label: PreferredStockSeriesValueIssued to iret_PreferredStockSeriesValueIssued_lbl1" />
    <link:label xlink:type="resource" xlink:label="iret_PreferredStockSeriesValueIssued_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="iret_PreferredStockSeriesValueIssued_lbl2" xml:lang="en-US" id="iret_PreferredStockSeriesValueIssued_lbl2">Series A Preferred Shares of Beneficial Interest (Cumulative redeemable preferred shares, no par value, 1,150,000 shares issued and outstanding at July 31, 2013 and April 30, 2013, aggregate liquidation preference of $28,750,000)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PreferredStockSeriesValueIssued" xlink:to="iret_PreferredStockSeriesValueIssued_lbl2" xlink:title="label: PreferredStockSeriesValueIssued to iret_PreferredStockSeriesValueIssued_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_PreferredStockSeriesBValueIssued" xlink:label="PreferredStockSeriesBValueIssued" xlink:title="PreferredStockSeriesBValueIssued" />
    <link:label xlink:type="resource" xlink:label="iret_PreferredStockSeriesBValueIssued_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_PreferredStockSeriesBValueIssued_lbl" xml:lang="en-US" id="iret_PreferredStockSeriesBValueIssued_lbl">Aggregate par or stated value of issued nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable preferred shares, par value and other disclosure concepts are in another section within stockholders' equity for series B.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PreferredStockSeriesBValueIssued" xlink:to="iret_PreferredStockSeriesBValueIssued_lbl" xlink:title="label: PreferredStockSeriesBValueIssued to iret_PreferredStockSeriesBValueIssued_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_PreferredStockSeriesBValueIssued_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_PreferredStockSeriesBValueIssued_lbl1" xml:lang="en-US" id="iret_PreferredStockSeriesBValueIssued_lbl1">Preferred Stock, Series B, Value, Issued</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PreferredStockSeriesBValueIssued" xlink:to="iret_PreferredStockSeriesBValueIssued_lbl1" xlink:title="label: PreferredStockSeriesBValueIssued to iret_PreferredStockSeriesBValueIssued_lbl1" />
    <link:label xlink:type="resource" xlink:label="iret_PreferredStockSeriesBValueIssued_lbl2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="iret_PreferredStockSeriesBValueIssued_lbl2" xml:lang="en-US" id="iret_PreferredStockSeriesBValueIssued_lbl2">Series B Preferred Shares of Beneficial Interest (Cumulative redeemable preferred shares, no par value, 4,600,000 shares issued and outstanding at July 31, 2013 and April 30, 2013, respectively, aggregate liquidation preference of $115,000,000)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PreferredStockSeriesBValueIssued" xlink:to="iret_PreferredStockSeriesBValueIssued_lbl2" xlink:title="label: PreferredStockSeriesBValueIssued to iret_PreferredStockSeriesBValueIssued_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_NoncontrollingInterestsOperatingPartnershipUnits" xlink:label="NoncontrollingInterestsOperatingPartnershipUnits" xlink:title="NoncontrollingInterestsOperatingPartnershipUnits" />
    <link:label xlink:type="resource" xlink:label="iret_NoncontrollingInterestsOperatingPartnershipUnits_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_NoncontrollingInterestsOperatingPartnershipUnits_lbl" xml:lang="en-US" id="iret_NoncontrollingInterestsOperatingPartnershipUnits_lbl">Number of partnership units held by noncontrolling interests as of the balance sheet date.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncontrollingInterestsOperatingPartnershipUnits" xlink:to="iret_NoncontrollingInterestsOperatingPartnershipUnits_lbl" xlink:title="label: NoncontrollingInterestsOperatingPartnershipUnits to iret_NoncontrollingInterestsOperatingPartnershipUnits_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_NoncontrollingInterestsOperatingPartnershipUnits_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_NoncontrollingInterestsOperatingPartnershipUnits_lbl1" xml:lang="en-US" id="iret_NoncontrollingInterestsOperatingPartnershipUnits_lbl1">Noncontrolling Interests Operating Partnership Units</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncontrollingInterestsOperatingPartnershipUnits" xlink:to="iret_NoncontrollingInterestsOperatingPartnershipUnits_lbl1" xlink:title="label: NoncontrollingInterestsOperatingPartnershipUnits to iret_NoncontrollingInterestsOperatingPartnershipUnits_lbl1" />
    <link:label xlink:type="resource" xlink:label="iret_NoncontrollingInterestsOperatingPartnershipUnits_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="iret_NoncontrollingInterestsOperatingPartnershipUnits_lbl2" xml:lang="en-US" id="iret_NoncontrollingInterestsOperatingPartnershipUnits_lbl2">Noncontrolling interests - Operating Partnership (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncontrollingInterestsOperatingPartnershipUnits" xlink:to="iret_NoncontrollingInterestsOperatingPartnershipUnits_lbl2" xlink:title="label: NoncontrollingInterestsOperatingPartnershipUnits to iret_NoncontrollingInterestsOperatingPartnershipUnits_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_Utilities" xlink:label="Utilities" xlink:title="Utilities" />
    <link:label xlink:type="resource" xlink:label="iret_Utilities_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_Utilities_lbl" xml:lang="en-US" id="iret_Utilities_lbl">Costs incurred to provide to tenants basic services such as electricity, gas, water, telephone, cable, and internet service.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Utilities" xlink:to="iret_Utilities_lbl" xlink:title="label: Utilities to iret_Utilities_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_Utilities_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_Utilities_lbl1" xml:lang="en-US" id="iret_Utilities_lbl1">Utilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Utilities" xlink:to="iret_Utilities_lbl1" xlink:title="label: Utilities to iret_Utilities_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_ImpairmentOfRealEstateContinuingOperations" xlink:label="ImpairmentOfRealEstateContinuingOperations" xlink:title="ImpairmentOfRealEstateContinuingOperations" />
    <link:label xlink:type="resource" xlink:label="iret_ImpairmentOfRealEstateContinuingOperations_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_ImpairmentOfRealEstateContinuingOperations_lbl" xml:lang="en-US" id="iret_ImpairmentOfRealEstateContinuingOperations_lbl">The charge against earnings in the period to reduce the carrying amount of real property relating to continuing operations to fair value.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ImpairmentOfRealEstateContinuingOperations" xlink:to="iret_ImpairmentOfRealEstateContinuingOperations_lbl" xlink:title="label: ImpairmentOfRealEstateContinuingOperations to iret_ImpairmentOfRealEstateContinuingOperations_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_ImpairmentOfRealEstateContinuingOperations_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_ImpairmentOfRealEstateContinuingOperations_lbl1" xml:lang="en-US" id="iret_ImpairmentOfRealEstateContinuingOperations_lbl1">Impairment of Real Estate, Continuing Operations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ImpairmentOfRealEstateContinuingOperations" xlink:to="iret_ImpairmentOfRealEstateContinuingOperations_lbl1" xlink:title="label: ImpairmentOfRealEstateContinuingOperations to iret_ImpairmentOfRealEstateContinuingOperations_lbl1" />
    <link:label xlink:type="resource" xlink:label="iret_ImpairmentOfRealEstateContinuingOperations_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="iret_ImpairmentOfRealEstateContinuingOperations_lbl2" xml:lang="en-US" id="iret_ImpairmentOfRealEstateContinuingOperations_lbl2">Impairment of real estate investments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ImpairmentOfRealEstateContinuingOperations" xlink:to="iret_ImpairmentOfRealEstateContinuingOperations_lbl2" xlink:title="label: ImpairmentOfRealEstateContinuingOperations to iret_ImpairmentOfRealEstateContinuingOperations_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_DividendsPreferredStock2" xlink:label="DividendsPreferredStock2" xlink:title="DividendsPreferredStock2" />
    <link:label xlink:type="resource" xlink:label="iret_DividendsPreferredStock2_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_DividendsPreferredStock2_lbl" xml:lang="en-US" id="iret_DividendsPreferredStock2_lbl">The equity impact of aggregate cash, stock, and paid-in-kind dividends declared for preferred shareholders during the period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsPreferredStock2" xlink:to="iret_DividendsPreferredStock2_lbl" xlink:title="label: DividendsPreferredStock2 to iret_DividendsPreferredStock2_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_DividendsPreferredStock2_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_DividendsPreferredStock2_lbl1" xml:lang="en-US" id="iret_DividendsPreferredStock2_lbl1">Dividends, Preferred Stock2</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsPreferredStock2" xlink:to="iret_DividendsPreferredStock2_lbl1" xlink:title="label: DividendsPreferredStock2 to iret_DividendsPreferredStock2_lbl1" />
    <link:label xlink:type="resource" xlink:label="iret_DividendsPreferredStock2_lbl2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="iret_DividendsPreferredStock2_lbl2" xml:lang="en-US" id="iret_DividendsPreferredStock2_lbl2">Dividends to preferred shareholders</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsPreferredStock2" xlink:to="iret_DividendsPreferredStock2_lbl2" xlink:title="label: DividendsPreferredStock2 to iret_DividendsPreferredStock2_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_NetIncomeAttributableToInvestorsRealEstateTrustAndNonredeemableNoncontrollingInterests" xlink:label="NetIncomeAttributableToInvestorsRealEstateTrustAndNonredeemableNoncontrollingInterests" xlink:title="NetIncomeAttributableToInvestorsRealEstateTrustAndNonredeemableNoncontrollingInterests" />
    <link:label xlink:type="resource" xlink:label="iret_NetIncomeAttributableToInvestorsRealEstateTrustAndNonredeemableNoncontrollingInterests_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_NetIncomeAttributableToInvestorsRealEstateTrustAndNonredeemableNoncontrollingInterests_lbl" xml:lang="en-US" id="iret_NetIncomeAttributableToInvestorsRealEstateTrustAndNonredeemableNoncontrollingInterests_lbl">Net income attributable to Investors Real Estate Trust and nonredeemable noncontrolling interests.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetIncomeAttributableToInvestorsRealEstateTrustAndNonredeemableNoncontrollingInterests" xlink:to="iret_NetIncomeAttributableToInvestorsRealEstateTrustAndNonredeemableNoncontrollingInterests_lbl" xlink:title="label: NetIncomeAttributableToInvestorsRealEstateTrustAndNonredeemableNoncontrollingInterests to iret_NetIncomeAttributableToInvestorsRealEstateTrustAndNonredeemableNoncontrollingInterests_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_NetIncomeAttributableToInvestorsRealEstateTrustAndNonredeemableNoncontrollingInterests_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_NetIncomeAttributableToInvestorsRealEstateTrustAndNonredeemableNoncontrollingInterests_lbl1" xml:lang="en-US" id="iret_NetIncomeAttributableToInvestorsRealEstateTrustAndNonredeemableNoncontrollingInterests_lbl1">Net income attributable to Investors Real Estate Trust and nonredeemable noncontrolling interests</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetIncomeAttributableToInvestorsRealEstateTrustAndNonredeemableNoncontrollingInterests" xlink:to="iret_NetIncomeAttributableToInvestorsRealEstateTrustAndNonredeemableNoncontrollingInterests_lbl1" xlink:title="label: NetIncomeAttributableToInvestorsRealEstateTrustAndNonredeemableNoncontrollingInterests to iret_NetIncomeAttributableToInvestorsRealEstateTrustAndNonredeemableNoncontrollingInterests_lbl1" />
    <link:label xlink:type="resource" xlink:label="iret_NetIncomeAttributableToInvestorsRealEstateTrustAndNonredeemableNoncontrollingInterests_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="iret_NetIncomeAttributableToInvestorsRealEstateTrustAndNonredeemableNoncontrollingInterests_lbl2" xml:lang="en-US" id="iret_NetIncomeAttributableToInvestorsRealEstateTrustAndNonredeemableNoncontrollingInterests_lbl2">Net income attributable to Investors Real Estate Trust and nonredeemable interests</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetIncomeAttributableToInvestorsRealEstateTrustAndNonredeemableNoncontrollingInterests" xlink:to="iret_NetIncomeAttributableToInvestorsRealEstateTrustAndNonredeemableNoncontrollingInterests_lbl2" xlink:title="label: NetIncomeAttributableToInvestorsRealEstateTrustAndNonredeemableNoncontrollingInterests to iret_NetIncomeAttributableToInvestorsRealEstateTrustAndNonredeemableNoncontrollingInterests_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_BurnsvilleIiStripCenterBurnsvilleMinnesotaMember" xlink:label="BurnsvilleIiStripCenterBurnsvilleMinnesotaMember" xlink:title="BurnsvilleIiStripCenterBurnsvilleMinnesotaMember" />
    <link:label xlink:type="resource" xlink:label="iret_BurnsvilleIiStripCenterBurnsvilleMinnesotaMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_BurnsvilleIiStripCenterBurnsvilleMinnesotaMember_lbl1" xml:lang="en-US" id="iret_BurnsvilleIiStripCenterBurnsvilleMinnesotaMember_lbl1">Burnsville II Strip Center, Burnsville, Minnesota [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BurnsvilleIiStripCenterBurnsvilleMinnesotaMember" xlink:to="iret_BurnsvilleIiStripCenterBurnsvilleMinnesotaMember_lbl1" xlink:title="label: BurnsvilleIiStripCenterBurnsvilleMinnesotaMember to iret_BurnsvilleIiStripCenterBurnsvilleMinnesotaMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_ApiBuildingDuluthMinnesotaMember" xlink:label="ApiBuildingDuluthMinnesotaMember" xlink:title="ApiBuildingDuluthMinnesotaMember" />
    <link:label xlink:type="resource" xlink:label="iret_ApiBuildingDuluthMinnesotaMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_ApiBuildingDuluthMinnesotaMember_lbl1" xml:lang="en-US" id="iret_ApiBuildingDuluthMinnesotaMember_lbl1">API Building, Duluth, Minnesota [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ApiBuildingDuluthMinnesotaMember" xlink:to="iret_ApiBuildingDuluthMinnesotaMember_lbl1" xlink:title="label: ApiBuildingDuluthMinnesotaMember to iret_ApiBuildingDuluthMinnesotaMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_PartnershipUnitsIssued" xlink:label="PartnershipUnitsIssued" xlink:title="PartnershipUnitsIssued" />
    <link:label xlink:type="resource" xlink:label="iret_PartnershipUnitsIssued_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_PartnershipUnitsIssued_lbl" xml:lang="en-US" id="iret_PartnershipUnitsIssued_lbl">The value of partnership units issued during the period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PartnershipUnitsIssued" xlink:to="iret_PartnershipUnitsIssued_lbl" xlink:title="label: PartnershipUnitsIssued to iret_PartnershipUnitsIssued_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_PartnershipUnitsIssued_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_PartnershipUnitsIssued_lbl1" xml:lang="en-US" id="iret_PartnershipUnitsIssued_lbl1">Partnership Units Issued</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PartnershipUnitsIssued" xlink:to="iret_PartnershipUnitsIssued_lbl1" xlink:title="label: PartnershipUnitsIssued to iret_PartnershipUnitsIssued_lbl1" />
    <link:label xlink:type="resource" xlink:label="iret_PartnershipUnitsIssued_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="iret_PartnershipUnitsIssued_lbl2" xml:lang="en-US" id="iret_PartnershipUnitsIssued_lbl2">Partnership units issued</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PartnershipUnitsIssued" xlink:to="iret_PartnershipUnitsIssued_lbl2" xlink:title="label: PartnershipUnitsIssued to iret_PartnershipUnitsIssued_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_OtherShares" xlink:label="OtherShares" xlink:title="OtherShares" />
    <link:label xlink:type="resource" xlink:label="iret_OtherShares_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_OtherShares_lbl" xml:lang="en-US" id="iret_OtherShares_lbl">This element represents movements included in the statement of changes in stockholders' equity which are not separately disclosed or provided for elsewhere in the taxonomy, in number of shares.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherShares" xlink:to="iret_OtherShares_lbl" xlink:title="label: OtherShares to iret_OtherShares_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_OtherShares_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_OtherShares_lbl1" xml:lang="en-US" id="iret_OtherShares_lbl1">Other, shares</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherShares" xlink:to="iret_OtherShares_lbl1" xlink:title="label: OtherShares to iret_OtherShares_lbl1" />
    <link:label xlink:type="resource" xlink:label="iret_OtherShares_lbl2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="iret_OtherShares_lbl2" xml:lang="en-US" id="iret_OtherShares_lbl2">Other, shares (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherShares" xlink:to="iret_OtherShares_lbl2" xlink:title="label: OtherShares to iret_OtherShares_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_Eagan27852795Highway55EaganMinnesotaMember" xlink:label="Eagan27852795Highway55EaganMinnesotaMember" xlink:title="Eagan27852795Highway55EaganMinnesotaMember" />
    <link:label xlink:type="resource" xlink:label="iret_Eagan27852795Highway55EaganMinnesotaMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_Eagan27852795Highway55EaganMinnesotaMember_lbl1" xml:lang="en-US" id="iret_Eagan27852795Highway55EaganMinnesotaMember_lbl1">Eagan 2785 &amp; 2795 Highway 55, Eagan, Minnesota [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Eagan27852795Highway55EaganMinnesotaMember" xlink:to="iret_Eagan27852795Highway55EaganMinnesotaMember_lbl1" xlink:title="label: Eagan27852795Highway55EaganMinnesotaMember to iret_Eagan27852795Highway55EaganMinnesotaMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_ProceedsFromRealEstateDeposits" xlink:label="ProceedsFromRealEstateDeposits" xlink:title="ProceedsFromRealEstateDeposits" />
    <link:label xlink:type="resource" xlink:label="iret_ProceedsFromRealEstateDeposits_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_ProceedsFromRealEstateDeposits_lbl" xml:lang="en-US" id="iret_ProceedsFromRealEstateDeposits_lbl">The cash inflow associated with the receipt of deposits for real estate investment properties.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProceedsFromRealEstateDeposits" xlink:to="iret_ProceedsFromRealEstateDeposits_lbl" xlink:title="label: ProceedsFromRealEstateDeposits to iret_ProceedsFromRealEstateDeposits_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_ProceedsFromRealEstateDeposits_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_ProceedsFromRealEstateDeposits_lbl1" xml:lang="en-US" id="iret_ProceedsFromRealEstateDeposits_lbl1">Proceeds From Real Estate Deposits</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProceedsFromRealEstateDeposits" xlink:to="iret_ProceedsFromRealEstateDeposits_lbl1" xlink:title="label: ProceedsFromRealEstateDeposits to iret_ProceedsFromRealEstateDeposits_lbl1" />
    <link:label xlink:type="resource" xlink:label="iret_ProceedsFromRealEstateDeposits_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="iret_ProceedsFromRealEstateDeposits_lbl2" xml:lang="en-US" id="iret_ProceedsFromRealEstateDeposits_lbl2">Proceeds from real estate deposits</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProceedsFromRealEstateDeposits" xlink:to="iret_ProceedsFromRealEstateDeposits_lbl2" xlink:title="label: ProceedsFromRealEstateDeposits to iret_ProceedsFromRealEstateDeposits_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_PaymentsForRealEstateDeposits" xlink:label="PaymentsForRealEstateDeposits" xlink:title="PaymentsForRealEstateDeposits" />
    <link:label xlink:type="resource" xlink:label="iret_PaymentsForRealEstateDeposits_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_PaymentsForRealEstateDeposits_lbl" xml:lang="en-US" id="iret_PaymentsForRealEstateDeposits_lbl">The cash outflow associated with the payment of deposits for real estate investment properties.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsForRealEstateDeposits" xlink:to="iret_PaymentsForRealEstateDeposits_lbl" xlink:title="label: PaymentsForRealEstateDeposits to iret_PaymentsForRealEstateDeposits_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_PaymentsForRealEstateDeposits_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_PaymentsForRealEstateDeposits_lbl1" xml:lang="en-US" id="iret_PaymentsForRealEstateDeposits_lbl1">Payments For Real Estate Deposits</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsForRealEstateDeposits" xlink:to="iret_PaymentsForRealEstateDeposits_lbl1" xlink:title="label: PaymentsForRealEstateDeposits to iret_PaymentsForRealEstateDeposits_lbl1" />
    <link:label xlink:type="resource" xlink:label="iret_PaymentsForRealEstateDeposits_lbl2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="iret_PaymentsForRealEstateDeposits_lbl2" xml:lang="en-US" id="iret_PaymentsForRealEstateDeposits_lbl2">Payments for real estate deposits</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsForRealEstateDeposits" xlink:to="iret_PaymentsForRealEstateDeposits_lbl2" xlink:title="label: PaymentsForRealEstateDeposits to iret_PaymentsForRealEstateDeposits_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_DecreaseInLenderHoldbacksForImprovements" xlink:label="DecreaseInLenderHoldbacksForImprovements" xlink:title="DecreaseInLenderHoldbacksForImprovements" />
    <link:label xlink:type="resource" xlink:label="iret_DecreaseInLenderHoldbacksForImprovements_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_DecreaseInLenderHoldbacksForImprovements_lbl" xml:lang="en-US" id="iret_DecreaseInLenderHoldbacksForImprovements_lbl">The cash inflow associated with the decrease in lender hold backs for improvements.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DecreaseInLenderHoldbacksForImprovements" xlink:to="iret_DecreaseInLenderHoldbacksForImprovements_lbl" xlink:title="label: DecreaseInLenderHoldbacksForImprovements to iret_DecreaseInLenderHoldbacksForImprovements_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_DecreaseInLenderHoldbacksForImprovements_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_DecreaseInLenderHoldbacksForImprovements_lbl1" xml:lang="en-US" id="iret_DecreaseInLenderHoldbacksForImprovements_lbl1">Decrease In Lender Holdbacks For Improvements</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DecreaseInLenderHoldbacksForImprovements" xlink:to="iret_DecreaseInLenderHoldbacksForImprovements_lbl1" xlink:title="label: DecreaseInLenderHoldbacksForImprovements to iret_DecreaseInLenderHoldbacksForImprovements_lbl1" />
    <link:label xlink:type="resource" xlink:label="iret_DecreaseInLenderHoldbacksForImprovements_lbl2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="iret_DecreaseInLenderHoldbacksForImprovements_lbl2" xml:lang="en-US" id="iret_DecreaseInLenderHoldbacksForImprovements_lbl2">Decrease in lender holdbacks</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DecreaseInLenderHoldbacksForImprovements" xlink:to="iret_DecreaseInLenderHoldbacksForImprovements_lbl2" xlink:title="label: DecreaseInLenderHoldbacksForImprovements to iret_DecreaseInLenderHoldbacksForImprovements_lbl2" />
    <link:label xlink:type="resource" xlink:label="iret_DecreaseInLenderHoldbacksForImprovements_lbl3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="iret_DecreaseInLenderHoldbacksForImprovements_lbl3" xml:lang="en-US" id="iret_DecreaseInLenderHoldbacksForImprovements_lbl3">Decrease in lender holdbacks for improvements</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DecreaseInLenderHoldbacksForImprovements" xlink:to="iret_DecreaseInLenderHoldbacksForImprovements_lbl3" xlink:title="label: DecreaseInLenderHoldbacksForImprovements to iret_DecreaseInLenderHoldbacksForImprovements_lbl3" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_IncreaseLenderHoldbacksForImprovements" xlink:label="IncreaseLenderHoldbacksForImprovements" xlink:title="IncreaseLenderHoldbacksForImprovements" />
    <link:label xlink:type="resource" xlink:label="iret_IncreaseLenderHoldbacksForImprovements_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_IncreaseLenderHoldbacksForImprovements_lbl" xml:lang="en-US" id="iret_IncreaseLenderHoldbacksForImprovements_lbl">The cash outflow associated with the increase in lender hold backs for improvements.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseLenderHoldbacksForImprovements" xlink:to="iret_IncreaseLenderHoldbacksForImprovements_lbl" xlink:title="label: IncreaseLenderHoldbacksForImprovements to iret_IncreaseLenderHoldbacksForImprovements_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_IncreaseLenderHoldbacksForImprovements_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_IncreaseLenderHoldbacksForImprovements_lbl1" xml:lang="en-US" id="iret_IncreaseLenderHoldbacksForImprovements_lbl1">Increase Lender Holdbacks For Improvements</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseLenderHoldbacksForImprovements" xlink:to="iret_IncreaseLenderHoldbacksForImprovements_lbl1" xlink:title="label: IncreaseLenderHoldbacksForImprovements to iret_IncreaseLenderHoldbacksForImprovements_lbl1" />
    <link:label xlink:type="resource" xlink:label="iret_IncreaseLenderHoldbacksForImprovements_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="iret_IncreaseLenderHoldbacksForImprovements_lbl2" xml:lang="en-US" id="iret_IncreaseLenderHoldbacksForImprovements_lbl2">Increase in lender holdbacks</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseLenderHoldbacksForImprovements" xlink:to="iret_IncreaseLenderHoldbacksForImprovements_lbl2" xlink:title="label: IncreaseLenderHoldbacksForImprovements to iret_IncreaseLenderHoldbacksForImprovements_lbl2" />
    <link:label xlink:type="resource" xlink:label="iret_IncreaseLenderHoldbacksForImprovements_lbl3" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="iret_IncreaseLenderHoldbacksForImprovements_lbl3" xml:lang="en-US" id="iret_IncreaseLenderHoldbacksForImprovements_lbl3">Increase in lender holdbacks for improvements</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseLenderHoldbacksForImprovements" xlink:to="iret_IncreaseLenderHoldbacksForImprovements_lbl3" xlink:title="label: IncreaseLenderHoldbacksForImprovements to iret_IncreaseLenderHoldbacksForImprovements_lbl3" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_ProceedsFromSaleOfRealEstateAndOtherInvestments" xlink:label="ProceedsFromSaleOfRealEstateAndOtherInvestments" xlink:title="ProceedsFromSaleOfRealEstateAndOtherInvestments" />
    <link:label xlink:type="resource" xlink:label="iret_ProceedsFromSaleOfRealEstateAndOtherInvestments_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_ProceedsFromSaleOfRealEstateAndOtherInvestments_lbl" xml:lang="en-US" id="iret_ProceedsFromSaleOfRealEstateAndOtherInvestments_lbl">Cash received for the sale of real estate that is not part of an investing activity during the current period and the cash inflow associated with the sale of other investments not otherwise defined in the taxonomy.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProceedsFromSaleOfRealEstateAndOtherInvestments" xlink:to="iret_ProceedsFromSaleOfRealEstateAndOtherInvestments_lbl" xlink:title="label: ProceedsFromSaleOfRealEstateAndOtherInvestments to iret_ProceedsFromSaleOfRealEstateAndOtherInvestments_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_ProceedsFromSaleOfRealEstateAndOtherInvestments_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_ProceedsFromSaleOfRealEstateAndOtherInvestments_lbl1" xml:lang="en-US" id="iret_ProceedsFromSaleOfRealEstateAndOtherInvestments_lbl1">Proceeds from sale of real estate and other investments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProceedsFromSaleOfRealEstateAndOtherInvestments" xlink:to="iret_ProceedsFromSaleOfRealEstateAndOtherInvestments_lbl1" xlink:title="label: ProceedsFromSaleOfRealEstateAndOtherInvestments to iret_ProceedsFromSaleOfRealEstateAndOtherInvestments_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_PercentageOfOrdinaryTaxableIncomeThatMustBeDistributedToShareholders" xlink:label="PercentageOfOrdinaryTaxableIncomeThatMustBeDistributedToShareholders" xlink:title="PercentageOfOrdinaryTaxableIncomeThatMustBeDistributedToShareholders" />
    <link:label xlink:type="resource" xlink:label="iret_PercentageOfOrdinaryTaxableIncomeThatMustBeDistributedToShareholders_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_PercentageOfOrdinaryTaxableIncomeThatMustBeDistributedToShareholders_lbl" xml:lang="en-US" id="iret_PercentageOfOrdinaryTaxableIncomeThatMustBeDistributedToShareholders_lbl">The percentage of ordinary taxable income that the entity is required to distribute to shareholders.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfOrdinaryTaxableIncomeThatMustBeDistributedToShareholders" xlink:to="iret_PercentageOfOrdinaryTaxableIncomeThatMustBeDistributedToShareholders_lbl" xlink:title="label: PercentageOfOrdinaryTaxableIncomeThatMustBeDistributedToShareholders to iret_PercentageOfOrdinaryTaxableIncomeThatMustBeDistributedToShareholders_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_PercentageOfOrdinaryTaxableIncomeThatMustBeDistributedToShareholders_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_PercentageOfOrdinaryTaxableIncomeThatMustBeDistributedToShareholders_lbl1" xml:lang="en-US" id="iret_PercentageOfOrdinaryTaxableIncomeThatMustBeDistributedToShareholders_lbl1">Percentage of ordinary taxable income that must be distributed to shareholders</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfOrdinaryTaxableIncomeThatMustBeDistributedToShareholders" xlink:to="iret_PercentageOfOrdinaryTaxableIncomeThatMustBeDistributedToShareholders_lbl1" xlink:title="label: PercentageOfOrdinaryTaxableIncomeThatMustBeDistributedToShareholders to iret_PercentageOfOrdinaryTaxableIncomeThatMustBeDistributedToShareholders_lbl1" />
    <link:label xlink:type="resource" xlink:label="iret_PercentageOfOrdinaryTaxableIncomeThatMustBeDistributedToShareholders_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="iret_PercentageOfOrdinaryTaxableIncomeThatMustBeDistributedToShareholders_lbl2" xml:lang="en-US" id="iret_PercentageOfOrdinaryTaxableIncomeThatMustBeDistributedToShareholders_lbl2">Percentage of ordinary taxable income that must be distributed to shareholders (in hundredths)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfOrdinaryTaxableIncomeThatMustBeDistributedToShareholders" xlink:to="iret_PercentageOfOrdinaryTaxableIncomeThatMustBeDistributedToShareholders_lbl2" xlink:title="label: PercentageOfOrdinaryTaxableIncomeThatMustBeDistributedToShareholders to iret_PercentageOfOrdinaryTaxableIncomeThatMustBeDistributedToShareholders_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_DistributionReinvestmentPlan" xlink:label="DistributionReinvestmentPlan" xlink:title="DistributionReinvestmentPlan" />
    <link:label xlink:type="resource" xlink:label="iret_DistributionReinvestmentPlan_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_DistributionReinvestmentPlan_lbl" xml:lang="en-US" id="iret_DistributionReinvestmentPlan_lbl">The fair value of stock (or units) issued in noncash financing activities related to the entity's distribution reinvestment plan.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DistributionReinvestmentPlan" xlink:to="iret_DistributionReinvestmentPlan_lbl" xlink:title="label: DistributionReinvestmentPlan to iret_DistributionReinvestmentPlan_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_DistributionReinvestmentPlan_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_DistributionReinvestmentPlan_lbl1" xml:lang="en-US" id="iret_DistributionReinvestmentPlan_lbl1">Distribution Reinvestment Plan</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DistributionReinvestmentPlan" xlink:to="iret_DistributionReinvestmentPlan_lbl1" xlink:title="label: DistributionReinvestmentPlan to iret_DistributionReinvestmentPlan_lbl1" />
    <link:label xlink:type="resource" xlink:label="iret_DistributionReinvestmentPlan_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="iret_DistributionReinvestmentPlan_lbl2" xml:lang="en-US" id="iret_DistributionReinvestmentPlan_lbl2">Distribution reinvestment plan</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DistributionReinvestmentPlan" xlink:to="iret_DistributionReinvestmentPlan_lbl2" xlink:title="label: DistributionReinvestmentPlan to iret_DistributionReinvestmentPlan_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_OperatingPartnershipDistributionReinvestmentPlan" xlink:label="OperatingPartnershipDistributionReinvestmentPlan" xlink:title="OperatingPartnershipDistributionReinvestmentPlan" />
    <link:label xlink:type="resource" xlink:label="iret_OperatingPartnershipDistributionReinvestmentPlan_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_OperatingPartnershipDistributionReinvestmentPlan_lbl" xml:lang="en-US" id="iret_OperatingPartnershipDistributionReinvestmentPlan_lbl">The fair value of stock (or units) issued in noncash financing activities related to the entity's operating partnership distribution reinvestment plan.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OperatingPartnershipDistributionReinvestmentPlan" xlink:to="iret_OperatingPartnershipDistributionReinvestmentPlan_lbl" xlink:title="label: OperatingPartnershipDistributionReinvestmentPlan to iret_OperatingPartnershipDistributionReinvestmentPlan_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_OperatingPartnershipDistributionReinvestmentPlan_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_OperatingPartnershipDistributionReinvestmentPlan_lbl1" xml:lang="en-US" id="iret_OperatingPartnershipDistributionReinvestmentPlan_lbl1">Operating partnership distribution reinvestment plan</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OperatingPartnershipDistributionReinvestmentPlan" xlink:to="iret_OperatingPartnershipDistributionReinvestmentPlan_lbl1" xlink:title="label: OperatingPartnershipDistributionReinvestmentPlan to iret_OperatingPartnershipDistributionReinvestmentPlan_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_OperatingPartnershipUnitsConvertedToShares" xlink:label="OperatingPartnershipUnitsConvertedToShares" xlink:title="OperatingPartnershipUnitsConvertedToShares" />
    <link:label xlink:type="resource" xlink:label="iret_OperatingPartnershipUnitsConvertedToShares_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_OperatingPartnershipUnitsConvertedToShares_lbl" xml:lang="en-US" id="iret_OperatingPartnershipUnitsConvertedToShares_lbl">The dollar value of the stock converted in a noncash (or part noncash) transaction. Noncash is defined as transactions during a period that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OperatingPartnershipUnitsConvertedToShares" xlink:to="iret_OperatingPartnershipUnitsConvertedToShares_lbl" xlink:title="label: OperatingPartnershipUnitsConvertedToShares to iret_OperatingPartnershipUnitsConvertedToShares_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_OperatingPartnershipUnitsConvertedToShares_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_OperatingPartnershipUnitsConvertedToShares_lbl1" xml:lang="en-US" id="iret_OperatingPartnershipUnitsConvertedToShares_lbl1">Operating partnership units converted to shares</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OperatingPartnershipUnitsConvertedToShares" xlink:to="iret_OperatingPartnershipUnitsConvertedToShares_lbl1" xlink:title="label: OperatingPartnershipUnitsConvertedToShares to iret_OperatingPartnershipUnitsConvertedToShares_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_AssetsAcquiredThroughIssuanceOfOperatingPartnershipUnits" xlink:label="AssetsAcquiredThroughIssuanceOfOperatingPartnershipUnits" xlink:title="AssetsAcquiredThroughIssuanceOfOperatingPartnershipUnits" />
    <link:label xlink:type="resource" xlink:label="iret_AssetsAcquiredThroughIssuanceOfOperatingPartnershipUnits_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_AssetsAcquiredThroughIssuanceOfOperatingPartnershipUnits_lbl" xml:lang="en-US" id="iret_AssetsAcquiredThroughIssuanceOfOperatingPartnershipUnits_lbl">Assets acquired through issuance of operating partnership units</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AssetsAcquiredThroughIssuanceOfOperatingPartnershipUnits" xlink:to="iret_AssetsAcquiredThroughIssuanceOfOperatingPartnershipUnits_lbl" xlink:title="label: AssetsAcquiredThroughIssuanceOfOperatingPartnershipUnits to iret_AssetsAcquiredThroughIssuanceOfOperatingPartnershipUnits_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_AssetsAcquiredThroughIssuanceOfOperatingPartnershipUnits_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_AssetsAcquiredThroughIssuanceOfOperatingPartnershipUnits_lbl1" xml:lang="en-US" id="iret_AssetsAcquiredThroughIssuanceOfOperatingPartnershipUnits_lbl1">Assets Acquired Through The Issuance Of Operating Partnership Units</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AssetsAcquiredThroughIssuanceOfOperatingPartnershipUnits" xlink:to="iret_AssetsAcquiredThroughIssuanceOfOperatingPartnershipUnits_lbl1" xlink:title="label: AssetsAcquiredThroughIssuanceOfOperatingPartnershipUnits to iret_AssetsAcquiredThroughIssuanceOfOperatingPartnershipUnits_lbl1" />
    <link:label xlink:type="resource" xlink:label="iret_AssetsAcquiredThroughIssuanceOfOperatingPartnershipUnits_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="iret_AssetsAcquiredThroughIssuanceOfOperatingPartnershipUnits_lbl2" xml:lang="en-US" id="iret_AssetsAcquiredThroughIssuanceOfOperatingPartnershipUnits_lbl2">Real estate assets acquired through the issuance of operating partnership units</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AssetsAcquiredThroughIssuanceOfOperatingPartnershipUnits" xlink:to="iret_AssetsAcquiredThroughIssuanceOfOperatingPartnershipUnits_lbl2" xlink:title="label: AssetsAcquiredThroughIssuanceOfOperatingPartnershipUnits to iret_AssetsAcquiredThroughIssuanceOfOperatingPartnershipUnits_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_AdjustmentsToAccountsPayableIncludedWithinRealEstateInvestments" xlink:label="AdjustmentsToAccountsPayableIncludedWithinRealEstateInvestments" xlink:title="AdjustmentsToAccountsPayableIncludedWithinRealEstateInvestments" />
    <link:label xlink:type="resource" xlink:label="iret_AdjustmentsToAccountsPayableIncludedWithinRealEstateInvestments_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_AdjustmentsToAccountsPayableIncludedWithinRealEstateInvestments_lbl" xml:lang="en-US" id="iret_AdjustmentsToAccountsPayableIncludedWithinRealEstateInvestments_lbl">The dollar amount of assets that an Entity acquires in a noncash (or part noncash) acquisition that are not presented as a separate disclosure or not otherwise listed in the existing taxonomy. Noncash is defined as information about all investing and financing activities of an enterprise during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period.</link:label>
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    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_SupplementalDisclosureOfCashFlowInformationAbstract" xlink:label="SupplementalDisclosureOfCashFlowInformationAbstract" xlink:title="SupplementalDisclosureOfCashFlowInformationAbstract" />
    <link:label xlink:type="resource" xlink:label="iret_SupplementalDisclosureOfCashFlowInformationAbstract_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_SupplementalDisclosureOfCashFlowInformationAbstract_lbl1" xml:lang="en-US" id="iret_SupplementalDisclosureOfCashFlowInformationAbstract_lbl1">Supplemental Disclosure of Cash Flow Information [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SupplementalDisclosureOfCashFlowInformationAbstract" xlink:to="iret_SupplementalDisclosureOfCashFlowInformationAbstract_lbl1" xlink:title="label: SupplementalDisclosureOfCashFlowInformationAbstract to iret_SupplementalDisclosureOfCashFlowInformationAbstract_lbl1" />
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    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_CashPaidDuringYearForAbstract" xlink:label="CashPaidDuringYearForAbstract" xlink:title="CashPaidDuringYearForAbstract" />
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    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_DistributionsPaidToCommonShareholdersReinvestment" xlink:label="DistributionsPaidToCommonShareholdersReinvestment" xlink:title="DistributionsPaidToCommonShareholdersReinvestment" />
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    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_DocumentAndEntityInformationAbstract" xlink:label="DocumentAndEntityInformationAbstract" xlink:title="DocumentAndEntityInformationAbstract" />
    <link:label xlink:type="resource" xlink:label="iret_DocumentAndEntityInformationAbstract_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_DocumentAndEntityInformationAbstract_lbl1" xml:lang="en-US" id="iret_DocumentAndEntityInformationAbstract_lbl1">Document and Entity Information [Abstract]</link:label>
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    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_NumberOfApartmentUnitsOwned" xlink:label="NumberOfApartmentUnitsOwned" xlink:title="NumberOfApartmentUnitsOwned" />
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    <link:label xlink:type="resource" xlink:label="iret_NumberOfApartmentUnitsOwned_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_NumberOfApartmentUnitsOwned_lbl1" xml:lang="en-US" id="iret_NumberOfApartmentUnitsOwned_lbl1">Number of apartment units owned</link:label>
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    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_CompensatingBalancesAndOtherInvestmentsLenderHoldbacksPolicyTextBlock" xlink:label="CompensatingBalancesAndOtherInvestmentsLenderHoldbacksPolicyTextBlock" xlink:title="CompensatingBalancesAndOtherInvestmentsLenderHoldbacksPolicyTextBlock" />
    <link:label xlink:type="resource" xlink:label="iret_CompensatingBalancesAndOtherInvestmentsLenderHoldbacksPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_CompensatingBalancesAndOtherInvestmentsLenderHoldbacksPolicyTextBlock_lbl" xml:lang="en-US" id="iret_CompensatingBalancesAndOtherInvestmentsLenderHoldbacksPolicyTextBlock_lbl">Disclosure of accounting policy for compensating balances, not restricted as to withdrawal, with financial institutions in connection with financing received from those institutions and/or to ensure future credit availability and funds retained by a lender for the payment of construction costs or tenant improvements.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CompensatingBalancesAndOtherInvestmentsLenderHoldbacksPolicyTextBlock" xlink:to="iret_CompensatingBalancesAndOtherInvestmentsLenderHoldbacksPolicyTextBlock_lbl" xlink:title="label: CompensatingBalancesAndOtherInvestmentsLenderHoldbacksPolicyTextBlock to iret_CompensatingBalancesAndOtherInvestmentsLenderHoldbacksPolicyTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_CompensatingBalancesAndOtherInvestmentsLenderHoldbacksPolicyTextBlock_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_CompensatingBalancesAndOtherInvestmentsLenderHoldbacksPolicyTextBlock_lbl1" xml:lang="en-US" id="iret_CompensatingBalancesAndOtherInvestmentsLenderHoldbacksPolicyTextBlock_lbl1">COMPENSATING BALANCES AND OTHER INVESTMENTS; LENDER HOLDBACKS [Policy Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CompensatingBalancesAndOtherInvestmentsLenderHoldbacksPolicyTextBlock" xlink:to="iret_CompensatingBalancesAndOtherInvestmentsLenderHoldbacksPolicyTextBlock_lbl1" xlink:title="label: CompensatingBalancesAndOtherInvestmentsLenderHoldbacksPolicyTextBlock to iret_CompensatingBalancesAndOtherInvestmentsLenderHoldbacksPolicyTextBlock_lbl1" />
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    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_InvoluntaryConversionOfAssetsPolicyTextBlock" xlink:label="InvoluntaryConversionOfAssetsPolicyTextBlock" xlink:title="InvoluntaryConversionOfAssetsPolicyTextBlock" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvoluntaryConversionOfAssetsPolicyTextBlock" xlink:to="iret_InvoluntaryConversionOfAssetsPolicyTextBlock_lbl" xlink:title="label: InvoluntaryConversionOfAssetsPolicyTextBlock to iret_InvoluntaryConversionOfAssetsPolicyTextBlock_lbl" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvoluntaryConversionOfAssetsPolicyTextBlock" xlink:to="iret_InvoluntaryConversionOfAssetsPolicyTextBlock_lbl1" xlink:title="label: InvoluntaryConversionOfAssetsPolicyTextBlock to iret_InvoluntaryConversionOfAssetsPolicyTextBlock_lbl1" />
    <link:label xlink:type="resource" xlink:label="iret_InvoluntaryConversionOfAssetsPolicyTextBlock_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="iret_InvoluntaryConversionOfAssetsPolicyTextBlock_lbl2" xml:lang="en-US" id="iret_InvoluntaryConversionOfAssetsPolicyTextBlock_lbl2">INVOLUNTARY CONVERSION OF ASSETS</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvoluntaryConversionOfAssetsPolicyTextBlock" xlink:to="iret_InvoluntaryConversionOfAssetsPolicyTextBlock_lbl2" xlink:title="label: InvoluntaryConversionOfAssetsPolicyTextBlock to iret_InvoluntaryConversionOfAssetsPolicyTextBlock_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_IdentifiedIntangibleAssetsAndIntangibleLiabilitiesTableTextBlock" xlink:label="IdentifiedIntangibleAssetsAndIntangibleLiabilitiesTableTextBlock" xlink:title="IdentifiedIntangibleAssetsAndIntangibleLiabilitiesTableTextBlock" />
    <link:label xlink:type="resource" xlink:label="iret_IdentifiedIntangibleAssetsAndIntangibleLiabilitiesTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_IdentifiedIntangibleAssetsAndIntangibleLiabilitiesTableTextBlock_lbl" xml:lang="en-US" id="iret_IdentifiedIntangibleAssetsAndIntangibleLiabilitiesTableTextBlock_lbl">Tabular disclosure of identified intangible assets and intangible liabilities as of the reporting date including gross carrying amounts, accumulated amortization and net carrying amounts.</link:label>
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    <link:label xlink:type="resource" xlink:label="iret_IdentifiedIntangibleAssetsAndIntangibleLiabilitiesTableTextBlock_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_IdentifiedIntangibleAssetsAndIntangibleLiabilitiesTableTextBlock_lbl1" xml:lang="en-US" id="iret_IdentifiedIntangibleAssetsAndIntangibleLiabilitiesTableTextBlock_lbl1">Identified intangible assets and intangible liabilities [Table Text Block]</link:label>
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    <link:label xlink:type="resource" xlink:label="iret_IdentifiedIntangibleAssetsAndIntangibleLiabilitiesTableTextBlock_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="iret_IdentifiedIntangibleAssetsAndIntangibleLiabilitiesTableTextBlock_lbl2" xml:lang="en-US" id="iret_IdentifiedIntangibleAssetsAndIntangibleLiabilitiesTableTextBlock_lbl2">Identified intangible assets and intangible liabilities</link:label>
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    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_EstimatedAnnualAmortizationOfAcquiredBelowMarketLeasesNetOfAcquiredAboveMarketLeasesTableTextBlock" xlink:label="EstimatedAnnualAmortizationOfAcquiredBelowMarketLeasesNetOfAcquiredAboveMarketLeasesTableTextBlock" xlink:title="EstimatedAnnualAmortizationOfAcquiredBelowMarketLeasesNetOfAcquiredAboveMarketLeasesTableTextBlock" />
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    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_InterestInCommonUnitsInOperatingPartnership" xlink:label="InterestInCommonUnitsInOperatingPartnership" xlink:title="InterestInCommonUnitsInOperatingPartnership" />
    <link:label xlink:type="resource" xlink:label="iret_InterestInCommonUnitsInOperatingPartnership_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_InterestInCommonUnitsInOperatingPartnership_lbl" xml:lang="en-US" id="iret_InterestInCommonUnitsInOperatingPartnership_lbl">The entity's ownership interest in common units in the operating partnership.</link:label>
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestInCommonUnitsInOperatingPartnership" xlink:to="iret_InterestInCommonUnitsInOperatingPartnership_lbl2" xlink:title="label: InterestInCommonUnitsInOperatingPartnership to iret_InterestInCommonUnitsInOperatingPartnership_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_RedemptionBasis" xlink:label="RedemptionBasis" xlink:title="RedemptionBasis" />
    <link:label xlink:type="resource" xlink:label="iret_RedemptionBasis_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_RedemptionBasis_lbl" xml:lang="en-US" id="iret_RedemptionBasis_lbl">The number of limited partners' units to be redeemed in exchange for a number of common shares upon exercise of the redemption option by the limited partners.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RedemptionBasis" xlink:to="iret_RedemptionBasis_lbl" xlink:title="label: RedemptionBasis to iret_RedemptionBasis_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_RedemptionBasis_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_RedemptionBasis_lbl1" xml:lang="en-US" id="iret_RedemptionBasis_lbl1">Redemption basis</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RedemptionBasis" xlink:to="iret_RedemptionBasis_lbl1" xlink:title="label: RedemptionBasis to iret_RedemptionBasis_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_RedemptionsByLimitedPartnerMaximum" xlink:label="RedemptionsByLimitedPartnerMaximum" xlink:title="RedemptionsByLimitedPartnerMaximum" />
    <link:label xlink:type="resource" xlink:label="iret_RedemptionsByLimitedPartnerMaximum_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_RedemptionsByLimitedPartnerMaximum_lbl" xml:lang="en-US" id="iret_RedemptionsByLimitedPartnerMaximum_lbl">The maximum number of redemptions by a limited partner that may occur in a calendar year.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RedemptionsByLimitedPartnerMaximum" xlink:to="iret_RedemptionsByLimitedPartnerMaximum_lbl" xlink:title="label: RedemptionsByLimitedPartnerMaximum to iret_RedemptionsByLimitedPartnerMaximum_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_RedemptionsByLimitedPartnerMaximum_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_RedemptionsByLimitedPartnerMaximum_lbl1" xml:lang="en-US" id="iret_RedemptionsByLimitedPartnerMaximum_lbl1">Redemptions by limited partner, maximum</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RedemptionsByLimitedPartnerMaximum" xlink:to="iret_RedemptionsByLimitedPartnerMaximum_lbl1" xlink:title="label: RedemptionsByLimitedPartnerMaximum to iret_RedemptionsByLimitedPartnerMaximum_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_NumberOfUnitsToRedeemMinimum" xlink:label="NumberOfUnitsToRedeemMinimum" xlink:title="NumberOfUnitsToRedeemMinimum" />
    <link:label xlink:type="resource" xlink:label="iret_NumberOfUnitsToRedeemMinimum_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_NumberOfUnitsToRedeemMinimum_lbl" xml:lang="en-US" id="iret_NumberOfUnitsToRedeemMinimum_lbl">The minimum number of units required for a limited partner to exercise the redemption, unless such limited partner holds less than this minimum, in which case the minimum number of units is equal to the number of units held by such limited partner.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfUnitsToRedeemMinimum" xlink:to="iret_NumberOfUnitsToRedeemMinimum_lbl" xlink:title="label: NumberOfUnitsToRedeemMinimum to iret_NumberOfUnitsToRedeemMinimum_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_NumberOfUnitsToRedeemMinimum_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_NumberOfUnitsToRedeemMinimum_lbl1" xml:lang="en-US" id="iret_NumberOfUnitsToRedeemMinimum_lbl1">Number of units to redeem, minimum</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfUnitsToRedeemMinimum" xlink:to="iret_NumberOfUnitsToRedeemMinimum_lbl1" xlink:title="label: NumberOfUnitsToRedeemMinimum to iret_NumberOfUnitsToRedeemMinimum_lbl1" />
    <link:label xlink:type="resource" xlink:label="iret_NumberOfUnitsToRedeemMinimum_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="iret_NumberOfUnitsToRedeemMinimum_lbl2" xml:lang="en-US" id="iret_NumberOfUnitsToRedeemMinimum_lbl2">Number of units to redeem, minimum (in units)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfUnitsToRedeemMinimum" xlink:to="iret_NumberOfUnitsToRedeemMinimum_lbl2" xlink:title="label: NumberOfUnitsToRedeemMinimum to iret_NumberOfUnitsToRedeemMinimum_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_DacotahBankMinotNorthDakotaMember" xlink:label="DacotahBankMinotNorthDakotaMember" xlink:title="DacotahBankMinotNorthDakotaMember" />
    <link:label xlink:type="resource" xlink:label="iret_DacotahBankMinotNorthDakotaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_DacotahBankMinotNorthDakotaMember_lbl" xml:lang="en-US" id="iret_DacotahBankMinotNorthDakotaMember_lbl">Dacotah Bank, Minot, North Dakota.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DacotahBankMinotNorthDakotaMember" xlink:to="iret_DacotahBankMinotNorthDakotaMember_lbl" xlink:title="label: DacotahBankMinotNorthDakotaMember to iret_DacotahBankMinotNorthDakotaMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_DacotahBankMinotNorthDakotaMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_DacotahBankMinotNorthDakotaMember_lbl1" xml:lang="en-US" id="iret_DacotahBankMinotNorthDakotaMember_lbl1">Dacotah Bank, Minot, North Dakota [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DacotahBankMinotNorthDakotaMember" xlink:to="iret_DacotahBankMinotNorthDakotaMember_lbl1" xlink:title="label: DacotahBankMinotNorthDakotaMember to iret_DacotahBankMinotNorthDakotaMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_UnitedCommunityBankMinotNorthDakotaMember" xlink:label="UnitedCommunityBankMinotNorthDakotaMember" xlink:title="UnitedCommunityBankMinotNorthDakotaMember" />
    <link:label xlink:type="resource" xlink:label="iret_UnitedCommunityBankMinotNorthDakotaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_UnitedCommunityBankMinotNorthDakotaMember_lbl" xml:lang="en-US" id="iret_UnitedCommunityBankMinotNorthDakotaMember_lbl">United Community Bank, Minot, North Dakota.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UnitedCommunityBankMinotNorthDakotaMember" xlink:to="iret_UnitedCommunityBankMinotNorthDakotaMember_lbl" xlink:title="label: UnitedCommunityBankMinotNorthDakotaMember to iret_UnitedCommunityBankMinotNorthDakotaMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_UnitedCommunityBankMinotNorthDakotaMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_UnitedCommunityBankMinotNorthDakotaMember_lbl1" xml:lang="en-US" id="iret_UnitedCommunityBankMinotNorthDakotaMember_lbl1">United Community Bank, Minot, North Dakota [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UnitedCommunityBankMinotNorthDakotaMember" xlink:to="iret_UnitedCommunityBankMinotNorthDakotaMember_lbl1" xlink:title="label: UnitedCommunityBankMinotNorthDakotaMember to iret_UnitedCommunityBankMinotNorthDakotaMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_CommerceBankMinnesotaBankingCorporationMember" xlink:label="CommerceBankMinnesotaBankingCorporationMember" xlink:title="CommerceBankMinnesotaBankingCorporationMember" />
    <link:label xlink:type="resource" xlink:label="iret_CommerceBankMinnesotaBankingCorporationMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_CommerceBankMinnesotaBankingCorporationMember_lbl" xml:lang="en-US" id="iret_CommerceBankMinnesotaBankingCorporationMember_lbl">Commerce Bank, A Minnesota Banking Corporation.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommerceBankMinnesotaBankingCorporationMember" xlink:to="iret_CommerceBankMinnesotaBankingCorporationMember_lbl" xlink:title="label: CommerceBankMinnesotaBankingCorporationMember to iret_CommerceBankMinnesotaBankingCorporationMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_CommerceBankMinnesotaBankingCorporationMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_CommerceBankMinnesotaBankingCorporationMember_lbl1" xml:lang="en-US" id="iret_CommerceBankMinnesotaBankingCorporationMember_lbl1">Commerce Bank, A Minnesota Banking Corporation [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommerceBankMinnesotaBankingCorporationMember" xlink:to="iret_CommerceBankMinnesotaBankingCorporationMember_lbl1" xlink:title="label: CommerceBankMinnesotaBankingCorporationMember to iret_CommerceBankMinnesotaBankingCorporationMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_FirstInternationalBankWatfordCityNorthDakotaMember" xlink:label="FirstInternationalBankWatfordCityNorthDakotaMember" xlink:title="FirstInternationalBankWatfordCityNorthDakotaMember" />
    <link:label xlink:type="resource" xlink:label="iret_FirstInternationalBankWatfordCityNorthDakotaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_FirstInternationalBankWatfordCityNorthDakotaMember_lbl" xml:lang="en-US" id="iret_FirstInternationalBankWatfordCityNorthDakotaMember_lbl">First International Bank, Watford City, North Dakota.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FirstInternationalBankWatfordCityNorthDakotaMember" xlink:to="iret_FirstInternationalBankWatfordCityNorthDakotaMember_lbl" xlink:title="label: FirstInternationalBankWatfordCityNorthDakotaMember to iret_FirstInternationalBankWatfordCityNorthDakotaMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_FirstInternationalBankWatfordCityNorthDakotaMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_FirstInternationalBankWatfordCityNorthDakotaMember_lbl1" xml:lang="en-US" id="iret_FirstInternationalBankWatfordCityNorthDakotaMember_lbl1">First International Bank, Watford City, North Dakota [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FirstInternationalBankWatfordCityNorthDakotaMember" xlink:to="iret_FirstInternationalBankWatfordCityNorthDakotaMember_lbl1" xlink:title="label: FirstInternationalBankWatfordCityNorthDakotaMember to iret_FirstInternationalBankWatfordCityNorthDakotaMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_PeoplesStateBankOfVelvaNorthDakotaMember" xlink:label="PeoplesStateBankOfVelvaNorthDakotaMember" xlink:title="PeoplesStateBankOfVelvaNorthDakotaMember" />
    <link:label xlink:type="resource" xlink:label="iret_PeoplesStateBankOfVelvaNorthDakotaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_PeoplesStateBankOfVelvaNorthDakotaMember_lbl" xml:lang="en-US" id="iret_PeoplesStateBankOfVelvaNorthDakotaMember_lbl">Peoples State Bank of Velva, North Dakota.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PeoplesStateBankOfVelvaNorthDakotaMember" xlink:to="iret_PeoplesStateBankOfVelvaNorthDakotaMember_lbl" xlink:title="label: PeoplesStateBankOfVelvaNorthDakotaMember to iret_PeoplesStateBankOfVelvaNorthDakotaMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_PeoplesStateBankOfVelvaNorthDakotaMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_PeoplesStateBankOfVelvaNorthDakotaMember_lbl1" xml:lang="en-US" id="iret_PeoplesStateBankOfVelvaNorthDakotaMember_lbl1">Peoples State Bank of Velva, North Dakota [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PeoplesStateBankOfVelvaNorthDakotaMember" xlink:to="iret_PeoplesStateBankOfVelvaNorthDakotaMember_lbl1" xlink:title="label: PeoplesStateBankOfVelvaNorthDakotaMember to iret_PeoplesStateBankOfVelvaNorthDakotaMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_EquityBankMinnetonkaMinnesotaMember" xlink:label="EquityBankMinnetonkaMinnesotaMember" xlink:title="EquityBankMinnetonkaMinnesotaMember" />
    <link:label xlink:type="resource" xlink:label="iret_EquityBankMinnetonkaMinnesotaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_EquityBankMinnetonkaMinnesotaMember_lbl" xml:lang="en-US" id="iret_EquityBankMinnetonkaMinnesotaMember_lbl">Equity Bank, Minnetonka, Minnesota.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityBankMinnetonkaMinnesotaMember" xlink:to="iret_EquityBankMinnetonkaMinnesotaMember_lbl" xlink:title="label: EquityBankMinnetonkaMinnesotaMember to iret_EquityBankMinnetonkaMinnesotaMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_EquityBankMinnetonkaMinnesotaMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_EquityBankMinnetonkaMinnesotaMember_lbl1" xml:lang="en-US" id="iret_EquityBankMinnetonkaMinnesotaMember_lbl1">Equity Bank, Minnetonka, Minnesota [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityBankMinnetonkaMinnesotaMember" xlink:to="iret_EquityBankMinnetonkaMinnesotaMember_lbl1" xlink:title="label: EquityBankMinnetonkaMinnesotaMember to iret_EquityBankMinnetonkaMinnesotaMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_AssociatedBankGreenBayWisconsinMember" xlink:label="AssociatedBankGreenBayWisconsinMember" xlink:title="AssociatedBankGreenBayWisconsinMember" />
    <link:label xlink:type="resource" xlink:label="iret_AssociatedBankGreenBayWisconsinMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_AssociatedBankGreenBayWisconsinMember_lbl" xml:lang="en-US" id="iret_AssociatedBankGreenBayWisconsinMember_lbl">Associated Bank, Green Bay, Wisconsin.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AssociatedBankGreenBayWisconsinMember" xlink:to="iret_AssociatedBankGreenBayWisconsinMember_lbl" xlink:title="label: AssociatedBankGreenBayWisconsinMember to iret_AssociatedBankGreenBayWisconsinMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_AssociatedBankGreenBayWisconsinMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_AssociatedBankGreenBayWisconsinMember_lbl1" xml:lang="en-US" id="iret_AssociatedBankGreenBayWisconsinMember_lbl1">Associated Bank, Green Bay, Wisconsin [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AssociatedBankGreenBayWisconsinMember" xlink:to="iret_AssociatedBankGreenBayWisconsinMember_lbl1" xlink:title="label: AssociatedBankGreenBayWisconsinMember to iret_AssociatedBankGreenBayWisconsinMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_AmericanNationalBankOmahaNebraskaMember" xlink:label="AmericanNationalBankOmahaNebraskaMember" xlink:title="AmericanNationalBankOmahaNebraskaMember" />
    <link:label xlink:type="resource" xlink:label="iret_AmericanNationalBankOmahaNebraskaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_AmericanNationalBankOmahaNebraskaMember_lbl" xml:lang="en-US" id="iret_AmericanNationalBankOmahaNebraskaMember_lbl">American National Bank, Omaha, Nebraska.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmericanNationalBankOmahaNebraskaMember" xlink:to="iret_AmericanNationalBankOmahaNebraskaMember_lbl" xlink:title="label: AmericanNationalBankOmahaNebraskaMember to iret_AmericanNationalBankOmahaNebraskaMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_AmericanNationalBankOmahaNebraskaMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_AmericanNationalBankOmahaNebraskaMember_lbl1" xml:lang="en-US" id="iret_AmericanNationalBankOmahaNebraskaMember_lbl1">American National Bank, Omaha, Nebraska [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmericanNationalBankOmahaNebraskaMember" xlink:to="iret_AmericanNationalBankOmahaNebraskaMember_lbl1" xlink:title="label: AmericanNationalBankOmahaNebraskaMember to iret_AmericanNationalBankOmahaNebraskaMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_UnitedCommunityBankAndEquityBankMember" xlink:label="UnitedCommunityBankAndEquityBankMember" xlink:title="UnitedCommunityBankAndEquityBankMember" />
    <link:label xlink:type="resource" xlink:label="iret_UnitedCommunityBankAndEquityBankMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_UnitedCommunityBankAndEquityBankMember_lbl" xml:lang="en-US" id="iret_UnitedCommunityBankAndEquityBankMember_lbl">United Community Bank and Equity Bank.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UnitedCommunityBankAndEquityBankMember" xlink:to="iret_UnitedCommunityBankAndEquityBankMember_lbl" xlink:title="label: UnitedCommunityBankAndEquityBankMember to iret_UnitedCommunityBankAndEquityBankMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_UnitedCommunityBankAndEquityBankMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_UnitedCommunityBankAndEquityBankMember_lbl1" xml:lang="en-US" id="iret_UnitedCommunityBankAndEquityBankMember_lbl1">United Community Bank and Equity Bank [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UnitedCommunityBankAndEquityBankMember" xlink:to="iret_UnitedCommunityBankAndEquityBankMember_lbl1" xlink:title="label: UnitedCommunityBankAndEquityBankMember to iret_UnitedCommunityBankAndEquityBankMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_IdentifiedIntangibleAssetsAndIntangibleLiabilitiesAndGoodwillAbstract" xlink:label="IdentifiedIntangibleAssetsAndIntangibleLiabilitiesAndGoodwillAbstract" xlink:title="IdentifiedIntangibleAssetsAndIntangibleLiabilitiesAndGoodwillAbstract" />
    <link:label xlink:type="resource" xlink:label="iret_IdentifiedIntangibleAssetsAndIntangibleLiabilitiesAndGoodwillAbstract_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_IdentifiedIntangibleAssetsAndIntangibleLiabilitiesAndGoodwillAbstract_lbl1" xml:lang="en-US" id="iret_IdentifiedIntangibleAssetsAndIntangibleLiabilitiesAndGoodwillAbstract_lbl1">IDENTIFIED INTANGIBLE ASSETS AND INTANGIBLE LIABILITIES AND GOODWILL [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IdentifiedIntangibleAssetsAndIntangibleLiabilitiesAndGoodwillAbstract" xlink:to="iret_IdentifiedIntangibleAssetsAndIntangibleLiabilitiesAndGoodwillAbstract_lbl1" xlink:title="label: IdentifiedIntangibleAssetsAndIntangibleLiabilitiesAndGoodwillAbstract to iret_IdentifiedIntangibleAssetsAndIntangibleLiabilitiesAndGoodwillAbstract_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_WeightedAverageLivesOfIntangibleAssetsAndIntangibleLiabilities" xlink:label="WeightedAverageLivesOfIntangibleAssetsAndIntangibleLiabilities" xlink:title="WeightedAverageLivesOfIntangibleAssetsAndIntangibleLiabilities" />
    <link:label xlink:type="resource" xlink:label="iret_WeightedAverageLivesOfIntangibleAssetsAndIntangibleLiabilities_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_WeightedAverageLivesOfIntangibleAssetsAndIntangibleLiabilities_lbl" xml:lang="en-US" id="iret_WeightedAverageLivesOfIntangibleAssetsAndIntangibleLiabilities_lbl">Weighted average lives of intangible assets and intangible liabilities.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WeightedAverageLivesOfIntangibleAssetsAndIntangibleLiabilities" xlink:to="iret_WeightedAverageLivesOfIntangibleAssetsAndIntangibleLiabilities_lbl" xlink:title="label: WeightedAverageLivesOfIntangibleAssetsAndIntangibleLiabilities to iret_WeightedAverageLivesOfIntangibleAssetsAndIntangibleLiabilities_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_WeightedAverageLivesOfIntangibleAssetsAndIntangibleLiabilities_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_WeightedAverageLivesOfIntangibleAssetsAndIntangibleLiabilities_lbl1" xml:lang="en-US" id="iret_WeightedAverageLivesOfIntangibleAssetsAndIntangibleLiabilities_lbl1">Weighted average lives of intangible assets and intangible liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WeightedAverageLivesOfIntangibleAssetsAndIntangibleLiabilities" xlink:to="iret_WeightedAverageLivesOfIntangibleAssetsAndIntangibleLiabilities_lbl1" xlink:title="label: WeightedAverageLivesOfIntangibleAssetsAndIntangibleLiabilities to iret_WeightedAverageLivesOfIntangibleAssetsAndIntangibleLiabilities_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_IndentifiedIntangibleLiabilitiesGross" xlink:label="IndentifiedIntangibleLiabilitiesGross" xlink:title="IndentifiedIntangibleLiabilitiesGross" />
    <link:label xlink:type="resource" xlink:label="iret_IndentifiedIntangibleLiabilitiesGross_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_IndentifiedIntangibleLiabilitiesGross_lbl" xml:lang="en-US" id="iret_IndentifiedIntangibleLiabilitiesGross_lbl">Indentified intangible liabilities, gross.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IndentifiedIntangibleLiabilitiesGross" xlink:to="iret_IndentifiedIntangibleLiabilitiesGross_lbl" xlink:title="label: IndentifiedIntangibleLiabilitiesGross to iret_IndentifiedIntangibleLiabilitiesGross_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_IndentifiedIntangibleLiabilitiesGross_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_IndentifiedIntangibleLiabilitiesGross_lbl1" xml:lang="en-US" id="iret_IndentifiedIntangibleLiabilitiesGross_lbl1">Indentified intangible liabilities, gross</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IndentifiedIntangibleLiabilitiesGross" xlink:to="iret_IndentifiedIntangibleLiabilitiesGross_lbl1" xlink:title="label: IndentifiedIntangibleLiabilitiesGross to iret_IndentifiedIntangibleLiabilitiesGross_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_IndentifiedIntangibleLiabilitiesAccumulatedAmortization" xlink:label="IndentifiedIntangibleLiabilitiesAccumulatedAmortization" xlink:title="IndentifiedIntangibleLiabilitiesAccumulatedAmortization" />
    <link:label xlink:type="resource" xlink:label="iret_IndentifiedIntangibleLiabilitiesAccumulatedAmortization_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_IndentifiedIntangibleLiabilitiesAccumulatedAmortization_lbl" xml:lang="en-US" id="iret_IndentifiedIntangibleLiabilitiesAccumulatedAmortization_lbl">Indentified intangible liabilities, accumulated amortization.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IndentifiedIntangibleLiabilitiesAccumulatedAmortization" xlink:to="iret_IndentifiedIntangibleLiabilitiesAccumulatedAmortization_lbl" xlink:title="label: IndentifiedIntangibleLiabilitiesAccumulatedAmortization to iret_IndentifiedIntangibleLiabilitiesAccumulatedAmortization_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_IndentifiedIntangibleLiabilitiesAccumulatedAmortization_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_IndentifiedIntangibleLiabilitiesAccumulatedAmortization_lbl1" xml:lang="en-US" id="iret_IndentifiedIntangibleLiabilitiesAccumulatedAmortization_lbl1">Indentified intangible liabilities, accumulated amortization</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IndentifiedIntangibleLiabilitiesAccumulatedAmortization" xlink:to="iret_IndentifiedIntangibleLiabilitiesAccumulatedAmortization_lbl1" xlink:title="label: IndentifiedIntangibleLiabilitiesAccumulatedAmortization to iret_IndentifiedIntangibleLiabilitiesAccumulatedAmortization_lbl1" />
    <link:label xlink:type="resource" xlink:label="iret_IndentifiedIntangibleLiabilitiesAccumulatedAmortization_lbl2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="iret_IndentifiedIntangibleLiabilitiesAccumulatedAmortization_lbl2" xml:lang="en-US" id="iret_IndentifiedIntangibleLiabilitiesAccumulatedAmortization_lbl2">Indentified intangible liabilities, accumulated amortization</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IndentifiedIntangibleLiabilitiesAccumulatedAmortization" xlink:to="iret_IndentifiedIntangibleLiabilitiesAccumulatedAmortization_lbl2" xlink:title="label: IndentifiedIntangibleLiabilitiesAccumulatedAmortization to iret_IndentifiedIntangibleLiabilitiesAccumulatedAmortization_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_IndentifiedIntangibleLiabilitiesNet" xlink:label="IndentifiedIntangibleLiabilitiesNet" xlink:title="IndentifiedIntangibleLiabilitiesNet" />
    <link:label xlink:type="resource" xlink:label="iret_IndentifiedIntangibleLiabilitiesNet_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_IndentifiedIntangibleLiabilitiesNet_lbl" xml:lang="en-US" id="iret_IndentifiedIntangibleLiabilitiesNet_lbl">Indentified intangible liabilities, net.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IndentifiedIntangibleLiabilitiesNet" xlink:to="iret_IndentifiedIntangibleLiabilitiesNet_lbl" xlink:title="label: IndentifiedIntangibleLiabilitiesNet to iret_IndentifiedIntangibleLiabilitiesNet_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_IndentifiedIntangibleLiabilitiesNet_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_IndentifiedIntangibleLiabilitiesNet_lbl1" xml:lang="en-US" id="iret_IndentifiedIntangibleLiabilitiesNet_lbl1">Indentified intangible liabilities, net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IndentifiedIntangibleLiabilitiesNet" xlink:to="iret_IndentifiedIntangibleLiabilitiesNet_lbl1" xlink:title="label: IndentifiedIntangibleLiabilitiesNet to iret_IndentifiedIntangibleLiabilitiesNet_lbl1" />
    <link:label xlink:type="resource" xlink:label="iret_IndentifiedIntangibleLiabilitiesNet_lbl2" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="iret_IndentifiedIntangibleLiabilitiesNet_lbl2" xml:lang="en-US" id="iret_IndentifiedIntangibleLiabilitiesNet_lbl2">Indentified intangible liabilities, net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IndentifiedIntangibleLiabilitiesNet" xlink:to="iret_IndentifiedIntangibleLiabilitiesNet_lbl2" xlink:title="label: IndentifiedIntangibleLiabilitiesNet to iret_IndentifiedIntangibleLiabilitiesNet_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_InvoluntaryConversionOfAssetsAbstract" xlink:label="InvoluntaryConversionOfAssetsAbstract" xlink:title="InvoluntaryConversionOfAssetsAbstract" />
    <link:label xlink:type="resource" xlink:label="iret_InvoluntaryConversionOfAssetsAbstract_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_InvoluntaryConversionOfAssetsAbstract_lbl1" xml:lang="en-US" id="iret_InvoluntaryConversionOfAssetsAbstract_lbl1">INVOLUNTARY CONVERSION OF ASSETS [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvoluntaryConversionOfAssetsAbstract" xlink:to="iret_InvoluntaryConversionOfAssetsAbstract_lbl1" xlink:title="label: InvoluntaryConversionOfAssetsAbstract to iret_InvoluntaryConversionOfAssetsAbstract_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_NumberOf32UnitBuildings" xlink:label="NumberOf32UnitBuildings" xlink:title="NumberOf32UnitBuildings" />
    <link:label xlink:type="resource" xlink:label="iret_NumberOf32UnitBuildings_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_NumberOf32UnitBuildings_lbl" xml:lang="en-US" id="iret_NumberOf32UnitBuildings_lbl">Number of 32 unit buildings.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOf32UnitBuildings" xlink:to="iret_NumberOf32UnitBuildings_lbl" xlink:title="label: NumberOf32UnitBuildings to iret_NumberOf32UnitBuildings_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_NumberOf32UnitBuildings_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_NumberOf32UnitBuildings_lbl1" xml:lang="en-US" id="iret_NumberOf32UnitBuildings_lbl1">Number of 32 unit buildings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOf32UnitBuildings" xlink:to="iret_NumberOf32UnitBuildings_lbl1" xlink:title="label: NumberOf32UnitBuildings to iret_NumberOf32UnitBuildings_lbl1" />
    <link:label xlink:type="resource" xlink:label="iret_NumberOf32UnitBuildings_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="iret_NumberOf32UnitBuildings_lbl2" xml:lang="en-US" id="iret_NumberOf32UnitBuildings_lbl2">Number of 32-unit buildings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOf32UnitBuildings" xlink:to="iret_NumberOf32UnitBuildings_lbl2" xlink:title="label: NumberOf32UnitBuildings to iret_NumberOf32UnitBuildings_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_InsuranceProceedsReceivedForBusinessInterruptionFromFloodAndFire" xlink:label="InsuranceProceedsReceivedForBusinessInterruptionFromFloodAndFire" xlink:title="InsuranceProceedsReceivedForBusinessInterruptionFromFloodAndFire" />
    <link:label xlink:type="resource" xlink:label="iret_InsuranceProceedsReceivedForBusinessInterruptionFromFloodAndFire_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_InsuranceProceedsReceivedForBusinessInterruptionFromFloodAndFire_lbl" xml:lang="en-US" id="iret_InsuranceProceedsReceivedForBusinessInterruptionFromFloodAndFire_lbl">The insurance proceeds received for business interruption from the flood and fire.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InsuranceProceedsReceivedForBusinessInterruptionFromFloodAndFire" xlink:to="iret_InsuranceProceedsReceivedForBusinessInterruptionFromFloodAndFire_lbl" xlink:title="label: InsuranceProceedsReceivedForBusinessInterruptionFromFloodAndFire to iret_InsuranceProceedsReceivedForBusinessInterruptionFromFloodAndFire_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_InsuranceProceedsReceivedForBusinessInterruptionFromFloodAndFire_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_InsuranceProceedsReceivedForBusinessInterruptionFromFloodAndFire_lbl1" xml:lang="en-US" id="iret_InsuranceProceedsReceivedForBusinessInterruptionFromFloodAndFire_lbl1">Insurance proceeds received for business interruption from the flood and fire</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InsuranceProceedsReceivedForBusinessInterruptionFromFloodAndFire" xlink:to="iret_InsuranceProceedsReceivedForBusinessInterruptionFromFloodAndFire_lbl1" xlink:title="label: InsuranceProceedsReceivedForBusinessInterruptionFromFloodAndFire to iret_InsuranceProceedsReceivedForBusinessInterruptionFromFloodAndFire_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_InsuranceProceedsReceivedForTotalBusinessInterruptionProceeds" xlink:label="InsuranceProceedsReceivedForTotalBusinessInterruptionProceeds" xlink:title="InsuranceProceedsReceivedForTotalBusinessInterruptionProceeds" />
    <link:label xlink:type="resource" xlink:label="iret_InsuranceProceedsReceivedForTotalBusinessInterruptionProceeds_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_InsuranceProceedsReceivedForTotalBusinessInterruptionProceeds_lbl" xml:lang="en-US" id="iret_InsuranceProceedsReceivedForTotalBusinessInterruptionProceeds_lbl">The insurance proceeds received for total business interruption proceeds.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InsuranceProceedsReceivedForTotalBusinessInterruptionProceeds" xlink:to="iret_InsuranceProceedsReceivedForTotalBusinessInterruptionProceeds_lbl" xlink:title="label: InsuranceProceedsReceivedForTotalBusinessInterruptionProceeds to iret_InsuranceProceedsReceivedForTotalBusinessInterruptionProceeds_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_InsuranceProceedsReceivedForTotalBusinessInterruptionProceeds_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_InsuranceProceedsReceivedForTotalBusinessInterruptionProceeds_lbl1" xml:lang="en-US" id="iret_InsuranceProceedsReceivedForTotalBusinessInterruptionProceeds_lbl1">Insurance proceeds received for total business interruption proceeds</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InsuranceProceedsReceivedForTotalBusinessInterruptionProceeds" xlink:to="iret_InsuranceProceedsReceivedForTotalBusinessInterruptionProceeds_lbl1" xlink:title="label: InsuranceProceedsReceivedForTotalBusinessInterruptionProceeds to iret_InsuranceProceedsReceivedForTotalBusinessInterruptionProceeds_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_MultiFamilyResidentialMember" xlink:label="MultiFamilyResidentialMember" xlink:title="MultiFamilyResidentialMember" />
    <link:label xlink:type="resource" xlink:label="iret_MultiFamilyResidentialMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_MultiFamilyResidentialMember_lbl" xml:lang="en-US" id="iret_MultiFamilyResidentialMember_lbl">A business segment for reporting the information separately.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MultiFamilyResidentialMember" xlink:to="iret_MultiFamilyResidentialMember_lbl" xlink:title="label: MultiFamilyResidentialMember to iret_MultiFamilyResidentialMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_MultiFamilyResidentialMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_MultiFamilyResidentialMember_lbl1" xml:lang="en-US" id="iret_MultiFamilyResidentialMember_lbl1">Multi Family Residential [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MultiFamilyResidentialMember" xlink:to="iret_MultiFamilyResidentialMember_lbl1" xlink:title="label: MultiFamilyResidentialMember to iret_MultiFamilyResidentialMember_lbl1" />
    <link:label xlink:type="resource" xlink:label="iret_MultiFamilyResidentialMember_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="iret_MultiFamilyResidentialMember_lbl2" xml:lang="en-US" id="iret_MultiFamilyResidentialMember_lbl2">Multi-Family Residential [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MultiFamilyResidentialMember" xlink:to="iret_MultiFamilyResidentialMember_lbl2" xlink:title="label: MultiFamilyResidentialMember to iret_MultiFamilyResidentialMember_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_CommercialOfficeMember" xlink:label="CommercialOfficeMember" xlink:title="CommercialOfficeMember" />
    <link:label xlink:type="resource" xlink:label="iret_CommercialOfficeMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_CommercialOfficeMember_lbl" xml:lang="en-US" id="iret_CommercialOfficeMember_lbl">A business segment for reporting the information separately.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommercialOfficeMember" xlink:to="iret_CommercialOfficeMember_lbl" xlink:title="label: CommercialOfficeMember to iret_CommercialOfficeMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_CommercialOfficeMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_CommercialOfficeMember_lbl1" xml:lang="en-US" id="iret_CommercialOfficeMember_lbl1">Commercial Office [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommercialOfficeMember" xlink:to="iret_CommercialOfficeMember_lbl1" xlink:title="label: CommercialOfficeMember to iret_CommercialOfficeMember_lbl1" />
    <link:label xlink:type="resource" xlink:label="iret_CommercialOfficeMember_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="iret_CommercialOfficeMember_lbl2" xml:lang="en-US" id="iret_CommercialOfficeMember_lbl2">Commercial-Office [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommercialOfficeMember" xlink:to="iret_CommercialOfficeMember_lbl2" xlink:title="label: CommercialOfficeMember to iret_CommercialOfficeMember_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_CommercialHealthcareMember" xlink:label="CommercialHealthcareMember" xlink:title="CommercialHealthcareMember" />
    <link:label xlink:type="resource" xlink:label="iret_CommercialHealthcareMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_CommercialHealthcareMember_lbl" xml:lang="en-US" id="iret_CommercialHealthcareMember_lbl">A business segment for reporting the information separately.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommercialHealthcareMember" xlink:to="iret_CommercialHealthcareMember_lbl" xlink:title="label: CommercialHealthcareMember to iret_CommercialHealthcareMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_CommercialHealthcareMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_CommercialHealthcareMember_lbl1" xml:lang="en-US" id="iret_CommercialHealthcareMember_lbl1">Commercial Healthcare [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommercialHealthcareMember" xlink:to="iret_CommercialHealthcareMember_lbl1" xlink:title="label: CommercialHealthcareMember to iret_CommercialHealthcareMember_lbl1" />
    <link:label xlink:type="resource" xlink:label="iret_CommercialHealthcareMember_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="iret_CommercialHealthcareMember_lbl2" xml:lang="en-US" id="iret_CommercialHealthcareMember_lbl2">Commercial-Healthcare [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommercialHealthcareMember" xlink:to="iret_CommercialHealthcareMember_lbl2" xlink:title="label: CommercialHealthcareMember to iret_CommercialHealthcareMember_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_CommercialIndustrialMember" xlink:label="CommercialIndustrialMember" xlink:title="CommercialIndustrialMember" />
    <link:label xlink:type="resource" xlink:label="iret_CommercialIndustrialMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_CommercialIndustrialMember_lbl" xml:lang="en-US" id="iret_CommercialIndustrialMember_lbl">A business segment for reporting the information separately.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommercialIndustrialMember" xlink:to="iret_CommercialIndustrialMember_lbl" xlink:title="label: CommercialIndustrialMember to iret_CommercialIndustrialMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_CommercialIndustrialMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_CommercialIndustrialMember_lbl1" xml:lang="en-US" id="iret_CommercialIndustrialMember_lbl1">Commercial Industrial [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommercialIndustrialMember" xlink:to="iret_CommercialIndustrialMember_lbl1" xlink:title="label: CommercialIndustrialMember to iret_CommercialIndustrialMember_lbl1" />
    <link:label xlink:type="resource" xlink:label="iret_CommercialIndustrialMember_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="iret_CommercialIndustrialMember_lbl2" xml:lang="en-US" id="iret_CommercialIndustrialMember_lbl2">Commercial-Industrial [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommercialIndustrialMember" xlink:to="iret_CommercialIndustrialMember_lbl2" xlink:title="label: CommercialIndustrialMember to iret_CommercialIndustrialMember_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_CommercialRetailMember" xlink:label="CommercialRetailMember" xlink:title="CommercialRetailMember" />
    <link:label xlink:type="resource" xlink:label="iret_CommercialRetailMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_CommercialRetailMember_lbl" xml:lang="en-US" id="iret_CommercialRetailMember_lbl">A business segment for reporting the information separately.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommercialRetailMember" xlink:to="iret_CommercialRetailMember_lbl" xlink:title="label: CommercialRetailMember to iret_CommercialRetailMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_CommercialRetailMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_CommercialRetailMember_lbl1" xml:lang="en-US" id="iret_CommercialRetailMember_lbl1">Commercial Retail [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommercialRetailMember" xlink:to="iret_CommercialRetailMember_lbl1" xlink:title="label: CommercialRetailMember to iret_CommercialRetailMember_lbl1" />
    <link:label xlink:type="resource" xlink:label="iret_CommercialRetailMember_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="iret_CommercialRetailMember_lbl2" xml:lang="en-US" id="iret_CommercialRetailMember_lbl2">Commercial-Retail [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommercialRetailMember" xlink:to="iret_CommercialRetailMember_lbl2" xlink:title="label: CommercialRetailMember to iret_CommercialRetailMember_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_DepreciationAndAmortizationIncludingRelatedToNonRealEstateInvestments" xlink:label="DepreciationAndAmortizationIncludingRelatedToNonRealEstateInvestments" xlink:title="DepreciationAndAmortizationIncludingRelatedToNonRealEstateInvestments" />
    <link:label xlink:type="resource" xlink:label="iret_DepreciationAndAmortizationIncludingRelatedToNonRealEstateInvestments_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_DepreciationAndAmortizationIncludingRelatedToNonRealEstateInvestments_lbl" xml:lang="en-US" id="iret_DepreciationAndAmortizationIncludingRelatedToNonRealEstateInvestments_lbl">Depreciation and amortization including related to non real estate investments.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DepreciationAndAmortizationIncludingRelatedToNonRealEstateInvestments" xlink:to="iret_DepreciationAndAmortizationIncludingRelatedToNonRealEstateInvestments_lbl" xlink:title="label: DepreciationAndAmortizationIncludingRelatedToNonRealEstateInvestments to iret_DepreciationAndAmortizationIncludingRelatedToNonRealEstateInvestments_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_DepreciationAndAmortizationIncludingRelatedToNonRealEstateInvestments_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_DepreciationAndAmortizationIncludingRelatedToNonRealEstateInvestments_lbl1" xml:lang="en-US" id="iret_DepreciationAndAmortizationIncludingRelatedToNonRealEstateInvestments_lbl1">Depreciation and amortization including related to non real estate investments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DepreciationAndAmortizationIncludingRelatedToNonRealEstateInvestments" xlink:to="iret_DepreciationAndAmortizationIncludingRelatedToNonRealEstateInvestments_lbl1" xlink:title="label: DepreciationAndAmortizationIncludingRelatedToNonRealEstateInvestments to iret_DepreciationAndAmortizationIncludingRelatedToNonRealEstateInvestments_lbl1" />
    <link:label xlink:type="resource" xlink:label="iret_DepreciationAndAmortizationIncludingRelatedToNonRealEstateInvestments_lbl2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="iret_DepreciationAndAmortizationIncludingRelatedToNonRealEstateInvestments_lbl2" xml:lang="en-US" id="iret_DepreciationAndAmortizationIncludingRelatedToNonRealEstateInvestments_lbl2">Depreciation/amortization</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DepreciationAndAmortizationIncludingRelatedToNonRealEstateInvestments" xlink:to="iret_DepreciationAndAmortizationIncludingRelatedToNonRealEstateInvestments_lbl2" xlink:title="label: DepreciationAndAmortizationIncludingRelatedToNonRealEstateInvestments to iret_DepreciationAndAmortizationIncludingRelatedToNonRealEstateInvestments_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_AdministrativeAdvisoryAndTrusteeServices" xlink:label="AdministrativeAdvisoryAndTrusteeServices" xlink:title="AdministrativeAdvisoryAndTrusteeServices" />
    <link:label xlink:type="resource" xlink:label="iret_AdministrativeAdvisoryAndTrusteeServices_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_AdministrativeAdvisoryAndTrusteeServices_lbl" xml:lang="en-US" id="iret_AdministrativeAdvisoryAndTrusteeServices_lbl">Administrative, advisory and trustee services.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdministrativeAdvisoryAndTrusteeServices" xlink:to="iret_AdministrativeAdvisoryAndTrusteeServices_lbl" xlink:title="label: AdministrativeAdvisoryAndTrusteeServices to iret_AdministrativeAdvisoryAndTrusteeServices_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_AdministrativeAdvisoryAndTrusteeServices_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_AdministrativeAdvisoryAndTrusteeServices_lbl1" xml:lang="en-US" id="iret_AdministrativeAdvisoryAndTrusteeServices_lbl1">Administrative, advisory and trustee services</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdministrativeAdvisoryAndTrusteeServices" xlink:to="iret_AdministrativeAdvisoryAndTrusteeServices_lbl1" xlink:title="label: AdministrativeAdvisoryAndTrusteeServices to iret_AdministrativeAdvisoryAndTrusteeServices_lbl1" />
    <link:label xlink:type="resource" xlink:label="iret_AdministrativeAdvisoryAndTrusteeServices_lbl2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="iret_AdministrativeAdvisoryAndTrusteeServices_lbl2" xml:lang="en-US" id="iret_AdministrativeAdvisoryAndTrusteeServices_lbl2">Administrative, advisory and trustee services</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdministrativeAdvisoryAndTrusteeServices" xlink:to="iret_AdministrativeAdvisoryAndTrusteeServices_lbl2" xlink:title="label: AdministrativeAdvisoryAndTrusteeServices to iret_AdministrativeAdvisoryAndTrusteeServices_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_ImpairmentOfRealEstateInvestments" xlink:label="ImpairmentOfRealEstateInvestments" xlink:title="ImpairmentOfRealEstateInvestments" />
    <link:label xlink:type="resource" xlink:label="iret_ImpairmentOfRealEstateInvestments_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_ImpairmentOfRealEstateInvestments_lbl" xml:lang="en-US" id="iret_ImpairmentOfRealEstateInvestments_lbl">Impairment of real estate investments with different values from Cash Flows element.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ImpairmentOfRealEstateInvestments" xlink:to="iret_ImpairmentOfRealEstateInvestments_lbl" xlink:title="label: ImpairmentOfRealEstateInvestments to iret_ImpairmentOfRealEstateInvestments_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_ImpairmentOfRealEstateInvestments_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_ImpairmentOfRealEstateInvestments_lbl1" xml:lang="en-US" id="iret_ImpairmentOfRealEstateInvestments_lbl1">Impairment of real estate investments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ImpairmentOfRealEstateInvestments" xlink:to="iret_ImpairmentOfRealEstateInvestments_lbl1" xlink:title="label: ImpairmentOfRealEstateInvestments to iret_ImpairmentOfRealEstateInvestments_lbl1" />
    <link:label xlink:type="resource" xlink:label="iret_ImpairmentOfRealEstateInvestments_lbl2" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:title="iret_ImpairmentOfRealEstateInvestments_lbl2" xml:lang="en-US" id="iret_ImpairmentOfRealEstateInvestments_lbl2">Impairment of real estate investments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ImpairmentOfRealEstateInvestments" xlink:to="iret_ImpairmentOfRealEstateInvestments_lbl2" xlink:title="label: ImpairmentOfRealEstateInvestments to iret_ImpairmentOfRealEstateInvestments_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_ReceivablesAndOtherAssets" xlink:label="ReceivablesAndOtherAssets" xlink:title="ReceivablesAndOtherAssets" />
    <link:label xlink:type="resource" xlink:label="iret_ReceivablesAndOtherAssets_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_ReceivablesAndOtherAssets_lbl" xml:lang="en-US" id="iret_ReceivablesAndOtherAssets_lbl">Receivables and other assets.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReceivablesAndOtherAssets" xlink:to="iret_ReceivablesAndOtherAssets_lbl" xlink:title="label: ReceivablesAndOtherAssets to iret_ReceivablesAndOtherAssets_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_ReceivablesAndOtherAssets_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_ReceivablesAndOtherAssets_lbl1" xml:lang="en-US" id="iret_ReceivablesAndOtherAssets_lbl1">Receivables and other assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReceivablesAndOtherAssets" xlink:to="iret_ReceivablesAndOtherAssets_lbl1" xlink:title="label: ReceivablesAndOtherAssets to iret_ReceivablesAndOtherAssets_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_NumberOfCondominiumUnitsSold" xlink:label="NumberOfCondominiumUnitsSold" xlink:title="NumberOfCondominiumUnitsSold" />
    <link:label xlink:type="resource" xlink:label="iret_NumberOfCondominiumUnitsSold_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_NumberOfCondominiumUnitsSold_lbl" xml:lang="en-US" id="iret_NumberOfCondominiumUnitsSold_lbl">Number of condominium units sold.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfCondominiumUnitsSold" xlink:to="iret_NumberOfCondominiumUnitsSold_lbl" xlink:title="label: NumberOfCondominiumUnitsSold to iret_NumberOfCondominiumUnitsSold_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_NumberOfCondominiumUnitsSold_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_NumberOfCondominiumUnitsSold_lbl1" xml:lang="en-US" id="iret_NumberOfCondominiumUnitsSold_lbl1">Number Of Condominium Units Sold</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfCondominiumUnitsSold" xlink:to="iret_NumberOfCondominiumUnitsSold_lbl1" xlink:title="label: NumberOfCondominiumUnitsSold to iret_NumberOfCondominiumUnitsSold_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_NumberOfRetailPropertiesSold" xlink:label="NumberOfRetailPropertiesSold" xlink:title="NumberOfRetailPropertiesSold" />
    <link:label xlink:type="resource" xlink:label="iret_NumberOfRetailPropertiesSold_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_NumberOfRetailPropertiesSold_lbl" xml:lang="en-US" id="iret_NumberOfRetailPropertiesSold_lbl">Number of retail properties sold.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfRetailPropertiesSold" xlink:to="iret_NumberOfRetailPropertiesSold_lbl" xlink:title="label: NumberOfRetailPropertiesSold to iret_NumberOfRetailPropertiesSold_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_NumberOfRetailPropertiesSold_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_NumberOfRetailPropertiesSold_lbl1" xml:lang="en-US" id="iret_NumberOfRetailPropertiesSold_lbl1">Number of retail properties sold</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfRetailPropertiesSold" xlink:to="iret_NumberOfRetailPropertiesSold_lbl1" xlink:title="label: NumberOfRetailPropertiesSold to iret_NumberOfRetailPropertiesSold_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_ResultsOfOperationsFromAcquiredPropertiesTextBlock" xlink:label="ResultsOfOperationsFromAcquiredPropertiesTextBlock" xlink:title="ResultsOfOperationsFromAcquiredPropertiesTextBlock" />
    <link:label xlink:type="resource" xlink:label="iret_ResultsOfOperationsFromAcquiredPropertiesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_ResultsOfOperationsFromAcquiredPropertiesTextBlock_lbl" xml:lang="en-US" id="iret_ResultsOfOperationsFromAcquiredPropertiesTextBlock_lbl">Tabular disclosure of results of operations from acquired properties included in the Condensed Consolidated Statements of Operations as of acquisition date.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ResultsOfOperationsFromAcquiredPropertiesTextBlock" xlink:to="iret_ResultsOfOperationsFromAcquiredPropertiesTextBlock_lbl" xlink:title="label: ResultsOfOperationsFromAcquiredPropertiesTextBlock to iret_ResultsOfOperationsFromAcquiredPropertiesTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_ResultsOfOperationsFromAcquiredPropertiesTextBlock_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_ResultsOfOperationsFromAcquiredPropertiesTextBlock_lbl1" xml:lang="en-US" id="iret_ResultsOfOperationsFromAcquiredPropertiesTextBlock_lbl1">Results of operations from acquired properties [Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ResultsOfOperationsFromAcquiredPropertiesTextBlock" xlink:to="iret_ResultsOfOperationsFromAcquiredPropertiesTextBlock_lbl1" xlink:title="label: ResultsOfOperationsFromAcquiredPropertiesTextBlock to iret_ResultsOfOperationsFromAcquiredPropertiesTextBlock_lbl1" />
    <link:label xlink:type="resource" xlink:label="iret_ResultsOfOperationsFromAcquiredPropertiesTextBlock_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="iret_ResultsOfOperationsFromAcquiredPropertiesTextBlock_lbl2" xml:lang="en-US" id="iret_ResultsOfOperationsFromAcquiredPropertiesTextBlock_lbl2">Results of operations from acquired properties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ResultsOfOperationsFromAcquiredPropertiesTextBlock" xlink:to="iret_ResultsOfOperationsFromAcquiredPropertiesTextBlock_lbl2" xlink:title="label: ResultsOfOperationsFromAcquiredPropertiesTextBlock to iret_ResultsOfOperationsFromAcquiredPropertiesTextBlock_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_BusinessAcquisitionByStatusOfPropertyAcquiredAxis" xlink:label="BusinessAcquisitionByStatusOfPropertyAcquiredAxis" xlink:title="BusinessAcquisitionByStatusOfPropertyAcquiredAxis" />
    <link:label xlink:type="resource" xlink:label="iret_BusinessAcquisitionByStatusOfPropertyAcquiredAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_BusinessAcquisitionByStatusOfPropertyAcquiredAxis_lbl" xml:lang="en-US" id="iret_BusinessAcquisitionByStatusOfPropertyAcquiredAxis_lbl">Information of status of property acquired.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BusinessAcquisitionByStatusOfPropertyAcquiredAxis" xlink:to="iret_BusinessAcquisitionByStatusOfPropertyAcquiredAxis_lbl" xlink:title="label: BusinessAcquisitionByStatusOfPropertyAcquiredAxis to iret_BusinessAcquisitionByStatusOfPropertyAcquiredAxis_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_BusinessAcquisitionByStatusOfPropertyAcquiredAxis_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_BusinessAcquisitionByStatusOfPropertyAcquiredAxis_lbl1" xml:lang="en-US" id="iret_BusinessAcquisitionByStatusOfPropertyAcquiredAxis_lbl1">Business Acquisition, By Status of Property Acquired [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BusinessAcquisitionByStatusOfPropertyAcquiredAxis" xlink:to="iret_BusinessAcquisitionByStatusOfPropertyAcquiredAxis_lbl1" xlink:title="label: BusinessAcquisitionByStatusOfPropertyAcquiredAxis to iret_BusinessAcquisitionByStatusOfPropertyAcquiredAxis_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_BusinessAcquisitionByStatusOfPropertyAcquiredDomain" xlink:label="BusinessAcquisitionByStatusOfPropertyAcquiredDomain" xlink:title="BusinessAcquisitionByStatusOfPropertyAcquiredDomain" />
    <link:label xlink:type="resource" xlink:label="iret_BusinessAcquisitionByStatusOfPropertyAcquiredDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_BusinessAcquisitionByStatusOfPropertyAcquiredDomain_lbl" xml:lang="en-US" id="iret_BusinessAcquisitionByStatusOfPropertyAcquiredDomain_lbl">Identification of the status of property acquired.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BusinessAcquisitionByStatusOfPropertyAcquiredDomain" xlink:to="iret_BusinessAcquisitionByStatusOfPropertyAcquiredDomain_lbl" xlink:title="label: BusinessAcquisitionByStatusOfPropertyAcquiredDomain to iret_BusinessAcquisitionByStatusOfPropertyAcquiredDomain_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_BusinessAcquisitionByStatusOfPropertyAcquiredDomain_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_BusinessAcquisitionByStatusOfPropertyAcquiredDomain_lbl1" xml:lang="en-US" id="iret_BusinessAcquisitionByStatusOfPropertyAcquiredDomain_lbl1">Business Acquisition, By Status of Property Acquired [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BusinessAcquisitionByStatusOfPropertyAcquiredDomain" xlink:to="iret_BusinessAcquisitionByStatusOfPropertyAcquiredDomain_lbl1" xlink:title="label: BusinessAcquisitionByStatusOfPropertyAcquiredDomain to iret_BusinessAcquisitionByStatusOfPropertyAcquiredDomain_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_DevelopmentProjectsPlacedInServiceMember" xlink:label="DevelopmentProjectsPlacedInServiceMember" xlink:title="DevelopmentProjectsPlacedInServiceMember" />
    <link:label xlink:type="resource" xlink:label="iret_DevelopmentProjectsPlacedInServiceMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_DevelopmentProjectsPlacedInServiceMember_lbl" xml:lang="en-US" id="iret_DevelopmentProjectsPlacedInServiceMember_lbl">Property acquired by development projects placed in service.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DevelopmentProjectsPlacedInServiceMember" xlink:to="iret_DevelopmentProjectsPlacedInServiceMember_lbl" xlink:title="label: DevelopmentProjectsPlacedInServiceMember to iret_DevelopmentProjectsPlacedInServiceMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_DevelopmentProjectsPlacedInServiceMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_DevelopmentProjectsPlacedInServiceMember_lbl1" xml:lang="en-US" id="iret_DevelopmentProjectsPlacedInServiceMember_lbl1">Development Projects Placed in Service [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DevelopmentProjectsPlacedInServiceMember" xlink:to="iret_DevelopmentProjectsPlacedInServiceMember_lbl1" xlink:title="label: DevelopmentProjectsPlacedInServiceMember to iret_DevelopmentProjectsPlacedInServiceMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_ColonyLincolnNeMember" xlink:label="ColonyLincolnNeMember" xlink:title="ColonyLincolnNeMember" />
    <link:label xlink:type="resource" xlink:label="iret_ColonyLincolnNeMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_ColonyLincolnNeMember_lbl" xml:lang="en-US" id="iret_ColonyLincolnNeMember_lbl">Colony - Lincoln, NE property acquired or disposed.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ColonyLincolnNeMember" xlink:to="iret_ColonyLincolnNeMember_lbl" xlink:title="label: ColonyLincolnNeMember to iret_ColonyLincolnNeMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_ColonyLincolnNeMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_ColonyLincolnNeMember_lbl1" xml:lang="en-US" id="iret_ColonyLincolnNeMember_lbl1">Colony Lincoln, NE [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ColonyLincolnNeMember" xlink:to="iret_ColonyLincolnNeMember_lbl1" xlink:title="label: ColonyLincolnNeMember to iret_ColonyLincolnNeMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_QuarryRidgeIiRochesterMnMember" xlink:label="QuarryRidgeIiRochesterMnMember" xlink:title="QuarryRidgeIiRochesterMnMember" />
    <link:label xlink:type="resource" xlink:label="iret_QuarryRidgeIiRochesterMnMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_QuarryRidgeIiRochesterMnMember_lbl" xml:lang="en-US" id="iret_QuarryRidgeIiRochesterMnMember_lbl">Quarry Ridge II - Rochester, MN property acquired or disposed.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="QuarryRidgeIiRochesterMnMember" xlink:to="iret_QuarryRidgeIiRochesterMnMember_lbl" xlink:title="label: QuarryRidgeIiRochesterMnMember to iret_QuarryRidgeIiRochesterMnMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_QuarryRidgeIiRochesterMnMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_QuarryRidgeIiRochesterMnMember_lbl1" xml:lang="en-US" id="iret_QuarryRidgeIiRochesterMnMember_lbl1">Quarry Ridge II Rochester, MN [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="QuarryRidgeIiRochesterMnMember" xlink:to="iret_QuarryRidgeIiRochesterMnMember_lbl1" xlink:title="label: QuarryRidgeIiRochesterMnMember to iret_QuarryRidgeIiRochesterMnMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_VariableInterestEntityAbstract" xlink:label="VariableInterestEntityAbstract" xlink:title="VariableInterestEntityAbstract" />
    <link:label xlink:type="resource" xlink:label="iret_VariableInterestEntityAbstract_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_VariableInterestEntityAbstract_lbl1" xml:lang="en-US" id="iret_VariableInterestEntityAbstract_lbl1">VARIABLE INTEREST ENTITY [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VariableInterestEntityAbstract" xlink:to="iret_VariableInterestEntityAbstract_lbl1" xlink:title="label: VariableInterestEntityAbstract to iret_VariableInterestEntityAbstract_lbl1" />
    <link:label xlink:type="resource" xlink:label="iret_VariableInterestEntityAbstract_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="iret_VariableInterestEntityAbstract_lbl2" xml:lang="en-US" id="iret_VariableInterestEntityAbstract_lbl2">VARIABLE INTEREST ENTITY [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VariableInterestEntityAbstract" xlink:to="iret_VariableInterestEntityAbstract_lbl2" xlink:title="label: VariableInterestEntityAbstract to iret_VariableInterestEntityAbstract_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_GeorgetownSquareCondominiums5And6Member" xlink:label="GeorgetownSquareCondominiums5And6Member" xlink:title="GeorgetownSquareCondominiums5And6Member" />
    <link:label xlink:type="resource" xlink:label="iret_GeorgetownSquareCondominiums5And6Member_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_GeorgetownSquareCondominiums5And6Member_lbl" xml:lang="en-US" id="iret_GeorgetownSquareCondominiums5And6Member_lbl">Georgetown Square Condominiums 5 and 6 property acquired or disposed.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GeorgetownSquareCondominiums5And6Member" xlink:to="iret_GeorgetownSquareCondominiums5And6Member_lbl" xlink:title="label: GeorgetownSquareCondominiums5And6Member to iret_GeorgetownSquareCondominiums5And6Member_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_GeorgetownSquareCondominiums5And6Member_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_GeorgetownSquareCondominiums5And6Member_lbl1" xml:lang="en-US" id="iret_GeorgetownSquareCondominiums5And6Member_lbl1">Georgetown Square Condominiums 5 and 6 [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GeorgetownSquareCondominiums5And6Member" xlink:to="iret_GeorgetownSquareCondominiums5And6Member_lbl1" xlink:title="label: GeorgetownSquareCondominiums5And6Member to iret_GeorgetownSquareCondominiums5And6Member_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_KentwoodThomasvilleKentwoodMiMember" xlink:label="KentwoodThomasvilleKentwoodMiMember" xlink:title="KentwoodThomasvilleKentwoodMiMember" />
    <link:label xlink:type="resource" xlink:label="iret_KentwoodThomasvilleKentwoodMiMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_KentwoodThomasvilleKentwoodMiMember_lbl" xml:lang="en-US" id="iret_KentwoodThomasvilleKentwoodMiMember_lbl">Kentwood Thomasville - Kentwood, MI property acquired or disposed.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="KentwoodThomasvilleKentwoodMiMember" xlink:to="iret_KentwoodThomasvilleKentwoodMiMember_lbl" xlink:title="label: KentwoodThomasvilleKentwoodMiMember to iret_KentwoodThomasvilleKentwoodMiMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_KentwoodThomasvilleKentwoodMiMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_KentwoodThomasvilleKentwoodMiMember_lbl1" xml:lang="en-US" id="iret_KentwoodThomasvilleKentwoodMiMember_lbl1">Kentwood Thomasville Kentwood, MI [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="KentwoodThomasvilleKentwoodMiMember" xlink:to="iret_KentwoodThomasvilleKentwoodMiMember_lbl1" xlink:title="label: KentwoodThomasvilleKentwoodMiMember to iret_KentwoodThomasvilleKentwoodMiMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_LakesideVillageLincolnNeMember" xlink:label="LakesideVillageLincolnNeMember" xlink:title="LakesideVillageLincolnNeMember" />
    <link:label xlink:type="resource" xlink:label="iret_LakesideVillageLincolnNeMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_LakesideVillageLincolnNeMember_lbl" xml:lang="en-US" id="iret_LakesideVillageLincolnNeMember_lbl">Lakeside Village - Lincoln, NE property acquired or disposed.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LakesideVillageLincolnNeMember" xlink:to="iret_LakesideVillageLincolnNeMember_lbl" xlink:title="label: LakesideVillageLincolnNeMember to iret_LakesideVillageLincolnNeMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_LakesideVillageLincolnNeMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_LakesideVillageLincolnNeMember_lbl1" xml:lang="en-US" id="iret_LakesideVillageLincolnNeMember_lbl1">Lakeside Village Lincoln, NE [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LakesideVillageLincolnNeMember" xlink:to="iret_LakesideVillageLincolnNeMember_lbl1" xlink:title="label: LakesideVillageLincolnNeMember to iret_LakesideVillageLincolnNeMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_VillaWestTopekaKsMember" xlink:label="VillaWestTopekaKsMember" xlink:title="VillaWestTopekaKsMember" />
    <link:label xlink:type="resource" xlink:label="iret_VillaWestTopekaKsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_VillaWestTopekaKsMember_lbl" xml:lang="en-US" id="iret_VillaWestTopekaKsMember_lbl">Villa West - Topeka, KS property acquired or disposed.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VillaWestTopekaKsMember" xlink:to="iret_VillaWestTopekaKsMember_lbl" xlink:title="label: VillaWestTopekaKsMember to iret_VillaWestTopekaKsMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_VillaWestTopekaKsMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_VillaWestTopekaKsMember_lbl1" xml:lang="en-US" id="iret_VillaWestTopekaKsMember_lbl1">Villa West Topeka, KS [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VillaWestTopekaKsMember" xlink:to="iret_VillaWestTopekaKsMember_lbl1" xlink:title="label: VillaWestTopekaKsMember to iret_VillaWestTopekaKsMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_WillistonGardenBuildings3And4WillistonNdMember" xlink:label="WillistonGardenBuildings3And4WillistonNdMember" xlink:title="WillistonGardenBuildings3And4WillistonNdMember" />
    <link:label xlink:type="resource" xlink:label="iret_WillistonGardenBuildings3And4WillistonNdMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_WillistonGardenBuildings3And4WillistonNdMember_lbl" xml:lang="en-US" id="iret_WillistonGardenBuildings3And4WillistonNdMember_lbl">Williston Garden Buildings 3 and 4 - Williston, ND property acquired or disposed.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WillistonGardenBuildings3And4WillistonNdMember" xlink:to="iret_WillistonGardenBuildings3And4WillistonNdMember_lbl" xlink:title="label: WillistonGardenBuildings3And4WillistonNdMember to iret_WillistonGardenBuildings3And4WillistonNdMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_WillistonGardenBuildings3And4WillistonNdMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_WillistonGardenBuildings3And4WillistonNdMember_lbl1" xml:lang="en-US" id="iret_WillistonGardenBuildings3And4WillistonNdMember_lbl1">Williston Garden Buildings 3 and 4 Williston, ND [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WillistonGardenBuildings3And4WillistonNdMember" xlink:to="iret_WillistonGardenBuildings3And4WillistonNdMember_lbl1" xlink:title="label: WillistonGardenBuildings3And4WillistonNdMember to iret_WillistonGardenBuildings3And4WillistonNdMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_UnimprovedLandMember" xlink:label="UnimprovedLandMember" xlink:title="UnimprovedLandMember" />
    <link:label xlink:type="resource" xlink:label="iret_UnimprovedLandMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_UnimprovedLandMember_lbl" xml:lang="en-US" id="iret_UnimprovedLandMember_lbl">A business segment for reporting the information separately.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UnimprovedLandMember" xlink:to="iret_UnimprovedLandMember_lbl" xlink:title="label: UnimprovedLandMember to iret_UnimprovedLandMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_UnimprovedLandMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_UnimprovedLandMember_lbl1" xml:lang="en-US" id="iret_UnimprovedLandMember_lbl1">Unimproved Land [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UnimprovedLandMember" xlink:to="iret_UnimprovedLandMember_lbl1" xlink:title="label: UnimprovedLandMember to iret_UnimprovedLandMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_OtherDispositionMember" xlink:label="OtherDispositionMember" xlink:title="OtherDispositionMember" />
    <link:label xlink:type="resource" xlink:label="iret_OtherDispositionMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_OtherDispositionMember_lbl" xml:lang="en-US" id="iret_OtherDispositionMember_lbl">A business segment for reporting the information separately.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherDispositionMember" xlink:to="iret_OtherDispositionMember_lbl" xlink:title="label: OtherDispositionMember to iret_OtherDispositionMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_OtherDispositionMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_OtherDispositionMember_lbl1" xml:lang="en-US" id="iret_OtherDispositionMember_lbl1">Other Disposition [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherDispositionMember" xlink:to="iret_OtherDispositionMember_lbl1" xlink:title="label: OtherDispositionMember to iret_OtherDispositionMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_EstimatedTotalCostsOfJointVentureProject" xlink:label="EstimatedTotalCostsOfJointVentureProject" xlink:title="EstimatedTotalCostsOfJointVentureProject" />
    <link:label xlink:type="resource" xlink:label="iret_EstimatedTotalCostsOfJointVentureProject_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_EstimatedTotalCostsOfJointVentureProject_lbl" xml:lang="en-US" id="iret_EstimatedTotalCostsOfJointVentureProject_lbl">The estimated total costs of the project related to the joint venture considered as variable interest entity.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EstimatedTotalCostsOfJointVentureProject" xlink:to="iret_EstimatedTotalCostsOfJointVentureProject_lbl" xlink:title="label: EstimatedTotalCostsOfJointVentureProject to iret_EstimatedTotalCostsOfJointVentureProject_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_EstimatedTotalCostsOfJointVentureProject_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_EstimatedTotalCostsOfJointVentureProject_lbl1" xml:lang="en-US" id="iret_EstimatedTotalCostsOfJointVentureProject_lbl1">Estimated total costs of joint venture project</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EstimatedTotalCostsOfJointVentureProject" xlink:to="iret_EstimatedTotalCostsOfJointVentureProject_lbl1" xlink:title="label: EstimatedTotalCostsOfJointVentureProject to iret_EstimatedTotalCostsOfJointVentureProject_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_NumberOfBuildings" xlink:label="NumberOfBuildings" xlink:title="NumberOfBuildings" />
    <link:label xlink:type="resource" xlink:label="iret_NumberOfBuildings_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_NumberOfBuildings_lbl" xml:lang="en-US" id="iret_NumberOfBuildings_lbl">Number of buildings.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfBuildings" xlink:to="iret_NumberOfBuildings_lbl" xlink:title="label: NumberOfBuildings to iret_NumberOfBuildings_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_NumberOfBuildings_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_NumberOfBuildings_lbl1" xml:lang="en-US" id="iret_NumberOfBuildings_lbl1">Number of buildings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfBuildings" xlink:to="iret_NumberOfBuildings_lbl1" xlink:title="label: NumberOfBuildings to iret_NumberOfBuildings_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_ProjectCostsIncurredToDate" xlink:label="ProjectCostsIncurredToDate" xlink:title="ProjectCostsIncurredToDate" />
    <link:label xlink:type="resource" xlink:label="iret_ProjectCostsIncurredToDate_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_ProjectCostsIncurredToDate_lbl" xml:lang="en-US" id="iret_ProjectCostsIncurredToDate_lbl">Project costs incurred to date.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProjectCostsIncurredToDate" xlink:to="iret_ProjectCostsIncurredToDate_lbl" xlink:title="label: ProjectCostsIncurredToDate to iret_ProjectCostsIncurredToDate_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_ProjectCostsIncurredToDate_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_ProjectCostsIncurredToDate_lbl1" xml:lang="en-US" id="iret_ProjectCostsIncurredToDate_lbl1">Project costs incurred to date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProjectCostsIncurredToDate" xlink:to="iret_ProjectCostsIncurredToDate_lbl1" xlink:title="label: ProjectCostsIncurredToDate to iret_ProjectCostsIncurredToDate_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_EstimatedCostOfConstruction" xlink:label="EstimatedCostOfConstruction" xlink:title="EstimatedCostOfConstruction" />
    <link:label xlink:type="resource" xlink:label="iret_EstimatedCostOfConstruction_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_EstimatedCostOfConstruction_lbl" xml:lang="en-US" id="iret_EstimatedCostOfConstruction_lbl">Estimated cost of construction.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EstimatedCostOfConstruction" xlink:to="iret_EstimatedCostOfConstruction_lbl" xlink:title="label: EstimatedCostOfConstruction to iret_EstimatedCostOfConstruction_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_EstimatedCostOfConstruction_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_EstimatedCostOfConstruction_lbl1" xml:lang="en-US" id="iret_EstimatedCostOfConstruction_lbl1">Estimated cost of construction</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EstimatedCostOfConstruction" xlink:to="iret_EstimatedCostOfConstruction_lbl1" xlink:title="label: EstimatedCostOfConstruction to iret_EstimatedCostOfConstruction_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_AcquisitionsAndDevelopmentProjectsPlacedInServiceAbstract" xlink:label="AcquisitionsAndDevelopmentProjectsPlacedInServiceAbstract" xlink:title="AcquisitionsAndDevelopmentProjectsPlacedInServiceAbstract" />
    <link:label xlink:type="resource" xlink:label="iret_AcquisitionsAndDevelopmentProjectsPlacedInServiceAbstract_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_AcquisitionsAndDevelopmentProjectsPlacedInServiceAbstract_lbl1" xml:lang="en-US" id="iret_AcquisitionsAndDevelopmentProjectsPlacedInServiceAbstract_lbl1">Acquisitions and development projects placed in service [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AcquisitionsAndDevelopmentProjectsPlacedInServiceAbstract" xlink:to="iret_AcquisitionsAndDevelopmentProjectsPlacedInServiceAbstract_lbl1" xlink:title="label: AcquisitionsAndDevelopmentProjectsPlacedInServiceAbstract to iret_AcquisitionsAndDevelopmentProjectsPlacedInServiceAbstract_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_AcquisitionsDateOfTransactionForAcquisitionOrDisposal" xlink:label="AcquisitionsDateOfTransactionForAcquisitionOrDisposal" xlink:title="AcquisitionsDateOfTransactionForAcquisitionOrDisposal" />
    <link:label xlink:type="resource" xlink:label="iret_AcquisitionsDateOfTransactionForAcquisitionOrDisposal_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_AcquisitionsDateOfTransactionForAcquisitionOrDisposal_lbl" xml:lang="en-US" id="iret_AcquisitionsDateOfTransactionForAcquisitionOrDisposal_lbl">Date of acquisition, in CCYY-MM-DD format.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AcquisitionsDateOfTransactionForAcquisitionOrDisposal" xlink:to="iret_AcquisitionsDateOfTransactionForAcquisitionOrDisposal_lbl" xlink:title="label: AcquisitionsDateOfTransactionForAcquisitionOrDisposal to iret_AcquisitionsDateOfTransactionForAcquisitionOrDisposal_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_AcquisitionsDateOfTransactionForAcquisitionOrDisposal_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_AcquisitionsDateOfTransactionForAcquisitionOrDisposal_lbl1" xml:lang="en-US" id="iret_AcquisitionsDateOfTransactionForAcquisitionOrDisposal_lbl1">Acquisitions, Date of Transaction for Acquisition or Disposal</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AcquisitionsDateOfTransactionForAcquisitionOrDisposal" xlink:to="iret_AcquisitionsDateOfTransactionForAcquisitionOrDisposal_lbl1" xlink:title="label: AcquisitionsDateOfTransactionForAcquisitionOrDisposal to iret_AcquisitionsDateOfTransactionForAcquisitionOrDisposal_lbl1" />
    <link:label xlink:type="resource" xlink:label="iret_AcquisitionsDateOfTransactionForAcquisitionOrDisposal_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="iret_AcquisitionsDateOfTransactionForAcquisitionOrDisposal_lbl2" xml:lang="en-US" id="iret_AcquisitionsDateOfTransactionForAcquisitionOrDisposal_lbl2">Date Acquisition</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AcquisitionsDateOfTransactionForAcquisitionOrDisposal" xlink:to="iret_AcquisitionsDateOfTransactionForAcquisitionOrDisposal_lbl2" xlink:title="label: AcquisitionsDateOfTransactionForAcquisitionOrDisposal to iret_AcquisitionsDateOfTransactionForAcquisitionOrDisposal_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_NumberOfApartmentUnitsAcquisitions" xlink:label="NumberOfApartmentUnitsAcquisitions" xlink:title="NumberOfApartmentUnitsAcquisitions" />
    <link:label xlink:type="resource" xlink:label="iret_NumberOfApartmentUnitsAcquisitions_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_NumberOfApartmentUnitsAcquisitions_lbl" xml:lang="en-US" id="iret_NumberOfApartmentUnitsAcquisitions_lbl">Number of apartment units acquired.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfApartmentUnitsAcquisitions" xlink:to="iret_NumberOfApartmentUnitsAcquisitions_lbl" xlink:title="label: NumberOfApartmentUnitsAcquisitions to iret_NumberOfApartmentUnitsAcquisitions_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_NumberOfApartmentUnitsAcquisitions_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_NumberOfApartmentUnitsAcquisitions_lbl1" xml:lang="en-US" id="iret_NumberOfApartmentUnitsAcquisitions_lbl1">Number of apartment units, acquisitions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfApartmentUnitsAcquisitions" xlink:to="iret_NumberOfApartmentUnitsAcquisitions_lbl1" xlink:title="label: NumberOfApartmentUnitsAcquisitions to iret_NumberOfApartmentUnitsAcquisitions_lbl1" />
    <link:label xlink:type="resource" xlink:label="iret_NumberOfApartmentUnitsAcquisitions_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="iret_NumberOfApartmentUnitsAcquisitions_lbl2" xml:lang="en-US" id="iret_NumberOfApartmentUnitsAcquisitions_lbl2">Number of apartment units</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfApartmentUnitsAcquisitions" xlink:to="iret_NumberOfApartmentUnitsAcquisitions_lbl2" xlink:title="label: NumberOfApartmentUnitsAcquisitions to iret_NumberOfApartmentUnitsAcquisitions_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_DispositionsAbstract" xlink:label="DispositionsAbstract" xlink:title="DispositionsAbstract" />
    <link:label xlink:type="resource" xlink:label="iret_DispositionsAbstract_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_DispositionsAbstract_lbl1" xml:lang="en-US" id="iret_DispositionsAbstract_lbl1">Dispositions [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DispositionsAbstract" xlink:to="iret_DispositionsAbstract_lbl1" xlink:title="label: DispositionsAbstract to iret_DispositionsAbstract_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_DisposalsDateOfTransactionForAcquisitionOrDisposal" xlink:label="DisposalsDateOfTransactionForAcquisitionOrDisposal" xlink:title="DisposalsDateOfTransactionForAcquisitionOrDisposal" />
    <link:label xlink:type="resource" xlink:label="iret_DisposalsDateOfTransactionForAcquisitionOrDisposal_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_DisposalsDateOfTransactionForAcquisitionOrDisposal_lbl" xml:lang="en-US" id="iret_DisposalsDateOfTransactionForAcquisitionOrDisposal_lbl">Date of disposal, in CCYY-MM-DD format.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisposalsDateOfTransactionForAcquisitionOrDisposal" xlink:to="iret_DisposalsDateOfTransactionForAcquisitionOrDisposal_lbl" xlink:title="label: DisposalsDateOfTransactionForAcquisitionOrDisposal to iret_DisposalsDateOfTransactionForAcquisitionOrDisposal_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_DisposalsDateOfTransactionForAcquisitionOrDisposal_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_DisposalsDateOfTransactionForAcquisitionOrDisposal_lbl1" xml:lang="en-US" id="iret_DisposalsDateOfTransactionForAcquisitionOrDisposal_lbl1">Disposals, Date of Transaction for Acquisition or Disposal</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisposalsDateOfTransactionForAcquisitionOrDisposal" xlink:to="iret_DisposalsDateOfTransactionForAcquisitionOrDisposal_lbl1" xlink:title="label: DisposalsDateOfTransactionForAcquisitionOrDisposal to iret_DisposalsDateOfTransactionForAcquisitionOrDisposal_lbl1" />
    <link:label xlink:type="resource" xlink:label="iret_DisposalsDateOfTransactionForAcquisitionOrDisposal_lbl2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="iret_DisposalsDateOfTransactionForAcquisitionOrDisposal_lbl2" xml:lang="en-US" id="iret_DisposalsDateOfTransactionForAcquisitionOrDisposal_lbl2">Date Disposal</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisposalsDateOfTransactionForAcquisitionOrDisposal" xlink:to="iret_DisposalsDateOfTransactionForAcquisitionOrDisposal_lbl2" xlink:title="label: DisposalsDateOfTransactionForAcquisitionOrDisposal to iret_DisposalsDateOfTransactionForAcquisitionOrDisposal_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_AreaOfRealEstatePropertyDispositions" xlink:label="AreaOfRealEstatePropertyDispositions" xlink:title="AreaOfRealEstatePropertyDispositions" />
    <link:label xlink:type="resource" xlink:label="iret_AreaOfRealEstatePropertyDispositions_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_AreaOfRealEstatePropertyDispositions_lbl" xml:lang="en-US" id="iret_AreaOfRealEstatePropertyDispositions_lbl">Area of a real estate property disposed.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AreaOfRealEstatePropertyDispositions" xlink:to="iret_AreaOfRealEstatePropertyDispositions_lbl" xlink:title="label: AreaOfRealEstatePropertyDispositions to iret_AreaOfRealEstatePropertyDispositions_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_AreaOfRealEstatePropertyDispositions_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_AreaOfRealEstatePropertyDispositions_lbl1" xml:lang="en-US" id="iret_AreaOfRealEstatePropertyDispositions_lbl1">Area of Real Estate Property, dispositions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AreaOfRealEstatePropertyDispositions" xlink:to="iret_AreaOfRealEstatePropertyDispositions_lbl1" xlink:title="label: AreaOfRealEstatePropertyDispositions to iret_AreaOfRealEstatePropertyDispositions_lbl1" />
    <link:label xlink:type="resource" xlink:label="iret_AreaOfRealEstatePropertyDispositions_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="iret_AreaOfRealEstatePropertyDispositions_lbl2" xml:lang="en-US" id="iret_AreaOfRealEstatePropertyDispositions_lbl2">Area of a real estate property (in square feet)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AreaOfRealEstatePropertyDispositions" xlink:to="iret_AreaOfRealEstatePropertyDispositions_lbl2" xlink:title="label: AreaOfRealEstatePropertyDispositions to iret_AreaOfRealEstatePropertyDispositions_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_NumberOfPropertiesSecuringLineOfCredit" xlink:label="NumberOfPropertiesSecuringLineOfCredit" xlink:title="NumberOfPropertiesSecuringLineOfCredit" />
    <link:label xlink:type="resource" xlink:label="iret_NumberOfPropertiesSecuringLineOfCredit_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_NumberOfPropertiesSecuringLineOfCredit_lbl" xml:lang="en-US" id="iret_NumberOfPropertiesSecuringLineOfCredit_lbl">Number of properties securing line of credit.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfPropertiesSecuringLineOfCredit" xlink:to="iret_NumberOfPropertiesSecuringLineOfCredit_lbl" xlink:title="label: NumberOfPropertiesSecuringLineOfCredit to iret_NumberOfPropertiesSecuringLineOfCredit_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_NumberOfPropertiesSecuringLineOfCredit_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_NumberOfPropertiesSecuringLineOfCredit_lbl1" xml:lang="en-US" id="iret_NumberOfPropertiesSecuringLineOfCredit_lbl1">Number of properties securing line of credit</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfPropertiesSecuringLineOfCredit" xlink:to="iret_NumberOfPropertiesSecuringLineOfCredit_lbl1" xlink:title="label: NumberOfPropertiesSecuringLineOfCredit to iret_NumberOfPropertiesSecuringLineOfCredit_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_LineOfCreditMinimumOutstandingPrincipalBalance" xlink:label="LineOfCreditMinimumOutstandingPrincipalBalance" xlink:title="LineOfCreditMinimumOutstandingPrincipalBalance" />
    <link:label xlink:type="resource" xlink:label="iret_LineOfCreditMinimumOutstandingPrincipalBalance_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_LineOfCreditMinimumOutstandingPrincipalBalance_lbl" xml:lang="en-US" id="iret_LineOfCreditMinimumOutstandingPrincipalBalance_lbl">Line of credit, minimum outstanding principal balance.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LineOfCreditMinimumOutstandingPrincipalBalance" xlink:to="iret_LineOfCreditMinimumOutstandingPrincipalBalance_lbl" xlink:title="label: LineOfCreditMinimumOutstandingPrincipalBalance to iret_LineOfCreditMinimumOutstandingPrincipalBalance_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_LineOfCreditMinimumOutstandingPrincipalBalance_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_LineOfCreditMinimumOutstandingPrincipalBalance_lbl1" xml:lang="en-US" id="iret_LineOfCreditMinimumOutstandingPrincipalBalance_lbl1">Line of credit, minimum outstanding principal balance</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LineOfCreditMinimumOutstandingPrincipalBalance" xlink:to="iret_LineOfCreditMinimumOutstandingPrincipalBalance_lbl1" xlink:title="label: LineOfCreditMinimumOutstandingPrincipalBalance to iret_LineOfCreditMinimumOutstandingPrincipalBalance_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_MinimumDepositoryAccounts" xlink:label="MinimumDepositoryAccounts" xlink:title="MinimumDepositoryAccounts" />
    <link:label xlink:type="resource" xlink:label="iret_MinimumDepositoryAccounts_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_MinimumDepositoryAccounts_lbl" xml:lang="en-US" id="iret_MinimumDepositoryAccounts_lbl">Minimum depository accounts to be maintained.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MinimumDepositoryAccounts" xlink:to="iret_MinimumDepositoryAccounts_lbl" xlink:title="label: MinimumDepositoryAccounts to iret_MinimumDepositoryAccounts_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_MinimumDepositoryAccounts_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_MinimumDepositoryAccounts_lbl1" xml:lang="en-US" id="iret_MinimumDepositoryAccounts_lbl1">Minimum depository accounts</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MinimumDepositoryAccounts" xlink:to="iret_MinimumDepositoryAccounts_lbl1" xlink:title="label: MinimumDepositoryAccounts to iret_MinimumDepositoryAccounts_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_NonInterestBearingAccount" xlink:label="NonInterestBearingAccount" xlink:title="NonInterestBearingAccount" />
    <link:label xlink:type="resource" xlink:label="iret_NonInterestBearingAccount_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_NonInterestBearingAccount_lbl" xml:lang="en-US" id="iret_NonInterestBearingAccount_lbl">Non interest bearing account to be maintained.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonInterestBearingAccount" xlink:to="iret_NonInterestBearingAccount_lbl" xlink:title="label: NonInterestBearingAccount to iret_NonInterestBearingAccount_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_NonInterestBearingAccount_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_NonInterestBearingAccount_lbl1" xml:lang="en-US" id="iret_NonInterestBearingAccount_lbl1">Non interest bearing account</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonInterestBearingAccount" xlink:to="iret_NonInterestBearingAccount_lbl1" xlink:title="label: NonInterestBearingAccount to iret_NonInterestBearingAccount_lbl1" />
    <link:label xlink:type="resource" xlink:label="iret_NonInterestBearingAccount_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="iret_NonInterestBearingAccount_lbl2" xml:lang="en-US" id="iret_NonInterestBearingAccount_lbl2">Non-interest bearing account</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonInterestBearingAccount" xlink:to="iret_NonInterestBearingAccount_lbl2" xlink:title="label: NonInterestBearingAccount to iret_NonInterestBearingAccount_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_FairValueAssetsAndLiabilitiesMeasuredOnNonrecurringBasisAbstract" xlink:label="FairValueAssetsAndLiabilitiesMeasuredOnNonrecurringBasisAbstract" xlink:title="FairValueAssetsAndLiabilitiesMeasuredOnNonrecurringBasisAbstract" />
    <link:label xlink:type="resource" xlink:label="iret_FairValueAssetsAndLiabilitiesMeasuredOnNonrecurringBasisAbstract_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_FairValueAssetsAndLiabilitiesMeasuredOnNonrecurringBasisAbstract_lbl1" xml:lang="en-US" id="iret_FairValueAssetsAndLiabilitiesMeasuredOnNonrecurringBasisAbstract_lbl1">Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FairValueAssetsAndLiabilitiesMeasuredOnNonrecurringBasisAbstract" xlink:to="iret_FairValueAssetsAndLiabilitiesMeasuredOnNonrecurringBasisAbstract_lbl1" xlink:title="label: FairValueAssetsAndLiabilitiesMeasuredOnNonrecurringBasisAbstract to iret_FairValueAssetsAndLiabilitiesMeasuredOnNonrecurringBasisAbstract_lbl1" />
    <link:label xlink:type="resource" xlink:label="iret_FairValueAssetsAndLiabilitiesMeasuredOnNonrecurringBasisAbstract_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="iret_FairValueAssetsAndLiabilitiesMeasuredOnNonrecurringBasisAbstract_lbl2" xml:lang="en-US" id="iret_FairValueAssetsAndLiabilitiesMeasuredOnNonrecurringBasisAbstract_lbl2">Fair Value Measurements on a Nonrecurring Basis [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FairValueAssetsAndLiabilitiesMeasuredOnNonrecurringBasisAbstract" xlink:to="iret_FairValueAssetsAndLiabilitiesMeasuredOnNonrecurringBasisAbstract_lbl2" xlink:title="label: FairValueAssetsAndLiabilitiesMeasuredOnNonrecurringBasisAbstract to iret_FairValueAssetsAndLiabilitiesMeasuredOnNonrecurringBasisAbstract_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_RealEstateHeldForSaleFairValueDisclosure" xlink:label="RealEstateHeldForSaleFairValueDisclosure" xlink:title="RealEstateHeldForSaleFairValueDisclosure" />
    <link:label xlink:type="resource" xlink:label="iret_RealEstateHeldForSaleFairValueDisclosure_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_RealEstateHeldForSaleFairValueDisclosure_lbl" xml:lang="en-US" id="iret_RealEstateHeldForSaleFairValueDisclosure_lbl">This element represents the portion of the balance sheet assertion valued at fair value by the entity whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. This item represents loan receivable as presented on the statement of financial position which may include investments in land and buildings held for sale, excluding real estate considered to be inventory of the entity.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RealEstateHeldForSaleFairValueDisclosure" xlink:to="iret_RealEstateHeldForSaleFairValueDisclosure_lbl" xlink:title="label: RealEstateHeldForSaleFairValueDisclosure to iret_RealEstateHeldForSaleFairValueDisclosure_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_RealEstateHeldForSaleFairValueDisclosure_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_RealEstateHeldForSaleFairValueDisclosure_lbl1" xml:lang="en-US" id="iret_RealEstateHeldForSaleFairValueDisclosure_lbl1">Real Estate Held for sale, Fair Value Disclosure</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RealEstateHeldForSaleFairValueDisclosure" xlink:to="iret_RealEstateHeldForSaleFairValueDisclosure_lbl1" xlink:title="label: RealEstateHeldForSaleFairValueDisclosure to iret_RealEstateHeldForSaleFairValueDisclosure_lbl1" />
    <link:label xlink:type="resource" xlink:label="iret_RealEstateHeldForSaleFairValueDisclosure_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="iret_RealEstateHeldForSaleFairValueDisclosure_lbl2" xml:lang="en-US" id="iret_RealEstateHeldForSaleFairValueDisclosure_lbl2">Real estate held for sale</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RealEstateHeldForSaleFairValueDisclosure" xlink:to="iret_RealEstateHeldForSaleFairValueDisclosure_lbl2" xlink:title="label: RealEstateHeldForSaleFairValueDisclosure to iret_RealEstateHeldForSaleFairValueDisclosure_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_RealEstateInvestmentFairValueDisclosure" xlink:label="RealEstateInvestmentFairValueDisclosure" xlink:title="RealEstateInvestmentFairValueDisclosure" />
    <link:label xlink:type="resource" xlink:label="iret_RealEstateInvestmentFairValueDisclosure_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_RealEstateInvestmentFairValueDisclosure_lbl" xml:lang="en-US" id="iret_RealEstateInvestmentFairValueDisclosure_lbl">This element represents the portion of the balance sheet assertion valued at fair value by the entity whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. This item represents loan receivable as presented on the statement of financial position which may include investments in land and buildings, excluding real estate considered to be inventory of the entity.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RealEstateInvestmentFairValueDisclosure" xlink:to="iret_RealEstateInvestmentFairValueDisclosure_lbl" xlink:title="label: RealEstateInvestmentFairValueDisclosure to iret_RealEstateInvestmentFairValueDisclosure_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_RealEstateInvestmentFairValueDisclosure_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_RealEstateInvestmentFairValueDisclosure_lbl1" xml:lang="en-US" id="iret_RealEstateInvestmentFairValueDisclosure_lbl1">Real Estate Investment, Fair Value Disclosure</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RealEstateInvestmentFairValueDisclosure" xlink:to="iret_RealEstateInvestmentFairValueDisclosure_lbl1" xlink:title="label: RealEstateInvestmentFairValueDisclosure to iret_RealEstateInvestmentFairValueDisclosure_lbl1" />
    <link:label xlink:type="resource" xlink:label="iret_RealEstateInvestmentFairValueDisclosure_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="iret_RealEstateInvestmentFairValueDisclosure_lbl2" xml:lang="en-US" id="iret_RealEstateInvestmentFairValueDisclosure_lbl2">Real Estate Investment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RealEstateInvestmentFairValueDisclosure" xlink:to="iret_RealEstateInvestmentFairValueDisclosure_lbl2" xlink:title="label: RealEstateInvestmentFairValueDisclosure to iret_RealEstateInvestmentFairValueDisclosure_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_AlpsParkRapidCitySdMember" xlink:label="AlpsParkRapidCitySdMember" xlink:title="AlpsParkRapidCitySdMember" />
    <link:label xlink:type="resource" xlink:label="iret_AlpsParkRapidCitySdMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_AlpsParkRapidCitySdMember_lbl" xml:lang="en-US" id="iret_AlpsParkRapidCitySdMember_lbl">Alps Park - Rapid City, SD property acquired or disposed.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AlpsParkRapidCitySdMember" xlink:to="iret_AlpsParkRapidCitySdMember_lbl" xlink:title="label: AlpsParkRapidCitySdMember to iret_AlpsParkRapidCitySdMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_AlpsParkRapidCitySdMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_AlpsParkRapidCitySdMember_lbl1" xml:lang="en-US" id="iret_AlpsParkRapidCitySdMember_lbl1">Alps Park - Rapid City, SD [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AlpsParkRapidCitySdMember" xlink:to="iret_AlpsParkRapidCitySdMember_lbl1" xlink:title="label: AlpsParkRapidCitySdMember to iret_AlpsParkRapidCitySdMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_ChateauIiMinotNdMember" xlink:label="ChateauIiMinotNdMember" xlink:title="ChateauIiMinotNdMember" />
    <link:label xlink:type="resource" xlink:label="iret_ChateauIiMinotNdMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_ChateauIiMinotNdMember_lbl" xml:lang="en-US" id="iret_ChateauIiMinotNdMember_lbl">Chateau II - Minot, ND property acquired or disposed.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChateauIiMinotNdMember" xlink:to="iret_ChateauIiMinotNdMember_lbl" xlink:title="label: ChateauIiMinotNdMember to iret_ChateauIiMinotNdMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_ChateauIiMinotNdMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_ChateauIiMinotNdMember_lbl1" xml:lang="en-US" id="iret_ChateauIiMinotNdMember_lbl1">Chateau II - Minot, ND [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChateauIiMinotNdMember" xlink:to="iret_ChateauIiMinotNdMember_lbl1" xlink:title="label: ChateauIiMinotNdMember to iret_ChateauIiMinotNdMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_BodycoteEdenPrairieMnMember" xlink:label="BodycoteEdenPrairieMnMember" xlink:title="BodycoteEdenPrairieMnMember" />
    <link:label xlink:type="resource" xlink:label="iret_BodycoteEdenPrairieMnMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_BodycoteEdenPrairieMnMember_lbl" xml:lang="en-US" id="iret_BodycoteEdenPrairieMnMember_lbl">Bodycote - Eden Prairie, MN property acquired or disposed.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BodycoteEdenPrairieMnMember" xlink:to="iret_BodycoteEdenPrairieMnMember_lbl" xlink:title="label: BodycoteEdenPrairieMnMember to iret_BodycoteEdenPrairieMnMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_BodycoteEdenPrairieMnMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_BodycoteEdenPrairieMnMember_lbl1" xml:lang="en-US" id="iret_BodycoteEdenPrairieMnMember_lbl1">Bodycote - Eden Prairie, MN [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BodycoteEdenPrairieMnMember" xlink:to="iret_BodycoteEdenPrairieMnMember_lbl1" xlink:title="label: BodycoteEdenPrairieMnMember to iret_BodycoteEdenPrairieMnMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_Fargo132045ThStNFargoNdMember" xlink:label="Fargo132045ThStNFargoNdMember" xlink:title="Fargo132045ThStNFargoNdMember" />
    <link:label xlink:type="resource" xlink:label="iret_Fargo132045ThStNFargoNdMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_Fargo132045ThStNFargoNdMember_lbl" xml:lang="en-US" id="iret_Fargo132045ThStNFargoNdMember_lbl">Fargo 1320 45th St. N - Fargo, ND property acquired or disposed.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Fargo132045ThStNFargoNdMember" xlink:to="iret_Fargo132045ThStNFargoNdMember_lbl" xlink:title="label: Fargo132045ThStNFargoNdMember to iret_Fargo132045ThStNFargoNdMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_Fargo132045ThStNFargoNdMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_Fargo132045ThStNFargoNdMember_lbl1" xml:lang="en-US" id="iret_Fargo132045ThStNFargoNdMember_lbl1">Fargo 1320 45th St. N - Fargo, ND [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Fargo132045ThStNFargoNdMember" xlink:to="iret_Fargo132045ThStNFargoNdMember_lbl1" xlink:title="label: Fargo132045ThStNFargoNdMember to iret_Fargo132045ThStNFargoNdMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_MetalImprovementNewBrightonMnMember" xlink:label="MetalImprovementNewBrightonMnMember" xlink:title="MetalImprovementNewBrightonMnMember" />
    <link:label xlink:type="resource" xlink:label="iret_MetalImprovementNewBrightonMnMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_MetalImprovementNewBrightonMnMember_lbl" xml:lang="en-US" id="iret_MetalImprovementNewBrightonMnMember_lbl">Metal Improvement - New Brighton, MN property acquired or disposed.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MetalImprovementNewBrightonMnMember" xlink:to="iret_MetalImprovementNewBrightonMnMember_lbl" xlink:title="label: MetalImprovementNewBrightonMnMember to iret_MetalImprovementNewBrightonMnMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_MetalImprovementNewBrightonMnMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_MetalImprovementNewBrightonMnMember_lbl1" xml:lang="en-US" id="iret_MetalImprovementNewBrightonMnMember_lbl1">Metal Improvement - New Brighton, MN [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MetalImprovementNewBrightonMnMember" xlink:to="iret_MetalImprovementNewBrightonMnMember_lbl1" xlink:title="label: MetalImprovementNewBrightonMnMember to iret_MetalImprovementNewBrightonMnMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_Roseville2929LongLakeRoadRosevilleMnMember" xlink:label="Roseville2929LongLakeRoadRosevilleMnMember" xlink:title="Roseville2929LongLakeRoadRosevilleMnMember" />
    <link:label xlink:type="resource" xlink:label="iret_Roseville2929LongLakeRoadRosevilleMnMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_Roseville2929LongLakeRoadRosevilleMnMember_lbl" xml:lang="en-US" id="iret_Roseville2929LongLakeRoadRosevilleMnMember_lbl">Roseville 2929 Long Lake Road - Roseville, MN property acquired or disposed.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Roseville2929LongLakeRoadRosevilleMnMember" xlink:to="iret_Roseville2929LongLakeRoadRosevilleMnMember_lbl" xlink:title="label: Roseville2929LongLakeRoadRosevilleMnMember to iret_Roseville2929LongLakeRoadRosevilleMnMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_Roseville2929LongLakeRoadRosevilleMnMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_Roseville2929LongLakeRoadRosevilleMnMember_lbl1" xml:lang="en-US" id="iret_Roseville2929LongLakeRoadRosevilleMnMember_lbl1">Roseville 2929 Long Lake Road - Roseville, MN [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Roseville2929LongLakeRoadRosevilleMnMember" xlink:to="iret_Roseville2929LongLakeRoadRosevilleMnMember_lbl1" xlink:title="label: Roseville2929LongLakeRoadRosevilleMnMember to iret_Roseville2929LongLakeRoadRosevilleMnMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_EaganEaganMnMember" xlink:label="EaganEaganMnMember" xlink:title="EaganEaganMnMember" />
    <link:label xlink:type="resource" xlink:label="iret_EaganEaganMnMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_EaganEaganMnMember_lbl" xml:lang="en-US" id="iret_EaganEaganMnMember_lbl">Eagan - Eagan, MN property acquired or disposed.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EaganEaganMnMember" xlink:to="iret_EaganEaganMnMember_lbl" xlink:title="label: EaganEaganMnMember to iret_EaganEaganMnMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_EaganEaganMnMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_EaganEaganMnMember_lbl1" xml:lang="en-US" id="iret_EaganEaganMnMember_lbl1">Eagan - Eagan, MN [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EaganEaganMnMember" xlink:to="iret_EaganEaganMnMember_lbl1" xlink:title="label: EaganEaganMnMember to iret_EaganEaganMnMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_IretNumberOfIndustrialSold" xlink:label="IretNumberOfIndustrialSold" xlink:title="IretNumberOfIndustrialSold" />
    <link:label xlink:type="resource" xlink:label="iret_IretNumberOfIndustrialSold_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_IretNumberOfIndustrialSold_lbl" xml:lang="en-US" id="iret_IretNumberOfIndustrialSold_lbl">Number of industrial properties sold.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IretNumberOfIndustrialSold" xlink:to="iret_IretNumberOfIndustrialSold_lbl" xlink:title="label: IretNumberOfIndustrialSold to iret_IretNumberOfIndustrialSold_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_IretNumberOfIndustrialSold_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_IretNumberOfIndustrialSold_lbl1" xml:lang="en-US" id="iret_IretNumberOfIndustrialSold_lbl1">Number of industrial sold</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IretNumberOfIndustrialSold" xlink:to="iret_IretNumberOfIndustrialSold_lbl1" xlink:title="label: IretNumberOfIndustrialSold to iret_IretNumberOfIndustrialSold_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_NumberOfIndustrialHeldForSale" xlink:label="NumberOfIndustrialHeldForSale" xlink:title="NumberOfIndustrialHeldForSale" />
    <link:label xlink:type="resource" xlink:label="iret_NumberOfIndustrialHeldForSale_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_NumberOfIndustrialHeldForSale_lbl" xml:lang="en-US" id="iret_NumberOfIndustrialHeldForSale_lbl">Number of industrial properties held for sale.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfIndustrialHeldForSale" xlink:to="iret_NumberOfIndustrialHeldForSale_lbl" xlink:title="label: NumberOfIndustrialHeldForSale to iret_NumberOfIndustrialHeldForSale_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_NumberOfIndustrialHeldForSale_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_NumberOfIndustrialHeldForSale_lbl1" xml:lang="en-US" id="iret_NumberOfIndustrialHeldForSale_lbl1">Number of industrial held for sale</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfIndustrialHeldForSale" xlink:to="iret_NumberOfIndustrialHeldForSale_lbl1" xlink:title="label: NumberOfIndustrialHeldForSale to iret_NumberOfIndustrialHeldForSale_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_ContinuousEquityOfferingProgramMember" xlink:label="ContinuousEquityOfferingProgramMember" xlink:title="ContinuousEquityOfferingProgramMember" />
    <link:label xlink:type="resource" xlink:label="iret_ContinuousEquityOfferingProgramMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_ContinuousEquityOfferingProgramMember_lbl" xml:lang="en-US" id="iret_ContinuousEquityOfferingProgramMember_lbl">Continuous equity offering program for issuing shares.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContinuousEquityOfferingProgramMember" xlink:to="iret_ContinuousEquityOfferingProgramMember_lbl" xlink:title="label: ContinuousEquityOfferingProgramMember to iret_ContinuousEquityOfferingProgramMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_ContinuousEquityOfferingProgramMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_ContinuousEquityOfferingProgramMember_lbl1" xml:lang="en-US" id="iret_ContinuousEquityOfferingProgramMember_lbl1">Continuous equity offering program [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContinuousEquityOfferingProgramMember" xlink:to="iret_ContinuousEquityOfferingProgramMember_lbl1" xlink:title="label: ContinuousEquityOfferingProgramMember to iret_ContinuousEquityOfferingProgramMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_KPlanMember" xlink:label="KPlanMember" xlink:title="KPlanMember" />
    <link:label xlink:type="resource" xlink:label="iret_KPlanMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_KPlanMember_lbl" xml:lang="en-US" id="iret_KPlanMember_lbl">401(k) plan for issuing shares.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="KPlanMember" xlink:to="iret_KPlanMember_lbl" xlink:title="label: KPlanMember to iret_KPlanMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_KPlanMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_KPlanMember_lbl1" xml:lang="en-US" id="iret_KPlanMember_lbl1">401(k) plan [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="KPlanMember" xlink:to="iret_KPlanMember_lbl1" xlink:title="label: KPlanMember to iret_KPlanMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_DistributionReinvestmentAndSharePurchasePlanMember" xlink:label="DistributionReinvestmentAndSharePurchasePlanMember" xlink:title="DistributionReinvestmentAndSharePurchasePlanMember" />
    <link:label xlink:type="resource" xlink:label="iret_DistributionReinvestmentAndSharePurchasePlanMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_DistributionReinvestmentAndSharePurchasePlanMember_lbl" xml:lang="en-US" id="iret_DistributionReinvestmentAndSharePurchasePlanMember_lbl">Distribution Reinvestment and Share Purchase Plan to issue the shares.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DistributionReinvestmentAndSharePurchasePlanMember" xlink:to="iret_DistributionReinvestmentAndSharePurchasePlanMember_lbl" xlink:title="label: DistributionReinvestmentAndSharePurchasePlanMember to iret_DistributionReinvestmentAndSharePurchasePlanMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_DistributionReinvestmentAndSharePurchasePlanMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_DistributionReinvestmentAndSharePurchasePlanMember_lbl1" xml:lang="en-US" id="iret_DistributionReinvestmentAndSharePurchasePlanMember_lbl1">Distribution Reinvestment and Share Purchase Plan [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DistributionReinvestmentAndSharePurchasePlanMember" xlink:to="iret_DistributionReinvestmentAndSharePurchasePlanMember_lbl1" xlink:title="label: DistributionReinvestmentAndSharePurchasePlanMember to iret_DistributionReinvestmentAndSharePurchasePlanMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_StLouisParkMinnesotaMember" xlink:label="StLouisParkMinnesotaMember" xlink:title="StLouisParkMinnesotaMember" />
    <link:label xlink:type="resource" xlink:label="iret_StLouisParkMinnesotaMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_StLouisParkMinnesotaMember_lbl1" xml:lang="en-US" id="iret_StLouisParkMinnesotaMember_lbl1">St. Louis Park, Minnesota [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StLouisParkMinnesotaMember" xlink:to="iret_StLouisParkMinnesotaMember_lbl1" xlink:title="label: StLouisParkMinnesotaMember to iret_StLouisParkMinnesotaMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_BloomingtonMinnesotaMember" xlink:label="BloomingtonMinnesotaMember" xlink:title="BloomingtonMinnesotaMember" />
    <link:label xlink:type="resource" xlink:label="iret_BloomingtonMinnesotaMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_BloomingtonMinnesotaMember_lbl1" xml:lang="en-US" id="iret_BloomingtonMinnesotaMember_lbl1">Bloomington, Minnesota [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BloomingtonMinnesotaMember" xlink:to="iret_BloomingtonMinnesotaMember_lbl1" xlink:title="label: BloomingtonMinnesotaMember to iret_BloomingtonMinnesotaMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_AnokaMinnesotaMember" xlink:label="AnokaMinnesotaMember" xlink:title="AnokaMinnesotaMember" />
    <link:label xlink:type="resource" xlink:label="iret_AnokaMinnesotaMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_AnokaMinnesotaMember_lbl1" xml:lang="en-US" id="iret_AnokaMinnesotaMember_lbl1">Anoka, Minnesota [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AnokaMinnesotaMember" xlink:to="iret_AnokaMinnesotaMember_lbl1" xlink:title="label: AnokaMinnesotaMember to iret_AnokaMinnesotaMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_CliveIowaMember" xlink:label="CliveIowaMember" xlink:title="CliveIowaMember" />
    <link:label xlink:type="resource" xlink:label="iret_CliveIowaMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_CliveIowaMember_lbl1" xml:lang="en-US" id="iret_CliveIowaMember_lbl1">Clive, Iowa [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CliveIowaMember" xlink:to="iret_CliveIowaMember_lbl1" xlink:title="label: CliveIowaMember to iret_CliveIowaMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_ProceedsFromFinancingLiabilityAbstract" xlink:label="ProceedsFromFinancingLiabilityAbstract" xlink:title="ProceedsFromFinancingLiabilityAbstract" />
    <link:label xlink:type="resource" xlink:label="iret_ProceedsFromFinancingLiabilityAbstract_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_ProceedsFromFinancingLiabilityAbstract_lbl1" xml:lang="en-US" id="iret_ProceedsFromFinancingLiabilityAbstract_lbl1">Proceeds From Financing Liability [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProceedsFromFinancingLiabilityAbstract" xlink:to="iret_ProceedsFromFinancingLiabilityAbstract_lbl1" xlink:title="label: ProceedsFromFinancingLiabilityAbstract to iret_ProceedsFromFinancingLiabilityAbstract_lbl1" />
    <link:label xlink:type="resource" xlink:label="iret_ProceedsFromFinancingLiabilityAbstract_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="iret_ProceedsFromFinancingLiabilityAbstract_lbl2" xml:lang="en-US" id="iret_ProceedsFromFinancingLiabilityAbstract_lbl2">PROCEEDS FROM FINANCING LIABILITY [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProceedsFromFinancingLiabilityAbstract" xlink:to="iret_ProceedsFromFinancingLiabilityAbstract_lbl2" xlink:title="label: ProceedsFromFinancingLiabilityAbstract to iret_ProceedsFromFinancingLiabilityAbstract_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_SaleLeasebackTransactionAmountOfDeedContract" xlink:label="SaleLeasebackTransactionAmountOfDeedContract" xlink:title="SaleLeasebackTransactionAmountOfDeedContract" />
    <link:label xlink:type="resource" xlink:label="iret_SaleLeasebackTransactionAmountOfDeedContract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_SaleLeasebackTransactionAmountOfDeedContract_lbl" xml:lang="en-US" id="iret_SaleLeasebackTransactionAmountOfDeedContract_lbl">The amount of deed contract related to the sale of non-core assisted living property that was subsequently leased back to the seller with an option to repurchase the property at a specified price.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SaleLeasebackTransactionAmountOfDeedContract" xlink:to="iret_SaleLeasebackTransactionAmountOfDeedContract_lbl" xlink:title="label: SaleLeasebackTransactionAmountOfDeedContract to iret_SaleLeasebackTransactionAmountOfDeedContract_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_SaleLeasebackTransactionAmountOfDeedContract_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_SaleLeasebackTransactionAmountOfDeedContract_lbl1" xml:lang="en-US" id="iret_SaleLeasebackTransactionAmountOfDeedContract_lbl1">Sale Leaseback Transaction Amount Of Deed Contract</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SaleLeasebackTransactionAmountOfDeedContract" xlink:to="iret_SaleLeasebackTransactionAmountOfDeedContract_lbl1" xlink:title="label: SaleLeasebackTransactionAmountOfDeedContract to iret_SaleLeasebackTransactionAmountOfDeedContract_lbl1" />
    <link:label xlink:type="resource" xlink:label="iret_SaleLeasebackTransactionAmountOfDeedContract_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="iret_SaleLeasebackTransactionAmountOfDeedContract_lbl2" xml:lang="en-US" id="iret_SaleLeasebackTransactionAmountOfDeedContract_lbl2">Amount of deed contract</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SaleLeasebackTransactionAmountOfDeedContract" xlink:to="iret_SaleLeasebackTransactionAmountOfDeedContract_lbl2" xlink:title="label: SaleLeasebackTransactionAmountOfDeedContract to iret_SaleLeasebackTransactionAmountOfDeedContract_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_PercentageOfProjectFinancedWithEntityInJointVenture" xlink:label="PercentageOfProjectFinancedWithEntityInJointVenture" xlink:title="PercentageOfProjectFinancedWithEntityInJointVenture" />
    <link:label xlink:type="resource" xlink:label="iret_PercentageOfProjectFinancedWithEntityInJointVenture_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_PercentageOfProjectFinancedWithEntityInJointVenture_lbl" xml:lang="en-US" id="iret_PercentageOfProjectFinancedWithEntityInJointVenture_lbl">The percentage of project financed with the entity in a joint venture considered as variable interest entity.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfProjectFinancedWithEntityInJointVenture" xlink:to="iret_PercentageOfProjectFinancedWithEntityInJointVenture_lbl" xlink:title="label: PercentageOfProjectFinancedWithEntityInJointVenture to iret_PercentageOfProjectFinancedWithEntityInJointVenture_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_PercentageOfProjectFinancedWithEntityInJointVenture_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_PercentageOfProjectFinancedWithEntityInJointVenture_lbl1" xml:lang="en-US" id="iret_PercentageOfProjectFinancedWithEntityInJointVenture_lbl1">Percentage of project financed with entity in joint venture</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfProjectFinancedWithEntityInJointVenture" xlink:to="iret_PercentageOfProjectFinancedWithEntityInJointVenture_lbl1" xlink:title="label: PercentageOfProjectFinancedWithEntityInJointVenture to iret_PercentageOfProjectFinancedWithEntityInJointVenture_lbl1" />
    <link:label xlink:type="resource" xlink:label="iret_PercentageOfProjectFinancedWithEntityInJointVenture_lbl2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="iret_PercentageOfProjectFinancedWithEntityInJointVenture_lbl2" xml:lang="en-US" id="iret_PercentageOfProjectFinancedWithEntityInJointVenture_lbl2">Percentage of project financed with IRET in joint venture (in hudnredths)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfProjectFinancedWithEntityInJointVenture" xlink:to="iret_PercentageOfProjectFinancedWithEntityInJointVenture_lbl2" xlink:title="label: PercentageOfProjectFinancedWithEntityInJointVenture to iret_PercentageOfProjectFinancedWithEntityInJointVenture_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_PercentageOfProjectFinancedWithThirdPartyDebtInJointVenture" xlink:label="PercentageOfProjectFinancedWithThirdPartyDebtInJointVenture" xlink:title="PercentageOfProjectFinancedWithThirdPartyDebtInJointVenture" />
    <link:label xlink:type="resource" xlink:label="iret_PercentageOfProjectFinancedWithThirdPartyDebtInJointVenture_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_PercentageOfProjectFinancedWithThirdPartyDebtInJointVenture_lbl" xml:lang="en-US" id="iret_PercentageOfProjectFinancedWithThirdPartyDebtInJointVenture_lbl">The percentage of project financed with third-party debt in a joint venture considered as variable interest entity.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfProjectFinancedWithThirdPartyDebtInJointVenture" xlink:to="iret_PercentageOfProjectFinancedWithThirdPartyDebtInJointVenture_lbl" xlink:title="label: PercentageOfProjectFinancedWithThirdPartyDebtInJointVenture to iret_PercentageOfProjectFinancedWithThirdPartyDebtInJointVenture_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_PercentageOfProjectFinancedWithThirdPartyDebtInJointVenture_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_PercentageOfProjectFinancedWithThirdPartyDebtInJointVenture_lbl1" xml:lang="en-US" id="iret_PercentageOfProjectFinancedWithThirdPartyDebtInJointVenture_lbl1">Percentage of project financed with third-party debt in joint venture</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfProjectFinancedWithThirdPartyDebtInJointVenture" xlink:to="iret_PercentageOfProjectFinancedWithThirdPartyDebtInJointVenture_lbl1" xlink:title="label: PercentageOfProjectFinancedWithThirdPartyDebtInJointVenture to iret_PercentageOfProjectFinancedWithThirdPartyDebtInJointVenture_lbl1" />
    <link:label xlink:type="resource" xlink:label="iret_PercentageOfProjectFinancedWithThirdPartyDebtInJointVenture_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="iret_PercentageOfProjectFinancedWithThirdPartyDebtInJointVenture_lbl2" xml:lang="en-US" id="iret_PercentageOfProjectFinancedWithThirdPartyDebtInJointVenture_lbl2">Percentage of project financed with third-party debt in joint venture (in hundredths)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfProjectFinancedWithThirdPartyDebtInJointVenture" xlink:to="iret_PercentageOfProjectFinancedWithThirdPartyDebtInJointVenture_lbl2" xlink:title="label: PercentageOfProjectFinancedWithThirdPartyDebtInJointVenture to iret_PercentageOfProjectFinancedWithThirdPartyDebtInJointVenture_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_SharesRegisteredUnderDistributionReinvestmentAndSharePurchasePlan" xlink:label="SharesRegisteredUnderDistributionReinvestmentAndSharePurchasePlan" xlink:title="SharesRegisteredUnderDistributionReinvestmentAndSharePurchasePlan" />
    <link:label xlink:type="resource" xlink:label="iret_SharesRegisteredUnderDistributionReinvestmentAndSharePurchasePlan_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_SharesRegisteredUnderDistributionReinvestmentAndSharePurchasePlan_lbl" xml:lang="en-US" id="iret_SharesRegisteredUnderDistributionReinvestmentAndSharePurchasePlan_lbl">Number of shares registered during the period under the  Distribution Reinvestment and Share Purchase Plan.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharesRegisteredUnderDistributionReinvestmentAndSharePurchasePlan" xlink:to="iret_SharesRegisteredUnderDistributionReinvestmentAndSharePurchasePlan_lbl" xlink:title="label: SharesRegisteredUnderDistributionReinvestmentAndSharePurchasePlan to iret_SharesRegisteredUnderDistributionReinvestmentAndSharePurchasePlan_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_SharesRegisteredUnderDistributionReinvestmentAndSharePurchasePlan_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_SharesRegisteredUnderDistributionReinvestmentAndSharePurchasePlan_lbl1" xml:lang="en-US" id="iret_SharesRegisteredUnderDistributionReinvestmentAndSharePurchasePlan_lbl1">Shares registered under Distribution Reinvestment and Share Purchase Plan</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharesRegisteredUnderDistributionReinvestmentAndSharePurchasePlan" xlink:to="iret_SharesRegisteredUnderDistributionReinvestmentAndSharePurchasePlan_lbl1" xlink:title="label: SharesRegisteredUnderDistributionReinvestmentAndSharePurchasePlan to iret_SharesRegisteredUnderDistributionReinvestmentAndSharePurchasePlan_lbl1" />
    <link:label xlink:type="resource" xlink:label="iret_SharesRegisteredUnderDistributionReinvestmentAndSharePurchasePlan_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="iret_SharesRegisteredUnderDistributionReinvestmentAndSharePurchasePlan_lbl2" xml:lang="en-US" id="iret_SharesRegisteredUnderDistributionReinvestmentAndSharePurchasePlan_lbl2">Shares registered under Distribution Reinvestment and Share Purchase Plan (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharesRegisteredUnderDistributionReinvestmentAndSharePurchasePlan" xlink:to="iret_SharesRegisteredUnderDistributionReinvestmentAndSharePurchasePlan_lbl2" xlink:title="label: SharesRegisteredUnderDistributionReinvestmentAndSharePurchasePlan to iret_SharesRegisteredUnderDistributionReinvestmentAndSharePurchasePlan_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_CommonStockAtMarketEquityProgramMember" xlink:label="CommonStockAtMarketEquityProgramMember" xlink:title="CommonStockAtMarketEquityProgramMember" />
    <link:label xlink:type="resource" xlink:label="iret_CommonStockAtMarketEquityProgramMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_CommonStockAtMarketEquityProgramMember_lbl" xml:lang="en-US" id="iret_CommonStockAtMarketEquityProgramMember_lbl">Common shares related to At-the-market Equity Program representing ownership interest in a corporation.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommonStockAtMarketEquityProgramMember" xlink:to="iret_CommonStockAtMarketEquityProgramMember_lbl" xlink:title="label: CommonStockAtMarketEquityProgramMember to iret_CommonStockAtMarketEquityProgramMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_CommonStockAtMarketEquityProgramMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_CommonStockAtMarketEquityProgramMember_lbl1" xml:lang="en-US" id="iret_CommonStockAtMarketEquityProgramMember_lbl1">Common Stock, At-the-market Equity Program [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommonStockAtMarketEquityProgramMember" xlink:to="iret_CommonStockAtMarketEquityProgramMember_lbl1" xlink:title="label: CommonStockAtMarketEquityProgramMember to iret_CommonStockAtMarketEquityProgramMember_lbl1" />
    <link:label xlink:type="resource" xlink:label="iret_CommonStockAtMarketEquityProgramMember_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="iret_CommonStockAtMarketEquityProgramMember_lbl2" xml:lang="en-US" id="iret_CommonStockAtMarketEquityProgramMember_lbl2">At-the-market Equity Program [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommonStockAtMarketEquityProgramMember" xlink:to="iret_CommonStockAtMarketEquityProgramMember_lbl2" xlink:title="label: CommonStockAtMarketEquityProgramMember to iret_CommonStockAtMarketEquityProgramMember_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_AggregateGrossSalesPriceOfCommonSharesOfBeneficialInterestAllowedToBeSold" xlink:label="AggregateGrossSalesPriceOfCommonSharesOfBeneficialInterestAllowedToBeSold" xlink:title="AggregateGrossSalesPriceOfCommonSharesOfBeneficialInterestAllowedToBeSold" />
    <link:label xlink:type="resource" xlink:label="iret_AggregateGrossSalesPriceOfCommonSharesOfBeneficialInterestAllowedToBeSold_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_AggregateGrossSalesPriceOfCommonSharesOfBeneficialInterestAllowedToBeSold_lbl" xml:lang="en-US" id="iret_AggregateGrossSalesPriceOfCommonSharesOfBeneficialInterestAllowedToBeSold_lbl">Aggregate gross sales price of common shares of beneficial interest allowed to be sold related to at-the-market equity program.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AggregateGrossSalesPriceOfCommonSharesOfBeneficialInterestAllowedToBeSold" xlink:to="iret_AggregateGrossSalesPriceOfCommonSharesOfBeneficialInterestAllowedToBeSold_lbl" xlink:title="label: AggregateGrossSalesPriceOfCommonSharesOfBeneficialInterestAllowedToBeSold to iret_AggregateGrossSalesPriceOfCommonSharesOfBeneficialInterestAllowedToBeSold_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_AggregateGrossSalesPriceOfCommonSharesOfBeneficialInterestAllowedToBeSold_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_AggregateGrossSalesPriceOfCommonSharesOfBeneficialInterestAllowedToBeSold_lbl1" xml:lang="en-US" id="iret_AggregateGrossSalesPriceOfCommonSharesOfBeneficialInterestAllowedToBeSold_lbl1">Aggregate gross sales price of common shares of beneficial interest allowed to be sold</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AggregateGrossSalesPriceOfCommonSharesOfBeneficialInterestAllowedToBeSold" xlink:to="iret_AggregateGrossSalesPriceOfCommonSharesOfBeneficialInterestAllowedToBeSold_lbl1" xlink:title="label: AggregateGrossSalesPriceOfCommonSharesOfBeneficialInterestAllowedToBeSold to iret_AggregateGrossSalesPriceOfCommonSharesOfBeneficialInterestAllowedToBeSold_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_RiverRidgeApartmentHomesBismarckNdMember" xlink:label="RiverRidgeApartmentHomesBismarckNdMember" xlink:title="RiverRidgeApartmentHomesBismarckNdMember" />
    <link:label xlink:type="resource" xlink:label="iret_RiverRidgeApartmentHomesBismarckNdMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_RiverRidgeApartmentHomesBismarckNdMember_lbl1" xml:lang="en-US" id="iret_RiverRidgeApartmentHomesBismarckNdMember_lbl1">River Ridge Apartment Homes, Bismarck, ND [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RiverRidgeApartmentHomesBismarckNdMember" xlink:to="iret_RiverRidgeApartmentHomesBismarckNdMember_lbl1" xlink:title="label: RiverRidgeApartmentHomesBismarckNdMember to iret_RiverRidgeApartmentHomesBismarckNdMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_CypressCourtApartmentHomesStCloudMinnesotaMember" xlink:label="CypressCourtApartmentHomesStCloudMinnesotaMember" xlink:title="CypressCourtApartmentHomesStCloudMinnesotaMember" />
    <link:label xlink:type="resource" xlink:label="iret_CypressCourtApartmentHomesStCloudMinnesotaMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_CypressCourtApartmentHomesStCloudMinnesotaMember_lbl1" xml:lang="en-US" id="iret_CypressCourtApartmentHomesStCloudMinnesotaMember_lbl1">Cypress Court Apartment Homes, St. Cloud, Minnesota [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CypressCourtApartmentHomesStCloudMinnesotaMember" xlink:to="iret_CypressCourtApartmentHomesStCloudMinnesotaMember_lbl1" xlink:title="label: CypressCourtApartmentHomesStCloudMinnesotaMember to iret_CypressCourtApartmentHomesStCloudMinnesotaMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_SouthgateApartmentsMinotNorthDakotaMember" xlink:label="SouthgateApartmentsMinotNorthDakotaMember" xlink:title="SouthgateApartmentsMinotNorthDakotaMember" />
    <link:label xlink:type="resource" xlink:label="iret_SouthgateApartmentsMinotNorthDakotaMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_SouthgateApartmentsMinotNorthDakotaMember_lbl1" xml:lang="en-US" id="iret_SouthgateApartmentsMinotNorthDakotaMember_lbl1">Southgate Apartments, Minot, North Dakota [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SouthgateApartmentsMinotNorthDakotaMember" xlink:to="iret_SouthgateApartmentsMinotNorthDakotaMember_lbl1" xlink:title="label: SouthgateApartmentsMinotNorthDakotaMember to iret_SouthgateApartmentsMinotNorthDakotaMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_NumberOfPropertiesSubjectToPurchaseOptions" xlink:label="NumberOfPropertiesSubjectToPurchaseOptions" xlink:title="NumberOfPropertiesSubjectToPurchaseOptions" />
    <link:label xlink:type="resource" xlink:label="iret_NumberOfPropertiesSubjectToPurchaseOptions_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_NumberOfPropertiesSubjectToPurchaseOptions_lbl" xml:lang="en-US" id="iret_NumberOfPropertiesSubjectToPurchaseOptions_lbl">Number of properties subject to purchase options.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfPropertiesSubjectToPurchaseOptions" xlink:to="iret_NumberOfPropertiesSubjectToPurchaseOptions_lbl" xlink:title="label: NumberOfPropertiesSubjectToPurchaseOptions to iret_NumberOfPropertiesSubjectToPurchaseOptions_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_NumberOfPropertiesSubjectToPurchaseOptions_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_NumberOfPropertiesSubjectToPurchaseOptions_lbl1" xml:lang="en-US" id="iret_NumberOfPropertiesSubjectToPurchaseOptions_lbl1">Number of properties subject to purchase options</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfPropertiesSubjectToPurchaseOptions" xlink:to="iret_NumberOfPropertiesSubjectToPurchaseOptions_lbl1" xlink:title="label: NumberOfPropertiesSubjectToPurchaseOptions to iret_NumberOfPropertiesSubjectToPurchaseOptions_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_TotalPropertyCostSubjectToPurchaseOptions" xlink:label="TotalPropertyCostSubjectToPurchaseOptions" xlink:title="TotalPropertyCostSubjectToPurchaseOptions" />
    <link:label xlink:type="resource" xlink:label="iret_TotalPropertyCostSubjectToPurchaseOptions_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_TotalPropertyCostSubjectToPurchaseOptions_lbl" xml:lang="en-US" id="iret_TotalPropertyCostSubjectToPurchaseOptions_lbl">Total property cost subject to purchase options.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TotalPropertyCostSubjectToPurchaseOptions" xlink:to="iret_TotalPropertyCostSubjectToPurchaseOptions_lbl" xlink:title="label: TotalPropertyCostSubjectToPurchaseOptions to iret_TotalPropertyCostSubjectToPurchaseOptions_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_TotalPropertyCostSubjectToPurchaseOptions_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_TotalPropertyCostSubjectToPurchaseOptions_lbl1" xml:lang="en-US" id="iret_TotalPropertyCostSubjectToPurchaseOptions_lbl1">Total property cost subject to purchase options</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TotalPropertyCostSubjectToPurchaseOptions" xlink:to="iret_TotalPropertyCostSubjectToPurchaseOptions_lbl1" xlink:title="label: TotalPropertyCostSubjectToPurchaseOptions to iret_TotalPropertyCostSubjectToPurchaseOptions_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_TotalGrossRentalRevenueFromPropertiesSubjectToPurchaseOptions" xlink:label="TotalGrossRentalRevenueFromPropertiesSubjectToPurchaseOptions" xlink:title="TotalGrossRentalRevenueFromPropertiesSubjectToPurchaseOptions" />
    <link:label xlink:type="resource" xlink:label="iret_TotalGrossRentalRevenueFromPropertiesSubjectToPurchaseOptions_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_TotalGrossRentalRevenueFromPropertiesSubjectToPurchaseOptions_lbl" xml:lang="en-US" id="iret_TotalGrossRentalRevenueFromPropertiesSubjectToPurchaseOptions_lbl">Total gross rental revenue from properties subject to purchase options.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TotalGrossRentalRevenueFromPropertiesSubjectToPurchaseOptions" xlink:to="iret_TotalGrossRentalRevenueFromPropertiesSubjectToPurchaseOptions_lbl" xlink:title="label: TotalGrossRentalRevenueFromPropertiesSubjectToPurchaseOptions to iret_TotalGrossRentalRevenueFromPropertiesSubjectToPurchaseOptions_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_TotalGrossRentalRevenueFromPropertiesSubjectToPurchaseOptions_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_TotalGrossRentalRevenueFromPropertiesSubjectToPurchaseOptions_lbl1" xml:lang="en-US" id="iret_TotalGrossRentalRevenueFromPropertiesSubjectToPurchaseOptions_lbl1">Total gross rental revenue from properties subject to purchase options</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TotalGrossRentalRevenueFromPropertiesSubjectToPurchaseOptions" xlink:to="iret_TotalGrossRentalRevenueFromPropertiesSubjectToPurchaseOptions_lbl1" xlink:title="label: TotalGrossRentalRevenueFromPropertiesSubjectToPurchaseOptions to iret_TotalGrossRentalRevenueFromPropertiesSubjectToPurchaseOptions_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_NumberOfPropertiesSubjectToRestrictionsOnTaxableDispositions" xlink:label="NumberOfPropertiesSubjectToRestrictionsOnTaxableDispositions" xlink:title="NumberOfPropertiesSubjectToRestrictionsOnTaxableDispositions" />
    <link:label xlink:type="resource" xlink:label="iret_NumberOfPropertiesSubjectToRestrictionsOnTaxableDispositions_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_NumberOfPropertiesSubjectToRestrictionsOnTaxableDispositions_lbl" xml:lang="en-US" id="iret_NumberOfPropertiesSubjectToRestrictionsOnTaxableDispositions_lbl">Number of properties subject to restrictions on taxable dispositions.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfPropertiesSubjectToRestrictionsOnTaxableDispositions" xlink:to="iret_NumberOfPropertiesSubjectToRestrictionsOnTaxableDispositions_lbl" xlink:title="label: NumberOfPropertiesSubjectToRestrictionsOnTaxableDispositions to iret_NumberOfPropertiesSubjectToRestrictionsOnTaxableDispositions_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_NumberOfPropertiesSubjectToRestrictionsOnTaxableDispositions_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_NumberOfPropertiesSubjectToRestrictionsOnTaxableDispositions_lbl1" xml:lang="en-US" id="iret_NumberOfPropertiesSubjectToRestrictionsOnTaxableDispositions_lbl1">Number of properties subject to restrictions on taxable dispositions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfPropertiesSubjectToRestrictionsOnTaxableDispositions" xlink:to="iret_NumberOfPropertiesSubjectToRestrictionsOnTaxableDispositions_lbl1" xlink:title="label: NumberOfPropertiesSubjectToRestrictionsOnTaxableDispositions to iret_NumberOfPropertiesSubjectToRestrictionsOnTaxableDispositions_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_NumberOfApartmentUnits" xlink:label="NumberOfApartmentUnits" xlink:title="NumberOfApartmentUnits" />
    <link:label xlink:type="resource" xlink:label="iret_NumberOfApartmentUnits_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_NumberOfApartmentUnits_lbl" xml:lang="en-US" id="iret_NumberOfApartmentUnits_lbl">Number of apartment units.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfApartmentUnits" xlink:to="iret_NumberOfApartmentUnits_lbl" xlink:title="label: NumberOfApartmentUnits to iret_NumberOfApartmentUnits_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_NumberOfApartmentUnits_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_NumberOfApartmentUnits_lbl1" xml:lang="en-US" id="iret_NumberOfApartmentUnits_lbl1">Number of apartment units</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfApartmentUnits" xlink:to="iret_NumberOfApartmentUnits_lbl1" xlink:title="label: NumberOfApartmentUnits to iret_NumberOfApartmentUnits_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_NumberOfApartmentUnitsPlacedInService" xlink:label="NumberOfApartmentUnitsPlacedInService" xlink:title="NumberOfApartmentUnitsPlacedInService" />
    <link:label xlink:type="resource" xlink:label="iret_NumberOfApartmentUnitsPlacedInService_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_NumberOfApartmentUnitsPlacedInService_lbl" xml:lang="en-US" id="iret_NumberOfApartmentUnitsPlacedInService_lbl">The number of apartment units placed in service during the period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfApartmentUnitsPlacedInService" xlink:to="iret_NumberOfApartmentUnitsPlacedInService_lbl" xlink:title="label: NumberOfApartmentUnitsPlacedInService to iret_NumberOfApartmentUnitsPlacedInService_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_NumberOfApartmentUnitsPlacedInService_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_NumberOfApartmentUnitsPlacedInService_lbl1" xml:lang="en-US" id="iret_NumberOfApartmentUnitsPlacedInService_lbl1">Number of apartment units placed in service</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfApartmentUnitsPlacedInService" xlink:to="iret_NumberOfApartmentUnitsPlacedInService_lbl1" xlink:title="label: NumberOfApartmentUnitsPlacedInService to iret_NumberOfApartmentUnitsPlacedInService_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_RedemptionHoldingPeriodMinimum" xlink:label="RedemptionHoldingPeriodMinimum" xlink:title="RedemptionHoldingPeriodMinimum" />
    <link:label xlink:type="resource" xlink:label="iret_RedemptionHoldingPeriodMinimum_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_RedemptionHoldingPeriodMinimum_lbl" xml:lang="en-US" id="iret_RedemptionHoldingPeriodMinimum_lbl">Minimum redemption holding period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RedemptionHoldingPeriodMinimum" xlink:to="iret_RedemptionHoldingPeriodMinimum_lbl" xlink:title="label: RedemptionHoldingPeriodMinimum to iret_RedemptionHoldingPeriodMinimum_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_RedemptionHoldingPeriodMinimum_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_RedemptionHoldingPeriodMinimum_lbl1" xml:lang="en-US" id="iret_RedemptionHoldingPeriodMinimum_lbl1">Redemption holding period, minimum</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RedemptionHoldingPeriodMinimum" xlink:to="iret_RedemptionHoldingPeriodMinimum_lbl1" xlink:title="label: RedemptionHoldingPeriodMinimum to iret_RedemptionHoldingPeriodMinimum_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_NumberOfConsecutiveTradingDaysForValuation" xlink:label="NumberOfConsecutiveTradingDaysForValuation" xlink:title="NumberOfConsecutiveTradingDaysForValuation" />
    <link:label xlink:type="resource" xlink:label="iret_NumberOfConsecutiveTradingDaysForValuation_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_NumberOfConsecutiveTradingDaysForValuation_lbl" xml:lang="en-US" id="iret_NumberOfConsecutiveTradingDaysForValuation_lbl">Number of consecutive trading days for valuation.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfConsecutiveTradingDaysForValuation" xlink:to="iret_NumberOfConsecutiveTradingDaysForValuation_lbl" xlink:title="label: NumberOfConsecutiveTradingDaysForValuation to iret_NumberOfConsecutiveTradingDaysForValuation_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_NumberOfConsecutiveTradingDaysForValuation_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_NumberOfConsecutiveTradingDaysForValuation_lbl1" xml:lang="en-US" id="iret_NumberOfConsecutiveTradingDaysForValuation_lbl1">Number of consecutive trading days for valuation</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfConsecutiveTradingDaysForValuation" xlink:to="iret_NumberOfConsecutiveTradingDaysForValuation_lbl1" xlink:title="label: NumberOfConsecutiveTradingDaysForValuation to iret_NumberOfConsecutiveTradingDaysForValuation_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_RedemptionValueOfUpreitUnits" xlink:label="RedemptionValueOfUpreitUnits" xlink:title="RedemptionValueOfUpreitUnits" />
    <link:label xlink:type="resource" xlink:label="iret_RedemptionValueOfUpreitUnits_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_RedemptionValueOfUpreitUnits_lbl" xml:lang="en-US" id="iret_RedemptionValueOfUpreitUnits_lbl">Redemption Value of UPREIT Units.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RedemptionValueOfUpreitUnits" xlink:to="iret_RedemptionValueOfUpreitUnits_lbl" xlink:title="label: RedemptionValueOfUpreitUnits to iret_RedemptionValueOfUpreitUnits_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_RedemptionValueOfUpreitUnits_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_RedemptionValueOfUpreitUnits_lbl1" xml:lang="en-US" id="iret_RedemptionValueOfUpreitUnits_lbl1">Redemption Value of UPREIT Units</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RedemptionValueOfUpreitUnits" xlink:to="iret_RedemptionValueOfUpreitUnits_lbl1" xlink:title="label: RedemptionValueOfUpreitUnits to iret_RedemptionValueOfUpreitUnits_lbl1" />
    <link:label xlink:type="resource" xlink:label="iret_RedemptionValueOfUpreitUnits_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="iret_RedemptionValueOfUpreitUnits_lbl2" xml:lang="en-US" id="iret_RedemptionValueOfUpreitUnits_lbl2">Aggregate redemption value of UPREIT Units of operating partnership owned by limited partners</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RedemptionValueOfUpreitUnits" xlink:to="iret_RedemptionValueOfUpreitUnits_lbl2" xlink:title="label: RedemptionValueOfUpreitUnits to iret_RedemptionValueOfUpreitUnits_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_CommitmentPeriodForTenantImprovements" xlink:label="CommitmentPeriodForTenantImprovements" xlink:title="CommitmentPeriodForTenantImprovements" />
    <link:label xlink:type="resource" xlink:label="iret_CommitmentPeriodForTenantImprovements_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_CommitmentPeriodForTenantImprovements_lbl" xml:lang="en-US" id="iret_CommitmentPeriodForTenantImprovements_lbl">Commitment period for tenant improvements.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommitmentPeriodForTenantImprovements" xlink:to="iret_CommitmentPeriodForTenantImprovements_lbl" xlink:title="label: CommitmentPeriodForTenantImprovements to iret_CommitmentPeriodForTenantImprovements_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_CommitmentPeriodForTenantImprovements_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_CommitmentPeriodForTenantImprovements_lbl1" xml:lang="en-US" id="iret_CommitmentPeriodForTenantImprovements_lbl1">Commitment period for tenant improvements</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommitmentPeriodForTenantImprovements" xlink:to="iret_CommitmentPeriodForTenantImprovements_lbl1" xlink:title="label: CommitmentPeriodForTenantImprovements to iret_CommitmentPeriodForTenantImprovements_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_EquityMethodInvestmentOwnershipPercentageHeldByJointVenturePartner" xlink:label="EquityMethodInvestmentOwnershipPercentageHeldByJointVenturePartner" xlink:title="EquityMethodInvestmentOwnershipPercentageHeldByJointVenturePartner" />
    <link:label xlink:type="resource" xlink:label="iret_EquityMethodInvestmentOwnershipPercentageHeldByJointVenturePartner_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_EquityMethodInvestmentOwnershipPercentageHeldByJointVenturePartner_lbl" xml:lang="en-US" id="iret_EquityMethodInvestmentOwnershipPercentageHeldByJointVenturePartner_lbl">The percentage of ownership of common stock or equity participation in the investee held by the joint venture partner.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityMethodInvestmentOwnershipPercentageHeldByJointVenturePartner" xlink:to="iret_EquityMethodInvestmentOwnershipPercentageHeldByJointVenturePartner_lbl" xlink:title="label: EquityMethodInvestmentOwnershipPercentageHeldByJointVenturePartner to iret_EquityMethodInvestmentOwnershipPercentageHeldByJointVenturePartner_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_EquityMethodInvestmentOwnershipPercentageHeldByJointVenturePartner_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_EquityMethodInvestmentOwnershipPercentageHeldByJointVenturePartner_lbl1" xml:lang="en-US" id="iret_EquityMethodInvestmentOwnershipPercentageHeldByJointVenturePartner_lbl1">Equity Method Investment, Ownership Percentage Held by Joint Venture Partner</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityMethodInvestmentOwnershipPercentageHeldByJointVenturePartner" xlink:to="iret_EquityMethodInvestmentOwnershipPercentageHeldByJointVenturePartner_lbl1" xlink:title="label: EquityMethodInvestmentOwnershipPercentageHeldByJointVenturePartner to iret_EquityMethodInvestmentOwnershipPercentageHeldByJointVenturePartner_lbl1" />
    <link:label xlink:type="resource" xlink:label="iret_EquityMethodInvestmentOwnershipPercentageHeldByJointVenturePartner_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="iret_EquityMethodInvestmentOwnershipPercentageHeldByJointVenturePartner_lbl2" xml:lang="en-US" id="iret_EquityMethodInvestmentOwnershipPercentageHeldByJointVenturePartner_lbl2">Interest in joint venture held by joint venture partner (in hundredths)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityMethodInvestmentOwnershipPercentageHeldByJointVenturePartner" xlink:to="iret_EquityMethodInvestmentOwnershipPercentageHeldByJointVenturePartner_lbl2" xlink:title="label: EquityMethodInvestmentOwnershipPercentageHeldByJointVenturePartner to iret_EquityMethodInvestmentOwnershipPercentageHeldByJointVenturePartner_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_NumberOfCertificateOfOccupancyUnits" xlink:label="NumberOfCertificateOfOccupancyUnits" xlink:title="NumberOfCertificateOfOccupancyUnits" />
    <link:label xlink:type="resource" xlink:label="iret_NumberOfCertificateOfOccupancyUnits_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_NumberOfCertificateOfOccupancyUnits_lbl" xml:lang="en-US" id="iret_NumberOfCertificateOfOccupancyUnits_lbl">Number of certificate of occupancy units</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfCertificateOfOccupancyUnits" xlink:to="iret_NumberOfCertificateOfOccupancyUnits_lbl" xlink:title="label: NumberOfCertificateOfOccupancyUnits to iret_NumberOfCertificateOfOccupancyUnits_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_NumberOfCertificateOfOccupancyUnits_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_NumberOfCertificateOfOccupancyUnits_lbl1" xml:lang="en-US" id="iret_NumberOfCertificateOfOccupancyUnits_lbl1">Number of certificate of occupancy units</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfCertificateOfOccupancyUnits" xlink:to="iret_NumberOfCertificateOfOccupancyUnits_lbl1" xlink:title="label: NumberOfCertificateOfOccupancyUnits to iret_NumberOfCertificateOfOccupancyUnits_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_LandingAtSouthgateApartmentsMinotNorthDakotaMember" xlink:label="LandingAtSouthgateApartmentsMinotNorthDakotaMember" xlink:title="LandingAtSouthgateApartmentsMinotNorthDakotaMember" />
    <link:label xlink:type="resource" xlink:label="iret_LandingAtSouthgateApartmentsMinotNorthDakotaMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_LandingAtSouthgateApartmentsMinotNorthDakotaMember_lbl1" xml:lang="en-US" id="iret_LandingAtSouthgateApartmentsMinotNorthDakotaMember_lbl1">The Landing at Southgate Apartments, Minot, North Dakota [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LandingAtSouthgateApartmentsMinotNorthDakotaMember" xlink:to="iret_LandingAtSouthgateApartmentsMinotNorthDakotaMember_lbl1" xlink:title="label: LandingAtSouthgateApartmentsMinotNorthDakotaMember to iret_LandingAtSouthgateApartmentsMinotNorthDakotaMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_CommonsAtSouthgateApartmentsMinotNorthDakotaMember" xlink:label="CommonsAtSouthgateApartmentsMinotNorthDakotaMember" xlink:title="CommonsAtSouthgateApartmentsMinotNorthDakotaMember" />
    <link:label xlink:type="resource" xlink:label="iret_CommonsAtSouthgateApartmentsMinotNorthDakotaMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_CommonsAtSouthgateApartmentsMinotNorthDakotaMember_lbl1" xml:lang="en-US" id="iret_CommonsAtSouthgateApartmentsMinotNorthDakotaMember_lbl1">The Commons at Southgate Apartments, Minot, North Dakota [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommonsAtSouthgateApartmentsMinotNorthDakotaMember" xlink:to="iret_CommonsAtSouthgateApartmentsMinotNorthDakotaMember_lbl1" xlink:title="label: CommonsAtSouthgateApartmentsMinotNorthDakotaMember to iret_CommonsAtSouthgateApartmentsMinotNorthDakotaMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_RenaissanceHeightsIApartmentsWillistonNorthDakotaMember" xlink:label="RenaissanceHeightsIApartmentsWillistonNorthDakotaMember" xlink:title="RenaissanceHeightsIApartmentsWillistonNorthDakotaMember" />
    <link:label xlink:type="resource" xlink:label="iret_RenaissanceHeightsIApartmentsWillistonNorthDakotaMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_RenaissanceHeightsIApartmentsWillistonNorthDakotaMember_lbl1" xml:lang="en-US" id="iret_RenaissanceHeightsIApartmentsWillistonNorthDakotaMember_lbl1">Renaissance Heights I Apartments, Williston, North Dakota [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RenaissanceHeightsIApartmentsWillistonNorthDakotaMember" xlink:to="iret_RenaissanceHeightsIApartmentsWillistonNorthDakotaMember_lbl1" xlink:title="label: RenaissanceHeightsIApartmentsWillistonNorthDakotaMember to iret_RenaissanceHeightsIApartmentsWillistonNorthDakotaMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_ArcataApartmentsGoldenValleyMinnesotaMember" xlink:label="ArcataApartmentsGoldenValleyMinnesotaMember" xlink:title="ArcataApartmentsGoldenValleyMinnesotaMember" />
    <link:label xlink:type="resource" xlink:label="iret_ArcataApartmentsGoldenValleyMinnesotaMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_ArcataApartmentsGoldenValleyMinnesotaMember_lbl1" xml:lang="en-US" id="iret_ArcataApartmentsGoldenValleyMinnesotaMember_lbl1">Arcata Apartments, Golden Valley, Minnesota [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ArcataApartmentsGoldenValleyMinnesotaMember" xlink:to="iret_ArcataApartmentsGoldenValleyMinnesotaMember_lbl1" xlink:title="label: ArcataApartmentsGoldenValleyMinnesotaMember to iret_ArcataApartmentsGoldenValleyMinnesotaMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_DakotaCommonsWillistonNorthDakotaMember" xlink:label="DakotaCommonsWillistonNorthDakotaMember" xlink:title="DakotaCommonsWillistonNorthDakotaMember" />
    <link:label xlink:type="resource" xlink:label="iret_DakotaCommonsWillistonNorthDakotaMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_DakotaCommonsWillistonNorthDakotaMember_lbl1" xml:lang="en-US" id="iret_DakotaCommonsWillistonNorthDakotaMember_lbl1">Dakota Commons, Williston, North Dakota [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DakotaCommonsWillistonNorthDakotaMember" xlink:to="iret_DakotaCommonsWillistonNorthDakotaMember_lbl1" xlink:title="label: DakotaCommonsWillistonNorthDakotaMember to iret_DakotaCommonsWillistonNorthDakotaMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_ChateauIiMinotNorthDakotaMember" xlink:label="ChateauIiMinotNorthDakotaMember" xlink:title="ChateauIiMinotNorthDakotaMember" />
    <link:label xlink:type="resource" xlink:label="iret_ChateauIiMinotNorthDakotaMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_ChateauIiMinotNorthDakotaMember_lbl1" xml:lang="en-US" id="iret_ChateauIiMinotNorthDakotaMember_lbl1">Chateau II, Minot, North Dakota [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChateauIiMinotNorthDakotaMember" xlink:to="iret_ChateauIiMinotNorthDakotaMember_lbl1" xlink:title="label: ChateauIiMinotNorthDakotaMember to iret_ChateauIiMinotNorthDakotaMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_AcreOfLandPurchasedInAcres" xlink:label="AcreOfLandPurchasedInAcres" xlink:title="AcreOfLandPurchasedInAcres" />
    <link:label xlink:type="resource" xlink:label="iret_AcreOfLandPurchasedInAcres_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_AcreOfLandPurchasedInAcres_lbl" xml:lang="en-US" id="iret_AcreOfLandPurchasedInAcres_lbl">acre of land purchased</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AcreOfLandPurchasedInAcres" xlink:to="iret_AcreOfLandPurchasedInAcres_lbl" xlink:title="label: AcreOfLandPurchasedInAcres to iret_AcreOfLandPurchasedInAcres_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_AcreOfLandPurchasedInAcres_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_AcreOfLandPurchasedInAcres_lbl1" xml:lang="en-US" id="iret_AcreOfLandPurchasedInAcres_lbl1">Acre of land purchased (in acres)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AcreOfLandPurchasedInAcres" xlink:to="iret_AcreOfLandPurchasedInAcres_lbl1" xlink:title="label: AcreOfLandPurchasedInAcres to iret_AcreOfLandPurchasedInAcres_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_LandPurchased" xlink:label="LandPurchased" xlink:title="LandPurchased" />
    <link:label xlink:type="resource" xlink:label="iret_LandPurchased_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_LandPurchased_lbl" xml:lang="en-US" id="iret_LandPurchased_lbl">land purchased price to date.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LandPurchased" xlink:to="iret_LandPurchased_lbl" xlink:title="label: LandPurchased to iret_LandPurchased_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_LandPurchased_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_LandPurchased_lbl1" xml:lang="en-US" id="iret_LandPurchased_lbl1">Land purchased</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LandPurchased" xlink:to="iret_LandPurchased_lbl1" xlink:title="label: LandPurchased to iret_LandPurchased_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_JamestownNorthDakotaMember" xlink:label="JamestownNorthDakotaMember" xlink:title="JamestownNorthDakotaMember" />
    <link:label xlink:type="resource" xlink:label="iret_JamestownNorthDakotaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_JamestownNorthDakotaMember_lbl" xml:lang="en-US" id="iret_JamestownNorthDakotaMember_lbl">Jamestown, North Dakota property acquired.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="JamestownNorthDakotaMember" xlink:to="iret_JamestownNorthDakotaMember_lbl" xlink:title="label: JamestownNorthDakotaMember to iret_JamestownNorthDakotaMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_JamestownNorthDakotaMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_JamestownNorthDakotaMember_lbl1" xml:lang="en-US" id="iret_JamestownNorthDakotaMember_lbl1">Jamestown, North Dakota [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="JamestownNorthDakotaMember" xlink:to="iret_JamestownNorthDakotaMember_lbl1" xlink:title="label: JamestownNorthDakotaMember to iret_JamestownNorthDakotaMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_SartellMinnesotaMember" xlink:label="SartellMinnesotaMember" xlink:title="SartellMinnesotaMember" />
    <link:label xlink:type="resource" xlink:label="iret_SartellMinnesotaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_SartellMinnesotaMember_lbl" xml:lang="en-US" id="iret_SartellMinnesotaMember_lbl">Sartell, Minnesota property acquired.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SartellMinnesotaMember" xlink:to="iret_SartellMinnesotaMember_lbl" xlink:title="label: SartellMinnesotaMember to iret_SartellMinnesotaMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_SartellMinnesotaMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_SartellMinnesotaMember_lbl1" xml:lang="en-US" id="iret_SartellMinnesotaMember_lbl1">Sartell, Minnesota [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SartellMinnesotaMember" xlink:to="iret_SartellMinnesotaMember_lbl1" xlink:title="label: SartellMinnesotaMember to iret_SartellMinnesotaMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_RapidCitySouthDakotaNumberOneMember" xlink:label="RapidCitySouthDakotaNumberOneMember" xlink:title="RapidCitySouthDakotaNumberOneMember" />
    <link:label xlink:type="resource" xlink:label="iret_RapidCitySouthDakotaNumberOneMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_RapidCitySouthDakotaNumberOneMember_lbl" xml:lang="en-US" id="iret_RapidCitySouthDakotaNumberOneMember_lbl">Rapid City, South Dakota property acquired, number one.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RapidCitySouthDakotaNumberOneMember" xlink:to="iret_RapidCitySouthDakotaNumberOneMember_lbl" xlink:title="label: RapidCitySouthDakotaNumberOneMember to iret_RapidCitySouthDakotaNumberOneMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_RapidCitySouthDakotaNumberOneMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_RapidCitySouthDakotaNumberOneMember_lbl1" xml:lang="en-US" id="iret_RapidCitySouthDakotaNumberOneMember_lbl1">Rapid City, South Dakota Number One [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RapidCitySouthDakotaNumberOneMember" xlink:to="iret_RapidCitySouthDakotaNumberOneMember_lbl1" xlink:title="label: RapidCitySouthDakotaNumberOneMember to iret_RapidCitySouthDakotaNumberOneMember_lbl1" />
    <link:label xlink:type="resource" xlink:label="iret_RapidCitySouthDakotaNumberOneMember_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="iret_RapidCitySouthDakotaNumberOneMember_lbl2" xml:lang="en-US" id="iret_RapidCitySouthDakotaNumberOneMember_lbl2">Rapid City, South Dakota 1 [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RapidCitySouthDakotaNumberOneMember" xlink:to="iret_RapidCitySouthDakotaNumberOneMember_lbl2" xlink:title="label: RapidCitySouthDakotaNumberOneMember to iret_RapidCitySouthDakotaNumberOneMember_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_GrandForksGrandForksNdMember" xlink:label="GrandForksGrandForksNdMember" xlink:title="GrandForksGrandForksNdMember" />
    <link:label xlink:type="resource" xlink:label="iret_GrandForksGrandForksNdMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_GrandForksGrandForksNdMember_lbl" xml:lang="en-US" id="iret_GrandForksGrandForksNdMember_lbl">Grand Forks - Grand Forks, ND for development, expansion and renovation projects underway or recently completed.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GrandForksGrandForksNdMember" xlink:to="iret_GrandForksGrandForksNdMember_lbl" xlink:title="label: GrandForksGrandForksNdMember to iret_GrandForksGrandForksNdMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_GrandForksGrandForksNdMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_GrandForksGrandForksNdMember_lbl1" xml:lang="en-US" id="iret_GrandForksGrandForksNdMember_lbl1">Grand Forks Grand Forks, ND [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GrandForksGrandForksNdMember" xlink:to="iret_GrandForksGrandForksNdMember_lbl1" xlink:title="label: GrandForksGrandForksNdMember to iret_GrandForksGrandForksNdMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_AreaOfProperty" xlink:label="AreaOfProperty" xlink:title="AreaOfProperty" />
    <link:label xlink:type="resource" xlink:label="iret_AreaOfProperty_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_AreaOfProperty_lbl" xml:lang="en-US" id="iret_AreaOfProperty_lbl">Area of property to be held, acquired or disposed of.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AreaOfProperty" xlink:to="iret_AreaOfProperty_lbl" xlink:title="label: AreaOfProperty to iret_AreaOfProperty_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_AreaOfProperty_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_AreaOfProperty_lbl1" xml:lang="en-US" id="iret_AreaOfProperty_lbl1">Area of Property</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AreaOfProperty" xlink:to="iret_AreaOfProperty_lbl1" xlink:title="label: AreaOfProperty to iret_AreaOfProperty_lbl1" />
    <link:label xlink:type="resource" xlink:label="iret_AreaOfProperty_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="iret_AreaOfProperty_lbl2" xml:lang="en-US" id="iret_AreaOfProperty_lbl2">Area of property (square feet)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AreaOfProperty" xlink:to="iret_AreaOfProperty_lbl2" xlink:title="label: AreaOfProperty to iret_AreaOfProperty_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_NumberOfProperties" xlink:label="NumberOfProperties" xlink:title="NumberOfProperties" />
    <link:label xlink:type="resource" xlink:label="iret_NumberOfProperties_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_NumberOfProperties_lbl" xml:lang="en-US" id="iret_NumberOfProperties_lbl">The number of properties that can be residential building, apartment units etc.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfProperties" xlink:to="iret_NumberOfProperties_lbl" xlink:title="label: NumberOfProperties to iret_NumberOfProperties_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_NumberOfProperties_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_NumberOfProperties_lbl1" xml:lang="en-US" id="iret_NumberOfProperties_lbl1">Number of properties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfProperties" xlink:to="iret_NumberOfProperties_lbl1" xlink:title="label: NumberOfProperties to iret_NumberOfProperties_lbl1" />
    <link:label xlink:type="resource" xlink:label="iret_NumberOfProperties_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="iret_NumberOfProperties_lbl2" xml:lang="en-US" id="iret_NumberOfProperties_lbl2">Number of units</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfProperties" xlink:to="iret_NumberOfProperties_lbl2" xlink:title="label: NumberOfProperties to iret_NumberOfProperties_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_MonticelloMinnesotaMember" xlink:label="MonticelloMinnesotaMember" xlink:title="MonticelloMinnesotaMember" />
    <link:label xlink:type="resource" xlink:label="iret_MonticelloMinnesotaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_MonticelloMinnesotaMember_lbl" xml:lang="en-US" id="iret_MonticelloMinnesotaMember_lbl">Monticello, Minnesota property acquired.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MonticelloMinnesotaMember" xlink:to="iret_MonticelloMinnesotaMember_lbl" xlink:title="label: MonticelloMinnesotaMember to iret_MonticelloMinnesotaMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_MonticelloMinnesotaMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_MonticelloMinnesotaMember_lbl1" xml:lang="en-US" id="iret_MonticelloMinnesotaMember_lbl1">Monticello, Minnesota [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MonticelloMinnesotaMember" xlink:to="iret_MonticelloMinnesotaMember_lbl1" xlink:title="label: MonticelloMinnesotaMember to iret_MonticelloMinnesotaMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_DuluthMinnesotaMember" xlink:label="DuluthMinnesotaMember" xlink:title="DuluthMinnesotaMember" />
    <link:label xlink:type="resource" xlink:label="iret_DuluthMinnesotaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_DuluthMinnesotaMember_lbl" xml:lang="en-US" id="iret_DuluthMinnesotaMember_lbl">property sold.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DuluthMinnesotaMember" xlink:to="iret_DuluthMinnesotaMember_lbl" xlink:title="label: DuluthMinnesotaMember to iret_DuluthMinnesotaMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_DuluthMinnesotaMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_DuluthMinnesotaMember_lbl1" xml:lang="en-US" id="iret_DuluthMinnesotaMember_lbl1">Duluth, Minnesota [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DuluthMinnesotaMember" xlink:to="iret_DuluthMinnesotaMember_lbl1" xlink:title="label: DuluthMinnesotaMember to iret_DuluthMinnesotaMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_SiouxFallsSouthDakotaNumberOneMember" xlink:label="SiouxFallsSouthDakotaNumberOneMember" xlink:title="SiouxFallsSouthDakotaNumberOneMember" />
    <link:label xlink:type="resource" xlink:label="iret_SiouxFallsSouthDakotaNumberOneMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_SiouxFallsSouthDakotaNumberOneMember_lbl" xml:lang="en-US" id="iret_SiouxFallsSouthDakotaNumberOneMember_lbl">The first Sioux Falls, South Dakota property acquired or disposed.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SiouxFallsSouthDakotaNumberOneMember" xlink:to="iret_SiouxFallsSouthDakotaNumberOneMember_lbl" xlink:title="label: SiouxFallsSouthDakotaNumberOneMember to iret_SiouxFallsSouthDakotaNumberOneMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_SiouxFallsSouthDakotaNumberOneMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_SiouxFallsSouthDakotaNumberOneMember_lbl1" xml:lang="en-US" id="iret_SiouxFallsSouthDakotaNumberOneMember_lbl1">Sioux Falls, South Dakota Number One [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SiouxFallsSouthDakotaNumberOneMember" xlink:to="iret_SiouxFallsSouthDakotaNumberOneMember_lbl1" xlink:title="label: SiouxFallsSouthDakotaNumberOneMember to iret_SiouxFallsSouthDakotaNumberOneMember_lbl1" />
    <link:label xlink:type="resource" xlink:label="iret_SiouxFallsSouthDakotaNumberOneMember_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="iret_SiouxFallsSouthDakotaNumberOneMember_lbl2" xml:lang="en-US" id="iret_SiouxFallsSouthDakotaNumberOneMember_lbl2">Sioux Falls, South Dakota, 1 [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SiouxFallsSouthDakotaNumberOneMember" xlink:to="iret_SiouxFallsSouthDakotaNumberOneMember_lbl2" xlink:title="label: SiouxFallsSouthDakotaNumberOneMember to iret_SiouxFallsSouthDakotaNumberOneMember_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_SiouxFallsSouthDakotaNumberTwoMember" xlink:label="SiouxFallsSouthDakotaNumberTwoMember" xlink:title="SiouxFallsSouthDakotaNumberTwoMember" />
    <link:label xlink:type="resource" xlink:label="iret_SiouxFallsSouthDakotaNumberTwoMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_SiouxFallsSouthDakotaNumberTwoMember_lbl" xml:lang="en-US" id="iret_SiouxFallsSouthDakotaNumberTwoMember_lbl">The second Sioux Falls, South Dakota property acquired or disposed.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SiouxFallsSouthDakotaNumberTwoMember" xlink:to="iret_SiouxFallsSouthDakotaNumberTwoMember_lbl" xlink:title="label: SiouxFallsSouthDakotaNumberTwoMember to iret_SiouxFallsSouthDakotaNumberTwoMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_SiouxFallsSouthDakotaNumberTwoMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_SiouxFallsSouthDakotaNumberTwoMember_lbl1" xml:lang="en-US" id="iret_SiouxFallsSouthDakotaNumberTwoMember_lbl1">Sioux Falls, South Dakota Number Two [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SiouxFallsSouthDakotaNumberTwoMember" xlink:to="iret_SiouxFallsSouthDakotaNumberTwoMember_lbl1" xlink:title="label: SiouxFallsSouthDakotaNumberTwoMember to iret_SiouxFallsSouthDakotaNumberTwoMember_lbl1" />
    <link:label xlink:type="resource" xlink:label="iret_SiouxFallsSouthDakotaNumberTwoMember_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="iret_SiouxFallsSouthDakotaNumberTwoMember_lbl2" xml:lang="en-US" id="iret_SiouxFallsSouthDakotaNumberTwoMember_lbl2">Sioux Falls, South Dakota, 2 [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SiouxFallsSouthDakotaNumberTwoMember" xlink:to="iret_SiouxFallsSouthDakotaNumberTwoMember_lbl2" xlink:title="label: SiouxFallsSouthDakotaNumberTwoMember to iret_SiouxFallsSouthDakotaNumberTwoMember_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_MinneapolisMinnesotaMember" xlink:label="MinneapolisMinnesotaMember" xlink:title="MinneapolisMinnesotaMember" />
    <link:label xlink:type="resource" xlink:label="iret_MinneapolisMinnesotaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_MinneapolisMinnesotaMember_lbl" xml:lang="en-US" id="iret_MinneapolisMinnesotaMember_lbl">A property or land in Minneapolis, Minnesota that is acquired or disposed of.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MinneapolisMinnesotaMember" xlink:to="iret_MinneapolisMinnesotaMember_lbl" xlink:title="label: MinneapolisMinnesotaMember to iret_MinneapolisMinnesotaMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_MinneapolisMinnesotaMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_MinneapolisMinnesotaMember_lbl1" xml:lang="en-US" id="iret_MinneapolisMinnesotaMember_lbl1">Minneapolis, Minnesota [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MinneapolisMinnesotaMember" xlink:to="iret_MinneapolisMinnesotaMember_lbl1" xlink:title="label: MinneapolisMinnesotaMember to iret_MinneapolisMinnesotaMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_EquityMethodInvestmentRemainingOwnershipPercentage" xlink:label="EquityMethodInvestmentRemainingOwnershipPercentage" xlink:title="EquityMethodInvestmentRemainingOwnershipPercentage" />
    <link:label xlink:type="resource" xlink:label="iret_EquityMethodInvestmentRemainingOwnershipPercentage_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_EquityMethodInvestmentRemainingOwnershipPercentage_lbl" xml:lang="en-US" id="iret_EquityMethodInvestmentRemainingOwnershipPercentage_lbl">The percentage of ownership of common stock or equity participation in the investee which is owned by third parties.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityMethodInvestmentRemainingOwnershipPercentage" xlink:to="iret_EquityMethodInvestmentRemainingOwnershipPercentage_lbl" xlink:title="label: EquityMethodInvestmentRemainingOwnershipPercentage to iret_EquityMethodInvestmentRemainingOwnershipPercentage_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_EquityMethodInvestmentRemainingOwnershipPercentage_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_EquityMethodInvestmentRemainingOwnershipPercentage_lbl1" xml:lang="en-US" id="iret_EquityMethodInvestmentRemainingOwnershipPercentage_lbl1">Equity Method Investment, Remaining Ownership Percentage</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityMethodInvestmentRemainingOwnershipPercentage" xlink:to="iret_EquityMethodInvestmentRemainingOwnershipPercentage_lbl1" xlink:title="label: EquityMethodInvestmentRemainingOwnershipPercentage to iret_EquityMethodInvestmentRemainingOwnershipPercentage_lbl1" />
    <link:label xlink:type="resource" xlink:label="iret_EquityMethodInvestmentRemainingOwnershipPercentage_lbl2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="iret_EquityMethodInvestmentRemainingOwnershipPercentage_lbl2" xml:lang="en-US" id="iret_EquityMethodInvestmentRemainingOwnershipPercentage_lbl2">Interest in joint venture, remaining percentage (in hundredths)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityMethodInvestmentRemainingOwnershipPercentage" xlink:to="iret_EquityMethodInvestmentRemainingOwnershipPercentage_lbl2" xlink:title="label: EquityMethodInvestmentRemainingOwnershipPercentage to iret_EquityMethodInvestmentRemainingOwnershipPercentage_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_SharesAuthorizedForSaleUnderAgreementMaximumValue" xlink:label="SharesAuthorizedForSaleUnderAgreementMaximumValue" xlink:title="SharesAuthorizedForSaleUnderAgreementMaximumValue" />
    <link:label xlink:type="resource" xlink:label="iret_SharesAuthorizedForSaleUnderAgreementMaximumValue_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_SharesAuthorizedForSaleUnderAgreementMaximumValue_lbl" xml:lang="en-US" id="iret_SharesAuthorizedForSaleUnderAgreementMaximumValue_lbl">The maximum value of shares authorized for sale under the agreement.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharesAuthorizedForSaleUnderAgreementMaximumValue" xlink:to="iret_SharesAuthorizedForSaleUnderAgreementMaximumValue_lbl" xlink:title="label: SharesAuthorizedForSaleUnderAgreementMaximumValue to iret_SharesAuthorizedForSaleUnderAgreementMaximumValue_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_SharesAuthorizedForSaleUnderAgreementMaximumValue_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_SharesAuthorizedForSaleUnderAgreementMaximumValue_lbl1" xml:lang="en-US" id="iret_SharesAuthorizedForSaleUnderAgreementMaximumValue_lbl1">Shares Authorized for Sale Under Agreement, Maximum Value</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharesAuthorizedForSaleUnderAgreementMaximumValue" xlink:to="iret_SharesAuthorizedForSaleUnderAgreementMaximumValue_lbl1" xlink:title="label: SharesAuthorizedForSaleUnderAgreementMaximumValue to iret_SharesAuthorizedForSaleUnderAgreementMaximumValue_lbl1" />
    <link:label xlink:type="resource" xlink:label="iret_SharesAuthorizedForSaleUnderAgreementMaximumValue_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="iret_SharesAuthorizedForSaleUnderAgreementMaximumValue_lbl2" xml:lang="en-US" id="iret_SharesAuthorizedForSaleUnderAgreementMaximumValue_lbl2">Maximum value of shares of beneficial interest under the agreement</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharesAuthorizedForSaleUnderAgreementMaximumValue" xlink:to="iret_SharesAuthorizedForSaleUnderAgreementMaximumValue_lbl2" xlink:title="label: SharesAuthorizedForSaleUnderAgreementMaximumValue to iret_SharesAuthorizedForSaleUnderAgreementMaximumValue_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_SharesIssuedUnderAgreement" xlink:label="SharesIssuedUnderAgreement" xlink:title="SharesIssuedUnderAgreement" />
    <link:label xlink:type="resource" xlink:label="iret_SharesIssuedUnderAgreement_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_SharesIssuedUnderAgreement_lbl" xml:lang="en-US" id="iret_SharesIssuedUnderAgreement_lbl">The current number of shares issued under the ATM agreement.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharesIssuedUnderAgreement" xlink:to="iret_SharesIssuedUnderAgreement_lbl" xlink:title="label: SharesIssuedUnderAgreement to iret_SharesIssuedUnderAgreement_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_SharesIssuedUnderAgreement_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_SharesIssuedUnderAgreement_lbl1" xml:lang="en-US" id="iret_SharesIssuedUnderAgreement_lbl1">Shares Issued Under Agreement</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharesIssuedUnderAgreement" xlink:to="iret_SharesIssuedUnderAgreement_lbl1" xlink:title="label: SharesIssuedUnderAgreement to iret_SharesIssuedUnderAgreement_lbl1" />
    <link:label xlink:type="resource" xlink:label="iret_SharesIssuedUnderAgreement_lbl2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="iret_SharesIssuedUnderAgreement_lbl2" xml:lang="en-US" id="iret_SharesIssuedUnderAgreement_lbl2">Shares issued, under the agreement</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharesIssuedUnderAgreement" xlink:to="iret_SharesIssuedUnderAgreement_lbl2" xlink:title="label: SharesIssuedUnderAgreement to iret_SharesIssuedUnderAgreement_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_RapidCitySouthDakotaNumberTwoMember" xlink:label="RapidCitySouthDakotaNumberTwoMember" xlink:title="RapidCitySouthDakotaNumberTwoMember" />
    <link:label xlink:type="resource" xlink:label="iret_RapidCitySouthDakotaNumberTwoMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_RapidCitySouthDakotaNumberTwoMember_lbl" xml:lang="en-US" id="iret_RapidCitySouthDakotaNumberTwoMember_lbl">Rapid City, South Dakota property acquired, number two.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RapidCitySouthDakotaNumberTwoMember" xlink:to="iret_RapidCitySouthDakotaNumberTwoMember_lbl" xlink:title="label: RapidCitySouthDakotaNumberTwoMember to iret_RapidCitySouthDakotaNumberTwoMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_RapidCitySouthDakotaNumberTwoMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_RapidCitySouthDakotaNumberTwoMember_lbl1" xml:lang="en-US" id="iret_RapidCitySouthDakotaNumberTwoMember_lbl1">Rapid City, South Dakota Number Two [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RapidCitySouthDakotaNumberTwoMember" xlink:to="iret_RapidCitySouthDakotaNumberTwoMember_lbl1" xlink:title="label: RapidCitySouthDakotaNumberTwoMember to iret_RapidCitySouthDakotaNumberTwoMember_lbl1" />
    <link:label xlink:type="resource" xlink:label="iret_RapidCitySouthDakotaNumberTwoMember_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="iret_RapidCitySouthDakotaNumberTwoMember_lbl2" xml:lang="en-US" id="iret_RapidCitySouthDakotaNumberTwoMember_lbl2">Rapid City, South Dakota 2 [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RapidCitySouthDakotaNumberTwoMember" xlink:to="iret_RapidCitySouthDakotaNumberTwoMember_lbl2" xlink:title="label: RapidCitySouthDakotaNumberTwoMember to iret_RapidCitySouthDakotaNumberTwoMember_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_AreaOfRealEstatePropertyPendingDisposition" xlink:label="AreaOfRealEstatePropertyPendingDisposition" xlink:title="AreaOfRealEstatePropertyPendingDisposition" />
    <link:label xlink:type="resource" xlink:label="iret_AreaOfRealEstatePropertyPendingDisposition_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_AreaOfRealEstatePropertyPendingDisposition_lbl" xml:lang="en-US" id="iret_AreaOfRealEstatePropertyPendingDisposition_lbl">Area of a real estate property which the entity intends to dispose of.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AreaOfRealEstatePropertyPendingDisposition" xlink:to="iret_AreaOfRealEstatePropertyPendingDisposition_lbl" xlink:title="label: AreaOfRealEstatePropertyPendingDisposition to iret_AreaOfRealEstatePropertyPendingDisposition_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_AreaOfRealEstatePropertyPendingDisposition_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_AreaOfRealEstatePropertyPendingDisposition_lbl1" xml:lang="en-US" id="iret_AreaOfRealEstatePropertyPendingDisposition_lbl1">Area of Real Estate Property Pending Disposition</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AreaOfRealEstatePropertyPendingDisposition" xlink:to="iret_AreaOfRealEstatePropertyPendingDisposition_lbl1" xlink:title="label: AreaOfRealEstatePropertyPendingDisposition to iret_AreaOfRealEstatePropertyPendingDisposition_lbl1" />
    <link:label xlink:type="resource" xlink:label="iret_AreaOfRealEstatePropertyPendingDisposition_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="iret_AreaOfRealEstatePropertyPendingDisposition_lbl2" xml:lang="en-US" id="iret_AreaOfRealEstatePropertyPendingDisposition_lbl2">Pending Disposition (in square feet)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AreaOfRealEstatePropertyPendingDisposition" xlink:to="iret_AreaOfRealEstatePropertyPendingDisposition_lbl2" xlink:title="label: AreaOfRealEstatePropertyPendingDisposition to iret_AreaOfRealEstatePropertyPendingDisposition_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_SalePriceOfProductiveAssetsPendingDisposition" xlink:label="SalePriceOfProductiveAssetsPendingDisposition" xlink:title="SalePriceOfProductiveAssetsPendingDisposition" />
    <link:label xlink:type="resource" xlink:label="iret_SalePriceOfProductiveAssetsPendingDisposition_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_SalePriceOfProductiveAssetsPendingDisposition_lbl" xml:lang="en-US" id="iret_SalePriceOfProductiveAssetsPendingDisposition_lbl">The sales price of property, plant and equipment (capital expenditures), software, and other intangible assets which are pending disposition by the entity.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SalePriceOfProductiveAssetsPendingDisposition" xlink:to="iret_SalePriceOfProductiveAssetsPendingDisposition_lbl" xlink:title="label: SalePriceOfProductiveAssetsPendingDisposition to iret_SalePriceOfProductiveAssetsPendingDisposition_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_SalePriceOfProductiveAssetsPendingDisposition_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_SalePriceOfProductiveAssetsPendingDisposition_lbl1" xml:lang="en-US" id="iret_SalePriceOfProductiveAssetsPendingDisposition_lbl1">Sale Price of Productive Assets, Pending Disposition</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SalePriceOfProductiveAssetsPendingDisposition" xlink:to="iret_SalePriceOfProductiveAssetsPendingDisposition_lbl1" xlink:title="label: SalePriceOfProductiveAssetsPendingDisposition to iret_SalePriceOfProductiveAssetsPendingDisposition_lbl1" />
    <link:label xlink:type="resource" xlink:label="iret_SalePriceOfProductiveAssetsPendingDisposition_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="iret_SalePriceOfProductiveAssetsPendingDisposition_lbl2" xml:lang="en-US" id="iret_SalePriceOfProductiveAssetsPendingDisposition_lbl2">Sales price of property pending disposition</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SalePriceOfProductiveAssetsPendingDisposition" xlink:to="iret_SalePriceOfProductiveAssetsPendingDisposition_lbl2" xlink:title="label: SalePriceOfProductiveAssetsPendingDisposition to iret_SalePriceOfProductiveAssetsPendingDisposition_lbl2" />
    <link:label xlink:type="resource" xlink:label="iret_SalePriceOfProductiveAssetsPendingDisposition_lbl3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="iret_SalePriceOfProductiveAssetsPendingDisposition_lbl3" xml:lang="en-US" id="iret_SalePriceOfProductiveAssetsPendingDisposition_lbl3">Sales price of property</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SalePriceOfProductiveAssetsPendingDisposition" xlink:to="iret_SalePriceOfProductiveAssetsPendingDisposition_lbl3" xlink:title="label: SalePriceOfProductiveAssetsPendingDisposition to iret_SalePriceOfProductiveAssetsPendingDisposition_lbl3" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_BloomingtonBusinessPlazaBloomingtonMinnesotaMember" xlink:label="BloomingtonBusinessPlazaBloomingtonMinnesotaMember" xlink:title="BloomingtonBusinessPlazaBloomingtonMinnesotaMember" />
    <link:label xlink:type="resource" xlink:label="iret_BloomingtonBusinessPlazaBloomingtonMinnesotaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_BloomingtonBusinessPlazaBloomingtonMinnesotaMember_lbl" xml:lang="en-US" id="iret_BloomingtonBusinessPlazaBloomingtonMinnesotaMember_lbl">Pending Dispositions.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BloomingtonBusinessPlazaBloomingtonMinnesotaMember" xlink:to="iret_BloomingtonBusinessPlazaBloomingtonMinnesotaMember_lbl" xlink:title="label: BloomingtonBusinessPlazaBloomingtonMinnesotaMember to iret_BloomingtonBusinessPlazaBloomingtonMinnesotaMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_BloomingtonBusinessPlazaBloomingtonMinnesotaMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_BloomingtonBusinessPlazaBloomingtonMinnesotaMember_lbl1" xml:lang="en-US" id="iret_BloomingtonBusinessPlazaBloomingtonMinnesotaMember_lbl1">Bloomington Business Plaza, Bloomington, Minnesota [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BloomingtonBusinessPlazaBloomingtonMinnesotaMember" xlink:to="iret_BloomingtonBusinessPlazaBloomingtonMinnesotaMember_lbl1" xlink:title="label: BloomingtonBusinessPlazaBloomingtonMinnesotaMember to iret_BloomingtonBusinessPlazaBloomingtonMinnesotaMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_BrooklynPark7401BooneAvenueBrooklynParkMinnesotaMember" xlink:label="BrooklynPark7401BooneAvenueBrooklynParkMinnesotaMember" xlink:title="BrooklynPark7401BooneAvenueBrooklynParkMinnesotaMember" />
    <link:label xlink:type="resource" xlink:label="iret_BrooklynPark7401BooneAvenueBrooklynParkMinnesotaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_BrooklynPark7401BooneAvenueBrooklynParkMinnesotaMember_lbl" xml:lang="en-US" id="iret_BrooklynPark7401BooneAvenueBrooklynParkMinnesotaMember_lbl">Pending Dispositions.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BrooklynPark7401BooneAvenueBrooklynParkMinnesotaMember" xlink:to="iret_BrooklynPark7401BooneAvenueBrooklynParkMinnesotaMember_lbl" xlink:title="label: BrooklynPark7401BooneAvenueBrooklynParkMinnesotaMember to iret_BrooklynPark7401BooneAvenueBrooklynParkMinnesotaMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_BrooklynPark7401BooneAvenueBrooklynParkMinnesotaMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_BrooklynPark7401BooneAvenueBrooklynParkMinnesotaMember_lbl1" xml:lang="en-US" id="iret_BrooklynPark7401BooneAvenueBrooklynParkMinnesotaMember_lbl1">Brooklyn Park 7401 Boone Avenue, Brooklyn Park, Minnesota [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BrooklynPark7401BooneAvenueBrooklynParkMinnesotaMember" xlink:to="iret_BrooklynPark7401BooneAvenueBrooklynParkMinnesotaMember_lbl1" xlink:title="label: BrooklynPark7401BooneAvenueBrooklynParkMinnesotaMember to iret_BrooklynPark7401BooneAvenueBrooklynParkMinnesotaMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_CedarLakeBusinessCenterStLouisParkMinnesotaMember" xlink:label="CedarLakeBusinessCenterStLouisParkMinnesotaMember" xlink:title="CedarLakeBusinessCenterStLouisParkMinnesotaMember" />
    <link:label xlink:type="resource" xlink:label="iret_CedarLakeBusinessCenterStLouisParkMinnesotaMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_CedarLakeBusinessCenterStLouisParkMinnesotaMember_lbl1" xml:lang="en-US" id="iret_CedarLakeBusinessCenterStLouisParkMinnesotaMember_lbl1">Cedar Lake Business Center, St. Louis Park, Minnesota [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CedarLakeBusinessCenterStLouisParkMinnesotaMember" xlink:to="iret_CedarLakeBusinessCenterStLouisParkMinnesotaMember_lbl1" xlink:title="label: CedarLakeBusinessCenterStLouisParkMinnesotaMember to iret_CedarLakeBusinessCenterStLouisParkMinnesotaMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_NicolletViiBurnsvilleMinnesotaMember" xlink:label="NicolletViiBurnsvilleMinnesotaMember" xlink:title="NicolletViiBurnsvilleMinnesotaMember" />
    <link:label xlink:type="resource" xlink:label="iret_NicolletViiBurnsvilleMinnesotaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_NicolletViiBurnsvilleMinnesotaMember_lbl" xml:lang="en-US" id="iret_NicolletViiBurnsvilleMinnesotaMember_lbl">Pending Dispositions.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NicolletViiBurnsvilleMinnesotaMember" xlink:to="iret_NicolletViiBurnsvilleMinnesotaMember_lbl" xlink:title="label: NicolletViiBurnsvilleMinnesotaMember to iret_NicolletViiBurnsvilleMinnesotaMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_NicolletViiBurnsvilleMinnesotaMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_NicolletViiBurnsvilleMinnesotaMember_lbl1" xml:lang="en-US" id="iret_NicolletViiBurnsvilleMinnesotaMember_lbl1">Nicollet VII, Burnsville, Minnesota [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NicolletViiBurnsvilleMinnesotaMember" xlink:to="iret_NicolletViiBurnsvilleMinnesotaMember_lbl1" xlink:title="label: NicolletViiBurnsvilleMinnesotaMember to iret_NicolletViiBurnsvilleMinnesotaMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_PillsburyBusinessCenterBloomingtonMinnesotaMember" xlink:label="PillsburyBusinessCenterBloomingtonMinnesotaMember" xlink:title="PillsburyBusinessCenterBloomingtonMinnesotaMember" />
    <link:label xlink:type="resource" xlink:label="iret_PillsburyBusinessCenterBloomingtonMinnesotaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_PillsburyBusinessCenterBloomingtonMinnesotaMember_lbl" xml:lang="en-US" id="iret_PillsburyBusinessCenterBloomingtonMinnesotaMember_lbl">Pending Dispositions.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PillsburyBusinessCenterBloomingtonMinnesotaMember" xlink:to="iret_PillsburyBusinessCenterBloomingtonMinnesotaMember_lbl" xlink:title="label: PillsburyBusinessCenterBloomingtonMinnesotaMember to iret_PillsburyBusinessCenterBloomingtonMinnesotaMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_PillsburyBusinessCenterBloomingtonMinnesotaMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_PillsburyBusinessCenterBloomingtonMinnesotaMember_lbl1" xml:lang="en-US" id="iret_PillsburyBusinessCenterBloomingtonMinnesotaMember_lbl1">Pillsbury Business Center, Bloomington, Minnesota [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PillsburyBusinessCenterBloomingtonMinnesotaMember" xlink:to="iret_PillsburyBusinessCenterBloomingtonMinnesotaMember_lbl1" xlink:title="label: PillsburyBusinessCenterBloomingtonMinnesotaMember to iret_PillsburyBusinessCenterBloomingtonMinnesotaMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_Clive2075Nw94ThStreetCliveIowaMember" xlink:label="Clive2075Nw94ThStreetCliveIowaMember" xlink:title="Clive2075Nw94ThStreetCliveIowaMember" />
    <link:label xlink:type="resource" xlink:label="iret_Clive2075Nw94ThStreetCliveIowaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_Clive2075Nw94ThStreetCliveIowaMember_lbl" xml:lang="en-US" id="iret_Clive2075Nw94ThStreetCliveIowaMember_lbl">Pending Dispositions.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Clive2075Nw94ThStreetCliveIowaMember" xlink:to="iret_Clive2075Nw94ThStreetCliveIowaMember_lbl" xlink:title="label: Clive2075Nw94ThStreetCliveIowaMember to iret_Clive2075Nw94ThStreetCliveIowaMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_Clive2075Nw94ThStreetCliveIowaMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_Clive2075Nw94ThStreetCliveIowaMember_lbl1" xml:lang="en-US" id="iret_Clive2075Nw94ThStreetCliveIowaMember_lbl1">Clive 2075 NW 94th Street, Clive, Iowa [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Clive2075Nw94ThStreetCliveIowaMember" xlink:to="iret_Clive2075Nw94ThStreetCliveIowaMember_lbl1" xlink:title="label: Clive2075Nw94ThStreetCliveIowaMember to iret_Clive2075Nw94ThStreetCliveIowaMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_DixonAvenueIndustrialParkDesMoinesIowaMember" xlink:label="DixonAvenueIndustrialParkDesMoinesIowaMember" xlink:title="DixonAvenueIndustrialParkDesMoinesIowaMember" />
    <link:label xlink:type="resource" xlink:label="iret_DixonAvenueIndustrialParkDesMoinesIowaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_DixonAvenueIndustrialParkDesMoinesIowaMember_lbl" xml:lang="en-US" id="iret_DixonAvenueIndustrialParkDesMoinesIowaMember_lbl">Pending Dispositions.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DixonAvenueIndustrialParkDesMoinesIowaMember" xlink:to="iret_DixonAvenueIndustrialParkDesMoinesIowaMember_lbl" xlink:title="label: DixonAvenueIndustrialParkDesMoinesIowaMember to iret_DixonAvenueIndustrialParkDesMoinesIowaMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_DixonAvenueIndustrialParkDesMoinesIowaMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_DixonAvenueIndustrialParkDesMoinesIowaMember_lbl1" xml:lang="en-US" id="iret_DixonAvenueIndustrialParkDesMoinesIowaMember_lbl1">Dixon Avenue Industrial Park, Des Moines, Iowa [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DixonAvenueIndustrialParkDesMoinesIowaMember" xlink:to="iret_DixonAvenueIndustrialParkDesMoinesIowaMember_lbl1" xlink:title="label: DixonAvenueIndustrialParkDesMoinesIowaMember to iret_DixonAvenueIndustrialParkDesMoinesIowaMember_lbl1" />
  </link:labelLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>11
<FILENAME>iret-20130731_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii"?>
<!--Generated by Disclosure Solutions PROFILE 1.3.2.0 Copyright 1995 - 2013 Thomson Reuters Accelus. All rights reserved.-->
<link:linkbase xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xbrli="http://www.xbrl.org/2003/instance">
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/netLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/net-2009-12-16.xsd#netLabel" />
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTotalLabel" />
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedNetLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedNetLabel" />
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTerseLabel" />
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedPeriodEndLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodEndLabel" />
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedPeriodStartLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodStartLabel" />
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedLabel" />
  <link:roleRef roleURI="http://iret.com/role/SubsequentEventsDetails" xlink:type="simple" xlink:href="iret-20130731.xsd#SubsequentEventsDetails" />
  <link:roleRef roleURI="http://iret.com/role/FairValueOfFinancialInstrumentsDetails" xlink:type="simple" xlink:href="iret-20130731.xsd#FairValueOfFinancialInstrumentsDetails" />
  <link:roleRef roleURI="http://iret.com/role/MortgagesPayableAndLineOfCreditDetails" xlink:type="simple" xlink:href="iret-20130731.xsd#MortgagesPayableAndLineOfCreditDetails" />
  <link:roleRef roleURI="http://iret.com/role/AcquisitionsAndDispositionsDetails" xlink:type="simple" xlink:href="iret-20130731.xsd#AcquisitionsAndDispositionsDetails" />
  <link:roleRef roleURI="http://iret.com/role/DiscontinuedOperationsDetails" xlink:type="simple" xlink:href="iret-20130731.xsd#DiscontinuedOperationsDetails" />
  <link:roleRef roleURI="http://iret.com/role/CommitmentsAndContingenciesDetails" xlink:type="simple" xlink:href="iret-20130731.xsd#CommitmentsAndContingenciesDetails" />
  <link:roleRef roleURI="http://iret.com/role/SegmentReportingDetails" xlink:type="simple" xlink:href="iret-20130731.xsd#SegmentReportingDetails" />
  <link:roleRef roleURI="http://iret.com/role/EquityDetails" xlink:type="simple" xlink:href="iret-20130731.xsd#EquityDetails" />
  <link:roleRef roleURI="http://iret.com/role/EarningsPerShareDetails" xlink:type="simple" xlink:href="iret-20130731.xsd#EarningsPerShareDetails" />
  <link:roleRef roleURI="http://iret.com/role/BasisOfPresentationAndSignificantAccountingPoliciesDetails" xlink:type="simple" xlink:href="iret-20130731.xsd#BasisOfPresentationAndSignificantAccountingPoliciesDetails" />
  <link:roleRef roleURI="http://iret.com/role/OrganizationDetails" xlink:type="simple" xlink:href="iret-20130731.xsd#OrganizationDetails" />
  <link:roleRef roleURI="http://iret.com/role/FairValueOfFinancialInstrumentsTables" xlink:type="simple" xlink:href="iret-20130731.xsd#FairValueOfFinancialInstrumentsTables" />
  <link:roleRef roleURI="http://iret.com/role/MortgagesPayableAndLineOfCreditTables" xlink:type="simple" xlink:href="iret-20130731.xsd#MortgagesPayableAndLineOfCreditTables" />
  <link:roleRef roleURI="http://iret.com/role/AcquisitionsAndDispositionsTables" xlink:type="simple" xlink:href="iret-20130731.xsd#AcquisitionsAndDispositionsTables" />
  <link:roleRef roleURI="http://iret.com/role/DiscontinuedOperationsTables" xlink:type="simple" xlink:href="iret-20130731.xsd#DiscontinuedOperationsTables" />
  <link:roleRef roleURI="http://iret.com/role/SegmentReportingTables" xlink:type="simple" xlink:href="iret-20130731.xsd#SegmentReportingTables" />
  <link:roleRef roleURI="http://iret.com/role/EarningsPerShareTables" xlink:type="simple" xlink:href="iret-20130731.xsd#EarningsPerShareTables" />
  <link:roleRef roleURI="http://iret.com/role/BasisOfPresentationAndSignificantAccountingPoliciesTables" xlink:type="simple" xlink:href="iret-20130731.xsd#BasisOfPresentationAndSignificantAccountingPoliciesTables" />
  <link:roleRef roleURI="http://iret.com/role/BasisOfPresentationAndSignificantAccountingPoliciesPolicies" xlink:type="simple" xlink:href="iret-20130731.xsd#BasisOfPresentationAndSignificantAccountingPoliciesPolicies" />
  <link:roleRef roleURI="http://iret.com/role/SubsequentEvents" xlink:type="simple" xlink:href="iret-20130731.xsd#SubsequentEvents" />
  <link:roleRef roleURI="http://iret.com/role/FairValueOfFinancialInstruments" xlink:type="simple" xlink:href="iret-20130731.xsd#FairValueOfFinancialInstruments" />
  <link:roleRef roleURI="http://iret.com/role/MortgagesPayableAndLineOfCredit" xlink:type="simple" xlink:href="iret-20130731.xsd#MortgagesPayableAndLineOfCredit" />
  <link:roleRef roleURI="http://iret.com/role/AcquisitionsAndDispositions" xlink:type="simple" xlink:href="iret-20130731.xsd#AcquisitionsAndDispositions" />
  <link:roleRef roleURI="http://iret.com/role/DiscontinuedOperations" xlink:type="simple" xlink:href="iret-20130731.xsd#DiscontinuedOperations" />
  <link:roleRef roleURI="http://iret.com/role/CommitmentsAndContingencies" xlink:type="simple" xlink:href="iret-20130731.xsd#CommitmentsAndContingencies" />
  <link:roleRef roleURI="http://iret.com/role/SegmentReporting" xlink:type="simple" xlink:href="iret-20130731.xsd#SegmentReporting" />
  <link:roleRef roleURI="http://iret.com/role/Equity" xlink:type="simple" xlink:href="iret-20130731.xsd#Equity" />
  <link:roleRef roleURI="http://iret.com/role/EarningsPerShare" xlink:type="simple" xlink:href="iret-20130731.xsd#EarningsPerShare" />
  <link:roleRef roleURI="http://iret.com/role/BasisOfPresentationAndSignificantAccountingPolicies" xlink:type="simple" xlink:href="iret-20130731.xsd#BasisOfPresentationAndSignificantAccountingPolicies" />
  <link:roleRef roleURI="http://iret.com/role/Organization" xlink:type="simple" xlink:href="iret-20130731.xsd#Organization" />
  <link:roleRef roleURI="http://iret.com/role/ConsolidatedStatementsOfCashFlowsParenthetical" xlink:type="simple" xlink:href="iret-20130731.xsd#ConsolidatedStatementsOfCashFlowsParenthetical" />
  <link:roleRef roleURI="http://iret.com/role/ConsolidatedStatementsOfCashFlows" xlink:type="simple" xlink:href="iret-20130731.xsd#ConsolidatedStatementsOfCashFlows" />
  <link:roleRef roleURI="http://iret.com/role/ConsolidatedStatementsOfEquity" xlink:type="simple" xlink:href="iret-20130731.xsd#ConsolidatedStatementsOfEquity" />
  <link:roleRef roleURI="http://iret.com/role/ConsolidatedStatementsOfOperations" xlink:type="simple" xlink:href="iret-20130731.xsd#ConsolidatedStatementsOfOperations" />
  <link:roleRef roleURI="http://iret.com/role/ConsolidatedBalanceSheetsParenthetical" xlink:type="simple" xlink:href="iret-20130731.xsd#ConsolidatedBalanceSheetsParenthetical" />
  <link:roleRef roleURI="http://iret.com/role/ConsolidatedBalanceSheets" xlink:type="simple" xlink:href="iret-20130731.xsd#ConsolidatedBalanceSheets" />
  <link:roleRef roleURI="http://iret.com/role/DocumentAndEntityInformation" xlink:type="simple" xlink:href="iret-20130731.xsd#DocumentAndEntityInformation" />
  <link:presentationLink xlink:type="extended" xlink:role="http://iret.com/role/DocumentAndEntityInformation">
    <link:loc xlink:type="locator" xlink:href="iret-20130731.xsd#iret_DocumentAndEntityInformationAbstract" xlink:label="DocumentAndEntityInformationAbstract" xlink:title="DocumentAndEntityInformationAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_EntityRegistrantName" xlink:label="EntityRegistrantName" xlink:title="EntityRegistrantName" />
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 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 230

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 -Paragraph 12

 -Subparagraph (c)

 -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3179-108585



Reference 2: http://www.xbrl.org/2003/role/presentationRef

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 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 230

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 -Section 45

 -Paragraph 12

 -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3179-108585



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Reference 3: http://www.xbrl.org/2003/role/presentationRef

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 -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.



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 -Publisher FASB

 -Name Statement of Financial Accounting Standard (FAS)

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 -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

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 -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.



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Reference 4: http://www.xbrl.org/2003/role/presentationRef

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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EME">
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          <div style="width: 200px;"><strong>FAIR VALUE OF FINANCIAL INSTRUMENTS<br></strong></div>
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        <th class="th" colspan="1">3 Months Ended</th>
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          <div>Jul. 31, 2013</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueDisclosuresAbstract', window );"><strong>FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract]</strong></a></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueDisclosuresTextBlock', window );">FAIR VALUE OF FINANCIAL INSTRUMENTS</a></td>
        <td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: left; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt; font-weight: bold;">NOTE 10 &#8226; FAIR VALUE OF FINANCIAL INSTRUMENTS</div><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;">ASC 820, <font style="font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;">Fair Value Measurement and Disclosures</font> defines and establishes a framework for measuring fair value. &#160;The objective of fair value is to determine the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). ASC 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels, as follows:</div><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">Level 1: &#160;Quoted prices in active markets for identical assets</div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">Level 2: &#160;Significant other observable inputs</div><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;">Level 3: &#160;Significant unobservable inputs</div><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;">There were no transfers in and out of Level 1, Level 2 and Level 3 fair value measurements during the three months ended July 31, 2013 and 2012. Fair value estimates may be different than the amounts that may ultimately be realized upon sale or disposition of the assets and liabilities.</div><div style="text-align: justify; font-style: italic; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;">Fair Value Measurements on a Recurring Basis</div><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;">The Company had no assets or liabilities recorded at fair value on a recurring basis at July 31, 2013 and April 30, 2013.</div><div style="text-align: left; font-style: italic; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;">Fair Value Measurements on a Nonrecurring Basis</div><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;">Non-financial assets measured at fair value on a nonrecurring basis at July 31, 2013 consisted of real estate investments and real estate held for sale that were written-down to estimated fair value during the first quarter of fiscal year 2014. Non-financial assets measured at fair value on a nonrecurring basis at April 30, 2013 consisted of real estate investments that were written-down to estimated fair value during fiscal year 2013. See Note 2 for additional information on impairment losses recognized during fiscal years 2014 and 2013. 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vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.68%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">640</div></td><td style="width: 2.88%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 9.62%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">639</div></td><td style="width: 2.88%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 9.62%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">639</div></td></tr><tr style="background-color: #ffffff;"><td style="width: 50.96%; vertical-align: bottom;"><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">FINANCIAL LIABILITIES</div></td><td style="width: 2.88%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 9.6%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 2.88%; 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font-family: 'Times New Roman', serif; font-size: 10pt;">32,620</div></td><td style="width: 2.88%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 9.62%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">18,076</div></td><td style="width: 2.88%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 9.62%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">18,156</div></td></tr><tr style="background-color: #ffffff;"><td style="width: 50.96%; vertical-align: bottom;"><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;">Line of credit</div></td><td style="width: 2.88%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 9.6%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">10,000</div></td><td style="width: 2.88%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.68%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">10,000</div></td><td style="width: 2.88%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 9.62%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">10,000</div></td><td style="width: 2.88%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 9.62%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">10,000</div></td></tr><tr style="background-color: #cceeff;"><td style="width: 50.96%; vertical-align: bottom;"><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;">Mortgages payable</div></td><td style="width: 2.88%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 9.6%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">1,030,407</div></td><td style="width: 2.88%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.68%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">1,142,618</div></td><td style="width: 2.88%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 9.62%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">1,049,206</div></td><td style="width: 2.88%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 9.62%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">1,160,190</div></td></tr></table></div><span></span></td>
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                <p>The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 107<br><br> -Paragraph 15A<br><br> -Subparagraph a-d<br><br> -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.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 107<br><br> -Paragraph 15C, 15D<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  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This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 157<br><br> -Paragraph 32, 33, 34<br><br> -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.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 825<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 21<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7491637&amp;loc=d3e13537-108611<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 133<br><br> -Paragraph 44A, 44B<br><br> -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.<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 825<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 10<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7491637&amp;loc=d3e13433-108611<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 825<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6957238&amp;loc=d3e14064-108612<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 820<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7578670&amp;loc=d3e19207-110258<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 825<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 30<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6957238&amp;loc=d3e14172-108612<br><br><br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 825<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 16<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7491637&amp;loc=d3e13504-108611<br><br><br><br>Reference 12: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 107<br><br> -Paragraph 15B<br><br> -Subparagraph a, b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EISAG">
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          <div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)<br>In Thousands, except Per Share data, unless otherwise specified</strong></div>
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          <div>Jul. 31, 2013</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RevenuesAbstract', window );"><strong>REVENUE</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLeasesIncomeStatementLeaseRevenue', window );">Real estate rentals</a></td>
        <td class="nump">$ 55,039<span></span></td>
        <td class="nump">$ 50,458<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TenantReimbursements', window );">Tenant reimbursement</a></td>
        <td class="nump">12,143<span></span></td>
        <td class="nump">10,517<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateRevenueNet', window );">TOTAL REVENUE</a></td>
        <td class="nump">67,182<span></span></td>
        <td class="nump">60,975<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostsAndExpensesAbstract', window );"><strong>EXPENSES</strong></a></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DepreciationAndAmortization', window );">Depreciation/amortization related to real estate investments</a></td>
        <td class="nump">18,528<span></span></td>
        <td class="nump">15,063<span></span></td>
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        <td class="nump">5,051<span></span></td>
        <td class="nump">4,194<span></span></td>
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        <td class="nump">7,912<span></span></td>
        <td class="nump">7,312<span></span></td>
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        <td class="nump">8,862<span></span></td>
        <td class="nump">8,242<span></span></td>
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        <td class="nump">1,347<span></span></td>
        <td class="nump">901<span></span></td>
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        <td class="nump">4,242<span></span></td>
        <td class="nump">3,701<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProvisionForDoubtfulAccounts', window );">Other property expenses</a></td>
        <td class="nump">177<span></span></td>
        <td class="nump">335<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GeneralAndAdministrativeExpense', window );">Administrative expenses</a></td>
        <td class="nump">2,524<span></span></td>
        <td class="nump">1,960<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TrusteeFees', window );">Advisory and trustee services</a></td>
        <td class="nump">229<span></span></td>
        <td class="nump">136<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherGeneralExpense', window );">Other expenses</a></td>
        <td class="nump">679<span></span></td>
        <td class="nump">519<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AmortizationOfDeferredLeasingFees', window );">Amortization related to non-real estate investments</a></td>
        <td class="nump">990<span></span></td>
        <td class="nump">822<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_ImpairmentOfRealEstateContinuingOperations', window );">Impairment of real estate investments</a></td>
        <td class="nump">1,458<span></span></td>
        <td class="nump">0<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostsAndExpenses', window );">TOTAL EXPENSES</a></td>
        <td class="nump">51,999<span></span></td>
        <td class="nump">43,185<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainOnBusinessInterruptionInsuranceRecovery', window );">Gain on involuntary conversion</a></td>
        <td class="nump">966<span></span></td>
        <td class="nump">0<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingIncomeLoss', window );">Operating income</a></td>
        <td class="nump">16,149<span></span></td>
        <td class="nump">17,790<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestExpense', window );">Interest expense</a></td>
        <td class="num">(14,799)<span></span></td>
        <td class="num">(16,069)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentIncomeInterest', window );">Interest income</a></td>
        <td class="nump">188<span></span></td>
        <td class="nump">18<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherNonoperatingIncomeExpense', window );">Other income</a></td>
        <td class="nump">22<span></span></td>
        <td class="nump">124<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest', window );">Income from continuing operations</a></td>
        <td class="nump">1,560<span></span></td>
        <td class="nump">1,863<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax', window );">Income from discontinued operations</a></td>
        <td class="nump">1,656<span></span></td>
        <td class="nump">133<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProfitLoss', window );">NET INCOME</a></td>
        <td class="nump">3,216<span></span></td>
        <td class="nump">1,996<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MinorityInterestInNetIncomeLossOperatingPartnerships', window );">Net income attributable to noncontrolling interests - Operating Partnership</a></td>
        <td class="num">(50)<span></span></td>
        <td class="num">(251)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest', window );">Net income attributable to noncontrolling interests - consolidated real estate entities</a></td>
        <td class="num">(88)<span></span></td>
        <td class="num">(66)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income attributable to Investors Real Estate Trust</a></td>
        <td class="nump">3,078<span></span></td>
        <td class="nump">1,679<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_DividendsPreferredStock2', window );">Dividends to preferred shareholders</a></td>
        <td class="num">(2,879)<span></span></td>
        <td class="num">(593)<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic', window );">NET INCOME AVAILABLE TO COMMON SHAREHOLDERS</a></td>
        <td class="nump">$ 199<span></span></td>
        <td class="nump">$ 1,086<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromContinuingOperationsPerBasicShare', window );">Earnings per common share from continuing operations - Investors Real Estate Trust - basic and diluted</a></td>
        <td class="num">$ (0.01)<span></span></td>
        <td class="nump">$ 0.01<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare', window );">Earnings per common share from discontinued operations - Investors Real Estate Trust - basic and diluted</a></td>
        <td class="nump">$ 0.01<span></span></td>
        <td class="nump">$ 0.00<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareBasicAndDiluted', window );">NET INCOME PER COMMON SHARE - BASIC AND DILUTED</a></td>
        <td class="nump">$ 0.00<span></span></td>
        <td class="nump">$ 0.01<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockDividendsPerShareDeclared', window );">DIVIDENDS PER COMMON SHARE</a></td>
        <td class="nump">$ 0.1300<span></span></td>
        <td class="nump">$ 0.1300<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_iret_DividendsPreferredStock2">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The equity impact of aggregate cash, stock, and paid-in-kind dividends declared for preferred shareholders during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>iret_DividendsPreferredStock2</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>iret_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_iret_ImpairmentOfRealEstateContinuingOperations">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The charge against earnings in the period to reduce the carrying amount of real property relating to continuing operations to fair value.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>iret_ImpairmentOfRealEstateContinuingOperations</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>iret_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_iret_Utilities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Costs incurred to provide to tenants basic services such as electricity, gas, water, telephone, cable, and internet service.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>iret_Utilities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>iret_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AmortizationOfDeferredLeasingFees">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This element represents the amortization of deferred leasing fees incurred by the lessor and amortized over the term of the lease. Such fees represent (a) costs to originate a lease incurred in transactions with independent third parties that (i) result directly from and are essential to acquire that lease and (ii) would not have been incurred had that leasing transaction not occurred and (b) certain costs directly related to specified activities performed by the lessor for that lease. Those activities are: evaluating the prospective lessee's financial condition; evaluating and recording guarantees, collateral, and other security arrangements; negotiating lease terms; preparing and processing lease documents; and closing the transaction.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.3)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 840<br><br> -SubTopic 20<br><br> -Section 25<br><br> -Paragraph 17<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6748888&amp;loc=d3e40246-112709<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AmortizationOfDeferredLeasingFees</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockDividendsPerShareDeclared">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate dividends declared during the period for each share of common stock outstanding.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockDividendsPerShareDeclared</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CostOfPropertyRepairsAndMaintenance">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate costs of keeping the property in good condition but that do not appreciably prolong the life or increase the value of the property.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.2)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CostOfPropertyRepairsAndMaintenance</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CostsAndExpenses">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total costs of sales and operating expenses for the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CostsAndExpenses</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CostsAndExpensesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CostsAndExpensesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DepreciationAndAmortization">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -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.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 360<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 5<br><br> -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.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DepreciationAndAmortization</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareBasicAndDiluted">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of net income or loss for the period per each share in instances when basic and diluted earnings per share are the same amount and reported as a single line item on the face of the financial statements.  Basic earnings per share is the amount of net income or loss for the period per each share of common stock or unit outstanding during the reporting period.  Diluted earnings per share includes the amount of net income or loss for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_EarningsPerShareBasicAndDiluted</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GainOnBusinessInterruptionInsuranceRecovery">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net amount (to the extent disclosed within this portion of the income statement) by which an insurance settlement exceeds incremental costs incurred from the event causing an interruption of business, plus the insurance award for earnings lost from the event, such as a natural catastrophe, explosion or fire.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 30<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6365675&amp;loc=d3e16285-107787<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 01-13<br><br> -Paragraph 7<br><br> -Subparagraph b<br><br> -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.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_GainOnBusinessInterruptionInsuranceRecovery</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GeneralAndAdministrativeExpense">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.4)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_GeneralAndAdministrativeExpense</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This element represents the income or loss from continuing operations attributable to the economic entity which may also be defined as revenue less expenses and taxes from ongoing operations before extraordinary items, and noncontrolling interest.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -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.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 19<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7656940&amp;loc=SL4569616-111683<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 29<br><br> -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.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromContinuingOperationsPerBasicShare">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of net income (loss) from continuing operations per each share of common stock or unit outstanding during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 07-4<br><br> -Paragraph 4<br><br> -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.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.21)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1252-109256<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 18<br><br> -Article 7<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 20<br><br> -Article 5<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 21<br><br> -Article 9<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.19)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-04.23)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 128<br><br> -Paragraph 36, 37, 38<br><br> -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.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncomeLossFromContinuingOperationsPerBasicShare</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of income (loss) from a disposal group, net of income tax before extraordinary items allocable to noncontrolling interests. Includes, net of tax, income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 29<br><br> -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.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 205<br><br> -SubTopic 20<br><br> -Section 45<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6892542&amp;loc=d3e957-107759<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 144<br><br> -Paragraph 47<br><br> -Subparagraph c<br><br> -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.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 144<br><br> -Paragraph 43<br><br> -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.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 205<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6360339&amp;loc=d3e1361-107760<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.12)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 13<br><br> -Article 7<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.14)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 15<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of net income (loss) derived from discontinued operations during the period, net of related tax effect, per each share of common stock or unit outstanding during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 07-4<br><br> -Paragraph 4<br><br> -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.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.21)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 18<br><br> -Article 7<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 20<br><br> -Article 5<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 21<br><br> -Article 9<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.19)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-04.23)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1278-109256<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 128<br><br> -Paragraph 8, 9, 10, 36, 37, 38<br><br> -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.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestExpense">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cost of borrowed funds accounted for as interest that was charged against earnings during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 34<br><br> -Paragraph 21<br><br> -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.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 835<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6450988&amp;loc=d3e26243-108391<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-04.9)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 9<br><br> -Article 9<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher OTS<br><br> -Name Federal Regulation (FR)<br><br> -Number Title 12<br><br> -Section 563c.102<br><br> -Paragraph 9<br><br> -Chapter V<br><br> -Subsection II<br><br> -LegacyDoc This is a non-GAAP reference that was included in the 2009 taxonomy.  It will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InterestExpense</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InvestmentIncomeInterest">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Income derived from investments in debt securities and on cash and cash equivalents the earnings of which reflect the time value of money or transactions in which the payments are for the use or forbearance of money.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 115<br><br> -Paragraph 14<br><br> -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.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 7<br><br> -Article 5<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.7(b))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InvestmentIncomeInterest</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MinorityInterestInNetIncomeLossOperatingPartnerships">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of net Income or Loss for the period allocated to noncontrolling partners in an operating partnership included in the entity's consolidated financial statements.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph a<br><br> -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.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.19)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph c(1)<br><br> -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.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_MinorityInterestInNetIncomeLossOperatingPartnerships</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28, 29, 30<br><br> -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.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.18)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 20<br><br> -Article 9<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.22)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 130<br><br> -Paragraph 10, 15<br><br> -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.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 220<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=20435746&amp;loc=d3e565-108580<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 19<br><br> -Article 5<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Other Comprehensive Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6519514<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Net Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6518256<br><br><br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph a<br><br> -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.<br><br><br><br>Reference 12: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph A7<br><br> -Appendix A<br><br><br><br>Reference 13: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph d<br><br> -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.<br><br><br><br>Reference 14: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 15: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.19)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 16: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 87-21<br><br> -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.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetIncomeLoss</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of Net Income (Loss) attributable to noncontrolling interest.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph a<br><br> -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.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1A<br><br> -URI http://asc.fasb.org/extlink&amp;oid=18733093&amp;loc=SL4573702-111684<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph c(1)<br><br> -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.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 4J<br><br> -URI http://asc.fasb.org/extlink&amp;oid=18733213&amp;loc=SL4591551-111686<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph A1, A4, A5<br><br> -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.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetIncomeLossAttributableToNoncontrollingInterest</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Net income after adjustments for dividends on preferred stock (declared in the period) and/or cumulative preferred stock (accumulated for the period).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 11<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1377-109256<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 128<br><br> -Paragraph 9<br><br> -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.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingIncomeLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net result for the period of deducting operating expenses from operating revenues.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OperatingIncomeLoss</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingLeasesIncomeStatementLeaseRevenue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The total amount of revenue recognized for the period from operating leases, including minimum lease revenue, contingent revenue, percentage revenue and sublease revenue.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 13<br><br> -Paragraph 19<br><br> -Subparagraph b<br><br> -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.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 840<br><br> -SubTopic 20<br><br> -Section 25<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7501430&amp;loc=d3e39896-112707<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OperatingLeasesIncomeStatementLeaseRevenue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherGeneralExpense">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of general expenses not normally included in Other Operating Costs and Expenses.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.6)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 6<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherGeneralExpense</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherNonoperatingIncomeExpense">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net amount of other income and expense amounts, the components of which are not separately disclosed on the income statement, resulting from ancillary business-related activities (that is, excluding major activities considered part of the normal operations of the business) also known as other nonoperating income (expense) recognized for the period. Such amounts may include: (a) dividends, (b) interest on securities, (c) net gains or losses on securities, (d) unusual costs, (e) gains or losses on foreign exchange transactions, and (f) miscellaneous other income and expense items.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 9<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.9)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherNonoperatingIncomeExpense</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OwnedPropertyManagementCosts">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate costs related to management of owned properties during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.2(d))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OwnedPropertyManagementCosts</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProfitLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 4K<br><br> -URI http://asc.fasb.org/extlink&amp;oid=18733213&amp;loc=SL4591552-111686<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 19<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7656940&amp;loc=SL4569616-111683<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 29<br><br> -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.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph a<br><br> -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.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph c(1)<br><br> -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.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 4J<br><br> -URI http://asc.fasb.org/extlink&amp;oid=18733213&amp;loc=SL4591551-111686<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph A1, A4, A5<br><br> -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.<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1A<br><br> -Subparagraph (a),(c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=18733093&amp;loc=SL4573702-111684<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 5<br><br> -Subparagraph b<br><br> -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.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProfitLoss</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProvisionForDoubtfulAccounts">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of the current period expense charged against operations, the offset which is generally to the allowance for doubtful accounts for the purpose of reducing receivables, including notes receivable, to an amount that approximates their net realizable value (the amount expected to be collected).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -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.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.5)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 5<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProvisionForDoubtfulAccounts</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RealEstateInsurance">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>A contract to provide coverage or protection in exchange for a payment or "premium". Examples of insurance protection include liability and property insurance. The entity paying the premiums for the protection will have insurance expense and possibly an asset, Prepaid Insurance (if the premiums are paid in advance).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.6)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_RealEstateInsurance</nobr></td>
                  </tr>
                  <tr>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate revenue from real estate operations during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.1(e))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 1<br><br> -Article 5<br><br><br><br></p>
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                <p>A tax based on the assessed value of real estate by the local government. The tax is usually based on the value of property (including the land).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 720<br><br> -SubTopic 30<br><br> -Section 45<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6419918&amp;loc=d3e35301-107843<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 43<br><br> -Section A<br><br> -Paragraph 2, 17<br><br> -Chapter 10<br><br> -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.<br><br><br><br></p>
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                <p>In accordance with the provisions of their lease agreement, this element represents allowable charges due a landlord from its tenant. In retail store and office building leases, for example, tenant reimbursements may cover items such as taxes, utilities, and common area expenses.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.1(e))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
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                <p>Fees charged annually for the professional services of a trustee, usually quoted as a percentage of the funds being managed. The fee for appointing an offshore Trustee is included in the trust price.</p>
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                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.3)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EME">
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          <div style="width: 200px;"><strong>EARNINGS PER SHARE<br></strong></div>
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          <div>Jul. 31, 2013</div>
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        <td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: left; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt; font-weight: bold;">NOTE 3 &#8226; EARNINGS PER SHARE</div><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;">Basic earnings per share is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. The Company has no outstanding options, warrants, convertible stock or other contractual obligations requiring issuance of additional shares that would result in dilution of earnings. Units can be exchanged for shares on a one-for-one basis after a minimum holding period of one year. The following table presents a reconciliation of the numerator and denominator used to calculate basic and diluted earnings per share reported in the condensed consolidated financial statements for the three months ended July 31, 2013 and 2012:</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><tr><td style="width: 69.52%; vertical-align: bottom;"><div>&#160;</div></td><td colspan="4" style="border-bottom: #000000 2px solid; width: 30.48%; vertical-align: top;"><div style="text-align: center; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">(in thousands, except per share data)</div></td></tr><tr><td style="width: 69.52%; vertical-align: bottom;"><div>&#160;</div></td><td colspan="4" style="border-bottom: #000000 2px solid; width: 30.48%; vertical-align: top;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">Three Months Ended</div><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">July 31</div></td></tr><tr><td style="border-bottom: #000000 2px solid; width: 69.52%; vertical-align: top;"><div style="text-align: left;">&#160;</div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 15.2%; vertical-align: top;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">2013</div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 15.28%; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">2012</div></td></tr><tr><td style="width: 69.52%; vertical-align: bottom;"><div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;">NUMERATOR</div></td><td style="width: 4.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 10.88%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 4.34%; 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                <p>The entire disclosure for earnings per share.</p>
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vertical-align: bottom;"><div>&#160;</div></td></tr><tr style="background-color: #cceeff;"><td style="width: 46.55%; vertical-align: bottom;"><div style="text-align: left; font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;">Multi-Family Residential</div></td><td style="width: 13.78%; vertical-align: top;"><div>&#160;</div></td><td style="width: 1.74%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 7.76%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 1.72%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.62%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 1.72%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 6.9%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 2.54%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.66%; vertical-align: bottom;"><div>&#160;</div></td></tr><tr style="background-color: #ffffff;"><td style="width: 46.55%; vertical-align: bottom;"><div style="text-align: left; 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                <p>Tabular disclosure of results of operations from acquired properties included in the Condensed Consolidated Statements of Operations as of acquisition date.</p>
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                <p>No definition available.</p>
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                <p>Tabular disclosure of all information related to any significant acquisition and disposal. Disclosure may include methodology and assumptions, type of asset, asset classification, useful life, useful purpose, acquisition cost, method of acquisition or disposal, depreciation method, gain (loss) on disposal pretax and net of tax, date of acquisition or disposal and restrictions on amount of proceeds from donated assets.</p>
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          <div style="width: 200px;"><strong>SUBSEQUENT EVENTS<br></strong></div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfSubsequentEventsTextBlock', window );">SUBSEQUENT EVENTS</a></td>
        <td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: left; margin-top: 10pt; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt; font-weight: bold;">NOTE 11 &#8226; SUBSEQUENT EVENTS</div><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"><font style="font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;">Common and Preferred Share Distributions.</font> On September 4, 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 October 1, 2013, to shareholders and unitholders of record on September 16, 2013. Also on September 4, 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 September 30, 2013 to Series A preferred shareholders of record on September 16, 2013, and declared a distribution of 49.68 cents per share on the Company's Series B preferred shares of beneficial interest, payable September 30, 2013 to Series B preferred shareholders of record on September 16, 2013.</div><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"><font style="font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;">Pending and Closed Acquisitions</font>. Subsequent to the end of the first quarter of fiscal year 2014, the Company signed purchase agreements to acquire the following properties:</div><div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman', Times, serif; margin-bottom: 12pt; font-size: 10pt;"><tr><td style="width: 36pt; vertical-align: top; align: right;"><div style="text-align: left; font-family: Symbol, serif; margin-bottom: 12pt; margin-left: 18pt; font-size: 10pt;">&#183;</div></td><td style="width: auto; vertical-align: top;"><div style="text-align: left; font-family: 'Times New Roman', serif; margin-bottom: 12pt; font-size: 10pt;">an approximately 121-unit senior housing property in Sartell, Minnesota, for a purchase price of approximately $15.2 million, to be paid in cash;</div></td></tr></table></div><div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman', Times, serif; margin-bottom: 12pt; font-size: 10pt;"><tr><td style="width: 36pt; vertical-align: top; align: right;"><div style="text-align: left; font-family: Symbol, serif; margin-bottom: 12pt; margin-left: 18pt; font-size: 10pt;">&#183;</div></td><td style="width: auto; vertical-align: top;"><div style="text-align: left; font-family: 'Times New Roman', serif; margin-bottom: 12pt; font-size: 10pt;">an approximately 5.0 acre parcel of vacant land in Monticello, Minnesota, for a purchase price of approximately $656,000, to be paid in cash; and</div></td></tr></table></div><div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman', Times, serif; margin-bottom: 12pt; font-size: 10pt;"><tr><td style="width: 36pt; vertical-align: top; align: right;"><div style="text-align: left; font-family: Symbol, serif; margin-bottom: 12pt; margin-left: 18pt; font-size: 10pt;">&#183;</div></td><td style="width: auto; vertical-align: top;"><div style="text-align: left; font-family: 'Times New Roman', serif; margin-bottom: 12pt; font-size: 10pt;">approximately 5.2 and 5.6 acre parcels of vacant land in Rapid City, South Dakota, for a purchase price of approximately $657,000 and $707,000, respectively, to be paid in cash.</div></td></tr></table></div><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;">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.</div><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;">On August 9, 2013, the Company closed on its acquisition of approximately 9.2 acres of vacant land in Jamestown, North Dakota, for a purchase price, paid in cash, of approximately $700,000. The purchase price accounting is incomplete for this acquisition that closed subsequent to the end of the first quarter of fiscal year 2014.</div><div style="text-align: left; font-family: 'Times New Roman', serif; margin-bottom: 12pt; font-size: 10pt;"><font style="font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;">Pending Dispositions.</font> &#160;Subsequent to the end of the first quarter of fiscal year 2014, the Company signed agreements to sell the following properties. All of these pending dispositions are subject to various closing conditions and contingencies, and no assurances can be given that any or all of these transactions will be completed on the terms currently expected, or at all:</div><div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman', Times, serif; margin-bottom: 12pt; font-size: 10pt;"><tr><td style="width: 36pt; vertical-align: top; align: right;"><div style="text-align: left; font-family: Symbol, serif; margin-bottom: 12pt; margin-left: 18pt; font-size: 10pt;">&#183;</div></td><td style="width: auto; vertical-align: top;"><div style="text-align: left; font-family: 'Times New Roman', serif; margin-bottom: 12pt; font-size: 10pt;">a commercial industrial property in Duluth, Minnesota for a sale price of $1.8 million;</div></td></tr></table></div><div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman', Times, serif; margin-bottom: 12pt; font-size: 10pt;"><tr><td style="width: 36pt; vertical-align: top; align: right;"><div style="text-align: left; font-family: Symbol, serif; margin-bottom: 12pt; margin-left: 18pt; font-size: 10pt;">&#183;</div></td><td style="width: auto; vertical-align: top;"><div style="text-align: left; font-family: 'Times New Roman', serif; margin-bottom: 12pt; font-size: 10pt;">a commercial retail property in Anoka, Minnesota for a sale price of $325,000;</div></td></tr></table></div><div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman', Times, serif; margin-bottom: 12pt; font-size: 10pt;"><tr><td style="width: 36pt; vertical-align: top; align: right;"><div style="text-align: left; font-family: Symbol, serif; margin-bottom: 12pt; margin-left: 18pt; font-size: 10pt;">&#183;</div></td><td style="width: auto; vertical-align: top;"><div style="text-align: left; font-family: 'Times New Roman', serif; margin-bottom: 12pt; font-size: 10pt;">a multi-family residential property in Sioux Falls, South Dakota for a sale price of $2.2 million; and</div></td></tr></table></div><div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman', Times, serif; margin-bottom: 12pt; font-size: 10pt;"><tr><td style="width: 36pt; vertical-align: top; align: right;"><div style="text-align: left; font-family: Symbol, serif; margin-bottom: 12pt; margin-left: 18pt; font-size: 10pt;">&#183;</div></td><td style="width: auto; vertical-align: top;"><div style="text-align: left; font-family: 'Times New Roman', serif; margin-bottom: 12pt; font-size: 10pt;">a multi-family residential property in Sioux Falls, South Dakota for a sale price of $1.3 million.</div></td></tr></table></div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"><font style="font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;">Development Projects. &#160;</font><font style="font-style: italic; font-family: 'Times New Roman', serif; color: #1f497d; font-size: 10pt;">&#160;</font>Subsequent to the end of the first quarter of fiscal year 2014, the Company entered into a joint venture agreement to construct a 130-unit apartment building with approximately 10,000 square feet of commercial space in northeast Minneapolis, Minnesota. The Company owns approximately 58.6% of the joint venture entity, and will consolidate the joint venture's results in the Company's financial statements. The remaining approximately 41.4% of the joint venture entity is owned by entities formed by the Company's joint venture partner. The joint venture entity acquired the project site on August 20, 2013. Total costs for the project are currently estimated at approximately $29.0 million, including the purchase price of the land, and the project is currently expected to be completed in November 2014. The Company expects the joint venture entity to close on a construction loan of approximately $21.7 million in the second quarter of fiscal year 2014.</div><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;">Subsequent to the end of the first quarter of fiscal year 2014, the Company commenced construction of an approximately 251-unit multi-family residential project in Grand Forks, North Dakota, on land purchased by the Company for approximately $1.6 million in the 4th quarter of fiscal year 2013. The estimated total cost of the project is $39.0 million, including the cost of the land, with projected completion in the second quarter of fiscal year 2015. The Company is pursuing a construction loan for the project, and currently estimates that its cash equity in the project will be approximately $14.5 million.</div><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;">These projects are subject to various contingencies, and, accordingly, no assurances can be given that they will be completed in the time frames or on the terms currently proposed, or at all.</div><div style="text-align: left; font-family: 'Times New Roman', serif; margin-bottom: 12pt; font-size: 10pt;"><font style="font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;">ATM Program.</font> On August 30, 2013, the Company entered into an at-the-market ("ATM") program with Robert W. Baird &amp; Co. Incorporated as sales agent, pursuant to which the Company may from time to time offer and sell its common shares of beneficial interest having an aggregate gross sales price of up to $75.0 million. 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 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 805

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 -Publisher FASB

 -Name Accounting Standards Codification

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Reference 2: http://www.xbrl.org/2003/role/presentationRef

 -Publisher SEC

 -Name Regulation S-X (SX)

 -Number 210

 -Section 03

 -Paragraph 1

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 -Publisher FASB

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 -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.



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 -Publisher FASB

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 -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.



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Reference 2: http://www.xbrl.org/2003/role/presentationRef

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 -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.



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</LabelSeparator><Level>5</Level><ElementName>us-gaap_BusinessAcquisitionPurchasePriceAllocationBuildings</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>instant</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>terseLabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="c20120731_SignificantAcquisitionsAndDisposalsByTransactionAxis_ColonyLincolnNeMember_StatementBusinessSegmentsAxis_MultiFamilyResidentialMember" UnitID="U001"><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>15731000</NumericAmount><RoundedNumericAmount>15731</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode>USD</CurrencyCode><CurrencySymbol>$</CurrencySymbol><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>Amount of acquisition cost of a business combination allocated to buildings included in real estate.</ElementDefenition><ElementReferences>No definition available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>2</UnitID><Label>Buildings</Label></Row><Row FlagID="0"><Id>45</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

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</LabelSeparator><Level>5</Level><ElementName>us-gaap_SignificantAcquisitionsAndDisposalsAcquisitionCostsOrSaleProceeds</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>instant</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>label</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="c20120731_SignificantAcquisitionsAndDisposalsByTransactionAxis_ColonyLincolnNeMember_StatementBusinessSegmentsAxis_MultiFamilyResidentialMember" UnitID="U001"><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>17500000</NumericAmount><RoundedNumericAmount>17500</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode>USD</CurrencyCode><CurrencySymbol>$</CurrencySymbol><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>The value of all consideration given or received by the Entity in the significant acquisition or disposal.</ElementDefenition><ElementReferences>No definition available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>2</UnitID><Label>Acquisition costs</Label></Row><Row FlagID="0"><Id>47</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>5</Level><ElementName>iret_NumberOfApartmentUnitsAcquisitions</ElementName><ElementPrefix>iret_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>instant</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>terseLabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="c20120731_SignificantAcquisitionsAndDisposalsByTransactionAxis_ColonyLincolnNeMember_StatementBusinessSegmentsAxis_MultiFamilyResidentialMember" UnitID="U004"><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>232</NumericAmount><RoundedNumericAmount>232</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:integerItemType</ElementDataType><SimpleDataType>integer</SimpleDataType><ElementDefenition>Number of apartment units acquired.</ElementDefenition><ElementReferences>No definition available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Number of apartment units</Label></Row><Row FlagID="0"><Id>48</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>0</Level><ElementName /><ElementPrefix /><IsBaseElement>true</IsBaseElement><BalanceType /><PeriodType /><IsReportTitle>false</IsReportTitle><IsSegmentTitle>true</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><OriginalInstanceReportColumn FlagID="0"><Id>8</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><CurrencyCode>USD</CurrencyCode><FootnoteIndexer /><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios><MCU><KeyName /><CurrencySymbol>$</CurrencySymbol><contextRef><ContextID>c20130501to20130731_SignificantAcquisitionsAndDisposalsByTransactionAxis_Fargo132045ThStNFargoNdMember_StatementBusinessSegmentsAxis_CommercialIndustrialMember</ContextID><EntitySchema>http://www.sec.gov/CIK</EntitySchema><EntityValue>0000798359</EntityValue><PeriodDisplayName /><PeriodType>duration</PeriodType><PeriodStartDate>2013-05-01T00:00:00</PeriodStartDate><PeriodEndDate>2013-07-31T00:00:00</PeriodEndDate><Segments><anyType xsi:type="Segment"><IsDefaultForEntity>false</IsDefaultForEntity><Name /><IsFromEntityGroup>false</IsFromEntityGroup><ValueName>Fargo 1320 45th St. N - Fargo, ND [Member]</ValueName><ValueType>us-gaap_SignificantAcquisitionsAndDisposalsByTransactionAxis</ValueType><Namespace>xbrldi</Namespace><Schema>http://xbrl.org/2006/xbrldi</Schema><DimensionInfo><Id>iret_Fargo132045ThStNFargoNdMember</Id><dimensionId>us-gaap_SignificantAcquisitionsAndDisposalsByTransactionAxis</dimensionId><type>explicitMember</type></DimensionInfo></anyType><anyType xsi:type="Segment"><IsDefaultForEntity>false</IsDefaultForEntity><Name /><IsFromEntityGroup>false</IsFromEntityGroup><ValueName>Commercial Industrial [Member]</ValueName><ValueType>us-gaap_StatementBusinessSegmentsAxis</ValueType><Namespace>xbrldi</Namespace><Schema>http://xbrl.org/2006/xbrldi</Schema><DimensionInfo><Id>iret_CommercialIndustrialMember</Id><dimensionId>us-gaap_StatementBusinessSegmentsAxis</dimensionId><type>explicitMember</type></DimensionInfo></anyType></Segments><Scenarios /></contextRef><UPS><UnitProperty><UnitID>U001</UnitID><UnitType>Standard</UnitType><StandardMeasure><MeasureSchema>http://www.xbrl.org/2003/iso4217</MeasureSchema><MeasureValue>USD</MeasureValue><MeasureNamespace>iso4217</MeasureNamespace><MeasureDescription /><MeasureType /></StandardMeasure><MultiplyMeasures><Measure><MeasureSchema /><MeasureValue /><MeasureNamespace /><MeasureDescription /><MeasureType /></Measure><Measure><MeasureSchema /><MeasureValue /><MeasureNamespace /><MeasureDescription /><MeasureType /></Measure></MultiplyMeasures><NumeratorMeasure><MeasureSchema /><MeasureValue /><MeasureNamespace /><MeasureDescription /><MeasureType /></NumeratorMeasure><DenominatorMeasure><MeasureSchema /><MeasureValue /><MeasureNamespace /><MeasureDescription /><MeasureType /></DenominatorMeasure><Scale>0</Scale></UnitProperty><UnitProperty><UnitID>U005</UnitID><UnitType>Standard</UnitType><StandardMeasure><MeasureSchema>http://www.xbrl.org/2009/utr</MeasureSchema><MeasureValue>sqft</MeasureValue><MeasureNamespace>utr</MeasureNamespace><MeasureDescription /><MeasureType /></StandardMeasure><MultiplyMeasures><Measure><MeasureSchema /><MeasureValue /><MeasureNamespace /><MeasureDescription /><MeasureType /></Measure><Measure><MeasureSchema /><MeasureValue /><MeasureNamespace /><MeasureDescription /><MeasureType /></Measure></MultiplyMeasures><NumeratorMeasure><MeasureSchema /><MeasureValue /><MeasureNamespace /><MeasureDescription /><MeasureType /></NumeratorMeasure><DenominatorMeasure><MeasureSchema /><MeasureValue /><MeasureNamespace /><MeasureDescription /><MeasureType /></DenominatorMeasure><Scale>0</Scale></UnitProperty></UPS><CurrencyCode>USD</CurrencyCode><OriginalCurrencyCode>USD</OriginalCurrencyCode></MCU><CurrencySymbol>$</CurrencySymbol><Labels><Label Key="us-gaap_SignificantAcquisitionsAndDisposalsByTransactionAxis:iret_Fargo132045ThStNFargoNdMember" Id="0" Label="Fargo 1320 45th St. N - Fargo, ND [Member]" /><Label Key="us-gaap_StatementBusinessSegmentsAxis:iret_CommercialIndustrialMember" Id="1" Label="Commercial Industrial [Member]" /><Label Key="Calendar" Id="2" Label="5/1/2013 - 7/31/2013" /><Label Key="" Id="3" Label="sqft" /></Labels></OriginalInstanceReportColumn><ElementDataType>na</ElementDataType><SimpleDataType>na</SimpleDataType><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Fargo 1320 45th St. N - Fargo, ND [Member] | Commercial Industrial [Member]</Label></Row><Row FlagID="0"><Id>49</Id><IsAbstractGroupTitle>true</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>4</Level><ElementName>iret_DispositionsAbstract</ElementName><ElementPrefix>iret_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>label</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:stringItemType</ElementDataType><SimpleDataType>string</SimpleDataType><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Dispositions [Abstract]</Label></Row><Row FlagID="0"><Id>50</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>5</Level><ElementName>iret_DisposalsDateOfTransactionForAcquisitionOrDisposal</ElementName><ElementPrefix>iret_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>verboseLabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="c20130501to20130731_SignificantAcquisitionsAndDisposalsByTransactionAxis_Fargo132045ThStNFargoNdMember_StatementBusinessSegmentsAxis_CommercialIndustrialMember" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>2013-05-13</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>true</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:dateItemType</ElementDataType><SimpleDataType>date</SimpleDataType><ElementDefenition>Date of disposal, in CCYY-MM-DD format.</ElementDefenition><ElementReferences>No definition available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Date Disposal</Label></Row><Row FlagID="0"><Id>51</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>5</Level><ElementName>us-gaap_Revenues</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>credit</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>label</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="c20130501to20130731_SignificantAcquisitionsAndDisposalsByTransactionAxis_Fargo132045ThStNFargoNdMember_StatementBusinessSegmentsAxis_CommercialIndustrialMember" UnitID="U001"><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>4700000</NumericAmount><RoundedNumericAmount>4700</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode>USD</CurrencyCode><CurrencySymbol>$</CurrencySymbol><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>Aggregate revenue recognized during the period (derived from goods sold, services rendered, insurance premiums, or other activities that constitute an entity's earning process). For financial services companies, also includes investment and interest income, and sales and trading gains.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 225

 -SubTopic 10

 -Section S99

 -Paragraph 2

 -Subparagraph (SX 210.5-03.1)

 -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688



Reference 2: http://www.xbrl.org/2003/role/presentationRef

 -Publisher SEC

 -Name Regulation S-X (SX)

 -Number 210

 -Section 03

 -Paragraph 1

 -Article 5



</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>2</UnitID><Label>Sales price</Label></Row><Row FlagID="0"><Id>52</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>5</Level><ElementName>us-gaap_CostOfRealEstateSales</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>label</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="c20130501to20130731_SignificantAcquisitionsAndDisposalsByTransactionAxis_Fargo132045ThStNFargoNdMember_StatementBusinessSegmentsAxis_CommercialIndustrialMember" UnitID="U001"><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>4100000</NumericAmount><RoundedNumericAmount>4100</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode>USD</CurrencyCode><CurrencySymbol>$</CurrencySymbol><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>Reflects for the period the total of the carrying amount of the commercial, industrial and residential land and buildings sold plus certain overhead and other costs incurred to place the real estate in saleable condition, capitalized interest costs in the properties sold, and inventory impairment losses recognized. This element would most likely be used by an entity whose principal activities involve real estate or which has significant real estate operations.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Accounting Standards Codification

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 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 225

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 -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688



Reference 2: http://www.xbrl.org/2003/role/presentationRef

 -Publisher SEC

 -Name Regulation S-X (SX)

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 -Publisher FASB

 -Name Accounting Standards Codification

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Reference 2: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Accounting Standards Codification

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Reference 3: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

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Reference 4: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Statement of Financial Accounting Standard (FAS)

 -Number 144

 -Paragraph 37, 41, 42, 43, 45

 -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.



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 -Publisher FASB

 -Name Accounting Standards Codification

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 -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688



Reference 2: http://www.xbrl.org/2003/role/presentationRef

 -Publisher SEC

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Reference 4: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

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 -Number 144

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 -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.



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Reference 2: http://www.xbrl.org/2003/role/presentationRef

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Reference 4: http://www.xbrl.org/2003/role/presentationRef

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 -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.



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 -Publisher FASB

 -Name Accounting Standards Codification

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 -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688



Reference 2: http://www.xbrl.org/2003/role/presentationRef

 -Publisher SEC

 -Name Regulation S-X (SX)

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Reference 4: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Statement of Financial Accounting Standard (FAS)

 -Number 144

 -Paragraph 37, 41, 42, 43, 45

 -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.



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<DOCUMENT>
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<SEQUENCE>22
<FILENAME>R32.xml
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<TEXT>
<XBRL>
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</LabelSeparator><Level>4</Level><ElementName>us-gaap_AreaOfRealEstateProperty</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>instant</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>label</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="c20130731" UnitID="U005"><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>6400000</NumericAmount><RoundedNumericAmount>6400000</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>num:areaItemType</ElementDataType><SimpleDataType>decimal</SimpleDataType><ElementDefenition>Area of a real estate property.</ElementDefenition><ElementReferences>No definition available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>256</UnitID><Label>Area of a real estate property (in square feet)</Label></Row><Row FlagID="0"><Id>7</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>4</Level><ElementName>iret_NumberOfApartmentUnitsPlacedInService</ElementName><ElementPrefix>iret_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>label</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="c20130501to20130731" UnitID="U004"><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>4936</NumericAmount><RoundedNumericAmount>4936</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:integerItemType</ElementDataType><SimpleDataType>integer</SimpleDataType><ElementDefenition>The number of apartment units placed in service during the period.</ElementDefenition><ElementReferences>No definition available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Number of apartment units placed in service</Label></Row><Row FlagID="0"><Id>8</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>4</Level><ElementName>us-gaap_RealEstateInvestments</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>instant</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>label</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="c20130731" UnitID="U001"><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>876100000</NumericAmount><RoundedNumericAmount>876100000</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode>USD</CurrencyCode><CurrencySymbol>$</CurrencySymbol><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>Amount of real estate investments, net of accumulated depreciation, which may include the following: (1) land available-for-sale; (2) land available-for-development; (3) investments in building and building improvements; (4) tenant allowances; (5) developments in-process; (6) rental properties; (7) other real estate investments; (8) real estate joint ventures; and (9) unconsolidated real estate and other joint ventures not separately presented.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 944

 -SubTopic 210

 -Section S99

 -Paragraph 1

 -Subparagraph (SX 210.7-03.1(d))

 -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910



Reference 2: http://www.xbrl.org/2003/role/presentationRef

 -Publisher SEC

 -Name Regulation S-X (SX)

 -Number 210

 -Section 03

 -Paragraph 1

 -Subparagraph d

 -Article 7



</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>2</UnitID><Label>Real estate investment amount of properties (net of accumulated depreciation)</Label></Row><Row FlagID="0"><Id>9</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>4</Level><ElementName>iret_RedemptionBasis</ElementName><ElementPrefix>iret_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>instant</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>label</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="c20130731" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>one-for-one</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:stringItemType</ElementDataType><SimpleDataType>string</SimpleDataType><ElementDefenition>The number of limited partners' units to be redeemed in exchange for a number of common shares upon exercise of the redemption option by the limited partners.</ElementDefenition><ElementReferences>No definition available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Redemption basis</Label></Row><Row FlagID="0"><Id>10</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>4</Level><ElementName>iret_RedemptionHoldingPeriodMinimum</ElementName><ElementPrefix>iret_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>label</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="c20130501to20130731" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>1 year</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:durationItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>Minimum redemption holding period.</ElementDefenition><ElementReferences>No definition available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Redemption holding period, minimum</Label></Row><Row FlagID="0"><Id>11</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>4</Level><ElementName>iret_NumberOfConsecutiveTradingDaysForValuation</ElementName><ElementPrefix>iret_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>label</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="c20130501to20130731" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>10 days</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:durationItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>Number of consecutive trading days for valuation.</ElementDefenition><ElementReferences>No definition available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Number of consecutive trading days for valuation</Label></Row><Row FlagID="0"><Id>12</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>4</Level><ElementName>iret_RedemptionValueOfUpreitUnits</ElementName><ElementPrefix>iret_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>credit</BalanceType><PeriodType>instant</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>terseLabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="c20130731" UnitID="U001"><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>197700000</NumericAmount><RoundedNumericAmount>197700000</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode>USD</CurrencyCode><CurrencySymbol>$</CurrencySymbol><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="c20120731" UnitID="U001"><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>172400000</NumericAmount><RoundedNumericAmount>172400000</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode>USD</CurrencyCode><CurrencySymbol>$</CurrencySymbol><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>Redemption Value of UPREIT Units.</ElementDefenition><ElementReferences>No definition available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>2</UnitID><Label>Aggregate redemption value of UPREIT Units of operating partnership owned by limited partners</Label></Row><Row FlagID="0"><Id>13</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>4</Level><ElementName>us-gaap_RealEstateInvestmentsJointVentures</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>instant</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>label</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="c20130731" UnitID="U001"><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode>USD</CurrencyCode><CurrencySymbol>$</CurrencySymbol><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>The book value of investments in real estate joint ventures including direct and indirect investments.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 944

 -SubTopic 210

 -Section S99

 -Paragraph 1

 -Subparagraph (SX 210.7-03.1(d))

 -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910



</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>2</UnitID><Label>Joint ventures partner's interest acquired</Label></Row><Row FlagID="0"><Id>14</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>4</Level><ElementName>us-gaap_TenantImprovements</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>instant</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>label</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="c20130731" UnitID="U001"><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>8300000</NumericAmount><RoundedNumericAmount>8300000</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode>USD</CurrencyCode><CurrencySymbol>$</CurrencySymbol><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>Carrying amount as of the balance sheet date of improvements having a life longer than one year that were made for the benefit of one or more tenants.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 944

 -SubTopic 210

 -Section S99

 -Paragraph 1

 -Subparagraph (SX 210.7-03.1(f))

 -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910



</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>2</UnitID><Label>Tenant Improvements</Label></Row><Row FlagID="0"><Id>15</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>4</Level><ElementName>iret_CommitmentPeriodForTenantImprovements</ElementName><ElementPrefix>iret_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>label</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="c20130501to20130731" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>12 months</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:durationItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>Commitment period for tenant improvements.</ElementDefenition><ElementReferences>No definition available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Commitment period for tenant improvements</Label></Row><Row FlagID="0"><Id>16</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>4</Level><ElementName>us-gaap_RealEstateInventoryCapitalizedInterestCostsIncurred</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>label</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="c20130501to20130731" UnitID="U001"><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>580000</NumericAmount><RoundedNumericAmount>580000</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode>USD</CurrencyCode><CurrencySymbol>$</CurrencySymbol><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="c20120501to20120731" UnitID="U001"><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>161000</NumericAmount><RoundedNumericAmount>161000</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode>USD</CurrencyCode><CurrencySymbol>$</CurrencySymbol><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>The amount of interest capitalized to an operative builder's inventory during the period.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 835

 -SubTopic 20

 -Section 50

 -Paragraph 1

 -Subparagraph (b)

 -URI http://asc.fasb.org/extlink&amp;oid=6450988&amp;loc=d3e26243-108391



Reference 2: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Statement of Financial Accounting Standard (FAS)

 -Number 34

 -Paragraph 21

 -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.



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 -Publisher FASB

 -Name Statement of Financial Accounting Standard (FAS)

 -Number 141

 -Paragraph 51

 -Subparagraph d

 -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.



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 -Publisher FASB

 -Name Emerging Issues Task Force (EITF)

 -Number 88-16

 -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 Statement of Financial Accounting Standard (FAS)

 -Number 141

 -Paragraph 51

 -Subparagraph d

 -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 3: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Statement of Financial Accounting Standard (FAS)

 -Number 141R

 -Paragraph 68

 -Subparagraph f(4)

 -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 4: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Statement of Financial Accounting Standard (FAS)

 -Number 141R

 -Paragraph 39

 -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.



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</LabelSeparator><Level>4</Level><ElementName>iret_NumberOfApartmentUnits</ElementName><ElementPrefix>iret_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>instant</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>label</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="c20130731_RealEstatePropertiesAxis_ChateauIiMinotNorthDakotaMember" UnitID="U004"><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>32</NumericAmount><RoundedNumericAmount>32</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:integerItemType</ElementDataType><SimpleDataType>integer</SimpleDataType><ElementDefenition>Number of apartment units.</ElementDefenition><ElementReferences>No definition available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Number of apartment units</Label></Row><Row FlagID="0"><Id>60</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>4</Level><ElementName>iret_NumberOfBuildings</ElementName><ElementPrefix>iret_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>instant</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>label</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="c20130731_RealEstatePropertiesAxis_ChateauIiMinotNorthDakotaMember" UnitID="U004"><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>2</NumericAmount><RoundedNumericAmount>2</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:integerItemType</ElementDataType><SimpleDataType>integer</SimpleDataType><ElementDefenition>Number of buildings.</ElementDefenition><ElementReferences>No definition available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Number of buildings</Label></Row><Row FlagID="0"><Id>61</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>4</Level><ElementName>iret_EstimatedCostOfConstruction</ElementName><ElementPrefix>iret_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>instant</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>label</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="c20130731_RealEstatePropertiesAxis_ChateauIiMinotNorthDakotaMember" UnitID="U001"><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>14700000</NumericAmount><RoundedNumericAmount>14700000</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode>USD</CurrencyCode><CurrencySymbol>$</CurrencySymbol><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>Estimated cost of construction.</ElementDefenition><ElementReferences>No definition available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>2</UnitID><Label>Estimated cost of construction</Label></Row><Row FlagID="0"><Id>62</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>4</Level><ElementName>iret_ProjectCostsIncurredToDate</ElementName><ElementPrefix>iret_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>instant</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>label</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="c20130731_RealEstatePropertiesAxis_ChateauIiMinotNorthDakotaMember" UnitID="U001"><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>2300000</NumericAmount><RoundedNumericAmount>2300000</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode>USD</CurrencyCode><CurrencySymbol>$</CurrencySymbol><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>Project costs incurred to date.</ElementDefenition><ElementReferences>No definition available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>2</UnitID><Label>Project costs incurred to date</Label></Row><Row FlagID="0"><Id>63</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>0</Level><ElementName /><ElementPrefix /><IsBaseElement>true</IsBaseElement><BalanceType /><PeriodType /><IsReportTitle>false</IsReportTitle><IsSegmentTitle>true</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><OriginalInstanceReportColumn FlagID="0"><Id>13</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><CurrencyCode>USD</CurrencyCode><FootnoteIndexer /><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios><MCU><KeyName /><CurrencySymbol>$</CurrencySymbol><contextRef><ContextID>c20130731_RealEstatePropertiesAxis_DakotaCommonsWillistonNorthDakotaMember</ContextID><EntitySchema>http://www.sec.gov/CIK</EntitySchema><EntityValue>0000798359</EntityValue><PeriodDisplayName /><PeriodType>instant</PeriodType><PeriodStartDate>2013-07-31T00:00:00</PeriodStartDate><PeriodEndDate>0001-01-01T00:00:00</PeriodEndDate><Segments><anyType xsi:type="Segment"><IsDefaultForEntity>false</IsDefaultForEntity><Name /><IsFromEntityGroup>false</IsFromEntityGroup><ValueName>Dakota Commons, Williston, North Dakota [Member]</ValueName><ValueType>us-gaap_RealEstatePropertiesAxis</ValueType><Namespace>xbrldi</Namespace><Schema>http://xbrl.org/2006/xbrldi</Schema><DimensionInfo><Id>iret_DakotaCommonsWillistonNorthDakotaMember</Id><dimensionId>us-gaap_RealEstatePropertiesAxis</dimensionId><type>explicitMember</type></DimensionInfo></anyType></Segments><Scenarios /></contextRef><UPS><UnitProperty><UnitID>U004</UnitID><UnitType>Standard</UnitType><StandardMeasure><MeasureSchema>http://www.xbrl.org/2003/instance</MeasureSchema><MeasureValue>pure</MeasureValue><MeasureNamespace>xbrli</MeasureNamespace><MeasureDescription /><MeasureType /></StandardMeasure><MultiplyMeasures><Measure><MeasureSchema /><MeasureValue /><MeasureNamespace /><MeasureDescription /><MeasureType /></Measure><Measure><MeasureSchema /><MeasureValue /><MeasureNamespace /><MeasureDescription /><MeasureType /></Measure></MultiplyMeasures><NumeratorMeasure><MeasureSchema /><MeasureValue /><MeasureNamespace /><MeasureDescription /><MeasureType /></NumeratorMeasure><DenominatorMeasure><MeasureSchema /><MeasureValue /><MeasureNamespace /><MeasureDescription /><MeasureType /></DenominatorMeasure><Scale>0</Scale></UnitProperty><UnitProperty><UnitID>U001</UnitID><UnitType>Standard</UnitType><StandardMeasure><MeasureSchema>http://www.xbrl.org/2003/iso4217</MeasureSchema><MeasureValue>USD</MeasureValue><MeasureNamespace>iso4217</MeasureNamespace><MeasureDescription /><MeasureType /></StandardMeasure><MultiplyMeasures><Measure><MeasureSchema /><MeasureValue /><MeasureNamespace /><MeasureDescription /><MeasureType /></Measure><Measure><MeasureSchema /><MeasureValue /><MeasureNamespace /><MeasureDescription /><MeasureType /></Measure></MultiplyMeasures><NumeratorMeasure><MeasureSchema /><MeasureValue /><MeasureNamespace /><MeasureDescription /><MeasureType /></NumeratorMeasure><DenominatorMeasure><MeasureSchema /><MeasureValue /><MeasureNamespace /><MeasureDescription /><MeasureType /></DenominatorMeasure><Scale>0</Scale></UnitProperty></UPS><CurrencyCode>USD</CurrencyCode><OriginalCurrencyCode>USD</OriginalCurrencyCode></MCU><CurrencySymbol>$</CurrencySymbol><Labels><Label Key="us-gaap_RealEstatePropertiesAxis:iret_DakotaCommonsWillistonNorthDakotaMember" Id="0" Label="Dakota Commons, Williston, North Dakota [Member]" /><Label Key="Calendar" Id="1" Label="7/31/2013" /></Labels></OriginalInstanceReportColumn><ElementDataType>na</ElementDataType><SimpleDataType>na</SimpleDataType><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Dakota Commons, Williston, North Dakota [Member]</Label></Row><Row FlagID="0"><Id>64</Id><IsAbstractGroupTitle>true</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>3</Level><ElementName>us-gaap_RealEstatePropertiesLineItems</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>label</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:stringItemType</ElementDataType><SimpleDataType>string</SimpleDataType><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Real Estate Properties [Line Items]</Label></Row><Row FlagID="0"><Id>65</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>4</Level><ElementName>iret_NumberOfApartmentUnits</ElementName><ElementPrefix>iret_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>instant</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>label</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="c20130731_RealEstatePropertiesAxis_DakotaCommonsWillistonNorthDakotaMember" UnitID="U004"><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>44</NumericAmount><RoundedNumericAmount>44</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:integerItemType</ElementDataType><SimpleDataType>integer</SimpleDataType><ElementDefenition>Number of apartment units.</ElementDefenition><ElementReferences>No definition available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Number of apartment units</Label></Row><Row FlagID="0"><Id>66</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>4</Level><ElementName>iret_LandPurchased</ElementName><ElementPrefix>iret_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>instant</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>label</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="c20130731_RealEstatePropertiesAxis_DakotaCommonsWillistonNorthDakotaMember" UnitID="U001"><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>823000</NumericAmount><RoundedNumericAmount>823000</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode>USD</CurrencyCode><CurrencySymbol>$</CurrencySymbol><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>land purchased price to date.</ElementDefenition><ElementReferences>No definition available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>2</UnitID><Label>Land purchased</Label></Row><Row FlagID="0"><Id>67</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>4</Level><ElementName>iret_EstimatedCostOfConstruction</ElementName><ElementPrefix>iret_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>instant</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>label</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="c20130731_RealEstatePropertiesAxis_DakotaCommonsWillistonNorthDakotaMember" UnitID="U001"><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>10700000</NumericAmount><RoundedNumericAmount>10700000</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode>USD</CurrencyCode><CurrencySymbol>$</CurrencySymbol><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>Estimated cost of construction.</ElementDefenition><ElementReferences>No definition available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>2</UnitID><Label>Estimated cost of construction</Label></Row><Row FlagID="0"><Id>68</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>4</Level><ElementName>iret_ProjectCostsIncurredToDate</ElementName><ElementPrefix>iret_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>instant</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>label</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="c20130731_RealEstatePropertiesAxis_DakotaCommonsWillistonNorthDakotaMember" UnitID="U001"><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>2600000</NumericAmount><RoundedNumericAmount>2600000</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode>USD</CurrencyCode><CurrencySymbol>$</CurrencySymbol><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>Project costs incurred to date.</ElementDefenition><ElementReferences>No definition available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>2</UnitID><Label>Project costs incurred to date</Label></Row><Row FlagID="0"><Id>69</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>0</Level><ElementName /><ElementPrefix /><IsBaseElement>true</IsBaseElement><BalanceType /><PeriodType /><IsReportTitle>false</IsReportTitle><IsSegmentTitle>true</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><OriginalInstanceReportColumn FlagID="0"><Id>14</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><CurrencyCode>USD</CurrencyCode><FootnoteIndexer /><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios><MCU><KeyName /><CurrencySymbol>$</CurrencySymbol><contextRef><ContextID>c20130501to20130731_RealEstatePropertiesAxis_Eagan27852795Highway55EaganMinnesotaMember</ContextID><EntitySchema>http://www.sec.gov/CIK</EntitySchema><EntityValue>0000798359</EntityValue><PeriodDisplayName /><PeriodType>duration</PeriodType><PeriodStartDate>2013-05-01T00:00:00</PeriodStartDate><PeriodEndDate>2013-07-31T00:00:00</PeriodEndDate><Segments><anyType xsi:type="Segment"><IsDefaultForEntity>false</IsDefaultForEntity><Name /><IsFromEntityGroup>false</IsFromEntityGroup><ValueName>Eagan 2785 &amp; 2795 Highway 55, Eagan, Minnesota [Member]</ValueName><ValueType>us-gaap_RealEstatePropertiesAxis</ValueType><Namespace>xbrldi</Namespace><Schema>http://xbrl.org/2006/xbrldi</Schema><DimensionInfo><Id>iret_Eagan27852795Highway55EaganMinnesotaMember</Id><dimensionId>us-gaap_RealEstatePropertiesAxis</dimensionId><type>explicitMember</type></DimensionInfo></anyType></Segments><Scenarios /></contextRef><UPS><UnitProperty><UnitID>U001</UnitID><UnitType>Standard</UnitType><StandardMeasure><MeasureSchema>http://www.xbrl.org/2003/iso4217</MeasureSchema><MeasureValue>USD</MeasureValue><MeasureNamespace>iso4217</MeasureNamespace><MeasureDescription /><MeasureType /></StandardMeasure><MultiplyMeasures><Measure><MeasureSchema /><MeasureValue /><MeasureNamespace /><MeasureDescription /><MeasureType /></Measure><Measure><MeasureSchema /><MeasureValue /><MeasureNamespace /><MeasureDescription /><MeasureType /></Measure></MultiplyMeasures><NumeratorMeasure><MeasureSchema /><MeasureValue /><MeasureNamespace /><MeasureDescription /><MeasureType /></NumeratorMeasure><DenominatorMeasure><MeasureSchema /><MeasureValue /><MeasureNamespace /><MeasureDescription /><MeasureType /></DenominatorMeasure><Scale>0</Scale></UnitProperty><UnitProperty><UnitID>U005</UnitID><UnitType>Standard</UnitType><StandardMeasure><MeasureSchema>http://www.xbrl.org/2009/utr</MeasureSchema><MeasureValue>sqft</MeasureValue><MeasureNamespace>utr</MeasureNamespace><MeasureDescription /><MeasureType /></StandardMeasure><MultiplyMeasures><Measure><MeasureSchema /><MeasureValue /><MeasureNamespace /><MeasureDescription /><MeasureType /></Measure><Measure><MeasureSchema /><MeasureValue /><MeasureNamespace /><MeasureDescription /><MeasureType /></Measure></MultiplyMeasures><NumeratorMeasure><MeasureSchema /><MeasureValue /><MeasureNamespace /><MeasureDescription /><MeasureType /></NumeratorMeasure><DenominatorMeasure><MeasureSchema /><MeasureValue /><MeasureNamespace /><MeasureDescription /><MeasureType /></DenominatorMeasure><Scale>0</Scale></UnitProperty></UPS><CurrencyCode>USD</CurrencyCode><OriginalCurrencyCode>USD</OriginalCurrencyCode></MCU><CurrencySymbol>$</CurrencySymbol><Labels><Label Key="us-gaap_RealEstatePropertiesAxis:iret_Eagan27852795Highway55EaganMinnesotaMember" Id="0" Label="Eagan 2785 &amp; 2795 Highway 55, Eagan, Minnesota [Member]" /><Label Key="Calendar" Id="1" Label="5/1/2013 - 7/31/2013" /><Label Key="" Id="2" Label="sqft" /></Labels></OriginalInstanceReportColumn><ElementDataType>na</ElementDataType><SimpleDataType>na</SimpleDataType><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Eagan 2785 &amp; 2795 Highway 55, Eagan, Minnesota [Member]</Label></Row><Row FlagID="0"><Id>70</Id><IsAbstractGroupTitle>true</IsAbstractGroupTitle><LabelSeparator>

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</LabelSeparator><Level>4</Level><ElementName>iret_AreaOfRealEstatePropertyPendingDisposition</ElementName><ElementPrefix>iret_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>instant</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>terseLabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="c20130731_RealEstatePropertiesAxis_Eagan27852795Highway55EaganMinnesotaMember" UnitID="U005"><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>198600</NumericAmount><RoundedNumericAmount>198600</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>num:areaItemType</ElementDataType><SimpleDataType>decimal</SimpleDataType><ElementDefenition>Area of a real estate property which the entity intends to dispose of.</ElementDefenition><ElementReferences>No definition available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>256</UnitID><Label>Pending Disposition (in square feet)</Label></Row><Row FlagID="0"><Id>72</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>4</Level><ElementName>iret_SalePriceOfProductiveAssetsPendingDisposition</ElementName><ElementPrefix>iret_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>terseLabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="c20130501to20130731_RealEstatePropertiesAxis_Eagan27852795Highway55EaganMinnesotaMember" UnitID="U001"><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>4500000</NumericAmount><RoundedNumericAmount>4500000</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode>USD</CurrencyCode><CurrencySymbol>$</CurrencySymbol><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>The sales price of property, plant and equipment (capital expenditures), software, and other intangible assets which are pending disposition by the entity.</ElementDefenition><ElementReferences>No definition available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>2</UnitID><Label>Sales price of property pending disposition</Label></Row><Row FlagID="0"><Id>73</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

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 -Publisher FASB

 -Name Statement of Financial Accounting Standard (FAS)

 -Number 159

 -Paragraph 18

 -Subparagraph f

 -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 323

 -SubTopic 10

 -Section 50

 -Paragraph 3

 -Subparagraph (a)(1)

 -URI http://asc.fasb.org/extlink&amp;oid=6382943&amp;loc=d3e33918-111571



Reference 3: http://www.xbrl.org/2003/role/presentationRef

 -Publisher AICPA

 -Name Accounting Principles Board Opinion (APB)

 -Number 18

 -Paragraph 20

 -Subparagraph a (1)

 -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.



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 -Publisher FASB

 -Name Statement of Financial Accounting Standard (FAS)

 -Number 159

 -Paragraph 18

 -Subparagraph f

 -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 323

 -SubTopic 10

 -Section 50

 -Paragraph 3

 -Subparagraph (a)(1)

 -URI http://asc.fasb.org/extlink&amp;oid=6382943&amp;loc=d3e33918-111571



Reference 3: http://www.xbrl.org/2003/role/presentationRef

 -Publisher AICPA

 -Name Accounting Principles Board Opinion (APB)

 -Number 18

 -Paragraph 20

 -Subparagraph a (1)

 -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.



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 -Publisher FASB

 -Name Statement of Financial Accounting Standard (FAS)

 -Number 159

 -Paragraph 18

 -Subparagraph f

 -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 323

 -SubTopic 10

 -Section 50

 -Paragraph 3

 -Subparagraph (a)(1)

 -URI http://asc.fasb.org/extlink&amp;oid=6382943&amp;loc=d3e33918-111571



Reference 3: http://www.xbrl.org/2003/role/presentationRef

 -Publisher AICPA

 -Name Accounting Principles Board Opinion (APB)

 -Number 18

 -Paragraph 20

 -Subparagraph a (1)

 -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.



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<DOCUMENT>
<TYPE>XML
<SEQUENCE>23
<FILENAME>R25.xml
<DESCRIPTION>IDEA: MORTGAGES PAYABLE AND LINE OF CREDIT (Tables)
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii"?><InstanceReport xmlns:xsd="http://www.w3.org/2001/XMLSchema" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance"><Version>2.4.0.8</Version><ReportLongName>080900 - Disclosure - MORTGAGES PAYABLE AND LINE OF CREDIT (Tables)</ReportLongName><DisplayLabelColumn>true</DisplayLabelColumn><ShowElementNames>false</ShowElementNames><RoundingOption /><HasEmbeddedReports>false</HasEmbeddedReports><Columns><Column FlagID="0"><Id>1</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><CurrencyCode /><FootnoteIndexer /><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios><MCU><KeyName /><CurrencySymbol /><contextRef><ContextID>c20130501to20130731</ContextID><EntitySchema>http://www.sec.gov/CIK</EntitySchema><EntityValue>0000798359</EntityValue><PeriodDisplayName /><PeriodType>duration</PeriodType><PeriodStartDate>2013-05-01T00:00:00</PeriodStartDate><PeriodEndDate>2013-07-31T00:00:00</PeriodEndDate><Segments /><Scenarios /></contextRef><UPS /><CurrencyCode /><OriginalCurrencyCode /></MCU><CurrencySymbol /><Labels><Label Key="CalendarSupplement" Id="0" Label="3 Months Ended" /><Label Key="Calendar" Id="1" Label="Jul. 31, 2013" /></Labels></Column></Columns><Rows><Row FlagID="0"><Id>1</Id><IsAbstractGroupTitle>true</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>1</Level><ElementName>us-gaap_DebtDisclosureAbstract</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:stringItemType</ElementDataType><SimpleDataType>string</SimpleDataType><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>MORTGAGES PAYABLE AND LINE OF CREDIT [Abstract]</Label></Row><Row FlagID="0"><Id>2</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>2</Level><ElementName>us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>label</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="c20130501to20130731" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 12pt; font-size: 10pt;"&gt;Of the mortgages payable, the balances of fixed rate mortgages totaled $1.0 billion at July 31, 2013 and April 30, 2013. The balances of variable rate mortgages totaled $15.8 million and $26.2 million as of July 31, 2013 and April 30, 2013, respectively. The Company does not utilize derivative financial instruments to mitigate its exposure to changes in market interest rates. Most of the fixed rate mortgages have substantial pre-payment penalties. As of July 31, 2013, the weighted average rate of interest on the Company's mortgage debt was 5.54%, compared to 5.55% on April 30, 2013. The aggregate amount of required future principal payments on mortgages payable as of July 31, 2013, is as follows:&lt;/div&gt;&lt;table align="center" border="0" cellpadding="0" cellspacing="0" style="width: 50%; font-family: 'Times New Roman', Times, Serif; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; width: 66.24%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Year ended July 31,&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 33.76%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 66.24%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;2014 (remainder)&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.23%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 29.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;56,093&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 66.24%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;2015&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.23%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 29.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;98,892&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 66.24%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;2016&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.23%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 29.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;92,122&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 66.24%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;2017&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.23%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 29.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;219,086&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 66.24%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;2018&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.23%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 29.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;66,698&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff; height: 18px;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 66.24%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Thereafter&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.23%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 29.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;497,516&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 4px double; width: 66.24%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Total payments&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 4.23%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 29.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;1,030,407&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>nonnum:textBlockItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>Tabular disclosure of the combined aggregate amount of maturities and sinking fund requirements for all long-term borrowings for each of the five years following the date of the latest balance sheet date presented.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 470

 -SubTopic 10

 -Section 50

 -Paragraph 1

 -URI http://asc.fasb.org/extlink&amp;oid=6802200&amp;loc=d3e1835-112601



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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0ELPAC">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>ORGANIZATION (Details)<br></strong></div>
        </th>
        <th class="th">
          <div>Jul. 31, 2013</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract', window );"><strong>ORGANIZATION [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_PercentageOfOrdinaryTaxableIncomeThatMustBeDistributedToShareholders', window );">Percentage of ordinary taxable income that must be distributed to shareholders (in hundredths)</a></td>
        <td class="nump">90.00%<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Multi-family residential properties [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstatePropertiesLineItems', window );"><strong>Real Estate Properties [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NumberOfRealEstateProperties', window );">Number of real estate properties</a></td>
        <td class="nump">88<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_NumberOfApartmentUnitsOwned', window );">Number of apartment units owned</a></td>
        <td class="nump">10,351<span></span></td>
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      <tr class="rh">
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          <div class="a">Commercial properties [Member]</div>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstatePropertiesLineItems', window );"><strong>Real Estate Properties [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NumberOfRealEstateProperties', window );">Number of real estate properties</a></td>
        <td class="nump">175<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetRentableArea', window );">Net rentable area (in square feet)</a></td>
        <td class="nump">12,000,000<span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The number of apartment units owned during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The percentage of ordinary taxable income that the entity is required to distribute to shareholders.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                <p>Net rentable area for properties owned.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The number of real estate properties owned as of the balance sheet date.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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<html>
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    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0E2F">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)<br></strong></div>
        </th>
        <th class="th" colspan="1">3 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Jul. 31, 2013</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueDisclosuresAbstract', window );"><strong>FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock', window );">Fair Value Measurements on a Nonrecurring Basis</a></td>
        <td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div><div style="text-align: left; font-style: italic; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;">Fair Value Measurements on a Nonrecurring Basis</div><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;">Non-financial assets measured at fair value on a nonrecurring basis at July 31, 2013 consisted of real estate investments and real estate held for sale that were written-down to estimated fair value during the first quarter of fiscal year 2014. Non-financial assets measured at fair value on a nonrecurring basis at April 30, 2013 consisted of real estate investments that were written-down to estimated fair value during fiscal year 2013. See Note 2 for additional information on impairment losses recognized during fiscal years 2014 and 2013. The aggregate fair value of these assets by their levels in the fair value hierarchy are as follows:</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><tr><td style="width: 50.96%; vertical-align: bottom;"><div>&#160;</div></td><td colspan="8" style="border-bottom: #000000 2px solid; width: 49.04%; vertical-align: bottom;"><div style="text-align: center; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">(in thousands)</div></td></tr><tr><td style="width: 50.96%; vertical-align: bottom;"><div>&#160;</div></td><td colspan="8" style="border-bottom: #000000 2px solid; width: 49.04%; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">July 31, 2013</div></td></tr><tr><td style="border-bottom: #000000 2px solid; width: 50.96%; vertical-align: bottom;"><div>&#160;</div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 12.48%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">Total</div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 11.56%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">Level 1</div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 12.5%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">Level 2</div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 12.5%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">Level 3</div></td></tr><tr style="background-color: #cceeff;"><td style="width: 50.96%; vertical-align: bottom;"><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">Real estate investments</div></td><td style="width: 2.88%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td style="width: 9.6%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">3,899</div></td><td style="width: 2.88%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td style="width: 8.68%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">0</div></td><td style="width: 2.88%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td style="width: 9.62%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">0</div></td><td style="width: 2.88%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td style="width: 9.62%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">3,899</div></td></tr><tr style="background-color: #ffffff;"><td style="width: 50.96%; vertical-align: bottom;"><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">Real estate held for sale</div></td><td style="width: 2.88%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 9.6%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">3,969</div></td><td style="width: 2.88%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.68%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">0</div></td><td style="width: 2.88%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 9.62%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">0</div></td><td style="width: 2.88%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 9.62%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">3,969</div></td></tr></table><div style="margin-bottom: 10pt;"><br /></div><table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><tr><td style="width: 50.96%; vertical-align: bottom;"><div>&#160;</div></td><td colspan="8" style="border-bottom: #000000 2px solid; width: 49.04%; vertical-align: bottom;"><div style="text-align: center; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">(in thousands)</div></td></tr><tr><td style="width: 50.96%; vertical-align: bottom;"><div>&#160;</div></td><td colspan="8" style="border-bottom: #000000 2px solid; width: 49.04%; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">April 30, 2013</div></td></tr><tr><td style="border-bottom: #000000 2px solid; width: 50.96%; vertical-align: bottom;"><div>&#160;</div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 12.48%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">Total</div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 11.56%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">Level 1</div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 12.5%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">Level 2</div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 12.5%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">Level 3</div></td></tr><tr style="background-color: #cceeff;"><td style="width: 50.96%; vertical-align: bottom;"><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">Real estate investments</div></td><td style="width: 2.88%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td style="width: 9.6%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">335</div></td><td style="width: 2.88%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td style="width: 8.68%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">0</div></td><td style="width: 2.88%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td style="width: 9.62%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">0</div></td><td style="width: 2.88%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td style="width: 9.62%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">335</div></td></tr></table></div><div style="margin-bottom: 10pt;"><br /></div></div><span></span></td>
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font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">July 31, 2013</div></td><td colspan="4" style="border-bottom: #000000 2px solid; width: 25%; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">April 30, 2013</div></td></tr><tr><td style="border-bottom: #000000 2px solid; width: 50.96%; vertical-align: bottom;"><div>&#160;</div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 12.48%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">Carrying Amount</div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 11.56%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">Fair Value</div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 12.5%; vertical-align: bottom;"><div style="text-align: right; 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vertical-align: bottom;"><div>&#160;</div></td></tr><tr style="background-color: #ffffff;"><td style="width: 50.96%; vertical-align: bottom;"><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;">Cash and cash equivalents</div></td><td style="width: 2.88%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td style="width: 9.6%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">93,193</div></td><td style="width: 2.88%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td style="width: 8.68%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">93,193</div></td><td style="width: 2.88%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; 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vertical-align: bottom;"><div>&#160;</div></td><td style="width: 2.88%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 9.62%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 2.88%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 9.62%; vertical-align: bottom;"><div>&#160;</div></td></tr><tr style="background-color: #cceeff;"><td style="width: 50.96%; vertical-align: bottom;"><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;">Other debt</div></td><td style="width: 2.88%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 9.6%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">32,289</div></td><td style="width: 2.88%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.68%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">32,620</div></td><td style="width: 2.88%; 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font-family: 'Times New Roman', serif; font-size: 10pt;">10,000</div></td><td style="width: 2.88%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 9.62%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">10,000</div></td><td style="width: 2.88%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 9.62%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">10,000</div></td></tr><tr style="background-color: #cceeff;"><td style="width: 50.96%; vertical-align: bottom;"><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;">Mortgages payable</div></td><td style="width: 2.88%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 9.6%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">1,030,407</div></td><td style="width: 2.88%; 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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 157<br><br> -Paragraph 33<br><br> -Subparagraph a, b<br><br> -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.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 820<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7578670&amp;loc=d3e19296-110258<br><br><br><br></p>
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                <p>Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).</p>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>27
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<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EMHCK">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>ACQUISITIONS AND DISPOSITIONS (Details) (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="3">3 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Jul. 31, 2013</div>
        </th>
        <th class="th" colspan="2">
          <div>Jul. 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_AcquisitionsAndDevelopmentProjectsPlacedInServiceAbstract', window );"><strong>Acquisitions and development projects placed in service [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionPurchasePriceAllocationLand', window );">Land</a></td>
        <td class="nump">$ 466<span></span></td>
        <td class="nump">$ 4,320<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionPurchasePriceAllocationBuildings', window );">Buildings</a></td>
        <td class="nump">5,551<span></span></td>
        <td class="nump">47,328<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionPurchasePriceAllocationIntangibleAssetsOtherThanGoodwill', window );">Intangible assets</a></td>
        <td class="nump">362<span></span></td>
        <td class="nump">752<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SignificantAcquisitionsAndDisposalsAcquisitionCostsOrSaleProceeds', window );">Acquisition costs</a></td>
        <td class="nump">6,379<span></span></td>
        <td class="nump">52,400<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessCombinationProFormaInformationAbstract', window );"><strong>Results of operations from acquired properties [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessCombinationProFormaInformationRevenueOfAcquireeSinceAcquisitionDateActual', window );">Total revenue</a></td>
        <td class="nump">186<span></span></td>
        <td class="nump">1,232<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessCombinationProFormaInformationEarningsOrLossOfAcquireeSinceAcquisitionDateActual', window );">Net income</a></td>
        <td class="num">(108)<span></span></td>
        <td class="num">(72)<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_DispositionsAbstract', window );"><strong>Dispositions [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Revenues', window );">Sales price</a></td>
        <td class="nump">21,785<span></span></td>
        <td class="nump">955<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostOfRealEstateSales', window );">Book value and sales cost</a></td>
        <td class="nump">19,842<span></span></td>
        <td class="nump">1,028<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainLossOnDispositionOfProperty', window );">Gain/(Loss)</a></td>
        <td class="nump">1,943<span></span></td>
        <td class="num">(73)<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Commercial Industrial [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_DispositionsAbstract', window );"><strong>Dispositions [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Revenues', window );">Sales price</a></td>
        <td class="nump">19,475<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostOfRealEstateSales', window );">Book value and sales cost</a></td>
        <td class="nump">17,422<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainLossOnDispositionOfProperty', window );">Gain/(Loss)</a></td>
        <td class="nump">2,053<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Alps Park - Rapid City, SD [Member] | Multi-Family Residential [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_AcquisitionsAndDevelopmentProjectsPlacedInServiceAbstract', window );"><strong>Acquisitions and development projects placed in service [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_AcquisitionsDateOfTransactionForAcquisitionOrDisposal', window );">Date Acquisition</a></td>
        <td class="text">May
				01,
				 2013<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionPurchasePriceAllocationLand', window );">Land</a></td>
        <td class="nump">287<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionPurchasePriceAllocationBuildings', window );">Buildings</a></td>
        <td class="nump">5,551<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionPurchasePriceAllocationIntangibleAssetsOtherThanGoodwill', window );">Intangible assets</a></td>
        <td class="nump">362<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SignificantAcquisitionsAndDisposalsAcquisitionCostsOrSaleProceeds', window );">Acquisition costs</a></td>
        <td class="nump">6,200<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_NumberOfApartmentUnitsAcquisitions', window );">Number of apartment units</a></td>
        <td class="nump">71<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Bodycote - Eden Prairie, MN [Member] | Commercial Industrial [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_DispositionsAbstract', window );"><strong>Dispositions [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_DisposalsDateOfTransactionForAcquisitionOrDisposal', window );">Date Disposal</a></td>
        <td class="text">May 13,
				 2013<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Revenues', window );">Sales price</a></td>
        <td class="nump">3,150<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostOfRealEstateSales', window );">Book value and sales cost</a></td>
        <td class="nump">1,375<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainLossOnDispositionOfProperty', window );">Gain/(Loss)</a></td>
        <td class="nump">1,775<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_AreaOfRealEstatePropertyDispositions', window );">Area of a real estate property (in square feet)</a></td>
        <td class="nump">41,880<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Chateau II - Minot, ND [Member] | Unimproved Land [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_AcquisitionsAndDevelopmentProjectsPlacedInServiceAbstract', window );"><strong>Acquisitions and development projects placed in service [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_AcquisitionsDateOfTransactionForAcquisitionOrDisposal', window );">Date Acquisition</a></td>
        <td class="text">May 21,
				 2013<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionPurchasePriceAllocationLand', window );">Land</a></td>
        <td class="nump">179<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionPurchasePriceAllocationBuildings', window );">Buildings</a></td>
        <td class="nump">0<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionPurchasePriceAllocationIntangibleAssetsOtherThanGoodwill', window );">Intangible assets</a></td>
        <td class="nump">0<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SignificantAcquisitionsAndDisposalsAcquisitionCostsOrSaleProceeds', window );">Acquisition costs</a></td>
        <td class="nump">179<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Colony Lincoln, NE [Member] | Multi-Family Residential [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_AcquisitionsAndDevelopmentProjectsPlacedInServiceAbstract', window );"><strong>Acquisitions and development projects placed in service [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_AcquisitionsDateOfTransactionForAcquisitionOrDisposal', window );">Date Acquisition</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">Jun.
				04,
				 2012<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionPurchasePriceAllocationLand', window );">Land</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">1,515<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionPurchasePriceAllocationBuildings', window );">Buildings</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">15,731<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionPurchasePriceAllocationIntangibleAssetsOtherThanGoodwill', window );">Intangible assets</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">254<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SignificantAcquisitionsAndDisposalsAcquisitionCostsOrSaleProceeds', window );">Acquisition costs</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">17,500<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_NumberOfApartmentUnitsAcquisitions', window );">Number of apartment units</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">232<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Fargo 1320 45th St. N - Fargo, ND [Member] | Commercial Industrial [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_DispositionsAbstract', window );"><strong>Dispositions [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_DisposalsDateOfTransactionForAcquisitionOrDisposal', window );">Date Disposal</a></td>
        <td class="text">May 13,
				 2013<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Revenues', window );">Sales price</a></td>
        <td class="nump">4,700<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostOfRealEstateSales', window );">Book value and sales cost</a></td>
        <td class="nump">4,100<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainLossOnDispositionOfProperty', window );">Gain/(Loss)</a></td>
        <td class="nump">600<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_AreaOfRealEstatePropertyDispositions', window );">Area of a real estate property (in square feet)</a></td>
        <td class="nump">42,244<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Eagan - Eagan, MN [Member] | Commercial Retail [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_DispositionsAbstract', window );"><strong>Dispositions [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_DisposalsDateOfTransactionForAcquisitionOrDisposal', window );">Date Disposal</a></td>
        <td class="text">May 14,
				 2013<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Revenues', window );">Sales price</a></td>
        <td class="nump">2,310<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostOfRealEstateSales', window );">Book value and sales cost</a></td>
        <td class="nump">2,420<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainLossOnDispositionOfProperty', window );">Gain/(Loss)</a></td>
        <td class="num">(110)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_AreaOfRealEstatePropertyDispositions', window );">Area of a real estate property (in square feet)</a></td>
        <td class="nump">23,187<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Georgetown Square Condominiums 5 and 6 [Member] | Other Disposition [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_DispositionsAbstract', window );"><strong>Dispositions [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_DisposalsDateOfTransactionForAcquisitionOrDisposal', window );">Date Disposal</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">Jun. 21,
				 2012<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Revenues', window );">Sales price</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">330<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostOfRealEstateSales', window );">Book value and sales cost</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">336<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainLossOnDispositionOfProperty', window );">Gain/(Loss)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(6)<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Kentwood Thomasville Kentwood, MI [Member] | Commercial Retail [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_DispositionsAbstract', window );"><strong>Dispositions [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_DisposalsDateOfTransactionForAcquisitionOrDisposal', window );">Date Disposal</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">Jun. 20,
				 2012<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Revenues', window );">Sales price</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">625<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostOfRealEstateSales', window );">Book value and sales cost</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">692<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainLossOnDispositionOfProperty', window );">Gain/(Loss)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(67)<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_AreaOfRealEstatePropertyDispositions', window );">Area of a real estate property (in square feet)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">16,080<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Lakeside Village Lincoln, NE [Member] | Multi-Family Residential [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_AcquisitionsAndDevelopmentProjectsPlacedInServiceAbstract', window );"><strong>Acquisitions and development projects placed in service [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_AcquisitionsDateOfTransactionForAcquisitionOrDisposal', window );">Date Acquisition</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">Jun.
				04,
				 2012<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionPurchasePriceAllocationLand', window );">Land</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">1,215<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionPurchasePriceAllocationBuildings', window );">Buildings</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">15,837<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionPurchasePriceAllocationIntangibleAssetsOtherThanGoodwill', window );">Intangible assets</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">198<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SignificantAcquisitionsAndDisposalsAcquisitionCostsOrSaleProceeds', window );">Acquisition costs</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">17,250<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_NumberOfApartmentUnitsAcquisitions', window );">Number of apartment units</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">208<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Metal Improvement - New Brighton, MN [Member] | Commercial Industrial [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_DispositionsAbstract', window );"><strong>Dispositions [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_DisposalsDateOfTransactionForAcquisitionOrDisposal', window );">Date Disposal</a></td>
        <td class="text">May 13,
				 2013<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Revenues', window );">Sales price</a></td>
        <td class="nump">2,350<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostOfRealEstateSales', window );">Book value and sales cost</a></td>
        <td class="nump">1,949<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainLossOnDispositionOfProperty', window );">Gain/(Loss)</a></td>
        <td class="nump">401<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_AreaOfRealEstatePropertyDispositions', window );">Area of a real estate property (in square feet)</a></td>
        <td class="nump">49,620<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Roseville 2929 Long Lake Road - Roseville, MN [Member] | Commercial Industrial [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_DispositionsAbstract', window );"><strong>Dispositions [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_DisposalsDateOfTransactionForAcquisitionOrDisposal', window );">Date Disposal</a></td>
        <td class="text">May 13,
				 2013<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Revenues', window );">Sales price</a></td>
        <td class="nump">9,275<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostOfRealEstateSales', window );">Book value and sales cost</a></td>
        <td class="nump">9,998<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainLossOnDispositionOfProperty', window );">Gain/(Loss)</a></td>
        <td class="num">(723)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_AreaOfRealEstatePropertyDispositions', window );">Area of a real estate property (in square feet)</a></td>
        <td class="nump">172,057<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Villa West Topeka, KS [Member] | Multi-Family Residential [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_AcquisitionsAndDevelopmentProjectsPlacedInServiceAbstract', window );"><strong>Acquisitions and development projects placed in service [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_AcquisitionsDateOfTransactionForAcquisitionOrDisposal', window );">Date Acquisition</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">May
				08,
				 2012<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionPurchasePriceAllocationLand', window );">Land</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">1,590<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionPurchasePriceAllocationBuildings', window );">Buildings</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">15,760<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionPurchasePriceAllocationIntangibleAssetsOtherThanGoodwill', window );">Intangible assets</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">300<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SignificantAcquisitionsAndDisposalsAcquisitionCostsOrSaleProceeds', window );">Acquisition costs</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">17,650<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_NumberOfApartmentUnitsAcquisitions', window );">Number of apartment units</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">308<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Development Projects Placed in Service [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_AcquisitionsAndDevelopmentProjectsPlacedInServiceAbstract', window );"><strong>Acquisitions and development projects placed in service [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionPurchasePriceAllocationLand', window );">Land</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">0<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionPurchasePriceAllocationBuildings', window );">Buildings</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">7,701<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionPurchasePriceAllocationIntangibleAssetsOtherThanGoodwill', window );">Intangible assets</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">0<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SignificantAcquisitionsAndDisposalsAcquisitionCostsOrSaleProceeds', window );">Acquisition costs</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">7,701<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Development Projects Placed in Service [Member] | Quarry Ridge II Rochester, MN [Member] | Multi-Family Residential [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_AcquisitionsAndDevelopmentProjectsPlacedInServiceAbstract', window );"><strong>Acquisitions and development projects placed in service [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_AcquisitionsDateOfTransactionForAcquisitionOrDisposal', window );">Date Acquisition</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">Jun. 29,
				 2012<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionPurchasePriceAllocationLand', window );">Land</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">0<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionPurchasePriceAllocationBuildings', window );">Buildings</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">3,543<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionPurchasePriceAllocationIntangibleAssetsOtherThanGoodwill', window );">Intangible assets</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">0<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SignificantAcquisitionsAndDisposalsAcquisitionCostsOrSaleProceeds', window );">Acquisition costs</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">3,543<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_NumberOfApartmentUnitsAcquisitions', window );">Number of apartment units</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">159<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
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      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Development Projects Placed in Service [Member] | Williston Garden Buildings 3 and 4 Williston, ND [Member] | Multi-Family Residential [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_AcquisitionsAndDevelopmentProjectsPlacedInServiceAbstract', window );"><strong>Acquisitions and development projects placed in service [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_AcquisitionsDateOfTransactionForAcquisitionOrDisposal', window );">Date Acquisition</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">Jul. 31,
				 2012<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionPurchasePriceAllocationLand', window );">Land</a></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionPurchasePriceAllocationBuildings', window );">Buildings</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">4,158<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionPurchasePriceAllocationIntangibleAssetsOtherThanGoodwill', window );">Intangible assets</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">0<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SignificantAcquisitionsAndDisposalsAcquisitionCostsOrSaleProceeds', window );">Acquisition costs</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 4,158<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_NumberOfApartmentUnitsAcquisitions', window );">Number of apartment units</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">73<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
      </tr>
      <tr>
        <td colspan="4"></td>
      </tr>
      <tr>
        <td colspan="4">
          <table class="outerFootnotes" width="100%">
            <tr class="outerFootnote">
              <td style="vertical-align: top;" valign="top">[1]</td>
              <td style="vertical-align: top;" valign="top">(1) Development property placed in service June 29, 2012. Additional costs paid in fiscal years 2012 and 2011, and land acquired in fiscal year 2007, totaled $13.0 million, for a total project cost at July 31, 2012 of $16.5 million.</td>
            </tr>
            <tr class="outerFootnote">
              <td style="vertical-align: top;" valign="top">[2]</td>
              <td style="vertical-align: top;" valign="top">(2) Development property placed in service July 31, 2012. Buildings 1 and 2 were placed in service in fiscal year 2012. Additional costs paid in fiscal year 2012 totaled $12.0 million, for a total project cost at July 31, 2012 of $16.2 million.</td>
            </tr>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Date of acquisition, in CCYY-MM-DD format.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Area of a real estate property disposed.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Date of disposal, in CCYY-MM-DD format.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of apartment units acquired.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of acquisition cost of a business combination allocated to buildings included in real estate.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                    <td><strong> Data Type:</strong></td>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of acquisition cost of a business combination allocated to assets, excluding financial assets and goodwill, lacking physical substance.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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                    <td><strong> Name:</strong></td>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of acquisition cost of a business combination allocated to land included in real estate.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                    <td><strong> Name:</strong></td>
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          <td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_BusinessCombinationProFormaInformationEarningsOrLossOfAcquireeSinceAcquisitionDateActual">
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This element represents the amount of earnings or loss of the acquiree since the acquisition date included in the consolidated income statement for the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 805<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (h)(1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7659399&amp;loc=d3e1392-128463<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 141R<br><br> -Paragraph 68<br><br> -Subparagraph r(1)<br><br> -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.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_BusinessCombinationProFormaInformationEarningsOrLossOfAcquireeSinceAcquisitionDateActual</nobr></td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This element represents the amount of revenue of the acquiree since the acquisition date included in the consolidated income statement for the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 805<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (h)(1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7659399&amp;loc=d3e1392-128463<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 141R<br><br> -Paragraph 68<br><br> -Subparagraph r(1)<br><br> -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.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_BusinessCombinationProFormaInformationRevenueOfAcquireeSinceAcquisitionDateActual</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Reflects for the period the total of the carrying amount of the commercial, industrial and residential land and buildings sold plus certain overhead and other costs incurred to place the real estate in saleable condition, capitalized interest costs in the properties sold, and inventory impairment losses recognized. This element would most likely be used by an entity whose principal activities involve real estate or which has significant real estate operations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.2)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CostOfRealEstateSales</nobr></td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The gains (losses) included in results of operations resulting from the sale or disposal of property, plant and equipment, which do not qualify for treatment as discontinued operations. This item does not include any gain (loss) recognized on the sale of oil and gas property or timber property.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 360<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391110&amp;loc=d3e2941-110230<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 205<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6360339&amp;loc=d3e1361-107760<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 360<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=8077374&amp;loc=d3e2443-110228<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 144<br><br> -Paragraph 37, 41, 42, 43, 45<br><br> -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.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_GainLossOnDispositionOfProperty</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                    <td><strong> Data Type:</strong></td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate revenue recognized during the period (derived from goods sold, services rendered, insurance premiums, or other activities that constitute an entity's earning process). For financial services companies, also includes investment and interest income, and sales and trading gains.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 1<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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                    <td><strong> Name:</strong></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The value of all consideration given or received by the Entity in the significant acquisition or disposal.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
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</LabelSeparator><Level>2</Level><ElementName>us-gaap_BasisOfAccountingPolicyPolicyTextBlock</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>label</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="c20130501to20130731" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt; font-weight: bold;"&gt;BASIS OF PRESENTATION&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;The accompanying condensed consolidated financial statements include the accounts of IRET and all subsidiaries in which it maintains a controlling interest. All intercompany balances and transactions are eliminated in consolidation. The Company's fiscal year ends April 30th.&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;The accompanying condensed consolidated financial statements include the accounts of IRET and its interest in the Operating Partnership. The Company's interest in the Operating Partnership was &lt;font style="background-color: #ffffff; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;82.7%&lt;/font&gt; of the common units of the Operating Partnership as of July 31, 2013 and 82.4% as of April 30, 2013. The limited partners in the Operating Partnership have a redemption option that they may exercise. Upon exercise of the redemption option by the limited partners, IRET has the choice of redeeming the limited partners' interests ("Units") for IRET common shares of beneficial interest, on a one-for-one basis, or making a cash payment to the unitholder. The redemption generally may be exercised by the limited partners at any time after the first anniversary of the date of the acquisition of the Units (provided, however, that in general not more than two redemptions by a limited partner may occur during each calendar year, and each limited partner may not exercise the redemption for less than 1,000 Units, or, if such limited partner holds less than 1,000 Units, for all of the Units held by such limited partner). The Operating Partnership and some limited partners have contractually agreed to a holding period of greater than one year and/or a greater number of redemptions during a calendar year.&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;The condensed consolidated financial statements also reflect the ownership by the Operating Partnership of certain joint venture entities in which the Operating Partnership has a general partner or controlling interest. These entities are consolidated into IRET's other operations, with noncontrolling interests reflecting the noncontrolling partners' share of ownership and income and expenses.&lt;/div&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt; font-weight: bold;"&gt;UNAUDITED INTERIM FINANCIAL STATEMENTS&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;The interim condensed consolidated financial statements of IRET have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and the applicable rules and regulations of the Securities and Exchange Commission ("SEC"). Accordingly, certain disclosures accompanying annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") are omitted. The year-end balance sheet data was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. In the opinion of management, all adjustments, consisting solely of normal recurring adjustments, necessary for the fair presentation of the Company's financial position, results of operations and cash flows for the interim periods have been included.&lt;/div&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;The current period's results of operations are not necessarily indicative of results which ultimately may be achieved for the year. The interim condensed consolidated financial statements and notes thereto should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended April 30, 2013, as filed with the SEC on July 1, 2013.&lt;/div&gt;&lt;/div&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>nonnum:textBlockItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>Disclosure of accounting policy for basis of accounting, or basis of presentation, used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).</ElementDefenition><ElementReferences>No definition available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>BASIS OF PRESENTATION AND UNAUDITED INTERIM FINANCIAL STATEMENTS</Label></Row><Row FlagID="0"><Id>3</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

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 -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.



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</LabelSeparator><Level>2</Level><ElementName>iret_CompensatingBalancesAndOtherInvestmentsLenderHoldbacksPolicyTextBlock</ElementName><ElementPrefix>iret_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>terseLabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="c20130501to20130731" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10.5pt; font-size: 10pt; font-weight: bold;"&gt;COMPENSATING BALANCES AND OTHER INVESTMENTS; LENDER HOLDBACKS&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10.5pt; font-size: 10pt;"&gt;The Company maintains compensating balances, not restricted as to withdrawal, with several financial institutions in connection with financing received from those institutions and/or to ensure future credit availability. At July 31, 2013, the Company's compensating balances totaled $8.4 million and consisted of the following: Dacotah Bank, Minot, North Dakota, deposit of $350,000; United Community Bank,&lt;font style="font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;"&gt;&amp;#160;&lt;/font&gt;Minot, North Dakota, deposit of $275,000; Commerce Bank, A Minnesota Banking Corporation, deposit of $250,000; First International Bank, Watford City, North Dakota, deposit of $6.1 million; Peoples State Bank of Velva, North Dakota, deposit of $225,000; Equity Bank, Minnetonka, Minnesota, deposit of $300,000; Associated Bank, Green Bay, Wisconsin, deposit of $500,000; and American National Bank, Omaha, Nebraska, deposit of $400,000. The deposits at United Community Bank and Equity Bank and a portion of the deposit at Dacotah Bank are held as certificates of deposit and comprise the $640,000 in other investments on the Condensed Consolidated Balance Sheets. The certificates of deposit have remaining terms of less than two years and the Company intends to hold them to maturity.&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10.5pt; font-size: 10pt;"&gt;The Company has a number of mortgage loans under which the lender retains a portion of the loan proceeds for the payment of construction costs or tenant improvements. The decrease of $1.1 million in lender holdbacks for improvements reflected in the Condensed Consolidated Statements of Cash Flows for the three months ended July 31, 2013 is due primarily to the release of loan proceeds to the Company upon completion of these construction and tenant improvement projects, while the increase of approximately $279,000 represents additional amounts retained by lenders for new projects.&lt;/div&gt;&lt;/div&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>nonnum:textBlockItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>Disclosure of accounting policy for compensating balances, not restricted as to withdrawal, with financial institutions in connection with financing received from those institutions and/or to ensure future credit availability and funds retained by a lender for the payment of construction costs or tenant improvements.</ElementDefenition><ElementReferences>No definition available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>COMPENSATING BALANCES AND OTHER INVESTMENTS; LENDER HOLDBACKS</Label></Row><Row FlagID="0"><Id>5</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>2</Level><ElementName>us-gaap_GoodwillAndIntangibleAssetsPolicyTextBlock</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>label</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="c20130501to20130731" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10.5pt; font-size: 10pt; font-weight: bold;"&gt;IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES AND GOODWILL&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 12pt; font-size: 10pt;"&gt;Upon acquisition of real estate, the Company records the intangible assets and liabilities acquired (for example, if the leases in place for the real estate property acquired carry rents above the market rent, the difference is classified as an intangible asset) at their estimated fair value separate and apart from goodwill. The Company amortizes identified intangible assets and liabilities that are determined to have finite lives based on the period over which the assets and liabilities are expected to affect, directly or indirectly, the future cash flows of the real estate property acquired (generally the life of the lease). In the three months ended July 31, 2013 and 2012, respectively, the Company added approximately $362,000 and $752,000 of new intangible assets and no new intangible liabilities. The weighted average lives of the intangible assets acquired in the three months ended July 31, 2013 and 2012 are 0.5 years and 0.5 years, respectively. Amortization of intangibles related to above or below-market leases is recorded in real estate rentals in the Condensed Consolidated Statements of Operations. Amortization of other intangibles is recorded in depreciation/amortization related to real estate investments in the Condensed Consolidated Statements of Operations. Intangible&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 12pt; font-size: 10pt;"&gt;assets subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. An impairment loss is recognized if the carrying amount of an intangible asset is not recoverable and its carrying amount exceeds its estimated fair value.&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;The Company's identified intangible assets and intangible liabilities &lt;font style="font-family: 'Times New Roman', serif; color: #000000; font-size: 10pt;"&gt;at&lt;/font&gt;&amp;#160;&lt;font style="font-family: 'Times New Roman', serif; color: #000000; font-size: 10pt;"&gt;July&lt;/font&gt; 31, 2013 and April 30, 2013 were as follows:&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 75.84%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="4" style="border-bottom: #000000 2px solid; width: 24.16%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; width: 75.84%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 12.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;July 31, 2013&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 11.64%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;April 30, 2013&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 75.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Identified intangible assets (included in intangible assets):&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.86%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.98%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 75.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Gross carrying amount&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;61,008&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.98%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;68,165&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 75.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Accumulated amortization&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 10.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 0.15pt;"&gt;(24,019)&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 9.98%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;(27,708)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 4px double; width: 75.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Net carrying amount&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 10.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;36,989&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 9.98%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;40,457&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 75.84%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.86%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.98%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 75.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Identified intangible liabilities (included in other liabilities):&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.86%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.98%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 75.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Gross carrying amount&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;327&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.98%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;391&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 75.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Accumulated amortization&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 10.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 0.15pt;"&gt;(249)&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 9.98%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;(296)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 4px double; width: 75.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Net carrying amount&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 10.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;78&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 9.98%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;95&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="text-align: justify; margin-top: 6pt; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;The effect of amortization of acquired below-market leases and acquired above-market leases on rental income was approximately $(10,000) and $(10,000) for the three months ended July 31, 2013 and 2012, respectively. The estimated annual amortization of acquired below-market leases, net of acquired above-market leases, for each of the five succeeding fiscal years is as follows:&lt;/div&gt;&lt;table align="center" border="0" cellpadding="0" cellspacing="0" style="width: 50%; font-family: 'Times New Roman', Times, Serif; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; width: 61.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold; margin-right: 5.05pt;"&gt;Year Ended April 30,&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 38.47%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 61.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 5.05pt;"&gt;2015&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15.13%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 23.35%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;21&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 61.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 5.05pt;"&gt;2016&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15.13%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 23.35%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;17&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 61.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 5.05pt;"&gt;2017&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15.13%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 23.35%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;9&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 61.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 5.05pt;"&gt;2018&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15.13%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 23.35%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;(5)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 61.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 5.05pt;"&gt;2019&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15.13%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 23.35%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;(5)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="text-align: left; margin-top: 12pt; font-family: 'Times New Roman', serif; margin-bottom: 12pt; font-size: 10pt;"&gt;Amortization of all other identified intangible assets (a component of depreciation and amortization expense) was $3.6 million and $1.5 million for the three months ended July 31, 2013 and 2012, respectively. The estimated annual amortization of all other identified intangible assets for each of the five succeeding fiscal years is as follows:&lt;/div&gt;&lt;table align="center" border="0" cellpadding="0" cellspacing="0" style="width: 50%; font-family: 'Times New Roman', Times, Serif; font-size: 10pt;"&gt;&lt;tr style="height: 17px;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 61.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold; margin-right: 5.05pt;"&gt;Year Ended April 30,&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 38.47%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 61.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 5.05pt;"&gt;2015&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15.13%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 23.35%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;4,830&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 61.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 5.05pt;"&gt;2016&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15.13%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 23.35%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;4,612&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 61.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 5.05pt;"&gt;2017&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15.13%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 23.35%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;4,143&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 61.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 5.05pt;"&gt;2018&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15.13%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 23.35%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;3,701&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 61.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 5.05pt;"&gt;2019&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15.13%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 23.35%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;3,549&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="text-align: justify; margin-top: 10pt; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;The excess of the cost of an acquired business over the net of the amounts assigned to assets acquired (including identified intangible assets) and liabilities assumed is recorded as goodwill. &amp;#160;The Company's goodwill has an indeterminate life and is not amortized, but is tested for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that the asset might be impaired. 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      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>SEGMENT REPORTING (Details) (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="2">3 Months Ended</th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="1"></th>
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      <tr>
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          <div>Jul. 31, 2013</div>
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        <th class="th">
          <div>Jul. 31, 2012</div>
        </th>
        <th class="th">
          <div>Apr. 30, 2013</div>
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          <div>Apr. 30, 2012</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SegmentReportingInformationProfitLossAbstract', window );"><strong>Segment revenues and net operating income [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateRevenueNet', window );">Real estate revenue</a></td>
        <td class="nump">$ 67,182<span></span></td>
        <td class="nump">$ 60,975<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostOfRealEstateRevenue', window );">Real estate expenses</a></td>
        <td class="nump">27,591<span></span></td>
        <td class="nump">24,685<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainOnBusinessInterruptionInsuranceRecovery', window );">Gain on Business Interruption Insurance Recovery</a></td>
        <td class="nump">966<span></span></td>
        <td class="nump">0<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossBeforeExtraordinaryItemsAndCumulativeEffectOfChangeInAccountingPrinciple', window );">Net operating income</a></td>
        <td class="nump">40,557<span></span></td>
        <td class="nump">36,290<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_DepreciationAndAmortizationIncludingRelatedToNonRealEstateInvestments', window );">Depreciation/amortization</a></td>
        <td class="num">(19,518)<span></span></td>
        <td class="num">(15,885)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_AdministrativeAdvisoryAndTrusteeServices', window );">Administrative, advisory and trustee services</a></td>
        <td class="num">(2,753)<span></span></td>
        <td class="num">(2,096)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_ImpairmentOfRealEstateInvestments', window );">Impairment of real estate investments</a></td>
        <td class="num">(1,458)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherGeneralExpense', window );">Other expenses</a></td>
        <td class="num">(679)<span></span></td>
        <td class="num">(519)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestExpense', window );">Interest expense</a></td>
        <td class="num">(14,799)<span></span></td>
        <td class="num">(16,069)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestAndOtherIncome', window );">Interest and other income</a></td>
        <td class="nump">210<span></span></td>
        <td class="nump">142<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest', window );">Income from continuing operations</a></td>
        <td class="nump">1,560<span></span></td>
        <td class="nump">1,863<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax', window );">Income from discontinued operations</a></td>
        <td class="nump">1,656<span></span></td>
        <td class="nump">133<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="nump">3,216<span></span></td>
        <td class="nump">1,996<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsAbstract', window );"><strong>Segment Assets [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateInvestmentPropertyAtCost', window );">Property owned</a></td>
        <td class="nump">2,016,523<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">2,032,970<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation', window );">Less accumulated depreciation</a></td>
        <td class="num">(429,376)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(420,421)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateInvestmentPropertyNet', window );">Net property owned</a></td>
        <td class="nump">1,587,147<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">1,612,549<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateHeldforsale', window );">Real Estate Held-for-sale</a></td>
        <td class="nump">3,969<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">0<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents</a></td>
        <td class="nump">93,193<span></span></td>
        <td class="nump">37,002<span></span></td>
        <td class="nump">94,133<span></span></td>
        <td class="nump">39,989<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherLongTermInvestments', window );">Other investments</a></td>
        <td class="nump">640<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">639<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="nump">113,523<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">113,948<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DevelopmentInProcess', window );">Development in progress</a></td>
        <td class="nump">77,396<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">46,782<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LandAvailableForDevelopment', window );">Unimproved land</a></td>
        <td class="nump">20,774<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">21,503<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Assets', window );">Total Assets</a></td>
        <td class="nump">1,896,642<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">1,889,554<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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          <div class="a">Multi-Family Residential [Member]</div>
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SegmentReportingInformationProfitLossAbstract', window );"><strong>Segment revenues and net operating income [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateRevenueNet', window );">Real estate revenue</a></td>
        <td class="nump">24,582<span></span></td>
        <td class="nump">21,210<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostOfRealEstateRevenue', window );">Real estate expenses</a></td>
        <td class="nump">10,959<span></span></td>
        <td class="nump">9,293<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainOnBusinessInterruptionInsuranceRecovery', window );">Gain on Business Interruption Insurance Recovery</a></td>
        <td class="nump">966<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossBeforeExtraordinaryItemsAndCumulativeEffectOfChangeInAccountingPrinciple', window );">Net operating income</a></td>
        <td class="nump">14,589<span></span></td>
        <td class="nump">11,917<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsAbstract', window );"><strong>Segment Assets [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="nump">670,573<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">659,696<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation', window );">Less accumulated depreciation</a></td>
        <td class="num">(145,276)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(140,354)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateInvestmentPropertyNet', window );">Net property owned</a></td>
        <td class="nump">525,297<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">519,342<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Commercial-Office [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SegmentReportingInformationProfitLossAbstract', window );"><strong>Segment revenues and net operating income [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateRevenueNet', window );">Real estate revenue</a></td>
        <td class="nump">19,744<span></span></td>
        <td class="nump">18,778<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostOfRealEstateRevenue', window );">Real estate expenses</a></td>
        <td class="nump">9,985<span></span></td>
        <td class="nump">9,336<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainOnBusinessInterruptionInsuranceRecovery', window );">Gain on Business Interruption Insurance Recovery</a></td>
        <td class="nump">0<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossBeforeExtraordinaryItemsAndCumulativeEffectOfChangeInAccountingPrinciple', window );">Net operating income</a></td>
        <td class="nump">9,759<span></span></td>
        <td class="nump">9,442<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsAbstract', window );"><strong>Segment Assets [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateInvestmentPropertyAtCost', window );">Property owned</a></td>
        <td class="nump">625,610<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">613,775<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation', window );">Less accumulated depreciation</a></td>
        <td class="num">(143,246)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(138,270)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateInvestmentPropertyNet', window );">Net property owned</a></td>
        <td class="nump">482,364<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">475,505<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Commercial-Healthcare [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SegmentReportingInformationProfitLossAbstract', window );"><strong>Segment revenues and net operating income [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateRevenueNet', window );">Real estate revenue</a></td>
        <td class="nump">16,072<span></span></td>
        <td class="nump">15,073<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostOfRealEstateRevenue', window );">Real estate expenses</a></td>
        <td class="nump">4,282<span></span></td>
        <td class="nump">4,080<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainOnBusinessInterruptionInsuranceRecovery', window );">Gain on Business Interruption Insurance Recovery</a></td>
        <td class="nump">0<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossBeforeExtraordinaryItemsAndCumulativeEffectOfChangeInAccountingPrinciple', window );">Net operating income</a></td>
        <td class="nump">11,790<span></span></td>
        <td class="nump">10,993<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsAbstract', window );"><strong>Segment Assets [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateInvestmentPropertyAtCost', window );">Property owned</a></td>
        <td class="nump">502,346<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">501,191<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation', window );">Less accumulated depreciation</a></td>
        <td class="num">(94,616)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(90,891)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateInvestmentPropertyNet', window );">Net property owned</a></td>
        <td class="nump">407,730<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">410,300<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Commercial-Industrial [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SegmentReportingInformationProfitLossAbstract', window );"><strong>Segment revenues and net operating income [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateRevenueNet', window );">Real estate revenue</a></td>
        <td class="nump">3,456<span></span></td>
        <td class="nump">2,788<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostOfRealEstateRevenue', window );">Real estate expenses</a></td>
        <td class="nump">1,039<span></span></td>
        <td class="nump">896<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainOnBusinessInterruptionInsuranceRecovery', window );">Gain on Business Interruption Insurance Recovery</a></td>
        <td class="nump">0<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossBeforeExtraordinaryItemsAndCumulativeEffectOfChangeInAccountingPrinciple', window );">Net operating income</a></td>
        <td class="nump">2,417<span></span></td>
        <td class="nump">1,892<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsAbstract', window );"><strong>Segment Assets [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateInvestmentPropertyAtCost', window );">Property owned</a></td>
        <td class="nump">100,204<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">125,772<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation', window );">Less accumulated depreciation</a></td>
        <td class="num">(19,968)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(23,688)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateInvestmentPropertyNet', window );">Net property owned</a></td>
        <td class="nump">80,236<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">102,084<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Commercial-Retail [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SegmentReportingInformationProfitLossAbstract', window );"><strong>Segment revenues and net operating income [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateRevenueNet', window );">Real estate revenue</a></td>
        <td class="nump">3,328<span></span></td>
        <td class="nump">3,126<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostOfRealEstateRevenue', window );">Real estate expenses</a></td>
        <td class="nump">1,326<span></span></td>
        <td class="nump">1,080<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainOnBusinessInterruptionInsuranceRecovery', window );">Gain on Business Interruption Insurance Recovery</a></td>
        <td class="nump">0<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossBeforeExtraordinaryItemsAndCumulativeEffectOfChangeInAccountingPrinciple', window );">Net operating income</a></td>
        <td class="nump">2,002<span></span></td>
        <td class="nump">2,046<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsAbstract', window );"><strong>Segment Assets [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateInvestmentPropertyAtCost', window );">Property owned</a></td>
        <td class="nump">117,790<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">132,536<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation', window );">Less accumulated depreciation</a></td>
        <td class="num">(26,270)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(27,218)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateInvestmentPropertyNet', window );">Net property owned</a></td>
        <td class="nump">$ 91,520<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 105,318<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_iret_AdministrativeAdvisoryAndTrusteeServices">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Administrative, advisory and trustee services.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>iret_AdministrativeAdvisoryAndTrusteeServices</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>iret_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_iret_DepreciationAndAmortizationIncludingRelatedToNonRealEstateInvestments">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Depreciation and amortization including related to non real estate investments.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>iret_DepreciationAndAmortizationIncludingRelatedToNonRealEstateInvestments</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>iret_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_iret_ImpairmentOfRealEstateInvestments">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Impairment of real estate investments with different values from Cash Flows element.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>iret_ImpairmentOfRealEstateInvestments</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>iret_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_iret_ReceivablesAndOtherAssets">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Receivables and other assets.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>iret_ReceivablesAndOtherAssets</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>iret_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Assets">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 18<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.18)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 12<br><br> -Article 7<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Concepts (CON)<br><br> -Number 6<br><br> -Paragraph 25<br><br> -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.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_Assets</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AssetsAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsAtCarryingValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Cash<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Cash Equivalents<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 8, 9<br><br> -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.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 7<br><br> -Footnote 1<br><br> -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.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 1<br><br> -Article 5<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 1<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6676-107765<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3044-108585<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 7, 26<br><br> -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.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CashAndCashEquivalentsAtCarryingValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CostOfRealEstateRevenue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This element represents the total of the costs related to real estate revenues, including management, leasing, and development services.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.2(e))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CostOfRealEstateRevenue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DevelopmentInProcess">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The current amount of expenditures for a real estate project that has not yet been completed.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-03.10)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DevelopmentInProcess</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GainOnBusinessInterruptionInsuranceRecovery">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net amount (to the extent disclosed within this portion of the income statement) by which an insurance settlement exceeds incremental costs incurred from the event causing an interruption of business, plus the insurance award for earnings lost from the event, such as a natural catastrophe, explosion or fire.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 30<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6365675&amp;loc=d3e16285-107787<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 01-13<br><br> -Paragraph 7<br><br> -Subparagraph b<br><br> -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.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_GainOnBusinessInterruptionInsuranceRecovery</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossBeforeExtraordinaryItemsAndCumulativeEffectOfChangeInAccountingPrinciple">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Income or Loss from continuing operations, net of taxes, including net Income or Loss from discontinued operations but before extraordinary items.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.14)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.15)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 16<br><br> -Article 5<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 30<br><br> -Paragraph 19, 20<br><br> -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.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 154<br><br> -Paragraph 7, 8, 9, 10<br><br> -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.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 14<br><br> -Article 7<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncomeLossBeforeExtraordinaryItemsAndCumulativeEffectOfChangeInAccountingPrinciple</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This element represents the income or loss from continuing operations attributable to the economic entity which may also be defined as revenue less expenses and taxes from ongoing operations before extraordinary items, and noncontrolling interest.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -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.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 19<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7656940&amp;loc=SL4569616-111683<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 29<br><br> -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.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of income (loss) from a disposal group, net of income tax before extraordinary items allocable to noncontrolling interests. Includes, net of tax, income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 29<br><br> -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.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 205<br><br> -SubTopic 20<br><br> -Section 45<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6892542&amp;loc=d3e957-107759<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 144<br><br> -Paragraph 47<br><br> -Subparagraph c<br><br> -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.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 144<br><br> -Paragraph 43<br><br> -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.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 205<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6360339&amp;loc=d3e1361-107760<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.12)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 13<br><br> -Article 7<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.14)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 15<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestAndOtherIncome">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of interest income and other income recognized during the period. Included in this element is interest derived from investments in debt securities, cash and cash equivalents, and other investments which reflect the time value of money or transactions in which the payments are for the use or forbearance of money and other income from ancillary business-related activities (that is, excluding major activities considered part of the normal operations of the business).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InterestAndOtherIncome</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestExpense">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cost of borrowed funds accounted for as interest that was charged against earnings during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 34<br><br> -Paragraph 21<br><br> -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.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 835<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6450988&amp;loc=d3e26243-108391<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-04.9)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 9<br><br> -Article 9<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher OTS<br><br> -Name Federal Regulation (FR)<br><br> -Number Title 12<br><br> -Section 563c.102<br><br> -Paragraph 9<br><br> -Chapter V<br><br> -Subsection II<br><br> -LegacyDoc This is a non-GAAP reference that was included in the 2009 taxonomy.  It will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InterestExpense</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LandAvailableForDevelopment">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying amount of land available for development.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-03.(a),1(d))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 1<br><br> -Subparagraph d<br><br> -Article 7<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LandAvailableForDevelopment</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherGeneralExpense">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of general expenses not normally included in Other Operating Costs and Expenses.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.6)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 6<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherGeneralExpense</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherLongTermInvestments">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Other long-term investments not otherwise specified in the taxonomy, not including investments in marketable securities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.12)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 12<br><br> -Article 5<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-03.1(f))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 1<br><br> -Subparagraph f<br><br> -Article 7<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherLongTermInvestments</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProfitLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
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                <p>Carrying amount as of the balance sheet date of investments in land and buildings held for sale, excluding real estate considered to be inventory of the entity.</p>
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                <p>The cumulative amount of depreciation for real estate property held for investment purposes.</p>
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                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-03.1(3))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 1<br><br> -Article 7<br><br><br><br></p>
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                <p>Amount of real estate investment property which may include the following: (1) land available-for-sale; (2) land available-for-development; (3) investments in building and building improvements; (4) tenant allowances; (5) developments in-process; (6) rental properties; and (7) other real estate investments.</p>
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                <p>Amount of real estate investment property, net of accumulated depreciation, which may include the following: (1) land available-for-sale; (2) land available-for-development; (3) investments in building and building improvements; (4) tenant allowances; (5) developments in-process; (6) rental properties; and (7) other real estate investments.</p>
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                <p>The aggregate revenue from real estate operations during the reporting period.</p>
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All intercompany balances and transactions are eliminated in consolidation. The Company's fiscal year ends April 30th.&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;The accompanying condensed consolidated financial statements include the accounts of IRET and its interest in the Operating Partnership. The Company's interest in the Operating Partnership was &lt;font style="background-color: #ffffff; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;82.7%&lt;/font&gt; of the common units of the Operating Partnership as of July 31, 2013 and 82.4% as of April 30, 2013. The limited partners in the Operating Partnership have a redemption option that they may exercise. Upon exercise of the redemption option by the limited partners, IRET has the choice of redeeming the limited partners' interests ("Units") for IRET common shares of beneficial interest, on a one-for-one basis, or making a cash payment to the unitholder. The redemption generally may be exercised by the limited partners at any time after the first anniversary of the date of the acquisition of the Units (provided, however, that in general not more than two redemptions by a limited partner may occur during each calendar year, and each limited partner may not exercise the redemption for less than 1,000 Units, or, if such limited partner holds less than 1,000 Units, for all of the Units held by such limited partner). The Operating Partnership and some limited partners have contractually agreed to a holding period of greater than one year and/or a greater number of redemptions during a calendar year.&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;The condensed consolidated financial statements also reflect the ownership by the Operating Partnership of certain joint venture entities in which the Operating Partnership has a general partner or controlling interest. These entities are consolidated into IRET's other operations, with noncontrolling interests reflecting the noncontrolling partners' share of ownership and income and expenses.&lt;/div&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt; font-weight: bold;"&gt;UNAUDITED INTERIM FINANCIAL STATEMENTS&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;The interim condensed consolidated financial statements of IRET have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and the applicable rules and regulations of the Securities and Exchange Commission ("SEC"). Accordingly, certain disclosures accompanying annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") are omitted. The year-end balance sheet data was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. In the opinion of management, all adjustments, consisting solely of normal recurring adjustments, necessary for the fair presentation of the Company's financial position, results of operations and cash flows for the interim periods have been included.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;The current period's results of operations are not necessarily indicative of results which ultimately may be achieved for the year. The interim condensed consolidated financial statements and notes thereto should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended April 30, 2013, as filed with the SEC on July 1, 2013.&lt;/div&gt;&lt;/div&gt;&lt;div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10.5pt; font-size: 10pt; font-weight: bold;"&gt;IMPAIRMENT OF LONG-LIVED ASSETS&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10.5pt; font-size: 10pt;"&gt;The Company periodically evaluates its long-lived assets, including its investments in real estate, for impairment indicators. The impairment evaluation is performed on assets by property such that assets for a property form an asset group. The judgments regarding the existence of impairment indicators are based on factors such as operational performance, market conditions, expected holding period of each asset group and legal and environmental concerns. If indicators exist, the Company compares the expected future undiscounted cash flows for the long-lived asset group against the carrying amount of that asset group. If the sum of the estimated undiscounted cash flows is less than the carrying amount of the asset group, an impairment loss is recorded for the difference between the estimated fair value and the carrying amount of the asset group. If our anticipated holding period for properties, the estimated fair value of properties or other factors change based on market conditions or otherwise, our evaluation of impairment charges may be different and such differences could be material to our consolidated financial statements. The evaluation of anticipated cash flows is subjective and is based, in part, on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results. Plans to hold properties over longer periods decrease the likelihood of recording impairment losses. During the three months ended July 31, 2013, the Company incurred a loss of $1.8 million due to impairment of four commercial properties. The Company recognized impairments of approximately $864,000 on a commercial industrial property in St. Louis Park, Minnesota; $329,000 on a commercial office property in Bloomington, Minnesota; $265,000 on a commercial retail property in Anoka, Minnesota and $345,000 on a commercial industrial property in Clive, Iowa. These properties were written-down to estimated fair value during the first quarter of fiscal year 2014 based on receipt of individual market offers to purchase and the Company's intent to dispose of the properties. During the three months ended July 31, 2012, the Company incurred no losses due to impairment.&lt;/div&gt;&lt;/div&gt;&lt;div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10.5pt; font-size: 10pt; font-weight: bold;"&gt;COMPENSATING BALANCES AND OTHER INVESTMENTS; LENDER HOLDBACKS&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10.5pt; font-size: 10pt;"&gt;The Company maintains compensating balances, not restricted as to withdrawal, with several financial institutions in connection with financing received from those institutions and/or to ensure future credit availability. At July 31, 2013, the Company's compensating balances totaled $8.4 million and consisted of the following: Dacotah Bank, Minot, North Dakota, deposit of $350,000; United Community Bank,&lt;font style="font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;"&gt;&amp;#160;&lt;/font&gt;Minot, North Dakota, deposit of $275,000; Commerce Bank, A Minnesota Banking Corporation, deposit of $250,000; First International Bank, Watford City, North Dakota, deposit of $6.1 million; Peoples State Bank of Velva, North Dakota, deposit of $225,000; Equity Bank, Minnetonka, Minnesota, deposit of $300,000; Associated Bank, Green Bay, Wisconsin, deposit of $500,000; and American National Bank, Omaha, Nebraska, deposit of $400,000. The deposits at United Community Bank and Equity Bank and a portion of the deposit at Dacotah Bank are held as certificates of deposit and comprise the $640,000 in other investments on the Condensed Consolidated Balance Sheets. The certificates of deposit have remaining terms of less than two years and the Company intends to hold them to maturity.&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10.5pt; font-size: 10pt;"&gt;The Company has a number of mortgage loans under which the lender retains a portion of the loan proceeds for the payment of construction costs or tenant improvements. The decrease of $1.1 million in lender holdbacks for improvements reflected in the Condensed Consolidated Statements of Cash Flows for the three months ended July 31, 2013 is due primarily to the release of loan proceeds to the Company upon completion of these construction and tenant improvement projects, while the increase of approximately $279,000 represents additional amounts retained by lenders for new projects.&lt;/div&gt;&lt;/div&gt;&lt;div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10.5pt; font-size: 10pt; font-weight: bold;"&gt;IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES AND GOODWILL&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 12pt; font-size: 10pt;"&gt;Upon acquisition of real estate, the Company records the intangible assets and liabilities acquired (for example, if the leases in place for the real estate property acquired carry rents above the market rent, the difference is classified as an intangible asset) at their estimated fair value separate and apart from goodwill. The Company amortizes identified intangible assets and liabilities that are determined to have finite lives based on the period over which the assets and liabilities are expected to affect, directly or indirectly, the future cash flows of the real estate property acquired (generally the life of the lease). In the three months ended July 31, 2013 and 2012, respectively, the Company added approximately $362,000 and $752,000 of new intangible assets and no new intangible liabilities. The weighted average lives of the intangible assets acquired in the three months ended July 31, 2013 and 2012 are 0.5 years and 0.5 years, respectively. Amortization of intangibles related to above or below-market leases is recorded in real estate rentals in the Condensed Consolidated Statements of Operations. Amortization of other intangibles is recorded in depreciation/amortization related to real estate investments in the Condensed Consolidated Statements of Operations. Intangible&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 12pt; font-size: 10pt;"&gt;assets subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. An impairment loss is recognized if the carrying amount of an intangible asset is not recoverable and its carrying amount exceeds its estimated fair value.&lt;/div&gt;&lt;div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;The Company's identified intangible assets and intangible liabilities &lt;font style="font-family: 'Times New Roman', serif; color: #000000; font-size: 10pt;"&gt;at&lt;/font&gt;&amp;#160;&lt;font style="font-family: 'Times New Roman', serif; color: #000000; font-size: 10pt;"&gt;July&lt;/font&gt; 31, 2013 and April 30, 2013 were as follows:&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 75.84%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="4" style="border-bottom: #000000 2px solid; width: 24.16%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; width: 75.84%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 12.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;July 31, 2013&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 11.64%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;April 30, 2013&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 75.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Identified intangible assets (included in intangible assets):&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.86%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.98%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 75.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Gross carrying amount&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;61,008&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.98%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;68,165&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 75.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Accumulated amortization&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 10.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 0.15pt;"&gt;(24,019)&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 9.98%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;(27,708)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 4px double; width: 75.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Net carrying amount&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 10.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;36,989&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 9.98%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;40,457&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 75.84%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.86%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.98%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 75.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Identified intangible liabilities (included in other liabilities):&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.86%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.98%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 75.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Gross carrying amount&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;327&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.98%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;391&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 75.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Accumulated amortization&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 10.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 0.15pt;"&gt;(249)&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 9.98%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;(296)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 4px double; width: 75.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Net carrying amount&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 10.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;78&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 9.98%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;95&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div&gt;&lt;div style="text-align: justify; margin-top: 6pt; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;The effect of amortization of acquired below-market leases and acquired above-market leases on rental income was approximately $(10,000) and $(10,000) for the three months ended July 31, 2013 and 2012, respectively. The estimated annual amortization of acquired below-market leases, net of acquired above-market leases, for each of the five succeeding fiscal years is as follows:&lt;/div&gt;&lt;table align="center" border="0" cellpadding="0" cellspacing="0" style="width: 50%; font-family: 'Times New Roman', Times, Serif; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; width: 61.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold; margin-right: 5.05pt;"&gt;Year Ended April 30,&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 38.47%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 61.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 5.05pt;"&gt;2015&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15.13%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 23.35%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;21&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 61.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 5.05pt;"&gt;2016&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15.13%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 23.35%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;17&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 61.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 5.05pt;"&gt;2017&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15.13%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 23.35%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;9&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 61.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 5.05pt;"&gt;2018&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15.13%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 23.35%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;(5)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 61.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 5.05pt;"&gt;2019&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15.13%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 23.35%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;(5)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div&gt;&lt;div style="text-align: left; margin-top: 12pt; font-family: 'Times New Roman', serif; margin-bottom: 12pt; font-size: 10pt;"&gt;Amortization of all other identified intangible assets (a component of depreciation and amortization expense) was $3.6 million and $1.5 million for the three months ended July 31, 2013 and 2012, respectively. The estimated annual amortization of all other identified intangible assets for each of the five succeeding fiscal years is as follows:&lt;/div&gt;&lt;table align="center" border="0" cellpadding="0" cellspacing="0" style="width: 50%; font-family: 'Times New Roman', Times, Serif; font-size: 10pt;"&gt;&lt;tr style="height: 17px;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 61.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold; margin-right: 5.05pt;"&gt;Year Ended April 30,&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 38.47%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 61.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 5.05pt;"&gt;2015&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15.13%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 23.35%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;4,830&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 61.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 5.05pt;"&gt;2016&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15.13%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 23.35%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;4,612&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 61.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 5.05pt;"&gt;2017&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15.13%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 23.35%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;4,143&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 61.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 5.05pt;"&gt;2018&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15.13%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 23.35%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;3,701&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 61.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 5.05pt;"&gt;2019&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15.13%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 23.35%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;3,549&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div style="text-align: justify; margin-top: 10pt; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;The excess of the cost of an acquired business over the net of the amounts assigned to assets acquired (including identified intangible assets) and liabilities assumed is recorded as goodwill. &amp;#160;The Company's goodwill has an indeterminate life and is not amortized, but is tested for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that the asset might be impaired. The book value of goodwill as of July 31, 2013 and April 30, 2013 was $1.1 million. The annual review at April 30, 2013 indicated no impairment to goodwill and there was no indication of impairment at July 31, 2013. &amp;#160;During the three months ended July 31, 2013, the Company disposed of one commercial industrial property to which goodwill had been assigned, and as a result, approximately $7,000 of goodwill was derecognized.&lt;/div&gt;&lt;/div&gt;&lt;div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt; font-weight: bold;"&gt;USE OF ESTIMATES&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.&lt;/div&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10.5pt; font-size: 10pt; font-weight: bold;"&gt;RECLASSIFICATIONS&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;Certain previously reported amounts have been reclassified to conform to the current financial statement presentation. The Company reports, in discontinued operations, the results of operations and the related gains or losses of a property that has either been disposed of or is classified as held for sale and otherwise meets the classification of a discontinued operation. As a result of discontinued operations, retroactive reclassifications that change prior period numbers have been made. See Note 7 for additional information. During the first quarter of fiscal year 2014, the Company sold four commercial industrial properties and one commercial retail property and classified two commercial industrial properties as held for sale. During fiscal year 2013, the Company sold three multi-family residential properties and one commercial healthcare property. The results of operations for these properties are included in income from discontinued operations on the Condensed Consolidated Statements of Operations.&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 6pt; font-size: 10pt;"&gt;The Company also reclassified bad debt provision expense from property management expenses to other property expenses on the Consolidated Statements of Operations and reclassified amounts from payments for acquisitions and improvements of real estate assets to payments for acquisitions of real estate assets and payments for development and re-development of real estate assets on the Consolidated Statements of Cash Flows.&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;During the first quarter of fiscal year 2014 the Company reclassified a commercial property in Minot, North Dakota from the Company's commercial retail segment to its commercial office segment, following the departure of a retail tenant from the property and the Company's subsequent repurposing of the majority of the space in the building from retail to office premises.&lt;/div&gt;&lt;/div&gt;&lt;div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt; font-weight: bold;"&gt;INVOLUNTARY CONVERSION OF ASSETS&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;As previously reported, Minot, North Dakota, where IRET's corporate headquarters is located, experienced significant flooding in June 2011, resulting in extensive damage to the Arrowhead Shopping Center and to the Chateau Apartments property, which consisted of two 32-unit buildings. Additionally, on February 22, 2012, one of the buildings of the Chateau Apartments property, which had been undergoing restoration work following the flood, was completely destroyed by fire.&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;During the first quarter of fiscal year 2014, the Company received $966,000 of insurance proceeds for the Chateau fire loss. The total insurance proceeds for redevelopment related to the Chateau fire exceeded the basis in the assets requiring replacement, resulting in the recognition of $966,000 in gain from involuntary conversion in the first quarter of fiscal year 2014. The Company has commenced rebuilding of the destroyed building with completion of the project expected in April 2014. &amp;#160;IRET expects final settlement of the Chateau fire insurance claim to occur when the property is rebuilt.&lt;/div&gt;&lt;/div&gt;&lt;div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt; font-weight: bold;"&gt;PROCEEDS FROM FINANCING LIABILITY&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;During the first quarter of fiscal year 2014, the Company sold a non-core assisted living property in exchange for $7.9 million in cash and a $29.0 million contract for deed. The buyer leased the property back to the Company, and also granted an option to the Company to repurchase the property at a specified price at or prior to July 31, 2018. IRET accounted for the transaction as a financing due to the Company's continuing involvement with the property and recorded the $7.9 million in sales proceeds within other liabilities on the Condensed Consolidated Balance Sheets.&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt; font-weight: bold;"&gt;VARIABLE INTEREST ENTITY&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;On November 27, 2012 the Company entered into a joint venture operating agreement with a real estate development company to construct an apartment project in Minot, North Dakota as IRET &amp;#8211; Minot Apartments, LLC. The Company estimates total costs for the project at $52.2 million, with approximately 69% of the project financed with third-party debt and approximately 7% financed with debt from IRET to the joint venture entity. See Southgate Apartments in Note 6 for additional information on the development. IRET is the 51% owner of the joint venture and will have management and leasing responsibilities when the project is completed. The real estate development company owns 49% of the joint venture and is responsible for the development and construction of the property. The Company has determined that the joint venture is a variable interest entity ("VIE"), primarily based on the fact that the equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support. The Company has also determined that IRET is the primary beneficiary of the VIE due to the fact that IRET is providing 51% of the equity contributions, the subordinated debt and a guarantee on the third party debt and has the power to direct the most significant activities that impact the entity's economic performance.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>nonnum:textBlockItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>The entire disclosure for all significant accounting policies of the reporting entity.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef

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</LabelSeparator><Level>2</Level><ElementName>us-gaap_SegmentReportingDisclosureTextBlock</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>label</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="c20130501to20130731" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt; font-weight: bold;"&gt;NOTE 5 &amp;#8226; SEGMENT REPORTING&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10.5pt; font-size: 10pt;"&gt;IRET reports its results in five reportable segments: multi-family residential, commercial office, commercial healthcare (including senior housing), commercial industrial and commercial retail properties. The Company's reportable segments are aggregations of similar properties.&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10.5pt; font-size: 10pt;"&gt;IRET&amp;#160;measures the performance of its segments based on net operating income ("NOI"), which the Company defines as &lt;font style="font-family: 'Times New Roman', serif; color: #000000; font-size: 10pt;"&gt;total real estate revenues and gain on involuntary conversion less real estate expenses (which consist of utilities, maintenance, real estate taxes, insurance, property management expenses and other property expenses).&lt;/font&gt; IRET believes that NOI is an important supplemental measure of operating performance for a REIT's operating real estate because it provides a measure of core operations that is unaffected by depreciation, amortization, financing and general and administrative expense. NOI does not represent cash generated by operating activities in accordance with GAAP and should not be considered an alternative to net income, net income available for common shareholders or cash flow from operating activities as a measure of financial performance.&lt;/div&gt;&lt;div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10.5pt; color: #000000; font-size: 10pt;"&gt;The revenues and net operating income for these reportable segments are summarized as follows for the three month periods ended July 31, 2013 and 2012, along with reconciliations to the condensed consolidated financial statements. Segment assets are also reconciled to total assets as reported in the condensed consolidated financial statements.&lt;/div&gt;&lt;div&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td rowspan="2" style="border-bottom: #000000 2px solid; width: 33.65%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Three Months Ended July 31, 2013&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="12" style="border-bottom: #000000 2px solid; width: 66.35%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: center; font-style: italic; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 9.68%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;Multi-Family&lt;font style="font-family: 'Times New Roman', serif; font-size: 8pt;"&gt;&lt;br /&gt;&lt;/font&gt;Residential&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 12.06%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;Commercial-&lt;font style="font-family: 'Times New Roman', serif; font-size: 8pt;"&gt;&lt;br /&gt;&lt;/font&gt;Office&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 11.22%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;Commercial-&lt;font style="font-family: 'Times New Roman', serif; font-size: 8pt;"&gt;&lt;br /&gt;&lt;/font&gt;Healthcare&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 12.08%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;Commercial-&lt;font style="font-family: 'Times New Roman', serif; font-size: 8pt;"&gt;&lt;br /&gt;&lt;/font&gt;Industrial&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 10.39%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;Commercial-&lt;font style="font-family: 'Times New Roman', serif; font-size: 8pt;"&gt;&lt;br /&gt;&lt;/font&gt;Retail&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 10.92%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;Total&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 33.65%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.94%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.04%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.18%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.64%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.48%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 6.92%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.6%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 33.65%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;Real estate revenue&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.94%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;24,582&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;19,744&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.04%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.18%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;16,072&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.64%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;3,456&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.48%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 6.92%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;3,328&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.6%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt; margin-right: 3.6pt;"&gt;67,182&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 33.65%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;Real estate expenses&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 7.94%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;10,959&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;9,985&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.04%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.18%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;4,282&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.64%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;1,039&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.48%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 6.92%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;1,326&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 2.6%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt; margin-right: 3.6pt;"&gt;27,591&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 33.65%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;Gain on involuntary conversion&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 7.94%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;966&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;0&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.04%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.18%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;0&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.64%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;0&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.48%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 6.92%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;0&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 2.6%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt; margin-right: 3.6pt;"&gt;966&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 4px double; width: 33.65%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;Net operating income&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 7.94%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;14,589&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.62%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;9,759&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 3.04%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.18%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;11,790&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.64%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;2,417&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 3.48%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 6.92%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;2,002&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 2.6%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt; margin-right: 3.6pt;"&gt;40,557&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 33.65%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: left; text-indent: 9pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;Depreciation/amortization&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.94%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.04%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.18%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.64%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.48%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 6.92%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.6%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;(19,518)&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 33.65%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: left; text-indent: 9pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;Administrative, advisory and trustee services&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.94%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.04%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.18%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.64%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.48%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 6.92%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.6%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;(2,753)&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td colspan="3" style="width: 43.33%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: left; text-indent: 9pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;Impairment of real estate investments&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.04%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.18%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.64%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.48%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 6.92%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.6%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;(1,458)&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td colspan="3" style="width: 43.33%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: left; text-indent: 9pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;Other expenses&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.04%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.18%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.64%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.48%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 6.92%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.6%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;(679)&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 33.65%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: left; text-indent: 9pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;Interest expense&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.94%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.04%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.18%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.64%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.48%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 6.92%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.6%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;(14,799)&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 33.65%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: left; text-indent: 9pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;Interest and other income&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 7.94%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.04%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.18%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.64%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.48%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 6.92%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 2.6%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt; margin-right: 3.75pt;"&gt;210&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td colspan="11" style="width: 89.08%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 9pt;"&gt;Income from continuing operations&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.6%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt; margin-right: 3.75pt;"&gt;1,560&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td colspan="11" style="border-bottom: #000000 2px solid; width: 89.08%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 9pt;"&gt;Income from discontinued operations&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 2.6%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt; margin-right: 3.6pt;"&gt;1,656&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td colspan="11" style="border-bottom: #000000 4px double; width: 89.08%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;Net income&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 2.6%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt; margin-right: 3.75pt;"&gt;3,216&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td rowspan="2" style="border-bottom: #000000 2px solid; width: 33.61%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Three Months Ended July 31, 2012&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="12" style="border-bottom: #000000 2px solid; width: 66.39%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: center; font-style: italic; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 9.68%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;Multi-Family&lt;font style="font-family: 'Times New Roman', serif; font-size: 8pt;"&gt;&lt;br /&gt;&lt;/font&gt;Residential&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 11.63%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;Commercial-&lt;font style="font-family: 'Times New Roman', serif; font-size: 8pt;"&gt;&lt;br /&gt;&lt;/font&gt;Office&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 11.67%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;Commercial-&lt;font style="font-family: 'Times New Roman', serif; font-size: 8pt;"&gt;&lt;br /&gt;&lt;/font&gt;Healthcare&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 11.69%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;Commercial-&lt;font style="font-family: 'Times New Roman', serif; font-size: 8pt;"&gt;&lt;br /&gt;&lt;/font&gt;Industrial&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 10.88%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;Commercial-&lt;font style="font-family: 'Times New Roman', serif; font-size: 8pt;"&gt;&lt;br /&gt;&lt;/font&gt;Retail&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 10.84%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;Total&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 33.61%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.33%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.35%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.3%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.56%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 33.61%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;Real estate revenue&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.33%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.35%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;21,210&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.3%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;18,778&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;15,073&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;2,788&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.56%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;3,126&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt; margin-right: 3.6pt;"&gt;60,975&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 33.61%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;Real estate expenses&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.33%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.35%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;9,293&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.3%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;9,336&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;4,080&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;896&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 7.56%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;1,080&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt; margin-right: 3.6pt;"&gt;24,685&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 4px double; width: 33.61%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;Net operating income&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.33%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.35%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;11,917&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 3.3%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;9,442&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;10,993&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 3.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;1,892&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 7.56%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;2,046&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt; margin-right: 3.6pt;"&gt;36,290&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 33.61%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: left; text-indent: 9pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;Depreciation/amortization&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.33%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.35%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.3%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.56%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;(15,885)&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td colspan="3" style="width: 43.3%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: left; text-indent: 9pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;Administrative, advisory and trustee services&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.3%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.56%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;(2,096)&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 33.61%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: left; text-indent: 9pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;Other expenses&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.33%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.35%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.3%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.56%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;(519)&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 33.61%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: left; text-indent: 9pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;Interest expense&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.33%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.35%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.3%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.56%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;(16,069)&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 33.61%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: left; text-indent: 9pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;Interest and other income&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.33%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.35%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.3%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 7.56%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt; margin-right: 3.6pt;"&gt;142&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 33.61%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: left; text-indent: 9pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;Income from continuing operations&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.33%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.35%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.3%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.56%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt; margin-right: 3.6pt;"&gt;1,863&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 33.61%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: left; text-indent: 9pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;Income from discontinued operations&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.33%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.35%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.3%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 7.56%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt; margin-right: 3.6pt;"&gt;133&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td colspan="11" style="border-bottom: #000000 4px double; width: 89.16%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;Net income&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt; margin-right: 3.6pt;"&gt;1,996&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="text-align: justify; margin-top: 12pt; font-family: 'Times New Roman', serif; margin-bottom: 10.5pt; font-size: 10pt; font-weight: bold;"&gt;Segment Assets and Accumulated Depreciation&lt;/div&gt;&lt;div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;Segment assets are summarized as follows as of July 31, 2013, and April 30, 2013, along with reconciliations to the condensed consolidated financial statements:&lt;/div&gt;&lt;div&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 33.61%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="12" style="border-bottom: #000000 2px solid; width: 66.39%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: center; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; width: 33.61%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;As of July 31, 2013&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 9.5%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;Multi-Family&lt;font style="font-family: 'Times New Roman', serif; font-size: 8pt;"&gt;&lt;br /&gt;&lt;/font&gt;Residential&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 11.67%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;Commercial-&lt;font style="font-family: 'Times New Roman', serif; font-size: 8pt;"&gt;&lt;br /&gt;&lt;/font&gt;Office&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 11.67%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;Commercial-&lt;font style="font-family: 'Times New Roman', serif; font-size: 8pt;"&gt;&lt;br /&gt;&lt;/font&gt;Healthcare&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 11.67%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;Commercial-&lt;font style="font-family: 'Times New Roman', serif; font-size: 8pt;"&gt;&lt;br /&gt;&lt;/font&gt;Industrial&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 10.82%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;Commercial-&lt;font style="font-family: 'Times New Roman', serif; font-size: 8pt;"&gt;&lt;br /&gt;&lt;/font&gt;Retail&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 11.06%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Total&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 33.61%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.15%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.35%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.5%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.56%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 33.61%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;Segment Assets&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.15%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.35%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.5%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.56%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 33.61%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 9pt;"&gt;Property owned&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.15%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.35%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;670,573&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;625,610&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;502,346&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;100,204&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.5%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;117,790&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.56%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;2,016,523&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 33.61%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 9pt;"&gt;Less accumulated depreciation&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.15%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.35%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;(145,276)&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;(143,246)&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;(94,616)&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;(19,968)&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 7.5%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;(26,270)&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.56%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;(429,376)&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 4px double; width: 33.61%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;Net property owned&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.15%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.35%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;525,297&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;482,364&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;407,730&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;80,236&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 7.5%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;91,520&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.56%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;1,587,147&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 33.61%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 9pt;"&gt;Real estate held for sale&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.15%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.35%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.5%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.56%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; margin-left: 0.7pt; font-size: 9pt; margin-right: 3.6pt;"&gt;3,969&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 33.61%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 9pt;"&gt;Cash and cash equivalents&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.15%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.35%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.5%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.56%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 9pt; margin-right: 3.6pt;"&gt;93,193&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 33.61%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 9pt;"&gt;Other investments&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.15%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.35%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.5%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.56%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 9pt; margin-right: 3.6pt;"&gt;640&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 33.61%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 9pt;"&gt;Receivables and other assets&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.15%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.35%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.5%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.56%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;113,523&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 33.61%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 9pt;"&gt;Development in progress&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.15%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.35%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.5%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.56%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;77,396&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 33.61%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 9pt;"&gt;Unimproved land&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.15%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.35%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 7.5%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.56%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;20,774&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 4px double; width: 33.61%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;Total assets&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.15%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.35%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 7.5%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.56%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;1,896,642&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 33.61%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="12" style="border-bottom: #000000 2px solid; width: 66.39%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: center; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; width: 33.61%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;As of April 30, 2013&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 10.56%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;Multi-Family&lt;font style="font-family: 'Times New Roman', serif; font-size: 8pt;"&gt;&lt;br /&gt;&lt;/font&gt;Residential&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 11.56%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;Commercial-&lt;font style="font-family: 'Times New Roman', serif; font-size: 8pt;"&gt;&lt;br /&gt;&lt;/font&gt;Office&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 11.56%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;Commercial-&lt;font style="font-family: 'Times New Roman', serif; font-size: 8pt;"&gt;&lt;br /&gt;&lt;/font&gt;Healthcare&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 11.02%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;Commercial-&lt;font style="font-family: 'Times New Roman', serif; font-size: 8pt;"&gt;&lt;br /&gt;&lt;/font&gt;Industrial&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 10.84%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;Commercial-&lt;font style="font-family: 'Times New Roman', serif; font-size: 8pt;"&gt;&lt;br /&gt;&lt;/font&gt;Retail&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 10.84%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Total&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 33.61%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.36%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.2%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.48%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.08%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.58%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.98%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.68%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.38%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.46%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.2%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.64%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 33.61%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;Segment assets&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.36%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.2%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.48%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.08%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.58%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.98%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.68%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.38%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.46%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.2%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.64%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 33.61%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 9pt;"&gt;Property owned&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.36%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.2%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;659,696&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.48%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.08%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;613,775&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.58%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.98%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;501,191&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.68%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;125,772&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.38%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.46%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;132,536&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.2%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.64%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;2,032,970&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 33.61%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 9pt;"&gt;Less accumulated depreciation&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.36%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 9.2%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;(140,354)&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 2.48%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 9.08%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;(138,270)&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 2.58%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.98%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;(90,891)&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 2.68%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;(23,688)&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.38%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 7.46%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;(27,218)&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 2.2%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.64%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;(420,421)&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 4px double; width: 33.61%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;Net property owned&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.36%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 9.2%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;519,342&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 2.48%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 9.08%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;475,505&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 2.58%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.98%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;410,300&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 2.68%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;102,084&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 3.38%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 7.46%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;105,318&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 2.2%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.64%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;1,612,549&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 33.61%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 9pt;"&gt;Cash and cash equivalents&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.36%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.2%; vertical-align: bottom;"&gt;&lt;div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.48%; 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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EME">
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          <div style="width: 200px;"><strong>MORTGAGES PAYABLE AND LINE OF CREDIT (Tables)<br></strong></div>
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        <th class="th" colspan="1">3 Months Ended</th>
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          <div>Jul. 31, 2013</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtDisclosureAbstract', window );"><strong>MORTGAGES PAYABLE AND LINE OF CREDIT [Abstract]</strong></a></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock', window );">Aggregate amount of required future principal payments on mortgages payable</a></td>
        <td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 12pt; font-size: 10pt;">Of the mortgages payable, the balances of fixed rate mortgages totaled $1.0 billion at July 31, 2013 and April 30, 2013. The balances of variable rate mortgages totaled $15.8 million and $26.2 million as of July 31, 2013 and April 30, 2013, respectively. The Company does not utilize derivative financial instruments to mitigate its exposure to changes in market interest rates. Most of the fixed rate mortgages have substantial pre-payment penalties. As of July 31, 2013, the weighted average rate of interest on the Company's mortgage debt was 5.54%, compared to 5.55% on April 30, 2013. The aggregate amount of required future principal payments on mortgages payable as of July 31, 2013, is as follows:</div><table align="center" border="0" cellpadding="0" cellspacing="0" style="width: 50%; font-family: 'Times New Roman', Times, Serif; font-size: 10pt;"><tr><td style="border-bottom: #000000 2px solid; width: 66.24%; vertical-align: bottom;"><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">Year ended July 31,</div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 33.76%; vertical-align: bottom;"><div style="text-align: right; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">(in thousands)</div></td></tr><tr style="background-color: #cceeff;"><td style="width: 66.24%; vertical-align: bottom;"><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">2014 (remainder)</div></td><td style="width: 4.23%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td style="width: 29.53%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">56,093</div></td></tr><tr style="background-color: #ffffff;"><td style="width: 66.24%; vertical-align: bottom;"><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">2015</div></td><td style="width: 4.23%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 29.53%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">98,892</div></td></tr><tr style="background-color: #cceeff;"><td style="width: 66.24%; vertical-align: bottom;"><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">2016</div></td><td style="width: 4.23%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 29.53%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">92,122</div></td></tr><tr style="background-color: #ffffff;"><td style="width: 66.24%; vertical-align: bottom;"><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">2017</div></td><td style="width: 4.23%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 29.53%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">219,086</div></td></tr><tr style="background-color: #cceeff;"><td style="width: 66.24%; vertical-align: bottom;"><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">2018</div></td><td style="width: 4.23%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 29.53%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">66,698</div></td></tr><tr style="background-color: #ffffff; height: 18px;"><td style="border-bottom: #000000 2px solid; width: 66.24%; vertical-align: bottom;"><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">Thereafter</div></td><td style="border-bottom: #000000 2px solid; width: 4.23%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 29.53%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">497,516</div></td></tr><tr style="background-color: #cceeff;"><td style="border-bottom: #000000 4px double; width: 66.24%; vertical-align: bottom;"><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">Total payments</div></td><td style="border-bottom: #000000 4px double; width: 4.23%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td style="border-bottom: #000000 4px double; width: 29.53%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">1,030,407</div></td></tr></table></div><span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Tabular disclosure of the combined aggregate amount of maturities and sinking fund requirements for all long-term borrowings for each of the five years following the date of the latest balance sheet date presented.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 470<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6802200&amp;loc=d3e1835-112601<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>33
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0E5YBG">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="2">3 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Jul. 31, 2013</div>
        </th>
        <th class="th">
          <div>Jul. 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>CASH FLOWS FROM OPERATING ACTIVITIES</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProfitLoss', window );">Net income</a></td>
        <td class="nump">$ 3,216<span></span></td>
        <td class="nump">$ 1,996<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>Adjustments to reconcile net income to net cash provided by operating activities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DepreciationDepletionAndAmortization', window );">Depreciation and amortization</a></td>
        <td class="nump">20,087<span></span></td>
        <td class="nump">16,724<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax', window );">(Gain) loss on sale of real estate, land, other investments and discontinued operations</a></td>
        <td class="num">(1,943)<span></span></td>
        <td class="nump">73<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainOnBusinessInterruptionInsuranceRecovery', window );">Gain on involuntary conversion</a></td>
        <td class="num">(966)<span></span></td>
        <td class="nump">0<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ImpairmentOfRealEstate', window );">Impairment of real estate investments</a></td>
        <td class="nump">1,803<span></span></td>
        <td class="nump">0<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherNoncashIncomeExpense', window );">Bad debt expense</a></td>
        <td class="nump">178<span></span></td>
        <td class="nump">420<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract', window );"><strong>Changes in other assets and liabilities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StraightLineRent', window );">Increase in receivable arising from straight-lining of rents</a></td>
        <td class="num">(654)<span></span></td>
        <td class="num">(944)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsReceivable', window );">(Increase) decrease in accounts receivable</a></td>
        <td class="num">(811)<span></span></td>
        <td class="nump">1,419<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets', window );">Decrease in prepaid and other assets</a></td>
        <td class="nump">367<span></span></td>
        <td class="nump">631<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOperatingAssets', window );">Increase in tax, insurance and other escrow</a></td>
        <td class="num">(640)<span></span></td>
        <td class="num">(713)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInDeferredLeasingFees', window );">Increase in deferred charges and leasing costs</a></td>
        <td class="num">(897)<span></span></td>
        <td class="num">(1,750)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities', window );">Decrease in accounts payable, accrued expenses, and other liabilities</a></td>
        <td class="num">(2,456)<span></span></td>
        <td class="num">(4,112)<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivities', window );">Net cash provided by operating activities</a></td>
        <td class="nump">17,284<span></span></td>
        <td class="nump">13,744<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract', window );"><strong>CASH FLOWS FROM INVESTING ACTIVITIES</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_ProceedsFromRealEstateDeposits', window );">Proceeds from real estate deposits</a></td>
        <td class="nump">157<span></span></td>
        <td class="nump">1,039<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_PaymentsForRealEstateDeposits', window );">Payments for real estate deposits</a></td>
        <td class="num">(450)<span></span></td>
        <td class="num">(780)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_DecreaseInLenderHoldbacksForImprovements', window );">Decrease in lender holdbacks for improvements</a></td>
        <td class="nump">1,144<span></span></td>
        <td class="nump">624<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_IncreaseLenderHoldbacksForImprovements', window );">Increase in lender holdbacks for improvements</a></td>
        <td class="num">(279)<span></span></td>
        <td class="num">(1,403)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromSaleOfRealEstate', window );">Proceeds from sale of discontinued operations</a></td>
        <td class="nump">21,261<span></span></td>
        <td class="nump">875<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_ProceedsFromSaleOfRealEstateAndOtherInvestments', window );">Proceeds from sale of real estate and other investments</a></td>
        <td class="nump">7<span></span></td>
        <td class="nump">0<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromCollectionOfOtherReceivables', window );">Insurance proceeds received</a></td>
        <td class="nump">1,004<span></span></td>
        <td class="nump">469<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireRealEstate', window );">Payments for acquisitions of real estate assets</a></td>
        <td class="num">(3,099)<span></span></td>
        <td class="num">(33,472)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsForConstructionInProcess', window );">Payments for development and re-development of real estate assets</a></td>
        <td class="num">(26,476)<span></span></td>
        <td class="num">(12,997)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsForCapitalImprovements', window );">Payments for improvements of real estate assets</a></td>
        <td class="num">(7,224)<span></span></td>
        <td class="num">(8,786)<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivities', window );">Net cash used by investing activities</a></td>
        <td class="num">(13,955)<span></span></td>
        <td class="num">(54,431)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract', window );"><strong>CASH FLOWS FROM FINANCING ACTIVITIES</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfLongTermDebt', window );">Proceeds from mortgages payable</a></td>
        <td class="nump">4,100<span></span></td>
        <td class="nump">35,450<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RepaymentsOfLongTermDebt', window );">Principal payments on mortgages payable</a></td>
        <td class="num">(22,916)<span></span></td>
        <td class="num">(15,984)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromLinesOfCredit', window );">Proceeds from revolving line of credit and other debt</a></td>
        <td class="nump">6,313<span></span></td>
        <td class="nump">16,593<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromPaymentsForOtherFinancingActivities', window );">Proceeds from financing liability</a></td>
        <td class="nump">7,900<span></span></td>
        <td class="nump">0<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfCommonStock', window );">Proceeds from sale of common shares, net of issue costs</a></td>
        <td class="nump">0<span></span></td>
        <td class="nump">2,168<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromOtherEquity', window );">Proceeds from sale of common shares under distribution reinvestment and share purchase program</a></td>
        <td class="nump">15,941<span></span></td>
        <td class="nump">11,357<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsForRepurchaseOfCommonStock', window );">Repurchase of fractional shares and partnership units</a></td>
        <td class="nump">0<span></span></td>
        <td class="num">(6)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsOfDividendsCommonStock', window );">Distributions paid to common shareholders, net of reinvestment of $3,549 and $2,971, respectively</a></td>
        <td class="num">(9,715)<span></span></td>
        <td class="num">(8,763)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock', window );">Distributions paid to preferred shareholders</a></td>
        <td class="num">(2,879)<span></span></td>
        <td class="num">(593)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsOfDistributionsToAffiliates', window );">Distributions paid to noncontrolling interests - Unitholders of the Operating Partnership, net of reinvestment of $183 and $157, respectively</a></td>
        <td class="num">(2,646)<span></span></td>
        <td class="num">(2,522)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsOfDividendsMinorityInterest', window );">Distributions paid to noncontrolling interests - consolidated real estate entities</a></td>
        <td class="num">(367)<span></span></td>
        <td class="nump">0<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivities', window );">Net cash (used) provided by financing activities</a></td>
        <td class="num">(4,269)<span></span></td>
        <td class="nump">37,700<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease', window );">NET DECREASE IN CASH AND CASH EQUIVALENTS</a></td>
        <td class="num">(940)<span></span></td>
        <td class="num">(2,987)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD</a></td>
        <td class="nump">94,133<span></span></td>
        <td class="nump">39,989<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">CASH AND CASH EQUIVALENTS AT END OF PERIOD</a></td>
        <td class="nump">93,193<span></span></td>
        <td class="nump">37,002<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SupplementalCashFlowInformationAbstract', window );"><strong>SUPPLEMENTARY SCHEDULE OF NON-CASH INVESTING AND FINANCING</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_DistributionReinvestmentPlan', window );">Distribution reinvestment plan</a></td>
        <td class="nump">3,549<span></span></td>
        <td class="nump">2,971<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_OperatingPartnershipDistributionReinvestmentPlan', window );">Operating partnership distribution reinvestment plan</a></td>
        <td class="nump">183<span></span></td>
        <td class="nump">157<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_OperatingPartnershipUnitsConvertedToShares', window );">Operating partnership units converted to shares</a></td>
        <td class="nump">706<span></span></td>
        <td class="nump">337<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans', window );">Shares issued under the Incentive Award Plan</a></td>
        <td class="nump">112<span></span></td>
        <td class="nump">398<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherSignificantNoncashTransactionValueOfConsiderationReceived1', window );">Other Significant Noncash Transaction, Value of Consideration Received</a></td>
        <td class="nump">3,000<span></span></td>
        <td class="nump">0<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_AssetsAcquiredThroughIssuanceOfOperatingPartnershipUnits', window );">Real estate assets acquired through the issuance of operating partnership units</a></td>
        <td class="nump">3,280<span></span></td>
        <td class="nump">6,428<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TransferOfOtherRealEstate', window );">Real estate assets acquired through assumption of indebtedness and accrued costs</a></td>
        <td class="nump">0<span></span></td>
        <td class="nump">12,500<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_AdjustmentsToAccountsPayableIncludedWithinRealEstateInvestments', window );">Adjustments to accounts payable included within real estate investments</a></td>
        <td class="nump">4,547<span></span></td>
        <td class="num">(1,808)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_CashPaidDuringYearForAbstract', window );"><strong>Cash paid during the year for:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestPaid', window );">Cash paid for interest, net of amounts capitalized of $580 and $161, respectively</a></td>
        <td class="nump">$ 14,220<span></span></td>
        <td class="nump">$ 16,124<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_iret_AdjustmentsToAccountsPayableIncludedWithinRealEstateInvestments">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The dollar amount of assets that an Entity acquires in a noncash (or part noncash) acquisition that are not presented as a separate disclosure or not otherwise listed in the existing taxonomy. Noncash is defined as information about all investing and financing activities of an enterprise during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>iret_AdjustmentsToAccountsPayableIncludedWithinRealEstateInvestments</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>iret_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_iret_AssetsAcquiredThroughIssuanceOfOperatingPartnershipUnits">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Assets acquired through issuance of operating partnership units</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>iret_AssetsAcquiredThroughIssuanceOfOperatingPartnershipUnits</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>iret_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_iret_CashPaidDuringYearForAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>iret_CashPaidDuringYearForAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>iret_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_iret_DecreaseInLenderHoldbacksForImprovements">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash inflow associated with the decrease in lender hold backs for improvements.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>iret_DecreaseInLenderHoldbacksForImprovements</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>iret_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_iret_DistributionReinvestmentPlan">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The fair value of stock (or units) issued in noncash financing activities related to the entity's distribution reinvestment plan.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>iret_DistributionReinvestmentPlan</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>iret_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_iret_IncreaseLenderHoldbacksForImprovements">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow associated with the increase in lender hold backs for improvements.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>iret_IncreaseLenderHoldbacksForImprovements</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>iret_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_iret_OperatingPartnershipDistributionReinvestmentPlan">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The fair value of stock (or units) issued in noncash financing activities related to the entity's operating partnership distribution reinvestment plan.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>iret_OperatingPartnershipDistributionReinvestmentPlan</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>iret_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_iret_OperatingPartnershipUnitsConvertedToShares">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The dollar value of the stock converted in a noncash (or part noncash) transaction. Noncash is defined as transactions during a period that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>iret_OperatingPartnershipUnitsConvertedToShares</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>iret_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_iret_PaymentsForRealEstateDeposits">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow associated with the payment of deposits for real estate investment properties.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>iret_PaymentsForRealEstateDeposits</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>iret_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_iret_ProceedsFromRealEstateDeposits">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash inflow associated with the receipt of deposits for real estate investment properties.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>iret_ProceedsFromRealEstateDeposits</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>iret_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_iret_ProceedsFromSaleOfRealEstateAndOtherInvestments">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Cash received for the sale of real estate that is not part of an investing activity during the current period and the cash inflow associated with the sale of other investments not otherwise defined in the taxonomy.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>iret_ProceedsFromSaleOfRealEstateAndOtherInvestments</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>iret_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
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              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsAtCarryingValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Cash<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Cash Equivalents<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 8, 9<br><br> -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.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 7<br><br> -Footnote 1<br><br> -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.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 1<br><br> -Article 5<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 1<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6676-107765<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3044-108585<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 7, 26<br><br> -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.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CashAndCashEquivalentsAtCarryingValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of increase (decrease) in cash and cash equivalents. Cash and cash equivalents are the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3521-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 26<br><br> -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.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DepreciationDepletionAndAmortization">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DepreciationDepletionAndAmortization</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of gain (loss), after tax expense or benefit and not previously recognized, resulting from the sale of a business component.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 205<br><br> -SubTopic 20<br><br> -Section 45<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6892542&amp;loc=d3e957-107759<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 144<br><br> -Paragraph 43<br><br> -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.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 205<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6360339&amp;loc=d3e1361-107760<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 144<br><br> -Paragraph 47<br><br> -Subparagraph b<br><br> -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.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GainOnBusinessInterruptionInsuranceRecovery">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net amount (to the extent disclosed within this portion of the income statement) by which an insurance settlement exceeds incremental costs incurred from the event causing an interruption of business, plus the insurance award for earnings lost from the event, such as a natural catastrophe, explosion or fire.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 30<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6365675&amp;loc=d3e16285-107787<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 01-13<br><br> -Paragraph 7<br><br> -Subparagraph b<br><br> -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.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_GainOnBusinessInterruptionInsuranceRecovery</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ImpairmentOfRealEstate">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The charge against earnings in the period to reduce the carrying amount of real property to fair value.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 360<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391110&amp;loc=d3e2921-110230<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 144<br><br> -Paragraph 26<br><br> -Subparagraph b<br><br> -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.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ImpairmentOfRealEstate</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in the amounts payable to vendors for goods and services received and the amount of obligations and expenses incurred but not paid.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -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.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccountsReceivable">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -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.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInAccountsReceivable</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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              </div>
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          </td>
        </tr>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in the book value of deferred leasing fees. Amortization of these fees over the terms of the leases reduces deferred leasing fees. Originating new leases increases the balance of deferred leasing fees.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -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.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInDeferredLeasingFees</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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        </tr>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in the aggregate amount of assets used to generate operating income.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -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.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInOperatingAssets</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInOperatingCapitalAbstract</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                    <td>na</td>
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                    <td>duration</td>
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            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in the value of prepaid expenses and other assets not separately disclosed in the statement of cash flows, for example, deferred expenses, intangible assets, or income taxes.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -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.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestPaid">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of cash paid for interest during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4297-108586<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 29<br><br> -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.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 25<br><br> -Subparagraph (e)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3536-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InterestPaid</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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              </div>
            </div>
          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInFinancingActivities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net cash inflow or outflow from financing activity for the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3521-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 26<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3574-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 26<br><br> -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.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInFinancingActivities</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                    <td>duration</td>
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        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract">
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInInvestingActivities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net cash inflow or outflow from investing activity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3521-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 26<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3574-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 26<br><br> -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.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInInvestingActivities</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                    <td>duration</td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td>xbrli:stringItemType</td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net cash from (used in) all of the entity's operating activities, including those of discontinued operations, of the reporting entity. Operating activities generally involve producing and delivering goods and providing services. Operating activity cash flows include transactions, adjustments, and changes in value that are not defined as investing or financing activities. While for technical reasons this element has no balance attribute, the default assumption is a debit balance consistent with its label.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -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.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3521-108585<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 26<br><br> -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.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 25<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3536-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInOperatingActivities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherNoncashIncomeExpense">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Other income (expense) included in net income that results in no cash inflows or outflows in the period. Includes noncash adjustments to reconcile net income (loss) to cash provided by (used in) operating activities that are not separately disclosed.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -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.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherNoncashIncomeExpense</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherSignificantNoncashTransactionValueOfConsiderationReceived1">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The value of the noncash (or part noncash) consideration received in a transaction. Noncash is defined as transactions during a period that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of a transaction not resulting in cash receipts or cash payments in the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4313-108586<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4304-108586<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 32<br><br> -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.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4332-108586<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherSignificantNoncashTransactionValueOfConsiderationReceived1</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsForCapitalImprovements">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow for acquisition of or capital improvements to properties held for investment (operating, managed, leased) or for use.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Investing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 13<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3213-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 17<br><br> -Subparagraph c<br><br> -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.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 15<br><br> -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.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PaymentsForCapitalImprovements</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsForConstructionInProcess">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow from construction costs to date on capital projects that have not been completed and assets being constructed that are not ready to be placed into service.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 17<br><br> -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.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 13<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3213-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PaymentsForConstructionInProcess</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsForRepurchaseOfCommonStock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow to reacquire common stock during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18<br><br> -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.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 15<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3291-108585<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 20<br><br> -Subparagraph a<br><br> -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.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PaymentsForRepurchaseOfCommonStock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsOfDistributionsToAffiliates">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The distributions of earnings to an entity that is affiliated with the reporting entity by means of direct or indirect ownership.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18<br><br> -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.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 15<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3291-108585<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 20<br><br> -Subparagraph a<br><br> -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.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PaymentsOfDistributionsToAffiliates</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsOfDividendsCommonStock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Cash outflow in the form of ordinary dividends to common shareholders, generally out of earnings.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18<br><br> -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.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 15<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3291-108585<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 20<br><br> -Subparagraph a<br><br> -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.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PaymentsOfDividendsCommonStock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsOfDividendsMinorityInterest">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Cash outflow in the form of ordinary dividends to noncontrolling interests, generally out of earnings.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18<br><br> -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.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 15<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3291-108585<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 20<br><br> -Subparagraph a<br><br> -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.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PaymentsOfDividendsMinorityInterest</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Cash outflow in the form of ordinary dividends to preferred shareholders, generally out of earnings.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18<br><br> -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.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 15<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3291-108585<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 20<br><br> -Subparagraph a<br><br> -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.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquireRealEstate">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow from the acquisition of a piece of land, anything permanently fixed to it, including buildings, structures on it and so forth; includes real estate intended to generate income for the owner; excludes real estate acquired for use by the owner.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 17<br><br> -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.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 13<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3213-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PaymentsToAcquireRealEstate</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromCollectionOfOtherReceivables">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash inflow associated with the collection of other receivables not otherwise defined in the taxonomy.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 12<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3179-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Investing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 15, 16<br><br> -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.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProceedsFromCollectionOfOtherReceivables</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromIssuanceOfCommonStock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash inflow from the additional capital contribution to the entity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18<br><br> -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.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 14<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3255-108585<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 19<br><br> -Subparagraph a<br><br> -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.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProceedsFromIssuanceOfCommonStock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromIssuanceOfLongTermDebt">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash inflow from a debt initially having maturity due after one year or beyond the operating cycle, if longer.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18<br><br> -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.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 14<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3255-108585<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 19<br><br> -Subparagraph b<br><br> -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.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProceedsFromIssuanceOfLongTermDebt</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash inflow associated with the amount received from holders to acquire the entity's shares under incentive and share awards other than stock option exercises. This item inherently excludes any excess tax benefit, which the entity may have realized and reported separately.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph A240<br><br> -Subparagraph i<br><br> -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.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromLinesOfCredit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash inflow from a contractual arrangement with the lender, including letter of credit, standby letter of credit and revolving credit arrangements, under which borrowings can be made up to a specific amount at any point in time with either short term or long term maturity that is collateralized (backed by pledge, mortgage or other lien in the entity's assets).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18<br><br> -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.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 14<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3255-108585<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 19<br><br> -Subparagraph b<br><br> -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.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProceedsFromLinesOfCredit</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromOtherEquity">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash inflow from other equity not otherwise defined in the taxonomy.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18<br><br> -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.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 14<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3255-108585<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 19<br><br> -Subparagraph a<br><br> -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.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProceedsFromOtherEquity</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromPaymentsForOtherFinancingActivities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net cash inflow or outflow from other financing activities. This element is used when there is not a more specific and appropriate element in the taxonomy.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 8<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3095-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 9<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3098-108585<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18, 19, 20<br><br> -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.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProceedsFromPaymentsForOtherFinancingActivities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromSaleOfRealEstate">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Cash received for the sale of real estate that is not part of an investing activity during the current period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 12<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3179-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 24<br><br> -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.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProceedsFromSaleOfRealEstate</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProfitLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 4K<br><br> -URI http://asc.fasb.org/extlink&amp;oid=18733213&amp;loc=SL4591552-111686<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 19<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7656940&amp;loc=SL4569616-111683<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 29<br><br> -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.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph a<br><br> -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.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph c(1)<br><br> -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.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 4J<br><br> -URI http://asc.fasb.org/extlink&amp;oid=18733213&amp;loc=SL4591551-111686<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph A1, A4, A5<br><br> -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.<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1A<br><br> -Subparagraph (a),(c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=18733093&amp;loc=SL4573702-111684<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 5<br><br> -Subparagraph b<br><br> -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.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProfitLoss</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RepaymentsOfLongTermDebt">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow for debt initially having maturity due after one year or beyond the normal operating cycle, if longer.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 15<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3291-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 20<br><br> -Subparagraph b<br><br> -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.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18<br><br> -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.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_RepaymentsOfLongTermDebt</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StraightLineRent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Difference between actual rental income due and rental income recognized on a straight-line basis.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StraightLineRent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SupplementalCashFlowInformationAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_SupplementalCashFlowInformationAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TransferOfOtherRealEstate">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Value of other real estate transferred from the entity's other real estate in noncash transactions.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
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          <div style="width: 200px;"><strong>ORGANIZATION<br></strong></div>
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          <div>Jul. 31, 2013</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract', window );"><strong>ORGANIZATION [Abstract]</strong></a></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock', window );">ORGANIZATION</a></td>
        <td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt; font-weight: bold;">NOTE 1 &#8226; ORGANIZATION</div><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;">Investors Real Estate Trust ("IRET" or the "Company") is a self-advised real estate investment trust engaged in acquiring, owning and leasing multi-family and commercial real estate. IRET has elected to be taxed as a Real Estate Investment Trust ("REIT") under Sections 856-860 of the Internal Revenue Code of 1986, as amended. As a REIT, we are subject to a number of organizational and operational requirements, including a requirement to distribute 90% of ordinary taxable income to shareholders, and, generally, are not subject to federal income tax on net income, except for taxes on undistributed REIT taxable income. IRET's multi-family residential properties and commercial properties are located mainly in the states of North Dakota and Minnesota, but also in the states of Colorado, Idaho, Iowa, Kansas, Missouri, Montana, Nebraska, South Dakota, Wisconsin and Wyoming. As of July 31, 2013, IRET owned 88 multi-family residential properties with 10,351 apartment units and 175 commercial properties, consisting of office, healthcare, industrial and retail properties, totaling 12.0 million net rentable square feet. IRET conducts a majority of its business activities through its consolidated operating partnership, IRET Properties, a North Dakota Limited Partnership (the "Operating Partnership"), as well as through a number of other consolidated subsidiary entities.</div><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;">All references to IRET or the Company refer to Investors Real Estate Trust and its consolidated subsidiaries.</div></div><span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityNoteDisclosureTextBlock', window );">EQUITY</a></td>
        <td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify; margin-top: 10.5pt; font-family: 'Times New Roman', serif; margin-bottom: 10.5pt; font-size: 10pt; font-weight: bold;">NOTE 4 &#8226; EQUITY</div><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 12pt; font-size: 10pt;">During the first quarter of fiscal year 2013, on June 27, 2013, the Company filed a shelf registration statement with the SEC to enable the Company to offer and sell, from time to time, in one or more offerings, an indeterminate amount of its common and preferred shares of beneficial interest and debt securities. The Company subsequently filed, on July 18, 2013, a prospectus supplement under this registration statement, relating to 10 million common shares registered for purchase under the Company's Distribution Reinvestment and Share Purchase Plan.</div><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;">During the three months ended July 31, 2012, the Company issued 300,000 common shares under an at-the-market ("ATM") equity program with BMO Capital Markets Corp. as sales agent, for proceeds (before offering expenses but after underwriting discounts and commissions) of $2.1 million, used for general corporate purposes, including the acquisition and development of investment properties. On April 1, 2013, the Company terminated this ATM program. Subsequent to the end of the first quarter of fiscal year 2014, on August 30, 2013, the Company entered into an ATM program with Robert W. Baird &amp; Co. Incorporated as sales agent, pursuant to which the Company may from time to time offer and sell its common shares of beneficial interest having an aggregate gross sales price of up to $75.0 million. Sales of common shares, if any, under the program will depend upon market conditions and other factors to be determined by the Company. The Company to date has issued no shares under this program.</div><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;">During the first quarter of fiscal year 2014, the Company issued approximately 13,000 common shares, with a total grant-date value of approximately $112,000, under the Company's 2008 Incentive Award Plan, for trustee compensation for fiscal year 2013 performance. During first quarter of fiscal year 2013, the Company issued approximately 53,000 common shares, with a total grant-date value of approximately $398,000, under the 2008 Incentive Award Plan, for trustee compensation and executive officer bonuses for fiscal year 2012 performance.</div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;">During the three months ended July 31, 2013 and 2012, respectively, approximately 125,000 Units and 89,000 Units were converted to common shares, with a total value of approximately $706,000 and $337,000 included in equity. The Company issued no shares under its 401(k) plan during the three months ended July 31, 2013 (following the Company's transition in the second quarter of fiscal year 2013 to a new 401(k) plan service provider and trustee, common shares of the Company are no longer an investment option under the Company's 401(k) plan). Approximately 5,000 common shares were issued under the 401(k) plan during the three months ended July 31, 2012, with a total value of approximately $40,000 included in equity. Under the Company's Distribution Reinvestment and Share Purchase Plan, approximately 2.6 million common shares and 1.9 million common shares were issued during the three months ended July 31, 2013 and 2012, respectively, with a total value of $22.7 million and $14.5 million included in equity, and an average price per share of $8.72 and $7.66, respectively, after applicable discounts.</div></div><span></span></td>
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                <p>The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable).  Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure.</p>
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</LabelSeparator><Level>2</Level><ElementName>us-gaap_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>label</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="c20130501to20130731" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-bottom: 12pt; font-size: 10pt; font-weight: bold;"&gt;NOTE 7 &amp;#8226; DISCONTINUED OPERATIONS&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;The Company reports in discontinued operations the results of operations of a property that has either been disposed of or is classified as held for sale. The Company also reports any gains or losses from the sale of a property in discontinued operations. During the first quarter of fiscal year 2014, the Company sold four commercial industrial properties and one commercial retail property and classified two commercial industrial properties as held for sale. During the first quarter of fiscal year 2013, IRET sold two condominium units and a commercial retail property. See Note 8 for additional information on the properties sold during the three months ended July 31, 2013 and 2012. The following information shows the effect on net income and the gains or losses from the sale of properties classified as discontinued operations for the three months ended July 31, 2013 and 2012:&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 74.14%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="4" style="border-bottom: #000000 2px solid; width: 25.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Three Months Ended&lt;/div&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;July 31&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 74.14%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="4" style="border-bottom: #000000 2px solid; width: 25.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; width: 74.14%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;2013&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.3%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold; margin-right: 9.05pt;"&gt;2012&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 74.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;REVENUE&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.32%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.3%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 74.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Real estate rentals&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;216&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.3%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;1,306&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 74.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Tenant reimbursement&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;51&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.3%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;139&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 74.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;TOTAL REVENUE&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;267&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.3%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;1,445&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 74.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;EXPENSES&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.3%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 74.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Depreciation/amortization related to real estate investments&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;65&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.3%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;390&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 74.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Utilities&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.3%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;37&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 74.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Maintenance&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;2&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.3%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;113&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 74.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Real estate taxes&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;41&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.3%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;148&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 74.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Insurance&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;3&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.3%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;21&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 74.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Property management expenses&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;11&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.3%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;65&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 74.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Other property expenses&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.3%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;6&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 74.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Amortization related to non-real estate investments&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;3&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.3%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;11&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 74.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Impairment of real estate investments&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;345&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.3%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 74.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;TOTAL EXPENSES&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;470&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.3%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;791&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff; height: 18px;"&gt;&lt;td style="width: 74.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Operating (loss) income&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;(203)&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.3%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;654&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 74.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Interest expense&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;(84)&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.3%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;(448)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 74.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;(Loss) income from discontinued operations before gain (loss) on sale&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.32%; 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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EME">
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          <div style="width: 200px;"><strong>BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES<br></strong></div>
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        <th class="th" colspan="1">3 Months Ended</th>
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          <div>Jul. 31, 2013</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountingPoliciesAbstract', window );"><strong>BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SignificantAccountingPoliciesTextBlock', window );">BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES</a></td>
        <td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt; font-weight: bold;">NOTE 2 &#8226; BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES</div><div><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt; font-weight: bold;">BASIS OF PRESENTATION</div><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;">The accompanying condensed consolidated financial statements include the accounts of IRET and all subsidiaries in which it maintains a controlling interest. All intercompany balances and transactions are eliminated in consolidation. The Company's fiscal year ends April 30th.</div><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;">The accompanying condensed consolidated financial statements include the accounts of IRET and its interest in the Operating Partnership. The Company's interest in the Operating Partnership was <font style="background-color: #ffffff; font-family: 'Times New Roman', serif; font-size: 10pt;">82.7%</font> of the common units of the Operating Partnership as of July 31, 2013 and 82.4% as of April 30, 2013. The limited partners in the Operating Partnership have a redemption option that they may exercise. Upon exercise of the redemption option by the limited partners, IRET has the choice of redeeming the limited partners' interests ("Units") for IRET common shares of beneficial interest, on a one-for-one basis, or making a cash payment to the unitholder. The redemption generally may be exercised by the limited partners at any time after the first anniversary of the date of the acquisition of the Units (provided, however, that in general not more than two redemptions by a limited partner may occur during each calendar year, and each limited partner may not exercise the redemption for less than 1,000 Units, or, if such limited partner holds less than 1,000 Units, for all of the Units held by such limited partner). The Operating Partnership and some limited partners have contractually agreed to a holding period of greater than one year and/or a greater number of redemptions during a calendar year.</div><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;">The condensed consolidated financial statements also reflect the ownership by the Operating Partnership of certain joint venture entities in which the Operating Partnership has a general partner or controlling interest. These entities are consolidated into IRET's other operations, with noncontrolling interests reflecting the noncontrolling partners' share of ownership and income and expenses.</div><div style="text-align: left; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt; font-weight: bold;">UNAUDITED INTERIM FINANCIAL STATEMENTS</div><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;">The interim condensed consolidated financial statements of IRET have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and the applicable rules and regulations of the Securities and Exchange Commission ("SEC"). Accordingly, certain disclosures accompanying annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") are omitted. The year-end balance sheet data was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. In the opinion of management, all adjustments, consisting solely of normal recurring adjustments, necessary for the fair presentation of the Company's financial position, results of operations and cash flows for the interim periods have been included.</div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;">The current period's results of operations are not necessarily indicative of results which ultimately may be achieved for the year. The interim condensed consolidated financial statements and notes thereto should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended April 30, 2013, as filed with the SEC on July 1, 2013.</div></div><div><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10.5pt; font-size: 10pt; font-weight: bold;">IMPAIRMENT OF LONG-LIVED ASSETS</div><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10.5pt; font-size: 10pt;">The Company periodically evaluates its long-lived assets, including its investments in real estate, for impairment indicators. The impairment evaluation is performed on assets by property such that assets for a property form an asset group. The judgments regarding the existence of impairment indicators are based on factors such as operational performance, market conditions, expected holding period of each asset group and legal and environmental concerns. If indicators exist, the Company compares the expected future undiscounted cash flows for the long-lived asset group against the carrying amount of that asset group. If the sum of the estimated undiscounted cash flows is less than the carrying amount of the asset group, an impairment loss is recorded for the difference between the estimated fair value and the carrying amount of the asset group. If our anticipated holding period for properties, the estimated fair value of properties or other factors change based on market conditions or otherwise, our evaluation of impairment charges may be different and such differences could be material to our consolidated financial statements. The evaluation of anticipated cash flows is subjective and is based, in part, on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results. Plans to hold properties over longer periods decrease the likelihood of recording impairment losses. During the three months ended July 31, 2013, the Company incurred a loss of $1.8 million due to impairment of four commercial properties. The Company recognized impairments of approximately $864,000 on a commercial industrial property in St. Louis Park, Minnesota; $329,000 on a commercial office property in Bloomington, Minnesota; $265,000 on a commercial retail property in Anoka, Minnesota and $345,000 on a commercial industrial property in Clive, Iowa. These properties were written-down to estimated fair value during the first quarter of fiscal year 2014 based on receipt of individual market offers to purchase and the Company's intent to dispose of the properties. During the three months ended July 31, 2012, the Company incurred no losses due to impairment.</div></div><div><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10.5pt; font-size: 10pt; font-weight: bold;">COMPENSATING BALANCES AND OTHER INVESTMENTS; LENDER HOLDBACKS</div><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10.5pt; font-size: 10pt;">The Company maintains compensating balances, not restricted as to withdrawal, with several financial institutions in connection with financing received from those institutions and/or to ensure future credit availability. 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font-size: 10pt;">Net carrying amount</div></td><td style="border-bottom: #000000 4px double; width: 1.66%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td style="border-bottom: #000000 4px double; width: 10.86%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">36,989</div></td><td style="border-bottom: #000000 4px double; width: 1.66%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td style="border-bottom: #000000 4px double; width: 9.98%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">40,457</div></td></tr><tr style="background-color: #ffffff;"><td style="width: 75.84%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 1.66%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 10.86%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 1.66%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 9.98%; vertical-align: bottom;"><div>&#160;</div></td></tr><tr style="background-color: #cceeff;"><td style="width: 75.84%; vertical-align: bottom;"><div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;">Identified intangible liabilities (included in other liabilities):</div></td><td style="width: 1.66%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 10.86%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 1.66%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 9.98%; vertical-align: bottom;"><div>&#160;</div></td></tr><tr style="background-color: #ffffff;"><td style="width: 75.84%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;">Gross carrying amount</div></td><td style="width: 1.66%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td style="width: 10.86%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">327</div></td><td style="width: 1.66%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td style="width: 9.98%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;">391</div></td></tr><tr style="background-color: #cceeff;"><td style="border-bottom: #000000 2px solid; width: 75.84%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;">Accumulated amortization</div></td><td style="border-bottom: #000000 2px solid; width: 1.66%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 10.86%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 0.15pt;">(249)</div></td><td style="border-bottom: #000000 2px solid; width: 1.66%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 9.98%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">(296)</div></td></tr><tr style="background-color: #ffffff;"><td style="border-bottom: #000000 4px double; width: 75.84%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;">Net carrying amount</div></td><td style="border-bottom: #000000 4px double; width: 1.66%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td style="border-bottom: #000000 4px double; width: 10.86%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">78</div></td><td style="border-bottom: #000000 4px double; width: 1.66%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td style="border-bottom: #000000 4px double; width: 9.98%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">95</div></td></tr></table></div><div><div style="text-align: justify; margin-top: 6pt; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;">The effect of amortization of acquired below-market leases and acquired above-market leases on rental income was approximately $(10,000) and $(10,000) for the three months ended July 31, 2013 and 2012, respectively. The estimated annual amortization of acquired below-market leases, net of acquired above-market leases, for each of the five succeeding fiscal years is as follows:</div><table align="center" border="0" cellpadding="0" cellspacing="0" style="width: 50%; font-family: 'Times New Roman', Times, Serif; font-size: 10pt;"><tr><td style="border-bottom: #000000 2px solid; width: 61.53%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold; margin-right: 5.05pt;">Year Ended April 30,</div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 38.47%; vertical-align: bottom;"><div style="text-align: right; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">(in thousands)</div></td></tr><tr style="background-color: #cceeff;"><td style="width: 61.53%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 5.05pt;">2015</div></td><td style="width: 15.13%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td style="width: 23.35%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">21</div></td></tr><tr style="background-color: #ffffff;"><td style="width: 61.53%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 5.05pt;">2016</div></td><td style="width: 15.13%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 23.35%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">17</div></td></tr><tr style="background-color: #cceeff;"><td style="width: 61.53%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 5.05pt;">2017</div></td><td style="width: 15.13%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 23.35%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">9</div></td></tr><tr style="background-color: #ffffff;"><td style="width: 61.53%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 5.05pt;">2018</div></td><td style="width: 15.13%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 23.35%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">(5)</div></td></tr><tr style="background-color: #cceeff;"><td style="width: 61.53%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 5.05pt;">2019</div></td><td style="width: 15.13%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 23.35%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">(5)</div></td></tr></table></div><div><div style="text-align: left; margin-top: 12pt; font-family: 'Times New Roman', serif; margin-bottom: 12pt; font-size: 10pt;">Amortization of all other identified intangible assets (a component of depreciation and amortization expense) was $3.6 million and $1.5 million for the three months ended July 31, 2013 and 2012, respectively. The estimated annual amortization of all other identified intangible assets for each of the five succeeding fiscal years is as follows:</div><table align="center" border="0" cellpadding="0" cellspacing="0" style="width: 50%; font-family: 'Times New Roman', Times, Serif; font-size: 10pt;"><tr style="height: 17px;"><td style="border-bottom: #000000 2px solid; width: 61.53%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold; margin-right: 5.05pt;">Year Ended April 30,</div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 38.47%; vertical-align: bottom;"><div style="text-align: right; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">(in thousands)</div></td></tr><tr style="background-color: #cceeff;"><td style="width: 61.53%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 5.05pt;">2015</div></td><td style="width: 15.13%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td style="width: 23.35%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">4,830</div></td></tr><tr style="background-color: #ffffff;"><td style="width: 61.53%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 5.05pt;">2016</div></td><td style="width: 15.13%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 23.35%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">4,612</div></td></tr><tr style="background-color: #cceeff;"><td style="width: 61.53%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 5.05pt;">2017</div></td><td style="width: 15.13%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 23.35%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">4,143</div></td></tr><tr style="background-color: #ffffff;"><td style="width: 61.53%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 5.05pt;">2018</div></td><td style="width: 15.13%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 23.35%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">3,701</div></td></tr><tr style="background-color: #cceeff;"><td style="width: 61.53%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 5.05pt;">2019</div></td><td style="width: 15.13%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 23.35%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">3,549</div></td></tr></table></div><div style="text-align: justify; margin-top: 10pt; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;">The excess of the cost of an acquired business over the net of the amounts assigned to assets acquired (including identified intangible assets) and liabilities assumed is recorded as goodwill. &#160;The Company's goodwill has an indeterminate life and is not amortized, but is tested for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that the asset might be impaired. The book value of goodwill as of July 31, 2013 and April 30, 2013 was $1.1 million. The annual review at April 30, 2013 indicated no impairment to goodwill and there was no indication of impairment at July 31, 2013. &#160;During the three months ended July 31, 2013, the Company disposed of one commercial industrial property to which goodwill had been assigned, and as a result, approximately $7,000 of goodwill was derecognized.</div></div><div><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt; font-weight: bold;">USE OF ESTIMATES</div><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</div></div><div><br /></div><div><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10.5pt; font-size: 10pt; font-weight: bold;">RECLASSIFICATIONS</div><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;">Certain previously reported amounts have been reclassified to conform to the current financial statement presentation. The Company reports, in discontinued operations, the results of operations and the related gains or losses of a property that has either been disposed of or is classified as held for sale and otherwise meets the classification of a discontinued operation. As a result of discontinued operations, retroactive reclassifications that change prior period numbers have been made. See Note 7 for additional information. During the first quarter of fiscal year 2014, the Company sold four commercial industrial properties and one commercial retail property and classified two commercial industrial properties as held for sale. During fiscal year 2013, the Company sold three multi-family residential properties and one commercial healthcare property. The results of operations for these properties are included in income from discontinued operations on the Condensed Consolidated Statements of Operations.</div><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 6pt; font-size: 10pt;">The Company also reclassified bad debt provision expense from property management expenses to other property expenses on the Consolidated Statements of Operations and reclassified amounts from payments for acquisitions and improvements of real estate assets to payments for acquisitions of real estate assets and payments for development and re-development of real estate assets on the Consolidated Statements of Cash Flows.</div><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;">During the first quarter of fiscal year 2014 the Company reclassified a commercial property in Minot, North Dakota from the Company's commercial retail segment to its commercial office segment, following the departure of a retail tenant from the property and the Company's subsequent repurposing of the majority of the space in the building from retail to office premises.</div></div><div><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt; font-weight: bold;">INVOLUNTARY CONVERSION OF ASSETS</div><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;">As previously reported, Minot, North Dakota, where IRET's corporate headquarters is located, experienced significant flooding in June 2011, resulting in extensive damage to the Arrowhead Shopping Center and to the Chateau Apartments property, which consisted of two 32-unit buildings. Additionally, on February 22, 2012, one of the buildings of the Chateau Apartments property, which had been undergoing restoration work following the flood, was completely destroyed by fire.</div><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;">During the first quarter of fiscal year 2014, the Company received $966,000 of insurance proceeds for the Chateau fire loss. The total insurance proceeds for redevelopment related to the Chateau fire exceeded the basis in the assets requiring replacement, resulting in the recognition of $966,000 in gain from involuntary conversion in the first quarter of fiscal year 2014. The Company has commenced rebuilding of the destroyed building with completion of the project expected in April 2014. &#160;IRET expects final settlement of the Chateau fire insurance claim to occur when the property is rebuilt.</div></div><div><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt; font-weight: bold;">PROCEEDS FROM FINANCING LIABILITY</div><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;">During the first quarter of fiscal year 2014, the Company sold a non-core assisted living property in exchange for $7.9 million in cash and a $29.0 million contract for deed. The buyer leased the property back to the Company, and also granted an option to the Company to repurchase the property at a specified price at or prior to July 31, 2018. IRET accounted for the transaction as a financing due to the Company's continuing involvement with the property and recorded the $7.9 million in sales proceeds within other liabilities on the Condensed Consolidated Balance Sheets.</div><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt; font-weight: bold;">VARIABLE INTEREST ENTITY</div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">On November 27, 2012 the Company entered into a joint venture operating agreement with a real estate development company to construct an apartment project in Minot, North Dakota as IRET &#8211; Minot Apartments, LLC. The Company estimates total costs for the project at $52.2 million, with approximately 69% of the project financed with third-party debt and approximately 7% financed with debt from IRET to the joint venture entity. See Southgate Apartments in Note 6 for additional information on the development. IRET is the 51% owner of the joint venture and will have management and leasing responsibilities when the project is completed. The real estate development company owns 49% of the joint venture and is responsible for the development and construction of the property. The Company has determined that the joint venture is a variable interest entity ("VIE"), primarily based on the fact that the equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support. The Company has also determined that IRET is the primary beneficiary of the VIE due to the fact that IRET is providing 51% of the equity contributions, the subordinated debt and a guarantee on the third party debt and has the power to direct the most significant activities that impact the entity's economic performance.</div></div></div></div><span></span></td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AccountingPoliciesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                    <td>duration</td>
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          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SignificantAccountingPoliciesTextBlock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for all significant accounting policies of the reporting entity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18726-107790<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 22<br><br> -Paragraph 8<br><br> -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.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18861-107790<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18743-107790<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18854-107790<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_SignificantAccountingPoliciesTextBlock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
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<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EHUBK">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $)<br></strong></div>
        </th>
        <th class="th" colspan="2">3 Months Ended</th>
        <th class="th" colspan="1"></th>
      </tr>
      <tr>
        <th class="th">
          <div>Jul. 31, 2013</div>
        </th>
        <th class="th">
          <div>Jul. 31, 2012</div>
        </th>
        <th class="th">
          <div>Apr. 30, 2013</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountingPoliciesAbstract', window );"><strong>BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_InterestInCommonUnitsInOperatingPartnership', window );">Interest in common units in operating partnership (in hundredths)</a></td>
        <td class="nump">82.70%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">82.40%<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_RedemptionBasis', window );">Redemption basis</a></td>
        <td class="text">one-for-one<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_RedemptionsByLimitedPartnerMaximum', window );">Redemptions by limited partner, maximum</a></td>
        <td class="nump">2<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_NumberOfUnitsToRedeemMinimum', window );">Number of units to redeem, minimum (in units)</a></td>
        <td class="nump">1,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstatePropertiesLineItems', window );"><strong>Real Estate Properties [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ImpairmentOfRealEstate', window );">Impairment of retail property</a></td>
        <td class="nump">$ 1,803,000<span></span></td>
        <td class="nump">$ 0<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CompensatingBalancesLineItems', window );"><strong>Compensating Balances [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CompensatingBalanceAmount', window );">Compensating balances</a></td>
        <td class="nump">8,400,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_DecreaseInLenderHoldbacksForImprovements', window );">Decrease in lender holdbacks</a></td>
        <td class="nump">1,144,000<span></span></td>
        <td class="nump">624,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_IncreaseLenderHoldbacksForImprovements', window );">Increase in lender holdbacks</a></td>
        <td class="nump">279,000<span></span></td>
        <td class="nump">1,403,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_IdentifiedIntangibleAssetsAndIntangibleLiabilitiesAndGoodwillAbstract', window );"><strong>IDENTIFIED INTANGIBLE ASSETS AND INTANGIBLE LIABILITIES AND GOODWILL [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsAcquired', window );">Finite-lived Intangible Assets Acquired</a></td>
        <td class="nump">362,000<span></span></td>
        <td class="nump">752,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_WeightedAverageLivesOfIntangibleAssetsAndIntangibleLiabilities', window );">Weighted average lives of intangible assets and intangible liabilities</a></td>
        <td class="text">6 months<span></span></td>
        <td class="text">6 months<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsLineItems', window );"><strong>Finite-Lived Intangible Assets [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsGross', window );">Finite-Lived Intangible Assets, Gross, Total</a></td>
        <td class="nump">61,008,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">68,165,000<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization', window );">Finite-Lived Intangible Assets, Accumulated Amortization</a></td>
        <td class="num">(24,019,000)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(27,708,000)<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsNet', window );">Finite-Lived Intangible Assets, Net, Total</a></td>
        <td class="nump">36,989,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">40,457,000<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_IndentifiedIntangibleLiabilitiesGross', window );">Indentified intangible liabilities, gross</a></td>
        <td class="nump">327,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">391,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_IndentifiedIntangibleLiabilitiesAccumulatedAmortization', window );">Indentified intangible liabilities, accumulated amortization</a></td>
        <td class="num">(249,000)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(296,000)<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_IndentifiedIntangibleLiabilitiesNet', window );">Indentified intangible liabilities, net</a></td>
        <td class="nump">78,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">95,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsFutureAmortizationExpenseAbstract', window );"><strong>Estimated annual amortization [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Goodwill', window );">Goodwill</a></td>
        <td class="nump">1,100,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">1,106,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GoodwillWrittenOffRelatedToSaleOfBusinessUnit', window );">Goodwill derecognized</a></td>
        <td class="nump">7,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_InvoluntaryConversionOfAssetsAbstract', window );"><strong>INVOLUNTARY CONVERSION OF ASSETS [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_NumberOf32UnitBuildings', window );">Number of 32-unit buildings</a></td>
        <td class="nump">2<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_InsuranceProceedsReceivedForBusinessInterruptionFromFloodAndFire', window );">Insurance proceeds received for business interruption from the flood and fire</a></td>
        <td class="nump">966,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_InsuranceProceedsReceivedForTotalBusinessInterruptionProceeds', window );">Insurance proceeds received for total business interruption proceeds</a></td>
        <td class="nump">966,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_ProceedsFromFinancingLiabilityAbstract', window );"><strong>PROCEEDS FROM FINANCING LIABILITY [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SaleLeasebackTransactionGrossProceeds', window );">Proceeds from sale of non-core assisted living property</a></td>
        <td class="nump">7,900,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_SaleLeasebackTransactionAmountOfDeedContract', window );">Amount of deed contract</a></td>
        <td class="nump">29,000,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_VariableInterestEntityLineItems', window );"><strong>Variable Interest Entity [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_EstimatedTotalCostsOfJointVentureProject', window );">Estimated total costs of joint venture project</a></td>
        <td class="nump">52,200,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_PercentageOfProjectFinancedWithThirdPartyDebtInJointVenture', window );">Percentage of project financed with third-party debt in joint venture (in hundredths)</a></td>
        <td class="nump">69.00%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_PercentageOfProjectFinancedWithEntityInJointVenture', window );">Percentage of project financed with IRET in joint venture (in hudnredths)</a></td>
        <td class="nump">7.00%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">IRET [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_VariableInterestEntityLineItems', window );"><strong>Variable Interest Entity [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_VariableInterestEntityOwnershipPercentage', window );">Percentage of ownership in VIE (in hundredths)</a></td>
        <td class="nump">51.00%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Real Estate Development Company [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_VariableInterestEntityLineItems', window );"><strong>Variable Interest Entity [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_VariableInterestEntityOwnershipPercentage', window );">Percentage of ownership in VIE (in hundredths)</a></td>
        <td class="nump">49.00%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Acquired below-market leases and acquired above-market leases [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsLineItems', window );"><strong>Finite-Lived Intangible Assets [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AmortizationOfIntangibleAssets', window );">Amortization of Intangible Assets</a></td>
        <td class="num">(10,000)<span></span></td>
        <td class="num">(10,000)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsFutureAmortizationExpenseAbstract', window );"><strong>Estimated annual amortization [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths', window );">2015</a></td>
        <td class="nump">21,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo', window );">2016</a></td>
        <td class="nump">17,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearThree', window );">2017</a></td>
        <td class="nump">9,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFour', window );">2018</a></td>
        <td class="num">(5,000)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFive', window );">2019</a></td>
        <td class="num">(5,000)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Other identified intangible assets [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsLineItems', window );"><strong>Finite-Lived Intangible Assets [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AmortizationOfIntangibleAssets', window );">Amortization of Intangible Assets</a></td>
        <td class="nump">3,600,000<span></span></td>
        <td class="nump">1,500,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsFutureAmortizationExpenseAbstract', window );"><strong>Estimated annual amortization [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths', window );">2015</a></td>
        <td class="nump">4,830,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo', window );">2016</a></td>
        <td class="nump">4,612,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearThree', window );">2017</a></td>
        <td class="nump">4,143,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFour', window );">2018</a></td>
        <td class="nump">3,701,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFive', window );">2019</a></td>
        <td class="nump">3,549,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Dacotah Bank, Minot, North Dakota [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CompensatingBalancesLineItems', window );"><strong>Compensating Balances [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CompensatingBalanceAmount', window );">Compensating balances</a></td>
        <td class="nump">350,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">United Community Bank, Minot, North Dakota [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CompensatingBalancesLineItems', window );"><strong>Compensating Balances [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CompensatingBalanceAmount', window );">Compensating balances</a></td>
        <td class="nump">275,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Commerce Bank, A Minnesota Banking Corporation [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CompensatingBalancesLineItems', window );"><strong>Compensating Balances [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CompensatingBalanceAmount', window );">Compensating balances</a></td>
        <td class="nump">250,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">First International Bank, Watford City, North Dakota [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CompensatingBalancesLineItems', window );"><strong>Compensating Balances [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CompensatingBalanceAmount', window );">Compensating balances</a></td>
        <td class="nump">6,100,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Peoples State Bank of Velva, North Dakota [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CompensatingBalancesLineItems', window );"><strong>Compensating Balances [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CompensatingBalanceAmount', window );">Compensating balances</a></td>
        <td class="nump">225,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Equity Bank, Minnetonka, Minnesota [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CompensatingBalancesLineItems', window );"><strong>Compensating Balances [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CompensatingBalanceAmount', window );">Compensating balances</a></td>
        <td class="nump">300,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Associated Bank, Green Bay, Wisconsin [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CompensatingBalancesLineItems', window );"><strong>Compensating Balances [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CompensatingBalanceAmount', window );">Compensating balances</a></td>
        <td class="nump">500,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">American National Bank, Omaha, Nebraska [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CompensatingBalancesLineItems', window );"><strong>Compensating Balances [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CompensatingBalanceAmount', window );">Compensating balances</a></td>
        <td class="nump">400,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">United Community Bank and Equity Bank [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CompensatingBalancesLineItems', window );"><strong>Compensating Balances [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CompensatingBalanceAmount', window );">Compensating balances</a></td>
        <td class="nump">640,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Anoka, Minnesota [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstatePropertiesLineItems', window );"><strong>Real Estate Properties [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ImpairmentOfRealEstate', window );">Impairment of retail property</a></td>
        <td class="nump">265,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Bloomington, Minnesota [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstatePropertiesLineItems', window );"><strong>Real Estate Properties [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ImpairmentOfRealEstate', window );">Impairment of retail property</a></td>
        <td class="nump">329,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Clive, Iowa [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstatePropertiesLineItems', window );"><strong>Real Estate Properties [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ImpairmentOfRealEstate', window );">Impairment of retail property</a></td>
        <td class="nump">345,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">St. Louis Park, Minnesota [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstatePropertiesLineItems', window );"><strong>Real Estate Properties [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ImpairmentOfRealEstate', window );">Impairment of retail property</a></td>
        <td class="nump">$ 864,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_iret_DecreaseInLenderHoldbacksForImprovements">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash inflow associated with the decrease in lender hold backs for improvements.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>iret_DecreaseInLenderHoldbacksForImprovements</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>iret_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_iret_EstimatedTotalCostsOfJointVentureProject">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The estimated total costs of the project related to the joint venture considered as variable interest entity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>iret_EstimatedTotalCostsOfJointVentureProject</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>iret_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_iret_IdentifiedIntangibleAssetsAndIntangibleLiabilitiesAndGoodwillAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>iret_IdentifiedIntangibleAssetsAndIntangibleLiabilitiesAndGoodwillAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>iret_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_iret_IncreaseLenderHoldbacksForImprovements">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow associated with the increase in lender hold backs for improvements.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>iret_IncreaseLenderHoldbacksForImprovements</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>iret_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_iret_IndentifiedIntangibleLiabilitiesAccumulatedAmortization">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Indentified intangible liabilities, accumulated amortization.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>iret_IndentifiedIntangibleLiabilitiesAccumulatedAmortization</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>iret_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_iret_IndentifiedIntangibleLiabilitiesGross">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Indentified intangible liabilities, gross.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>iret_IndentifiedIntangibleLiabilitiesGross</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>iret_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_iret_IndentifiedIntangibleLiabilitiesNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Indentified intangible liabilities, net.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>iret_IndentifiedIntangibleLiabilitiesNet</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>iret_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_iret_InsuranceProceedsReceivedForBusinessInterruptionFromFloodAndFire">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The insurance proceeds received for business interruption from the flood and fire.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>iret_InsuranceProceedsReceivedForBusinessInterruptionFromFloodAndFire</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>iret_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_iret_InsuranceProceedsReceivedForTotalBusinessInterruptionProceeds">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The insurance proceeds received for total business interruption proceeds.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>iret_InsuranceProceedsReceivedForTotalBusinessInterruptionProceeds</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>iret_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_iret_InterestInCommonUnitsInOperatingPartnership">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entity's ownership interest in common units in the operating partnership.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>iret_InterestInCommonUnitsInOperatingPartnership</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>iret_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:percentItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_iret_InvoluntaryConversionOfAssetsAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>iret_InvoluntaryConversionOfAssetsAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>iret_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_iret_NumberOf32UnitBuildings">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of 32 unit buildings.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>iret_NumberOf32UnitBuildings</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>iret_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:integerItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_iret_NumberOfUnitsToRedeemMinimum">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The minimum number of units required for a limited partner to exercise the redemption, unless such limited partner holds less than this minimum, in which case the minimum number of units is equal to the number of units held by such limited partner.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>iret_NumberOfUnitsToRedeemMinimum</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>iret_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_iret_PercentageOfProjectFinancedWithEntityInJointVenture">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The percentage of project financed with the entity in a joint venture considered as variable interest entity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>iret_PercentageOfProjectFinancedWithEntityInJointVenture</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>iret_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:percentItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_iret_PercentageOfProjectFinancedWithThirdPartyDebtInJointVenture">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The percentage of project financed with third-party debt in a joint venture considered as variable interest entity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>iret_PercentageOfProjectFinancedWithThirdPartyDebtInJointVenture</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>iret_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:percentItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_iret_ProceedsFromFinancingLiabilityAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>iret_ProceedsFromFinancingLiabilityAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>iret_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_iret_RedemptionBasis">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The number of limited partners' units to be redeemed in exchange for a number of common shares upon exercise of the redemption option by the limited partners.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>iret_RedemptionBasis</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>iret_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_iret_RedemptionsByLimitedPartnerMaximum">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The maximum number of redemptions by a limited partner that may occur in a calendar year.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>iret_RedemptionsByLimitedPartnerMaximum</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>iret_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:integerItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_iret_SaleLeasebackTransactionAmountOfDeedContract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of deed contract related to the sale of non-core assisted living property that was subsequently leased back to the seller with an option to repurchase the property at a specified price.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>iret_SaleLeasebackTransactionAmountOfDeedContract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>iret_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_iret_WeightedAverageLivesOfIntangibleAssetsAndIntangibleLiabilities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Weighted average lives of intangible assets and intangible liabilities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>iret_WeightedAverageLivesOfIntangibleAssetsAndIntangibleLiabilities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>iret_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:durationItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountingPoliciesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AccountingPoliciesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AmortizationOfIntangibleAssets">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets. As a noncash expense, this element is added back to net income when calculating cash provided by or used in operations using the indirect method.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 350<br><br> -SubTopic 30<br><br> -Section 45<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6388964&amp;loc=d3e16225-109274<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 350<br><br> -SubTopic 30<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (a)(2)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7658586&amp;loc=d3e16323-109275<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 142<br><br> -Paragraph 45<br><br> -Subparagraph a(2)<br><br> -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.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AmortizationOfIntangibleAssets</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CompensatingBalanceAmount">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of a specific compensating balance arrangement that is maintained under an agreement for a bank loan or future credit availability.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 1<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CompensatingBalanceAmount</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CompensatingBalancesLineItems">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CompensatingBalancesLineItems</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Accumulated amount of amortization of assets, excluding financial assets and goodwill, lacking physical substance with a finite life.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 350<br><br> -SubTopic 30<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (a)(1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7658586&amp;loc=d3e16323-109275<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 142<br><br> -Paragraph 45<br><br> -Subparagraph a(1)<br><br> -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.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FiniteLivedIntangibleAssetsAcquired">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of assets, excluding financial assets and goodwill, lacking physical substance with a finite life acquired.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_FiniteLivedIntangibleAssetsAcquired</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of amortization expense expected to be recognized during the next fiscal year following the latest fiscal year for assets, excluding financial assets and goodwill, lacking physical substance with a finite life.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 350<br><br> -SubTopic 30<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (a)(3)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7658586&amp;loc=d3e16323-109275<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
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                    <td><strong> Balance Type:</strong></td>
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                    <td><strong> Period Type:</strong></td>
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        <tr>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of amortization expense expected to be recognized during the fifth fiscal year following the latest fiscal year for assets, excluding financial assets and goodwill, lacking physical substance with a finite life.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 350<br><br> -SubTopic 30<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (a)(3)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7658586&amp;loc=d3e16323-109275<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of amortization expense expected to be recognized during the fourth fiscal year following the latest fiscal year for assets, excluding financial assets and goodwill, lacking physical substance with a finite life.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 350<br><br> -SubTopic 30<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (a)(3)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7658586&amp;loc=d3e16323-109275<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFour</nobr></td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of amortization expense expected to be recognized during the third fiscal year following the latest fiscal year for assets, excluding financial assets and goodwill, lacking physical substance with a finite life.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 350<br><br> -SubTopic 30<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (a)(3)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7658586&amp;loc=d3e16323-109275<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearThree</nobr></td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of amortization expense expected to be recognized during the second fiscal year following the latest fiscal year for assets, excluding financial assets and goodwill, lacking physical substance with a finite life.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 350<br><br> -SubTopic 30<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (a)(3)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7658586&amp;loc=d3e16323-109275<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo</nobr></td>
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                    <td><strong> Balance Type:</strong></td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_FiniteLivedIntangibleAssetsFutureAmortizationExpenseAbstract</nobr></td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount before amortization of assets, excluding financial assets and goodwill, lacking physical substance with a finite life.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 350<br><br> -SubTopic 30<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (a)(1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7658586&amp;loc=d3e16323-109275<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 142<br><br> -Paragraph 45<br><br> -Subparagraph a(1)<br><br> -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.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_FiniteLivedIntangibleAssetsGross</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_FiniteLivedIntangibleAssetsLineItems</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                    <td><strong> Balance Type:</strong></td>
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                    <td><strong> Period Type:</strong></td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount after amortization of assets, excluding financial assets and goodwill, lacking physical substance with a finite life.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 350<br><br> -SubTopic 30<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (a)(1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7658586&amp;loc=d3e16323-109275<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 142<br><br> -Paragraph 45<br><br> -Subparagraph a(1)<br><br> -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.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_FiniteLivedIntangibleAssetsNet</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                    <td><strong> Period Type:</strong></td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying amount as of the balance sheet date, which is the cumulative amount paid and (if applicable) the fair value of any noncontrolling interest in the acquiree, adjusted for any amortization recognized prior to the adoption of any changes in generally accepted accounting principles (as applicable) and for any impairment charges, in excess of the fair value of net assets acquired in one or more business combination transactions.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 141R<br><br> -Paragraph 68<br><br> -Subparagraph l<br><br> -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.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 350<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=14024403&amp;loc=d3e13816-109267<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 350<br><br> -SubTopic 20<br><br> -Section 45<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6388280&amp;loc=d3e13770-109266<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 142<br><br> -Paragraph 45<br><br> -Subparagraph e<br><br> -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.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 142<br><br> -Paragraph 43<br><br> -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.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 141R<br><br> -Paragraph 72<br><br> -Subparagraph d<br><br> -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.<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 142<br><br> -Paragraph 45<br><br> -Subparagraph e<br><br> -Clause 1<br><br> -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.<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 141R<br><br> -Paragraph 34<br><br> -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.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_Goodwill</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GoodwillWrittenOffRelatedToSaleOfBusinessUnit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Write-off of the carrying amount of goodwill associated with all or a portion of a reporting unit that is sold in the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 141R<br><br> -Paragraph 72<br><br> -Subparagraph d<br><br> -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.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 350<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (d)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=14024403&amp;loc=d3e13816-109267<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 142<br><br> -Paragraph 45<br><br> -Subparagraph e<br><br> -Clause 4<br><br> -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.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_GoodwillWrittenOffRelatedToSaleOfBusinessUnit</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ImpairmentOfRealEstate">
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The charge against earnings in the period to reduce the carrying amount of real property to fair value.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 360<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391110&amp;loc=d3e2921-110230<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 144<br><br> -Paragraph 26<br><br> -Subparagraph b<br><br> -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.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ImpairmentOfRealEstate</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
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                    <td>duration</td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_RealEstatePropertiesLineItems</nobr></td>
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                    <td>duration</td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The gross proceeds received from the asset(s) sold in connection with the transaction involving the sale of property to another party and the lease back to the seller.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 840<br><br> -SubTopic 40<br><br> -Section 55<br><br> -Paragraph 52<br><br> -URI http://asc.fasb.org/extlink&amp;oid=9155692&amp;loc=d3e51843-112757<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 840<br><br> -SubTopic 40<br><br> -Section 55<br><br> -Paragraph 50<br><br> -URI http://asc.fasb.org/extlink&amp;oid=9155692&amp;loc=d3e51831-112757<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 840<br><br> -SubTopic 40<br><br> -Section 55<br><br> -Paragraph 51<br><br> -URI http://asc.fasb.org/extlink&amp;oid=9155692&amp;loc=d3e51840-112757<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 98<br><br> -Section Appendix A<br><br> -Paragraph 28, 29<br><br> -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.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_SaleLeasebackTransactionGrossProceeds</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td>debit</td>
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                    <td>duration</td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_VariableInterestEntityLineItems">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
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                <table border="0" cellpadding="0" cellspacing="0">
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                    <td><nobr>us-gaap_VariableInterestEntityLineItems</nobr></td>
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                    <td>xbrli:stringItemType</td>
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                    <td>duration</td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Percentage of the Variable Interest Entity's (VIE) voting interest owned by (or beneficial interest in) the reporting entity (directly or indirectly).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 5A<br><br> -Subparagraph (d)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7880789&amp;loc=SL6759159-111685<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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  <head>
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EXFCK">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>COMMITMENTS AND CONTINGENCIES (Details) (USD $)<br></strong></div>
        </th>
        <th class="th" colspan="2">3 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Jul. 31, 2013

</div>
          <div>sqft</div>
        </th>
        <th class="th">
          <div>Jul. 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstatePropertiesLineItems', window );"><strong>Real Estate Properties [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_NumberOfPropertiesSubjectToPurchaseOptions', window );">Number of properties subject to purchase options</a></td>
        <td class="nump">14<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_TotalPropertyCostSubjectToPurchaseOptions', window );">Total property cost subject to purchase options</a></td>
        <td class="nump">$ 92,800,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_TotalGrossRentalRevenueFromPropertiesSubjectToPurchaseOptions', window );">Total gross rental revenue from properties subject to purchase options</a></td>
        <td class="nump">2,000,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_NumberOfPropertiesSubjectToRestrictionsOnTaxableDispositions', window );">Number of properties subject to restrictions on taxable dispositions</a></td>
        <td class="nump">115<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AreaOfRealEstateProperty', window );">Area of a real estate property (in square feet)</a></td>
        <td class="nump">6,400,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_NumberOfApartmentUnitsPlacedInService', window );">Number of apartment units placed in service</a></td>
        <td class="nump">4,936<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateInvestments', window );">Real estate investment amount of properties (net of accumulated depreciation)</a></td>
        <td class="nump">876,100,000<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_RedemptionBasis', window );">Redemption basis</a></td>
        <td class="text">one-for-one<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_RedemptionHoldingPeriodMinimum', window );">Redemption holding period, minimum</a></td>
        <td class="text">1 year<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_NumberOfConsecutiveTradingDaysForValuation', window );">Number of consecutive trading days for valuation</a></td>
        <td class="text">10 days<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_RedemptionValueOfUpreitUnits', window );">Aggregate redemption value of UPREIT Units of operating partnership owned by limited partners</a></td>
        <td class="nump">197,700,000<span></span></td>
        <td class="nump">172,400,000<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateInvestmentsJointVentures', window );">Joint ventures partner's interest acquired</a></td>
        <td class="nump">0<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TenantImprovements', window );">Tenant Improvements</a></td>
        <td class="nump">8,300,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_CommitmentPeriodForTenantImprovements', window );">Commitment period for tenant improvements</a></td>
        <td class="text">12 months<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateInventoryCapitalizedInterestCostsIncurred', window );">Construction interest capitalized</a></td>
        <td class="nump">580,000<span></span></td>
        <td class="nump">161,000<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Grand Forks Grand Forks, ND [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstatePropertiesLineItems', window );"><strong>Real Estate Properties [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_NumberOfApartmentUnits', window );">Number of apartment units</a></td>
        <td class="nump">96<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionCostOfAcquiredEntityPurchasePrice', window );">Purchase price of pending acquisition</a></td>
        <td class="nump">10,600,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionCostOfAcquiredEntityEquityInterestsIssuedAndIssuable', window );">Acquisition paid with issuance of equity</a></td>
        <td class="nump">200,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Bloomington Business Plaza, Bloomington, Minnesota [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstatePropertiesLineItems', window );"><strong>Real Estate Properties [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_AreaOfRealEstatePropertyPendingDisposition', window );">Pending Disposition (in square feet)</a></td>
        <td class="nump">121,669<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_SalePriceOfProductiveAssetsPendingDisposition', window );">Sales price of property pending disposition</a></td>
        <td class="nump">4,500,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Brooklyn Park 7401 Boone Avenue, Brooklyn Park, Minnesota [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstatePropertiesLineItems', window );"><strong>Real Estate Properties [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_AreaOfRealEstatePropertyPendingDisposition', window );">Pending Disposition (in square feet)</a></td>
        <td class="nump">322,751<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_SalePriceOfProductiveAssetsPendingDisposition', window );">Sales price of property pending disposition</a></td>
        <td class="nump">12,800,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Cedar Lake Business Center, St. Louis Park, Minnesota [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstatePropertiesLineItems', window );"><strong>Real Estate Properties [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_AreaOfRealEstatePropertyPendingDisposition', window );">Pending Disposition (in square feet)</a></td>
        <td class="nump">50,400<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_SalePriceOfProductiveAssetsPendingDisposition', window );">Sales price of property pending disposition</a></td>
        <td class="nump">2,600,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Clive 2075 NW 94th Street, Clive, Iowa [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstatePropertiesLineItems', window );"><strong>Real Estate Properties [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_AreaOfRealEstatePropertyPendingDisposition', window );">Pending Disposition (in square feet)</a></td>
        <td class="nump">42,510<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_SalePriceOfProductiveAssetsPendingDisposition', window );">Sales price of property pending disposition</a></td>
        <td class="nump">2,700,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Dixon Avenue Industrial Park, Des Moines, Iowa [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstatePropertiesLineItems', window );"><strong>Real Estate Properties [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_AreaOfRealEstatePropertyPendingDisposition', window );">Pending Disposition (in square feet)</a></td>
        <td class="nump">606,006<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_SalePriceOfProductiveAssetsPendingDisposition', window );">Sales price of property pending disposition</a></td>
        <td class="nump">14,700,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Arcata Apartments, Golden Valley, Minnesota [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstatePropertiesLineItems', window );"><strong>Real Estate Properties [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AreaOfLand', window );">Area of land (in acres)</a></td>
        <td class="nump">2<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_NumberOfApartmentUnits', window );">Number of apartment units</a></td>
        <td class="nump">165<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_LandPurchased', window );">Land purchased</a></td>
        <td class="nump">2,100,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_EstimatedCostOfConstruction', window );">Estimated cost of construction</a></td>
        <td class="nump">33,400,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_ProjectCostsIncurredToDate', window );">Project costs incurred to date</a></td>
        <td class="nump">2,700,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">API Building, Duluth, Minnesota [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstatePropertiesLineItems', window );"><strong>Real Estate Properties [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_AreaOfRealEstatePropertyPendingDisposition', window );">Pending Disposition (in square feet)</a></td>
        <td class="nump">35,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_SalePriceOfProductiveAssetsPendingDisposition', window );">Sales price of property pending disposition</a></td>
        <td class="nump">2,600,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Burnsville II Strip Center, Burnsville, Minnesota [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstatePropertiesLineItems', window );"><strong>Real Estate Properties [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_AreaOfRealEstatePropertyPendingDisposition', window );">Pending Disposition (in square feet)</a></td>
        <td class="nump">8,400<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_SalePriceOfProductiveAssetsPendingDisposition', window );">Sales price of property pending disposition</a></td>
        <td class="nump">650,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Chateau II, Minot, North Dakota [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstatePropertiesLineItems', window );"><strong>Real Estate Properties [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_NumberOfApartmentUnits', window );">Number of apartment units</a></td>
        <td class="nump">32<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_NumberOfBuildings', window );">Number of buildings</a></td>
        <td class="nump">2<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_EstimatedCostOfConstruction', window );">Estimated cost of construction</a></td>
        <td class="nump">14,700,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_ProjectCostsIncurredToDate', window );">Project costs incurred to date</a></td>
        <td class="nump">2,300,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Dakota Commons, Williston, North Dakota [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstatePropertiesLineItems', window );"><strong>Real Estate Properties [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_NumberOfApartmentUnits', window );">Number of apartment units</a></td>
        <td class="nump">44<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_LandPurchased', window );">Land purchased</a></td>
        <td class="nump">823,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_EstimatedCostOfConstruction', window );">Estimated cost of construction</a></td>
        <td class="nump">10,700,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_ProjectCostsIncurredToDate', window );">Project costs incurred to date</a></td>
        <td class="nump">2,600,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Eagan 2785 &amp; 2795 Highway 55, Eagan, Minnesota [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstatePropertiesLineItems', window );"><strong>Real Estate Properties [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_AreaOfRealEstatePropertyPendingDisposition', window );">Pending Disposition (in square feet)</a></td>
        <td class="nump">198,600<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_SalePriceOfProductiveAssetsPendingDisposition', window );">Sales price of property pending disposition</a></td>
        <td class="nump">4,500,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Nicollet VII, Burnsville, Minnesota [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstatePropertiesLineItems', window );"><strong>Real Estate Properties [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_AreaOfRealEstatePropertyPendingDisposition', window );">Pending Disposition (in square feet)</a></td>
        <td class="nump">118,125<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_SalePriceOfProductiveAssetsPendingDisposition', window );">Sales price of property pending disposition</a></td>
        <td class="nump">7,300,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Pillsbury Business Center, Bloomington, Minnesota [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstatePropertiesLineItems', window );"><strong>Real Estate Properties [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_AreaOfRealEstatePropertyPendingDisposition', window );">Pending Disposition (in square feet)</a></td>
        <td class="nump">42,929<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_SalePriceOfProductiveAssetsPendingDisposition', window );">Sales price of property pending disposition</a></td>
        <td class="nump">1,200,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">River Ridge Apartment Homes, Bismarck, ND [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstatePropertiesLineItems', window );"><strong>Real Estate Properties [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_NumberOfApartmentUnits', window );">Number of apartment units</a></td>
        <td class="nump">146<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_NumberOfCertificateOfOccupancyUnits', window );">Number of certificate of occupancy units</a></td>
        <td class="nump">60<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_EstimatedCostOfConstruction', window );">Estimated cost of construction</a></td>
        <td class="nump">25,900,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_ProjectCostsIncurredToDate', window );">Project costs incurred to date</a></td>
        <td class="nump">19,700,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Cypress Court Apartment Homes, St. Cloud, Minnesota [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstatePropertiesLineItems', window );"><strong>Real Estate Properties [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_NumberOfApartmentUnits', window );">Number of apartment units</a></td>
        <td class="nump">132<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_NumberOfBuildings', window );">Number of buildings</a></td>
        <td class="nump">2<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_EstimatedCostOfConstruction', window );">Estimated cost of construction</a></td>
        <td class="nump">14,300,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_ProjectCostsIncurredToDate', window );">Project costs incurred to date</a></td>
        <td class="nump">10,100,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentOwnershipPercentage', window );">Interest in joint venture (in hundredths)</a></td>
        <td class="nump">79.00%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_EquityMethodInvestmentOwnershipPercentageHeldByJointVenturePartner', window );">Interest in joint venture held by joint venture partner (in hundredths)</a></td>
        <td class="nump">21.00%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Renaissance Heights I Apartments, Williston, North Dakota [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstatePropertiesLineItems', window );"><strong>Real Estate Properties [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AreaOfLand', window );">Area of land (in acres)</a></td>
        <td class="nump">14.5<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_AcreOfLandPurchasedInAcres', window );">Acre of land purchased (in acres)</a></td>
        <td class="nump">40<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_NumberOfApartmentUnits', window );">Number of apartment units</a></td>
        <td class="nump">288<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_NumberOfBuildings', window );">Number of buildings</a></td>
        <td class="nump">5<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_EstimatedCostOfConstruction', window );">Estimated cost of construction</a></td>
        <td class="nump">62,400,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_ProjectCostsIncurredToDate', window );">Project costs incurred to date</a></td>
        <td class="nump">16,900,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentOwnershipPercentage', window );">Interest in joint venture (in hundredths)</a></td>
        <td class="nump">70.00%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Southgate Apartments, Minot, North Dakota [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstatePropertiesLineItems', window );"><strong>Real Estate Properties [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentOwnershipPercentage', window );">Interest in joint venture (in hundredths)</a></td>
        <td class="nump">51.00%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_EquityMethodInvestmentOwnershipPercentageHeldByJointVenturePartner', window );">Interest in joint venture held by joint venture partner (in hundredths)</a></td>
        <td class="nump">49.00%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">The Landing at Southgate Apartments, Minot, North Dakota [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstatePropertiesLineItems', window );"><strong>Real Estate Properties [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_NumberOfApartmentUnits', window );">Number of apartment units</a></td>
        <td class="nump">36<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_NumberOfBuildings', window );">Number of buildings</a></td>
        <td class="nump">3<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_EstimatedCostOfConstruction', window );">Estimated cost of construction</a></td>
        <td class="nump">15,000,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_ProjectCostsIncurredToDate', window );">Project costs incurred to date</a></td>
        <td class="nump">12,500,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">The Commons at Southgate Apartments, Minot, North Dakota [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstatePropertiesLineItems', window );"><strong>Real Estate Properties [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_NumberOfApartmentUnits', window );">Number of apartment units</a></td>
        <td class="nump">233<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_EstimatedCostOfConstruction', window );">Estimated cost of construction</a></td>
        <td class="nump">37,200,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_ProjectCostsIncurredToDate', window );">Project costs incurred to date</a></td>
        <td class="nump">$ 10,500,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_iret_AcreOfLandPurchasedInAcres">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>acre of land purchased</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>iret_AcreOfLandPurchasedInAcres</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>iret_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:areaItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_iret_AreaOfRealEstatePropertyPendingDisposition">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Area of a real estate property which the entity intends to dispose of.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>iret_AreaOfRealEstatePropertyPendingDisposition</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>iret_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:areaItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_iret_CommitmentPeriodForTenantImprovements">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Commitment period for tenant improvements.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>iret_CommitmentPeriodForTenantImprovements</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>iret_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:durationItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_iret_EquityMethodInvestmentOwnershipPercentageHeldByJointVenturePartner">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The percentage of ownership of common stock or equity participation in the investee held by the joint venture partner.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>iret_EquityMethodInvestmentOwnershipPercentageHeldByJointVenturePartner</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>iret_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:percentItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_iret_EstimatedCostOfConstruction">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Estimated cost of construction.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>iret_EstimatedCostOfConstruction</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>iret_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_iret_LandPurchased">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>land purchased price to date.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>iret_LandPurchased</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>iret_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_iret_NumberOfApartmentUnits">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of apartment units.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>iret_NumberOfApartmentUnits</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>iret_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:integerItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_iret_NumberOfApartmentUnitsPlacedInService">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The number of apartment units placed in service during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>iret_NumberOfApartmentUnitsPlacedInService</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>iret_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:integerItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_iret_NumberOfBuildings">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of buildings.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>iret_NumberOfBuildings</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>iret_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:integerItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_iret_NumberOfCertificateOfOccupancyUnits">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of certificate of occupancy units</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>iret_NumberOfCertificateOfOccupancyUnits</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>iret_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:integerItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_iret_NumberOfConsecutiveTradingDaysForValuation">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of consecutive trading days for valuation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>iret_NumberOfConsecutiveTradingDaysForValuation</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>iret_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:durationItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_iret_NumberOfPropertiesSubjectToPurchaseOptions">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of properties subject to purchase options.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>iret_NumberOfPropertiesSubjectToPurchaseOptions</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>iret_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:integerItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_iret_NumberOfPropertiesSubjectToRestrictionsOnTaxableDispositions">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of properties subject to restrictions on taxable dispositions.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>iret_NumberOfPropertiesSubjectToRestrictionsOnTaxableDispositions</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>iret_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:integerItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_iret_ProjectCostsIncurredToDate">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Project costs incurred to date.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>iret_ProjectCostsIncurredToDate</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>iret_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_iret_RedemptionBasis">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The number of limited partners' units to be redeemed in exchange for a number of common shares upon exercise of the redemption option by the limited partners.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>iret_RedemptionBasis</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>iret_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_iret_RedemptionHoldingPeriodMinimum">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Minimum redemption holding period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>iret_RedemptionHoldingPeriodMinimum</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>iret_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:durationItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_iret_RedemptionValueOfUpreitUnits">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Redemption Value of UPREIT Units.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>iret_RedemptionValueOfUpreitUnits</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>iret_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_iret_SalePriceOfProductiveAssetsPendingDisposition">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The sales price of property, plant and equipment (capital expenditures), software, and other intangible assets which are pending disposition by the entity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>iret_SalePriceOfProductiveAssetsPendingDisposition</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>iret_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_iret_TotalGrossRentalRevenueFromPropertiesSubjectToPurchaseOptions">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total gross rental revenue from properties subject to purchase options.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>iret_TotalGrossRentalRevenueFromPropertiesSubjectToPurchaseOptions</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>iret_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_iret_TotalPropertyCostSubjectToPurchaseOptions">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total property cost subject to purchase options.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>iret_TotalPropertyCostSubjectToPurchaseOptions</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>iret_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AreaOfLand">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Area of land held.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AreaOfLand</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:areaItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AreaOfRealEstateProperty">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Area of a real estate property.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AreaOfRealEstateProperty</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:areaItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_BusinessAcquisitionCostOfAcquiredEntityEquityInterestsIssuedAndIssuable">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The acquisition-date fair value of the equity interests of the acquirer, including the number of instruments or interests issued or issuable in consideration for the business combination.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 88-16<br><br> -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.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 141<br><br> -Paragraph 51<br><br> -Subparagraph d<br><br> -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.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 141R<br><br> -Paragraph 68<br><br> -Subparagraph f(4)<br><br> -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.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 141R<br><br> -Paragraph 39<br><br> -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.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_BusinessAcquisitionCostOfAcquiredEntityEquityInterestsIssuedAndIssuable</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_BusinessAcquisitionCostOfAcquiredEntityPurchasePrice">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The total cost of the acquired entity including the cash paid to shareholders of acquired entities, fair value of debt and equity securities issued to shareholders of acquired entities, the fair value of the liabilities assumed, and direct costs of the acquisition.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 141<br><br> -Paragraph 51<br><br> -Subparagraph d<br><br> -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.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_BusinessAcquisitionCostOfAcquiredEntityPurchasePrice</nobr></td>
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                  <tr>
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                    <td>us-gaap_</td>
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                    <td>xbrli:monetaryItemType</td>
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                    <td>debit</td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The percentage of ownership of common stock or equity participation in the investee accounted for under the equity method of accounting.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 159<br><br> -Paragraph 18<br><br> -Subparagraph f<br><br> -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.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 323<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -Subparagraph (a)(1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6382943&amp;loc=d3e33918-111571<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 18<br><br> -Paragraph 20<br><br> -Subparagraph a (1)<br><br> -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.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_EquityMethodInvestmentOwnershipPercentage</nobr></td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of interest capitalized to an operative builder's inventory during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 835<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6450988&amp;loc=d3e26243-108391<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 34<br><br> -Paragraph 21<br><br> -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.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_RealEstateInventoryCapitalizedInterestCostsIncurred</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of real estate investments, net of accumulated depreciation, which may include the following: (1) land available-for-sale; (2) land available-for-development; (3) investments in building and building improvements; (4) tenant allowances; (5) developments in-process; (6) rental properties; (7) other real estate investments; (8) real estate joint ventures; and (9) unconsolidated real estate and other joint ventures not separately presented.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-03.1(d))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 1<br><br> -Subparagraph d<br><br> -Article 7<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_RealEstateInvestments</nobr></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The book value of investments in real estate joint ventures including direct and indirect investments.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-03.1(d))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_RealEstateInvestmentsJointVentures</nobr></td>
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                  <tr>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying amount as of the balance sheet date of improvements having a life longer than one year that were made for the benefit of one or more tenants.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-03.1(f))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br></p>
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font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; width: 12.91%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Date Acquired&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 9.48%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Land&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 10.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Building&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 9.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Intangible&lt;/div&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Assets&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 10.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Acquisition&lt;/div&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Cost&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 47.41%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 12.91%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.76%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.78%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.6%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 47.41%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Multi-Family Residential&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 12.91%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.76%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.78%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.6%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 47.41%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;71 unit - Alps Park - Rapid City, SD&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 12.91%; vertical-align: top;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;2013-05-01&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.72%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 7.76%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;287&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.72%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;5,551&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.72%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 7.78%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;362&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.74%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.6%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;6,200&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 47.41%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 12.91%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.76%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.78%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.6%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 47.41%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Unimproved Land&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 12.91%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.76%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.78%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.6%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 47.41%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Chateau II - Minot, ND&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 12.91%; vertical-align: top;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;2013-05-21&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 7.76%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;179&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 7.78%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.6%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;179&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 47.41%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 12.91%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 7.76%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 7.78%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.6%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 4px double; width: 47.41%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Total Property Acquisitions&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 12.91%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.72%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 7.76%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;466&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.72%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;5,551&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.72%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 7.78%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;362&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.74%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.6%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;6,379&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="margin-bottom: 10pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;"&gt;Three Months Ended July 31, 2012&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td rowspan="2" style="border-bottom: #000000 2px solid; width: 47.42%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Acquisitions&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 12.58%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="8" style="border-bottom: #000000 2px solid; width: 40%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; width: 12.58%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Date Acquired&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 9.56%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Land&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 10.44%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Building&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 9.1%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Intangible&lt;/div&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Assets&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 10.9%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Acquisition&lt;/div&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Cost&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 47.42%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 12.58%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.82%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.36%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.2%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 47.42%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Multi-Family Residential&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 12.58%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.82%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.36%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.2%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 47.42%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;308 unit - Villa West - Topeka, KS&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 12.58%; vertical-align: top;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;2012-05-08&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.82%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;1,590&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;15,760&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.36%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;300&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.2%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;17,650&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 47.42%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;232 unit - Colony - Lincoln, NE&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 12.58%; vertical-align: top;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;2012-06-04&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.82%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;1,515&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;15,731&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.36%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;254&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.2%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;17,500&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 47.42%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;208 unit - Lakeside Village - Lincoln, NE&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 12.58%; vertical-align: top;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;2012-06-04&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.74%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 7.82%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;1,215&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.74%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;15,837&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.74%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 7.36%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;198&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 2.2%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;17,250&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 47.42%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 12.58%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 7.82%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 7.36%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 2.2%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 4px double; width: 47.42%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Total Property Acquisitions&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 12.58%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.74%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 7.82%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;4,320&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.74%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;47,328&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.74%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 7.36%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;752&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 2.2%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;52,400&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 46.55%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 13.78%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="8" style="border-bottom: #000000 2px solid; width: 39.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; width: 46.55%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Development Projects Placed in Service&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 13.78%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Date Placed in&lt;/div&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Service&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 9.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;&amp;#160;&lt;/div&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Land&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 10.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;&amp;#160;&lt;/div&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Building&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;&amp;#160;&lt;/div&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Intangible&lt;/div&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Assets&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 11.2%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;&amp;#160;&lt;/div&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Acquisition&lt;/div&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Cost&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 46.55%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 13.78%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.76%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 6.9%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.54%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 46.55%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Multi-Family Residential&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 13.78%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.76%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 6.9%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.54%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 46.55%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;159 unit &amp;#8211; Quarry Ridge II &amp;#8211; Rochester, MN&lt;sup&gt;(1)&lt;/sup&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 13.78%; vertical-align: top;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;2012-06-29&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.76%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;3,543&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 6.9%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.54%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;3,543&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 46.55%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;73 unit - Williston Garden Buildings 3 and 4 - Williston, ND&lt;sup&gt;(2)&lt;/sup&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 13.78%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; margin-left: 18pt; font-size: 10pt; margin-right: 3.75pt;"&gt;2012-07-31&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 7.76%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; margin-left: 18pt; font-size: 10pt; margin-right: 3.75pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.72%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; margin-left: 18pt; font-size: 10pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; margin-left: 18pt; font-size: 10pt; margin-right: 3.75pt;"&gt;4,158&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.72%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; margin-left: 18pt; font-size: 10pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 6.9%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; margin-left: 18pt; font-size: 10pt; margin-right: 3.75pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 2.54%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; margin-left: 18pt; font-size: 10pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; margin-left: 18pt; font-size: 10pt; margin-right: 3.75pt;"&gt;4,158&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 46.55%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 13.78%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 7.76%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 6.9%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 2.54%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 4px double; width: 46.55%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Total Development Projects Placed in Service&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 13.78%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.74%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 7.76%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.72%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;7,701&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.72%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 6.9%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 2.54%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;7,701&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 18pt; vertical-align: top; align: right;"&gt;&lt;div style="text-align: left; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt;"&gt;(1)&lt;/div&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top;"&gt;&lt;div style="text-align: justify; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt;"&gt;Development property placed in service June 29, 2012. Additional costs paid in fiscal years 2012 and 2011, and land acquired in fiscal year 2007, totaled $13.0 million, for a total project cost at July 31, 2012 of $16.5 million.&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman', Times, serif; margin-bottom: 7.5pt; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 18pt; vertical-align: top; align: right;"&gt;&lt;div style="text-align: left; font-style: italic; font-family: 'Times New Roman', serif; margin-bottom: 7.5pt; font-size: 8pt;"&gt;(2)&lt;/div&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top;"&gt;&lt;div style="text-align: justify; font-style: italic; font-family: 'Times New Roman', serif; margin-bottom: 7.5pt; font-size: 8pt;"&gt;Development property placed in service July 31, 2012. Buildings 1 and 2 were placed in service in fiscal year 2012. Additional costs paid in fiscal year 2012 totaled $12.0 million, for a total project cost at July 31, 2012 of $16.2 million.&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-bottom: 12pt; font-size: 10pt;"&gt;Acquisitions in the three months ended July 31, 2013 and 2012 are immaterial to our real estate portfolio both individually and in the aggregate, and consequently no proforma information is presented. The results of operations from acquired properties are included in the Condensed Consolidated Statements of Operations as of their acquisition date. The revenue and net income of our acquisitions in the three months ended July 31, 2013 and 2012, respectively, (excluding development projects placed in service) are detailed below.&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 75.86%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="4" style="border-bottom: #000000 2px solid; width: 24.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 75.86%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="4" style="border-bottom: #000000 2px solid; width: 24.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Three Months Ended&lt;/div&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;July 31&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; width: 75.86%; vertical-align: top;"&gt;&lt;div style="text-align: left;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 12.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;2013&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 11.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;2012&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 75.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Total revenue&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;186&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.96%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;1,232&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 75.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Net (loss) income&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;(108)&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.96%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;(72)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="text-align: left; margin-top: 10pt; font-family: 'Times New Roman', serif; margin-bottom: 6pt; font-size: 10pt; font-weight: bold;"&gt;PROPERTY DISPOSITIONS&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;During the first quarter of fiscal year 2014, the Company sold four commercial industrial properties and one commercial retail property. During the first quarter of fiscal year 2013, IRET sold two condominium units and a commercial retail property. The following table details the Company's dispositions during the three months ended July 31, 2013 and 2012:&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 6pt; font-size: 10pt; font-weight: bold;"&gt;Three Months Ended July 31, 2013&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 50.86%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 13.62%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="6" style="border-bottom: #000000 2px solid; width: 35.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; width: 50.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Dispositions&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 13.62%; vertical-align: top;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Date&lt;/div&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Disposed&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 11.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Sales Price&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 13.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Book Value&lt;/div&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;and Sales Cost&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 10.12%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Gain/(Loss)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 50.86%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 13.62%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.16%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 11.84%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.4%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 50.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Commercial Industrial&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 13.62%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.16%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 11.84%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.4%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 50.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;41,880 sq ft Bodycote - Eden Prairie, MN&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 13.62%; vertical-align: top;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; margin-left: 18pt; font-size: 10pt; margin-right: 3.75pt;"&gt;2013-05-13&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.16%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;3,150&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 11.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;1,375&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.4%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;1,775&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 50.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;42,244 sq ft Fargo 1320 45&lt;sup&gt;th&lt;/sup&gt; St. N - Fargo, ND&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 13.62%; vertical-align: top;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; margin-left: 18pt; font-size: 10pt; margin-right: 3.75pt;"&gt;2013-05-13&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.16%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;4,700&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 11.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;4,100&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.4%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;600&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 50.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;49,620 sq ft Metal Improvement - New Brighton, MN&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 13.62%; vertical-align: top;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; margin-left: 18pt; font-size: 10pt; margin-right: 3.75pt;"&gt;2013-05-13&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.16%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;2,350&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 11.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;1,949&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.4%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;401&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 50.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;172,057 sq ft Roseville 2929 Long Lake Road - Roseville, MN&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 13.62%; vertical-align: top;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; margin-left: 18pt; font-size: 10pt; margin-right: 3.75pt;"&gt;2013-05-13&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 10.16%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;9,275&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 11.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;9,998&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.4%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;(723)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 50.86%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 13.62%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.16%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;19,475&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 11.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;17,422&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.4%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;2,053&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 50.86%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 13.62%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.16%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 11.84%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.4%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 50.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Commercial Retail&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 13.62%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.16%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 11.84%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.4%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 50.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;23,187 sq ft Eagan - Eagan, MN&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 13.62%; vertical-align: top;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; margin-left: 18pt; font-size: 10pt; margin-right: 3.75pt;"&gt;2013-05-14&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 10.16%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;2,310&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 11.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;2,420&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.4%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;(110)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 50.86%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 13.62%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 10.16%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 11.84%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.4%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 4px double; width: 50.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Total Property Dispositions&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 13.62%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 10.16%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;21,785&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 11.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;19,842&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.72%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.4%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;1,943&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="text-align: justify; margin-bottom: 6pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-bottom: 12pt; font-size: 10pt; font-weight: bold;"&gt;Three Months Ended July 31, 2012&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 50.86%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 13.58%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="6" style="border-bottom: #000000 2px solid; width: 35.56%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; width: 50.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Dispositions&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 13.58%; vertical-align: top;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Date&lt;/div&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Disposed&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 11.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Sales Price&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 13.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Book Value&lt;/div&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;and Sales Cost&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 10.16%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Gain/(Loss)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 50.86%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 13.58%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.16%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 11.84%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.44%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 50.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Commercial Retail&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 13.58%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.16%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 11.84%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.44%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 50.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;16,080 sq ft. Kentwood Thomasville &amp;#8211; Kentwood, MI&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 13.58%; vertical-align: top;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;2012-06-20&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 10.16%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;625&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 11.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;692&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.44%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;(67)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 50.86%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 13.58%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.16%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 11.84%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.44%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 50.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Other&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 13.58%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.16%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 11.84%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.44%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 50.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Georgetown Square&lt;font style="font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;Condominiums 5 and 6&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 13.58%; vertical-align: top;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;2012-06-21&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 10.16%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;330&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 11.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;336&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.72%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.44%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;(6)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 50.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 13.58%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 10.16%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 11.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.72%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.44%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 4px double; width: 50.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Total Property Dispositions&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 13.58%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 10.16%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;955&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 11.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;1,028&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.72%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.44%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;(73)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>nonnum:textBlockItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>Tabular disclosure of all information related to any significant acquisition and disposal. Disclosure may include methodology and assumptions, type of asset, asset classification, useful life, useful purpose, acquisition cost, method of acquisition or disposal, depreciation method, gain (loss) on disposal pretax and net of tax, date of acquisition or disposal and restrictions on amount of proceeds from donated assets.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 205

 -SubTopic 20

 -Section 50

 -Paragraph 1

 -URI http://asc.fasb.org/extlink&amp;oid=6360339&amp;loc=d3e1361-107760



Reference 2: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Statement of Financial Accounting Standard (FAS)

 -Number 144

 -Paragraph 47

 -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.



</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Acquisitions and development projects placed in service</Label></Row><Row FlagID="0"><Id>3</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>2</Level><ElementName>iret_ResultsOfOperationsFromAcquiredPropertiesTextBlock</ElementName><ElementPrefix>iret_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>terseLabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="c20130501to20130731" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-bottom: 12pt; font-size: 10pt;"&gt;Acquisitions in the three months ended July 31, 2013 and 2012 are immaterial to our real estate portfolio both individually and in the aggregate, and consequently no proforma information is presented. The results of operations from acquired properties are included in the Condensed Consolidated Statements of Operations as of their acquisition date. The revenue and net income of our acquisitions in the three months ended July 31, 2013 and 2012, respectively, (excluding development projects placed in service) are detailed below.&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 75.86%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="4" style="border-bottom: #000000 2px solid; width: 24.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 75.86%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="4" style="border-bottom: #000000 2px solid; width: 24.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Three Months Ended&lt;/div&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;July 31&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; width: 75.86%; vertical-align: top;"&gt;&lt;div style="text-align: left;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 12.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;2013&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 11.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;2012&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 75.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Total revenue&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;186&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.96%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;1,232&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 75.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Net (loss) income&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;(108)&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.96%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;(72)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>nonnum:textBlockItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>Tabular disclosure of results of operations from acquired properties included in the Condensed Consolidated Statements of Operations as of acquisition date.</ElementDefenition><ElementReferences>No definition available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Results of operations from acquired properties</Label></Row></Rows><Footnotes /><IsEquityReport>false</IsEquityReport><ReportName>ACQUISITIONS AND DISPOSITIONS (Tables)</ReportName><MonetaryRoundingLevel>UnKnown</MonetaryRoundingLevel><SharesRoundingLevel>UnKnown</SharesRoundingLevel><PerShareRoundingLevel>UnKnown</PerShareRoundingLevel><ExchangeRateRoundingLevel>UnKnown</ExchangeRateRoundingLevel><HasCustomUnits>true</HasCustomUnits><IsEmbedReport>false</IsEmbedReport><IsMultiCurrency>false</IsMultiCurrency><ReportType>Sheet</ReportType><RoleURI>http://iret.com/role/AcquisitionsAndDispositionsTables</RoleURI><NumberOfCols>1</NumberOfCols><NumberOfRows>3</NumberOfRows></InstanceReport>
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<?xml version="1.0" encoding="us-ascii"?><InstanceReport xmlns:xsd="http://www.w3.org/2001/XMLSchema" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance"><Version>2.4.0.8</Version><ReportLongName>060300 - Disclosure - EARNINGS PER SHARE</ReportLongName><DisplayLabelColumn>true</DisplayLabelColumn><ShowElementNames>false</ShowElementNames><RoundingOption /><HasEmbeddedReports>false</HasEmbeddedReports><Columns><Column FlagID="0"><Id>1</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

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</LabelSeparator><Level>2</Level><ElementName>us-gaap_EarningsPerShareTextBlock</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>label</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="c20130501to20130731" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt; font-weight: bold;"&gt;NOTE 3 &amp;#8226; EARNINGS PER SHARE&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;Basic earnings per share is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. The Company has no outstanding options, warrants, convertible stock or other contractual obligations requiring issuance of additional shares that would result in dilution of earnings. Units can be exchanged for shares on a one-for-one basis after a minimum holding period of one year. The following table presents a reconciliation of the numerator and denominator used to calculate basic and diluted earnings per share reported in the condensed consolidated financial statements for the three months ended July 31, 2013 and 2012:&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 69.52%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="4" style="border-bottom: #000000 2px solid; width: 30.48%; vertical-align: top;"&gt;&lt;div style="text-align: center; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;(in thousands, except per share data)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 69.52%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="4" style="border-bottom: #000000 2px solid; width: 30.48%; vertical-align: top;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Three Months Ended&lt;/div&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;July 31&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; width: 69.52%; vertical-align: top;"&gt;&lt;div style="text-align: left;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 15.2%; vertical-align: top;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;2013&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 15.28%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;2012&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 69.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;NUMERATOR&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.94%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 69.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Income from continuing operations &amp;#8211; Investors Real Estate Trust&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;1,718&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.94%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;1,571&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 69.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Income from discontinued operations &amp;#8211; Investors Real Estate Trust&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 10.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;1,360&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 10.94%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;108&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 69.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Net income attributable to Investors Real Estate Trust&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;3,078&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.94%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;1,679&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff; height: 19px;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 69.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Dividends to preferred shareholders&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 10.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;(2,879)&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 10.94%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;(593)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 69.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Numerator for basic earnings per share &amp;#8211; net income available to common shareholders&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;199&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.94%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;1,086&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 69.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Noncontrolling interests &amp;#8211; Operating Partnership&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 10.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;50&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 10.94%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;251&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 4px double; width: 69.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Numerator for diluted earnings per share&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 4.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 10.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;249&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 4.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 10.94%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;1,337&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 69.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;DENOMINATOR&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.94%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 69.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Denominator for basic earnings per share weighted average shares&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;102,358&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.94%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;90,518&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 69.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Effect of convertible operating partnership units&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 10.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;21,821&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 10.94%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;20,774&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 4px double; width: 69.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Denominator for diluted earnings per share&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 10.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;124,179&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 4.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 10.94%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;111,292&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff; height: 17px;"&gt;&lt;td style="width: 69.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;(Loss) earnings per common share from continuing operations &amp;#8211; Investors Real Estate Trust &amp;#8211; basic and diluted&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;(.01)&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.94%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;.01&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 69.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Earnings per common share from discontinued operations &amp;#8211; Investors Real Estate Trust &amp;#8211; basic and diluted&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 10.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;.01&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 10.94%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;.00&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 4px double; width: 69.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;NET INCOME PER COMMON SHARE &amp;#8211; BASIC &amp;amp; DILUTED&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 4.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; 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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EAXAK">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>SUBSEQUENT EVENTS (Details) (USD $)<br></strong></div>
        </th>
        <th class="th" colspan="3">3 Months Ended</th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="4">3 Months Ended</th>
        <th class="th" colspan="2"></th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="6"></th>
        <th class="th" colspan="4">3 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Jul. 31, 2013</div>
        </th>
        <th class="th">
          <div>Jul. 31, 2012</div>
        </th>
        <th class="th">
          <div>Jul. 31, 2013

</div>
          <div>Subsequent Event [Member]</div>
        </th>
        <th class="th">
          <div>Aug. 30, 2013

</div>
          <div>Subsequent Event [Member]</div>
        </th>
        <th class="th">
          <div>Jul. 31, 2013

</div>
          <div>Subsequent Event [Member]

</div>
          <div>Anoka, Minnesota [Member]</div>
        </th>
        <th class="th">
          <div>Jul. 31, 2013

</div>
          <div>Subsequent Event [Member]

</div>
          <div>Duluth, Minnesota [Member]</div>
        </th>
        <th class="th">
          <div>Jul. 31, 2013

</div>
          <div>Subsequent Event [Member]

</div>
          <div>Sioux Falls, South Dakota, 1 [Member]</div>
        </th>
        <th class="th">
          <div>Jul. 31, 2013

</div>
          <div>Subsequent Event [Member]

</div>
          <div>Sioux Falls, South Dakota, 2 [Member]</div>
        </th>
        <th class="th">
          <div>Jul. 31, 2013

</div>
          <div>Subsequent Event [Member]

</div>
          <div>Minneapolis, Minnesota [Member]

</div>
          <div>sqft</div>
        </th>
        <th class="th">
          <div>Jul. 31, 2013

</div>
          <div>Subsequent Event [Member]

</div>
          <div>Grand Forks Grand Forks, ND [Member]</div>
        </th>
        <th class="th">
          <div>Aug. 09, 2013

</div>
          <div>Subsequent Event [Member]

</div>
          <div>Jamestown, North Dakota [Member]

</div>
          <div>acre</div>
        </th>
        <th class="th">
          <div>Jul. 31, 2013

</div>
          <div>Subsequent Event [Member]

</div>
          <div>Sartell, Minnesota [Member]</div>
        </th>
        <th class="th">
          <div>Jul. 31, 2013

</div>
          <div>Subsequent Event [Member]

</div>
          <div>Monticello, Minnesota [Member]

</div>
          <div>acre</div>
        </th>
        <th class="th">
          <div>Jul. 31, 2013

</div>
          <div>Subsequent Event [Member]

</div>
          <div>Rapid City, South Dakota 1 [Member]</div>
        </th>
        <th class="th">
          <div>Jul. 31, 2013

</div>
          <div>Subsequent Event [Member]

</div>
          <div>Rapid City, South Dakota 1 [Member]

</div>
          <div>Sioux Falls, South Dakota, 1 [Member]

</div>
          <div>acre</div>
        </th>
        <th class="th">
          <div>Jul. 31, 2013

</div>
          <div>Subsequent Event [Member]

</div>
          <div>Rapid City, South Dakota 2 [Member]</div>
        </th>
        <th class="th">
          <div>Jul. 31, 2013

</div>
          <div>Subsequent Event [Member]

</div>
          <div>Rapid City, South Dakota 2 [Member]

</div>
          <div>Sioux Falls, South Dakota, 2 [Member]

</div>
          <div>acre</div>
        </th>
        <th class="th">
          <div>Jul. 31, 2013

</div>
          <div>Subsequent Event [Member]

</div>
          <div>Series A Preferred Stock [Member]</div>
        </th>
        <th class="th">
          <div>Jul. 31, 2013

</div>
          <div>Subsequent Event [Member]

</div>
          <div>Series A Preferred Stock [Member]

</div>
          <div>Dividend Declared [Member]</div>
        </th>
        <th class="th">
          <div>Jul. 31, 2013

</div>
          <div>Subsequent Event [Member]

</div>
          <div>Series B Preferred Stock [Member]</div>
        </th>
        <th class="th">
          <div>Jul. 31, 2013

</div>
          <div>Subsequent Event [Member]

</div>
          <div>Series B Preferred Stock [Member]

</div>
          <div>Dividend Declared [Member]</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsequentEventLineItems', window );"><strong>Subsequent Event [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockDividendsPerShareDeclared', window );">Distributions, common shares and units (in dollars per share)</a></td>
        <td class="nump">$ 0.1300<span></span></td>
        <td class="nump">$ 0.1300<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockDividendsPerShareDeclared', window );">Distributions, Redeemable Preferred Shares (in dollars per share)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 51.56<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 49.68<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsPayableDateDeclaredDayMonthAndYear', window );">Dividends date declared</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">Sep.
				04,
				 2013<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">Sep.
				04,
				 2013<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">Sep.
				04,
				 2013<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsPayableDateOfRecordDayMonthAndYear', window );">Dividends date of record</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">Sep. 16,
				 2013<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">Sep. 16,
				 2013<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">Sep. 16,
				 2013<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendPayableDateToBePaidDayMonthAndYear', window );">Dividends date to be paid</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">Oct.
				01,
				 2013<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">Sep. 30,
				 2013<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">Sep. 30,
				 2013<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AreaOfLand', window );">Area of land (in acres)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">9.2<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">5.0<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">5.2<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">5.6<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_AreaOfProperty', window );">Area of property (square feet)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">10,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_SalePriceOfProductiveAssetsPendingDisposition', window );">Sales price of property</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 325,000<span></span></td>
        <td class="nump">$ 1,800,000<span></span></td>
        <td class="nump">$ 2,200,000<span></span></td>
        <td class="nump">$ 1,300,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionCostOfAcquiredEntityCashPaid', window );">Cash paid for acquisition of property</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">700,000<span></span></td>
        <td class="nump">15,200,000<span></span></td>
        <td class="nump">656,000<span></span></td>
        <td class="nump">657,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">707,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_NumberOfProperties', window );">Number of units</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">130<span></span></td>
        <td class="nump">251<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">121<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentOwnershipPercentage', window );">Interest in joint venture (in hundredths)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">58.60%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_EquityMethodInvestmentRemainingOwnershipPercentage', window );">Interest in joint venture, remaining percentage (in hundredths)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">41.40%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_EstimatedCostOfConstruction', window );">Estimated cost of construction</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">29,000,000<span></span></td>
        <td class="nump">39,000,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionCostOfAcquiredEntityPurchasePrice', window );">Purchase price of acquired property</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">1,600,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongtermConstructionLoanCurrentAndNoncurrent', window );">Construction loan for joint venture project</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">21,700,000<span></span></td>
        <td class="nump">14,500,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_SharesAuthorizedForSaleUnderAgreementMaximumValue', window );">Maximum value of shares of beneficial interest under the agreement</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 75.0<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_SharesIssuedUnderAgreement', window );">Shares issued, under the agreement</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">0<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_iret_AreaOfProperty">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Area of property to be held, acquired or disposed of.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>iret_AreaOfProperty</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>iret_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:areaItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_iret_EquityMethodInvestmentRemainingOwnershipPercentage">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The percentage of ownership of common stock or equity participation in the investee which is owned by third parties.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>iret_EquityMethodInvestmentRemainingOwnershipPercentage</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>iret_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:percentItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_iret_EstimatedCostOfConstruction">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Estimated cost of construction.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>iret_EstimatedCostOfConstruction</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>iret_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_iret_NumberOfProperties">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The number of properties that can be residential building, apartment units etc.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>iret_NumberOfProperties</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>iret_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:integerItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_iret_SalePriceOfProductiveAssetsPendingDisposition">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The sales price of property, plant and equipment (capital expenditures), software, and other intangible assets which are pending disposition by the entity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>iret_SalePriceOfProductiveAssetsPendingDisposition</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>iret_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_iret_SharesAuthorizedForSaleUnderAgreementMaximumValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The maximum value of shares authorized for sale under the agreement.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>iret_SharesAuthorizedForSaleUnderAgreementMaximumValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>iret_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_iret_SharesIssuedUnderAgreement">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The current number of shares issued under the ATM agreement.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>iret_SharesIssuedUnderAgreement</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>iret_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AreaOfLand">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Area of land held.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AreaOfLand</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:areaItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_BusinessAcquisitionCostOfAcquiredEntityCashPaid">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of cash paid to acquire the entity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 141R<br><br> -Paragraph 68<br><br> -Subparagraph f(1)<br><br> -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.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 141<br><br> -Paragraph 51<br><br> -Subparagraph d<br><br> -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.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_BusinessAcquisitionCostOfAcquiredEntityCashPaid</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_BusinessAcquisitionCostOfAcquiredEntityPurchasePrice">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The total cost of the acquired entity including the cash paid to shareholders of acquired entities, fair value of debt and equity securities issued to shareholders of acquired entities, the fair value of the liabilities assumed, and direct costs of the acquisition.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 141<br><br> -Paragraph 51<br><br> -Subparagraph d<br><br> -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.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_BusinessAcquisitionCostOfAcquiredEntityPurchasePrice</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockDividendsPerShareDeclared">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate dividends declared during the period for each share of common stock outstanding.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockDividendsPerShareDeclared</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DividendPayableDateToBePaidDayMonthAndYear">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Date the declared dividend will be paid, in CCYY-MM-DD format.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4304-108586<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DividendPayableDateToBePaidDayMonthAndYear</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:dateItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DividendsPayableDateDeclaredDayMonthAndYear">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Date the dividend to be paid was declared, in CCYY-MM-DD format.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4304-108586<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 32<br><br> -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.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DividendsPayableDateDeclaredDayMonthAndYear</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:dateItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Date the holder must own the stock to be entitled to the dividend, in CCYY-MM-DD format.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DividendsPayableDateOfRecordDayMonthAndYear</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:dateItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EquityMethodInvestmentOwnershipPercentage">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The percentage of ownership of common stock or equity participation in the investee accounted for under the equity method of accounting.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 159<br><br> -Paragraph 18<br><br> -Subparagraph f<br><br> -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.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 323<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -Subparagraph (a)(1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6382943&amp;loc=d3e33918-111571<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 18<br><br> -Paragraph 20<br><br> -Subparagraph a (1)<br><br> -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.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_EquityMethodInvestmentOwnershipPercentage</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>num:percentItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongtermConstructionLoanCurrentAndNoncurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This element represents the current and noncurrent portions of a long-term real estate loan with an initial maturity beyond one year or beyond the normal operating cycle, if longer, to finance building costs. The funds are disbursed as needed or in accordance with a prearranged plan; generally, a portion of the funds is disbursed at inception and the remainder as construction progresses. The money is repaid on completion of the project (generally one to seven years), usually from the proceeds of a mortgage loan. The rate is normally higher than the prime rate, and there is usually an origination fee. The effective yield on these loans tends to be high, and the lender has a security interest in the real property.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 20<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 19<br><br> -Article 5<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 22<br><br> -Article 5<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-03.16)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-03.16)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.19,20,22)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LongtermConstructionLoanCurrentAndNoncurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate dividends declared during the period for each share of preferred stock outstanding.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PreferredStockDividendsPerShareDeclared</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td>na</td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
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Units represent shares of ownership of the general, limited, and preferred partners.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 505

 -SubTopic 10

 -Section S99

 -Paragraph 5

 -Subparagraph (SAB TOPIC 4.F)

 -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187171-122770



Reference 2: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Emerging Issues Task Force (EITF)

 -Number 87-21

 -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 3: http://www.xbrl.org/2003/role/presentationRef

 -Publisher AICPA

 -Name Practice Bulletin (PB)

 -Number 14

 -Paragraph 15

 -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 4: http://www.xbrl.org/2003/role/presentationRef

 -Publisher SEC

 -Name Regulation S-X (SX)

 -Number 210

 -Section 04

 -Paragraph 16

 -Subparagraph a, b

 -Article 6



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 -Publisher AICPA

 -Name Accounting Research Bulletin (ARB)

 -Number 51

 -Paragraph 26

 -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 810

 -SubTopic 10

 -Section 45

 -Paragraph 15

 -URI http://asc.fasb.org/extlink&amp;oid=7656940&amp;loc=SL4568447-111683



Reference 3: http://www.xbrl.org/2003/role/presentationRef

 -Publisher AICPA

 -Name Accounting Research Bulletin (ARB)

 -Number 51

 -Paragraph 25

 -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 4: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 810

 -SubTopic 10

 -Section 45

 -Paragraph 16

 -URI http://asc.fasb.org/extlink&amp;oid=7656940&amp;loc=SL4568740-111683



Reference 5: http://www.xbrl.org/2003/role/presentationRef

 -Publisher AICPA

 -Name Accounting Research Bulletin (ARB)

 -Number 51

 -Paragraph A3

 -Appendix A



Reference 6: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 810

 -SubTopic 10

 -Section 55

 -Paragraph 4I

 -URI http://asc.fasb.org/extlink&amp;oid=18733213&amp;loc=SL4590271-111686



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Reference 2: http://www.xbrl.org/2003/role/presentationRef

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Reference 4: http://www.xbrl.org/2003/role/presentationRef

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Reference 5: http://www.xbrl.org/2003/role/presentationRef

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 -Paragraph A3

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Reference 6: http://www.xbrl.org/2003/role/presentationRef

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 -Topic 810

 -SubTopic 10

 -Section 55

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 -Publisher FASB

 -Name Statement of Financial Accounting Standard (FAS)

 -Number 13

 -Paragraph 19

 -Subparagraph b

 -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 840

 -SubTopic 20

 -Section 25

 -Paragraph 1

 -URI http://asc.fasb.org/extlink&amp;oid=7501430&amp;loc=d3e39896-112707



</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>2</UnitID><Label>Real estate rentals</Label></Row><Row FlagID="0"><Id>3</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>3</Level><ElementName>us-gaap_TenantReimbursements</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>credit</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>label</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="c20130501to20130731" UnitID="U001"><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>12143000</NumericAmount><RoundedNumericAmount>12143</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="c20120501to20120731" UnitID="U001"><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>10517000</NumericAmount><RoundedNumericAmount>10517</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>In accordance with the provisions of their lease agreement, this element represents allowable charges due a landlord from its tenant. In retail store and office building leases, for example, tenant reimbursements may cover items such as taxes, utilities, and common area expenses.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 225

 -SubTopic 10

 -Section S99

 -Paragraph 2

 -Subparagraph (SX 210.5-03.1(e))

 -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688



</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>2</UnitID><Label>Tenant reimbursement</Label></Row><Row FlagID="0"><Id>4</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>3</Level><ElementName>us-gaap_RealEstateRevenueNet</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>credit</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>totalLabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="c20130501to20130731" UnitID="U001"><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>67182000</NumericAmount><RoundedNumericAmount>67182</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="c20120501to20120731" UnitID="U001"><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>60975000</NumericAmount><RoundedNumericAmount>60975</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>The aggregate revenue from real estate operations during the reporting period.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 225

 -SubTopic 10

 -Section S99

 -Paragraph 2

 -Subparagraph (SX 210.5-03.1(e))

 -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688



Reference 2: http://www.xbrl.org/2003/role/presentationRef

 -Publisher SEC

 -Name Regulation S-X (SX)

 -Number 210

 -Section 03

 -Paragraph 1

 -Article 5



</ElementReferences><IsTotalLabel>true</IsTotalLabel><UnitID>2</UnitID><Label>TOTAL REVENUE</Label></Row><Row FlagID="0"><Id>5</Id><IsAbstractGroupTitle>true</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>2</Level><ElementName>us-gaap_CostsAndExpensesAbstract</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>label</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:stringItemType</ElementDataType><SimpleDataType>string</SimpleDataType><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>EXPENSES</Label></Row><Row FlagID="0"><Id>6</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>3</Level><ElementName>us-gaap_DepreciationAndAmortization</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>terseLabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="c20130501to20130731" UnitID="U001"><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>18528000</NumericAmount><RoundedNumericAmount>18528</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="c20120501to20120731" UnitID="U001"><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>15063000</NumericAmount><RoundedNumericAmount>15063</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Statement of Financial Accounting Standard (FAS)

 -Number 95

 -Paragraph 28

 -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 360

 -SubTopic 10

 -Section 50

 -Paragraph 1

 -Subparagraph (a)

 -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229



Reference 3: http://www.xbrl.org/2003/role/presentationRef

 -Publisher AICPA

 -Name Accounting Principles Board Opinion (APB)

 -Number 12

 -Paragraph 5

 -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 4: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 230

 -SubTopic 10

 -Section 45

 -Paragraph 28

 -Subparagraph (b)

 -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585



</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>2</UnitID><Label>Depreciation/amortization related to real estate investments</Label></Row><Row FlagID="0"><Id>7</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>3</Level><ElementName>iret_Utilities</ElementName><ElementPrefix>iret_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>label</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="c20130501to20130731" UnitID="U001"><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>5051000</NumericAmount><RoundedNumericAmount>5051</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="c20120501to20120731" UnitID="U001"><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>4194000</NumericAmount><RoundedNumericAmount>4194</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>Costs incurred to provide to tenants basic services such as electricity, gas, water, telephone, cable, and internet service.</ElementDefenition><ElementReferences>No definition available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>2</UnitID><Label>Utilities</Label></Row><Row FlagID="0"><Id>8</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>3</Level><ElementName>us-gaap_CostOfPropertyRepairsAndMaintenance</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>label</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="c20130501to20130731" UnitID="U001"><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>7912000</NumericAmount><RoundedNumericAmount>7912</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="c20120501to20120731" UnitID="U001"><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>7312000</NumericAmount><RoundedNumericAmount>7312</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>The aggregate costs of keeping the property in good condition but that do not appreciably prolong the life or increase the value of the property.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 225

 -SubTopic 10

 -Section S99

 -Paragraph 2

 -Subparagraph (SX 210.5-03.2)

 -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688



</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>2</UnitID><Label>Maintenance</Label></Row><Row FlagID="0"><Id>9</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>3</Level><ElementName>us-gaap_RealEstateTaxExpense</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>label</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="c20130501to20130731" UnitID="U001"><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>8862000</NumericAmount><RoundedNumericAmount>8862</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="c20120501to20120731" UnitID="U001"><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>8242000</NumericAmount><RoundedNumericAmount>8242</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>A tax based on the assessed value of real estate by the local government. The tax is usually based on the value of property (including the land).</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 720

 -SubTopic 30

 -Section 45

 -Paragraph 3

 -URI http://asc.fasb.org/extlink&amp;oid=6419918&amp;loc=d3e35301-107843



Reference 2: http://www.xbrl.org/2003/role/presentationRef

 -Publisher AICPA

 -Name Accounting Research Bulletin (ARB)

 -Number 43

 -Section A

 -Paragraph 2, 17

 -Chapter 10

 -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.



</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>2</UnitID><Label>Real estate taxes</Label></Row><Row FlagID="0"><Id>10</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>3</Level><ElementName>us-gaap_RealEstateInsurance</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>label</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="c20130501to20130731" UnitID="U001"><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>1347000</NumericAmount><RoundedNumericAmount>1347</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="c20120501to20120731" UnitID="U001"><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>901000</NumericAmount><RoundedNumericAmount>901</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>A contract to provide coverage or protection in exchange for a payment or "premium". Examples of insurance protection include liability and property insurance. The entity paying the premiums for the protection will have insurance expense and possibly an asset, Prepaid Insurance (if the premiums are paid in advance).</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 225

 -SubTopic 10

 -Section S99

 -Paragraph 2

 -Subparagraph (SX 210.5-03.6)

 -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688



</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>2</UnitID><Label>Insurance</Label></Row><Row FlagID="0"><Id>11</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>3</Level><ElementName>us-gaap_OwnedPropertyManagementCosts</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>label</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="c20130501to20130731" UnitID="U001"><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>4242000</NumericAmount><RoundedNumericAmount>4242</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="c20120501to20120731" UnitID="U001"><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>3701000</NumericAmount><RoundedNumericAmount>3701</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>The aggregate costs related to management of owned properties during the reporting period.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 225

 -SubTopic 10

 -Section S99

 -Paragraph 2

 -Subparagraph (SX 210.5-03.2(d))

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Reference 2: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

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 -Topic 505

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 -Section S99

 -Paragraph 1

 -Subparagraph (SX 210.3-04)

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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EKIAG">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)<br></strong></div>
        </th>
        <th class="th">
          <div>Jul. 31, 2013</div>
        </th>
        <th class="th">
          <div>Apr. 30, 2013</div>
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      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsNoncurrentAbstract', window );"><strong>Other assets</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LoansAndLeasesReceivableOtherAllowance', window );">Receivable arising from straight-lining of rents, allowance</a></td>
        <td class="nump">$ 752,000<span></span></td>
        <td class="nump">$ 830,000<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AllowanceForDoubtfulAccountsReceivable', window );">Accounts receivable, allowance</a></td>
        <td class="nump">388,000<span></span></td>
        <td class="nump">563,000<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization', window );">Intangible assets, accumulated amortization</a></td>
        <td class="nump">24,019,000<span></span></td>
        <td class="nump">27,708,000<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment', window );">Property and equipment, accumulated depreciation</a></td>
        <td class="nump">1,757,000<span></span></td>
        <td class="nump">1,673,000<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredCostsLeasingAccumulatedAmortization', window );">Deferred charges and leasing costs, accumulated amortization</a></td>
        <td class="nump">19,810,000<span></span></td>
        <td class="nump">18,714,000<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementLineItems', window );"><strong>Statement [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockParOrStatedValuePerShare', window );">Common Shares of Beneficial Interest, no par value (in dollars per share)</a></td>
        <td class="nump">$ 0<span></span></td>
        <td class="nump">$ 0<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesIssued', window );">Common Shares of Beneficial Interest, shares issued (in shares)</a></td>
        <td class="nump">104,226,469<span></span></td>
        <td class="nump">101,487,976<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Common Shares of Beneficial Interest, shares outstanding (in shares)</a></td>
        <td class="nump">104,226,469<span></span></td>
        <td class="nump">101,487,976<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_NoncontrollingInterestsOperatingPartnershipUnits', window );">Noncontrolling interests - Operating Partnership (in shares)</a></td>
        <td class="nump">21,848,891<span></span></td>
        <td class="nump">21,635,127<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Preferred Class A [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementLineItems', window );"><strong>Statement [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockParOrStatedValuePerShare', window );">Preferred Shares of Beneficial Interest, no par value (in dollars per share)</a></td>
        <td class="nump">$ 0<span></span></td>
        <td class="nump">$ 0<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesIssued', window );">Preferred Shares of Beneficial Interest, shares issued (in shares)</a></td>
        <td class="nump">1,150,000<span></span></td>
        <td class="nump">1,150,000<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesOutstanding', window );">Preferred Shares of Beneficial Interest, shares outstanding (in shares)</a></td>
        <td class="nump">1,150,000<span></span></td>
        <td class="nump">1,150,000<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AuctionMarketPreferredSecuritiesStockSeriesAggregateRedemptionAmount', window );">Preferred Shares of Beneficial Interest, aggregate liquidation preference</a></td>
        <td class="nump">28,750,000<span></span></td>
        <td class="nump">28,750,000<span></span></td>
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      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Preferred Class B [Member]</div>
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementLineItems', window );"><strong>Statement [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockParOrStatedValuePerShare', window );">Preferred Shares of Beneficial Interest, no par value (in dollars per share)</a></td>
        <td class="nump">$ 0<span></span></td>
        <td class="nump">$ 0<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesIssued', window );">Preferred Shares of Beneficial Interest, shares issued (in shares)</a></td>
        <td class="nump">4,600,000<span></span></td>
        <td class="nump">4,600,000<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesOutstanding', window );">Preferred Shares of Beneficial Interest, shares outstanding (in shares)</a></td>
        <td class="nump">4,600,000<span></span></td>
        <td class="nump">4,600,000<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AuctionMarketPreferredSecuritiesStockSeriesAggregateRedemptionAmount', window );">Preferred Shares of Beneficial Interest, aggregate liquidation preference</a></td>
        <td class="nump">$ 115,000,000<span></span></td>
        <td class="nump">$ 115,000,000<span></span></td>
      </tr>
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    <div style="display: none;">
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of partnership units held by noncontrolling interests as of the balance sheet date.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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                    <td><strong> Name:</strong></td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cumulative amount of depreciation, depletion and amortization (related to property, plant and equipment, but not including land) that has been recognized in the income statement.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 5<br><br> -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.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.14)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 360<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 14<br><br> -Article 5<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 5<br><br> -Subparagraph c<br><br> -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.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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                    <td><strong> Data Type:</strong></td>
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                    <td><strong> Balance Type:</strong></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>For an unclassified balance sheet, a valuation allowance for receivables due a company that are expected to be uncollectible.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 310<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7512638&amp;loc=d3e5074-111524<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 4<br><br> -Article 5<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-03.10)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate amount at which preferred stock may be called or is subject to redemption through sinking-fund operations or otherwise.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 5<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21488-112644<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 129<br><br> -Paragraph 7<br><br> -Subparagraph a<br><br> -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.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AuctionMarketPreferredSecuritiesStockSeriesAggregateRedemptionAmount</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockParOrStatedValuePerShare">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Face amount or stated value of common stock per share; generally not indicative of the fair market value per share.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 129<br><br> -Paragraph 4<br><br> -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.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 30<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockParOrStatedValuePerShare</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesIssued">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 30<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockSharesIssued</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesOutstanding">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -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.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 30<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockSharesOutstanding</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredCostsLeasingAccumulatedAmortization">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>For an unclassified balance sheet, the accumulated amortization, as of the reporting date, which represents the periodic charge to earnings of initial direct costs which have been deferred and are being allocated over the lease term in proportion to the recognition of rental income.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 13<br><br> -Paragraph 19<br><br> -Subparagraph c<br><br> -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.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 840<br><br> -SubTopic 20<br><br> -Section 35<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6453741&amp;loc=d3e40879-112712<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 840<br><br> -SubTopic 20<br><br> -Section 25<br><br> -Paragraph 16<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6748888&amp;loc=d3e40588-112709<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DeferredCostsLeasingAccumulatedAmortization</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Accumulated amount of amortization of assets, excluding financial assets and goodwill, lacking physical substance with a finite life.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 350<br><br> -SubTopic 30<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (a)(1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7658586&amp;loc=d3e16323-109275<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 142<br><br> -Paragraph 45<br><br> -Subparagraph a(1)<br><br> -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.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LoansAndLeasesReceivableOtherAllowance">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The allowance for other loan and lease losses represents the reserve to cover probable credit losses related to specifically identified other loans and leases, as well as probable credit losses inherent in the remainder of the other loan portfolio as of the balance sheet date. For banks, include currently required allocated transfer risk reserves. Include carryover of or adjustments to the allowance for other loan losses in connection with business combinations determined to be appropriate.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 310<br><br> -SubTopic 40<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6951948&amp;loc=d3e18805-111554<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 310<br><br> -SubTopic 40<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6951948&amp;loc=d3e18832-111554<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 310<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 15<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7512638&amp;loc=d3e5212-111524<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 5<br><br> -Paragraph 9<br><br> -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.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-03.7(d))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 7<br><br> -Subparagraph d<br><br> -Article 9<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 114<br><br> -Paragraph 20<br><br> -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.<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 5<br><br> -Paragraph 8<br><br> -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.<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher OTS<br><br> -Name Federal Regulation (FR)<br><br> -Number Title 12<br><br> -Section 563c.102<br><br> -Paragraph 8<br><br> -Subparagraph a(ii)<br><br> -Chapter V<br><br> -Subsection I<br><br> -LegacyDoc This is a non-GAAP reference that was included in the 2009 taxonomy.  It will be removed from future versions of this taxonomy.<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Staff Accounting Bulletin (SAB)<br><br> -Number Topic 6<br><br> -Section L<br><br> -Subsection 1<br><br><br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 310<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6228006&amp;loc=d3e74567-122707<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LoansAndLeasesReceivableOtherAllowance</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockParOrStatedValuePerShare">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Face amount or stated value per share of nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer); generally not indicative of the fair market value per share.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -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.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29<br><br> -Article 5<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.28)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 129<br><br> -Paragraph 2, 3, 4, 5, 6, 7, 8<br><br> -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.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PreferredStockParOrStatedValuePerShare</nobr></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) issued to shareholders (includes related preferred shares that were issued, repurchased, and remain in the treasury). May be all or portion of the number of preferred shares authorized. Excludes preferred shares that are classified as debt.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.28)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PreferredStockSharesIssued</nobr></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate share number for all nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by stockholders. Does not include preferred shares that have been repurchased.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.28)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
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                    <td>na</td>
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EME">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>DISCONTINUED OPERATIONS<br></strong></div>
        </th>
        <th class="th" colspan="1">3 Months Ended</th>
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      <tr>
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          <div>Jul. 31, 2013</div>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock', window );">DISCONTINUED OPERATIONS</a></td>
        <td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: left; font-family: 'Times New Roman', serif; margin-bottom: 12pt; font-size: 10pt; font-weight: bold;">NOTE 7 &#8226; DISCONTINUED OPERATIONS</div><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;">The Company reports in discontinued operations the results of operations of a property that has either been disposed of or is classified as held for sale. The Company also reports any gains or losses from the sale of a property in discontinued operations. During the first quarter of fiscal year 2014, the Company sold four commercial industrial properties and one commercial retail property and classified two commercial industrial properties as held for sale. During the first quarter of fiscal year 2013, IRET sold two condominium units and a commercial retail property. See Note 8 for additional information on the properties sold during the three months ended July 31, 2013 and 2012. The following information shows the effect on net income and the gains or losses from the sale of properties classified as discontinued operations for the three months ended July 31, 2013 and 2012:</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><tr><td style="width: 74.14%; vertical-align: top;"><div>&#160;</div></td><td colspan="4" style="border-bottom: #000000 2px solid; width: 25.86%; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">Three Months Ended</div><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">July 31</div></td></tr><tr><td style="width: 74.14%; vertical-align: bottom;"><div>&#160;</div></td><td colspan="4" style="border-bottom: #000000 2px solid; width: 25.86%; vertical-align: bottom;"><div style="text-align: center; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">(in thousands)</div></td></tr><tr><td style="border-bottom: #000000 2px solid; width: 74.14%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 4.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">2013</div></td><td style="border-bottom: #000000 2px solid; width: 4.3%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold; margin-right: 9.05pt;">2012</div></td></tr><tr style="background-color: #cceeff;"><td style="width: 74.14%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">REVENUE</div></td><td style="width: 4.32%; vertical-align: top;"><div>&#160;</div></td><td style="width: 8.62%; vertical-align: top;"><div>&#160;</div></td><td style="width: 4.3%; vertical-align: top;"><div>&#160;</div></td><td style="width: 8.62%; vertical-align: top;"><div>&#160;</div></td></tr><tr style="background-color: #ffffff;"><td style="width: 74.14%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;">Real estate rentals</div></td><td style="width: 4.32%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td style="width: 8.62%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">216</div></td><td style="width: 4.3%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td style="width: 8.62%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">1,306</div></td></tr><tr style="background-color: #cceeff;"><td style="border-bottom: #000000 2px solid; width: 74.14%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;">Tenant reimbursement</div></td><td style="border-bottom: #000000 2px solid; width: 4.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">51</div></td><td style="border-bottom: #000000 2px solid; width: 4.3%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">139</div></td></tr><tr style="background-color: #ffffff;"><td style="border-bottom: #000000 2px solid; width: 74.14%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">TOTAL REVENUE</div></td><td style="border-bottom: #000000 2px solid; width: 4.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">267</div></td><td style="border-bottom: #000000 2px solid; width: 4.3%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">1,445</div></td></tr><tr style="background-color: #cceeff;"><td style="width: 74.14%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">EXPENSES</div></td><td style="width: 4.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.62%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 4.3%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.62%; vertical-align: bottom;"><div>&#160;</div></td></tr><tr style="background-color: #ffffff;"><td style="width: 74.14%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;">Depreciation/amortization related to real estate investments</div></td><td style="width: 4.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.62%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">65</div></td><td style="width: 4.3%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.62%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">390</div></td></tr><tr style="background-color: #cceeff;"><td style="width: 74.14%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;">Utilities</div></td><td style="width: 4.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.62%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">0</div></td><td style="width: 4.3%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.62%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">37</div></td></tr><tr style="background-color: #ffffff;"><td style="width: 74.14%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;">Maintenance</div></td><td style="width: 4.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.62%; vertical-align: bottom;"><div style="text-align: right; 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margin-right: 3.6pt;">148</div></td></tr><tr style="background-color: #ffffff;"><td style="width: 74.14%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;">Insurance</div></td><td style="width: 4.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.62%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">3</div></td><td style="width: 4.3%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.62%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">21</div></td></tr><tr style="background-color: #cceeff;"><td style="width: 74.14%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;">Property management expenses</div></td><td style="width: 4.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.62%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">11</div></td><td style="width: 4.3%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.62%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">65</div></td></tr><tr style="background-color: #ffffff;"><td style="width: 74.14%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;">Other property expenses</div></td><td style="width: 4.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.62%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">0</div></td><td style="width: 4.3%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.62%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">6</div></td></tr><tr style="background-color: #cceeff;"><td style="width: 74.14%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;">Amortization related to non-real estate investments</div></td><td style="width: 4.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.62%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">3</div></td><td style="width: 4.3%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.62%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">11</div></td></tr><tr style="background-color: #ffffff;"><td style="border-bottom: #000000 2px solid; width: 74.14%; vertical-align: bottom;"><div style="text-align: left; 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width: 8.62%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">(448)</div></td></tr><tr style="background-color: #ffffff;"><td style="width: 74.14%; vertical-align: bottom;"><div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;">(Loss) income from discontinued operations before gain (loss) on sale</div></td><td style="width: 4.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.62%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">(287)</div></td><td style="width: 4.3%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.62%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">206</div></td></tr><tr style="background-color: #cceeff;"><td style="border-bottom: #000000 2px solid; 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                <p>The entire disclosure for the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations).</p>
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width: 75.84%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 12.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;July 31, 2013&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 11.64%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;April 30, 2013&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 75.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Identified intangible assets (included in intangible assets):&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.86%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.98%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 75.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Gross carrying amount&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;61,008&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.98%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;68,165&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 75.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Accumulated amortization&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 10.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 0.15pt;"&gt;(24,019)&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 9.98%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;(27,708)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 4px double; width: 75.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Net carrying amount&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 10.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;36,989&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 9.98%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;40,457&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 75.84%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.86%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.98%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 75.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Identified intangible liabilities (included in other liabilities):&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.86%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.98%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 75.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Gross carrying amount&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;327&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.98%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;391&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 75.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Accumulated amortization&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 10.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 0.15pt;"&gt;(249)&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 9.98%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;(296)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 4px double; width: 75.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Net carrying amount&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 10.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;78&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 9.98%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;95&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>nonnum:textBlockItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>Tabular disclosure of identified intangible assets and intangible liabilities as of the reporting date including gross carrying amounts, accumulated amortization and net carrying amounts.</ElementDefenition><ElementReferences>No definition available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Identified intangible assets and intangible liabilities</Label></Row><Row FlagID="0"><Id>3</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>2</Level><ElementName>iret_EstimatedAnnualAmortizationOfAcquiredBelowMarketLeasesNetOfAcquiredAboveMarketLeasesTableTextBlock</ElementName><ElementPrefix>iret_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>terseLabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="c20130501to20130731" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="text-align: justify; margin-top: 6pt; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;The effect of amortization of acquired below-market leases and acquired above-market leases on rental income was approximately $(10,000) and $(10,000) for the three months ended July 31, 2013 and 2012, respectively. The estimated annual amortization of acquired below-market leases, net of acquired above-market leases, for each of the five succeeding fiscal years is as follows:&lt;/div&gt;&lt;table align="center" border="0" cellpadding="0" cellspacing="0" style="width: 50%; font-family: 'Times New Roman', Times, Serif; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; width: 61.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold; margin-right: 5.05pt;"&gt;Year Ended April 30,&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 38.47%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 61.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 5.05pt;"&gt;2015&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15.13%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 23.35%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;21&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 61.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 5.05pt;"&gt;2016&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15.13%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 23.35%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;17&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 61.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 5.05pt;"&gt;2017&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15.13%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 23.35%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;9&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 61.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 5.05pt;"&gt;2018&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15.13%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 23.35%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;(5)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 61.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 5.05pt;"&gt;2019&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15.13%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 23.35%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;(5)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>nonnum:textBlockItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>Tabular disclosure of the estimated annual amortization of acquired below-market leases, net of acquired above-market leases for each of the five succeeding fiscal years.</ElementDefenition><ElementReferences>No definition available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Estimated annual amortization of acquired below-market leases, net of acquired above-market leases</Label></Row><Row FlagID="0"><Id>4</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>2</Level><ElementName>us-gaap_ScheduleOfExpectedAmortizationExpenseTableTextBlock</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>label</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="c20130501to20130731" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="text-align: left; margin-top: 12pt; font-family: 'Times New Roman', serif; margin-bottom: 12pt; font-size: 10pt;"&gt;Amortization of all other identified intangible assets (a component of depreciation and amortization expense) was $3.6 million and $1.5 million for the three months ended July 31, 2013 and 2012, respectively. The estimated annual amortization of all other identified intangible assets for each of the five succeeding fiscal years is as follows:&lt;/div&gt;&lt;table align="center" border="0" cellpadding="0" cellspacing="0" style="width: 50%; font-family: 'Times New Roman', Times, Serif; font-size: 10pt;"&gt;&lt;tr style="height: 17px;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 61.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold; margin-right: 5.05pt;"&gt;Year Ended April 30,&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 38.47%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 61.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 5.05pt;"&gt;2015&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15.13%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 23.35%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;4,830&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 61.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 5.05pt;"&gt;2016&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15.13%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 23.35%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;4,612&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 61.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 5.05pt;"&gt;2017&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15.13%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 23.35%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;4,143&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 61.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 5.05pt;"&gt;2018&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15.13%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 23.35%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;3,701&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 61.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 5.05pt;"&gt;2019&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 15.13%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 23.35%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;3,549&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>nonnum:textBlockItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>Tabular disclosure of the estimated aggregate amortization expense for intangible assets subject to amortization for each of the five succeeding fiscal years.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 350

 -SubTopic 30

 -Section 50

 -Paragraph 2

 -Subparagraph (a)

 -URI http://asc.fasb.org/extlink&amp;oid=7658586&amp;loc=d3e16323-109275



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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EDKAK">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF EQUITY (USD $)<br></strong></div>
        </th>
        <th class="th">
          <div>PREFERRED SHARES [Member]</div>
        </th>
        <th class="th">
          <div>COMMON SHARES [Member]</div>
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        <th class="th">
          <div>ACCUMULATED DISTRIBUTIONS IN EXCESS OF NET INCOME [Member]</div>
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        <th class="th">
          <div>NONCONTROLLING INTERESTS [Member]</div>
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        <th class="th">
          <div>Total</div>
        </th>
        <th class="th">
          <div>Preferred Class A [Member]

</div>
          <div>ACCUMULATED DISTRIBUTIONS IN EXCESS OF NET INCOME [Member]</div>
        </th>
        <th class="th">
          <div>Preferred Class A [Member]</div>
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        <th class="th">
          <div>Preferred Class B [Member]

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          <div>ACCUMULATED DISTRIBUTIONS IN EXCESS OF NET INCOME [Member]</div>
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          <div>Preferred Class B [Member]</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest', window );">Balance at Apr. 30, 2012</a></td>
        <td class="nump">$ 27,317,000<span></span></td>
        <td class="nump">$ 684,049,000<span></span></td>
        <td class="num">$ (278,377,000)<span></span></td>
        <td class="nump">$ 132,274,000<span></span></td>
        <td class="nump">$ 565,263,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="nump">1,150,000<span></span></td>
        <td class="nump">89,474,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_NetIncomeAttributableToInvestorsRealEstateTrustAndNonredeemableNoncontrollingInterests', window );">Net income attributable to Investors Real Estate Trust and nonredeemable interests</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">1,679,000<span></span></td>
        <td class="nump">317,000<span></span></td>
        <td class="nump">1,996,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsCommonStock', window );">Distributions - common shares and units</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(11,734,000)<span></span></td>
        <td class="num">(2,679,000)<span></span></td>
        <td class="num">(14,413,000)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsPreferredStock', window );">Distributions - preferred shares</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(593,000)<span></span></td>
        <td class="num">(593,000)<span></span></td>
        <td class="num">(593,000)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueDividendReinvestmentPlan', window );">Distribution reinvestment and share purchase plan</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">14,485,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">14,485,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesDividendReinvestmentPlan', window );">Distribution reinvestment and share purchase plan (in shares)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">1,892,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueNewIssues', window );">Shares issued</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">2,566,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">2,566,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues', window );">Shares issued, shares (in shares)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">358,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_PartnershipUnitsIssued', window );">Partnership units issued</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">6,428,000<span></span></td>
        <td class="nump">6,428,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PartnersCapitalAccountRedemptions', window );">Redemption of units for common shares</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">337,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(337,000)<span></span></td>
        <td class="nump">0<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PartnersCapitalAccountUnitsRedeemed', window );">Redemption of units for common shares, shares (in shares)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">89,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityOther', window );">Other</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(6,000)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(6,000)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_OtherShares', window );">Other, shares (in shares)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(1,000)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest', window );">Balance at Jul. 31, 2012</a></td>
        <td class="nump">27,317,000<span></span></td>
        <td class="nump">701,431,000<span></span></td>
        <td class="num">(289,025,000)<span></span></td>
        <td class="nump">136,003,000<span></span></td>
        <td class="nump">575,726,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharesIssued', window );">Balance, shares (in shares) at Jul. 31, 2012</a></td>
        <td class="nump">1,150,000<span></span></td>
        <td class="nump">91,812,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest', window );">Balance at Apr. 30, 2013</a></td>
        <td class="nump">138,674,000<span></span></td>
        <td class="nump">784,454,000<span></span></td>
        <td class="num">(310,341,000)<span></span></td>
        <td class="nump">148,594,000<span></span></td>
        <td class="nump">761,381,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharesIssued', window );">Balance, shares (in shares) at Apr. 30, 2013</a></td>
        <td class="nump">5,750,000<span></span></td>
        <td class="nump">101,488,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_NetIncomeAttributableToInvestorsRealEstateTrustAndNonredeemableNoncontrollingInterests', window );">Net income attributable to Investors Real Estate Trust and nonredeemable interests</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">3,078,000<span></span></td>
        <td class="nump">138,000<span></span></td>
        <td class="nump">3,216,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsCommonStock', window );">Distributions - common shares and units</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(13,264,000)<span></span></td>
        <td class="num">(2,829,000)<span></span></td>
        <td class="num">(16,093,000)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsPreferredStock', window );">Distributions - preferred shares</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(2,879,000)<span></span></td>
        <td class="num">(593,000)<span></span></td>
        <td class="num">(593,000)<span></span></td>
        <td class="num">(2,286,000)<span></span></td>
        <td class="num">(2,286,000)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueDividendReinvestmentPlan', window );">Distribution reinvestment and share purchase plan</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">22,673,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">22,673,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesDividendReinvestmentPlan', window );">Distribution reinvestment and share purchase plan (in shares)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">2,600,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueNewIssues', window );">Shares issued</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">112,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">112,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues', window );">Shares issued, shares (in shares)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">13,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_PartnershipUnitsIssued', window );">Partnership units issued</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">3,280,000<span></span></td>
        <td class="nump">3,280,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PartnersCapitalAccountRedemptions', window );">Redemption of units for common shares</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">706,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(706,000)<span></span></td>
        <td class="nump">0<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PartnersCapitalAccountUnitsRedeemed', window );">Redemption of units for common shares, shares (in shares)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">125,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityOther', window );">Other</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(17,000)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(367,000)<span></span></td>
        <td class="num">(384,000)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest', window );">Balance at Jul. 31, 2013</a></td>
        <td class="nump">$ 138,674,000<span></span></td>
        <td class="nump">$ 807,928,000<span></span></td>
        <td class="num">$ (323,406,000)<span></span></td>
        <td class="nump">$ 148,110,000<span></span></td>
        <td class="nump">$ 771,306,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharesIssued', window );">Balance, shares (in shares) at Jul. 31, 2013</a></td>
        <td class="nump">5,750,000<span></span></td>
        <td class="nump">104,226,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_iret_NetIncomeAttributableToInvestorsRealEstateTrustAndNonredeemableNoncontrollingInterests">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Net income attributable to Investors Real Estate Trust and nonredeemable noncontrolling interests.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>iret_NetIncomeAttributableToInvestorsRealEstateTrustAndNonredeemableNoncontrollingInterests</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>iret_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_iret_OtherShares">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This element represents movements included in the statement of changes in stockholders' equity which are not separately disclosed or provided for elsewhere in the taxonomy, in number of shares.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>iret_OtherShares</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>iret_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_iret_PartnershipUnitsIssued">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The value of partnership units issued during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>iret_PartnershipUnitsIssued</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>iret_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DividendsCommonStock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Equity impact of aggregate cash, stock, and paid-in-kind dividends declared for common shareholders during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 405<br><br> -Section 45<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6957935&amp;loc=d3e64057-112817<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DividendsCommonStock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DividendsPreferredStock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Equity impact of aggregate cash, stock, and paid-in-kind dividends declared for preferred shareholders during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 405<br><br> -Section 45<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6957935&amp;loc=d3e64057-112817<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Statement of Position (SOP)<br><br> -Number 01-6<br><br> -Paragraph 14<br><br> -Subparagraph l<br><br> -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.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DividendsPreferredStock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PartnersCapitalAccountRedemptions">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total change in each class of partners' capital accounts during the year due to redemptions and adjustments to redemption value. All partners include general, limited and preferred partners.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187171-122770<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 87-21<br><br> -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.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Practice Bulletin (PB)<br><br> -Number 14<br><br> -Paragraph 15<br><br> -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.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PartnersCapitalAccountRedemptions</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PartnersCapitalAccountUnitsRedeemed">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The number of units redeemed during the year of each class of partners' capital account. Units represent shares of ownership of the general, limited, and preferred partners.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 5<br><br> -Subparagraph (SAB TOPIC 4.F)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187171-122770<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 87-21<br><br> -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.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Practice Bulletin (PB)<br><br> -Number 14<br><br> -Paragraph 15<br><br> -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.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 16<br><br> -Subparagraph a, b<br><br> -Article 6<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PartnersCapitalAccountUnitsRedeemed</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SharesIssued">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of shares of stock issued as of the balance sheet date, including shares that had been issued and were previously outstanding but which are now held in the treasury.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_SharesIssued</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 26<br><br> -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.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 15<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7656940&amp;loc=SL4568447-111683<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 25<br><br> -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.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 16<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7656940&amp;loc=SL4568740-111683<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph A3<br><br> -Appendix A<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 4I<br><br> -URI http://asc.fasb.org/extlink&amp;oid=18733213&amp;loc=SL4590271-111686<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquityOther">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This element represents movements included in the statement of changes in stockholders' equity which are not separately disclosed or provided for elsewhere in the taxonomy.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockholdersEquityOther</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodSharesDividendReinvestmentPlan">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of shares issued during the period from a dividend reinvestment plan (DRIP). A dividend reinvestment plan allows the shareholders to reinvest dividends paid to them by the entity on new issues of stock by the entity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockIssuedDuringPeriodSharesDividendReinvestmentPlan</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of new stock issued during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -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.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29, 30<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockIssuedDuringPeriodSharesNewIssues</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodValueDividendReinvestmentPlan">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Value of stock issued during the period from a dividend reinvestment plan (DRIP). A dividend reinvestment plan allows the holder of the stock to reinvest dividends paid to them by the entity on new issues of stock by the entity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockIssuedDuringPeriodValueDividendReinvestmentPlan</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
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          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodValueNewIssues">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -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.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29, 30, 31<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockIssuedDuringPeriodValueNewIssues</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EOWAG">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>CONSOLIDATED BALANCE SHEETS (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th">
          <div>Jul. 31, 2013</div>
        </th>
        <th class="th">
          <div>Apr. 30, 2013</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentsAbstract', window );"><strong>Real estate investments</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateInvestmentPropertyAtCost', window );">Property owned</a></td>
        <td class="nump">$ 2,016,523<span></span></td>
        <td class="nump">$ 2,032,970<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation', window );">Less accumulated depreciation</a></td>
        <td class="num">(429,376)<span></span></td>
        <td class="num">(420,421)<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateInvestmentPropertyNet', window );">Total property owned</a></td>
        <td class="nump">1,587,147<span></span></td>
        <td class="nump">1,612,549<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DevelopmentInProcess', window );">Development in progress</a></td>
        <td class="nump">77,396<span></span></td>
        <td class="nump">46,782<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LandAvailableForDevelopment', window );">Unimproved land</a></td>
        <td class="nump">20,774<span></span></td>
        <td class="nump">21,503<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Investments', window );">Total real estate investments</a></td>
        <td class="nump">1,685,317<span></span></td>
        <td class="nump">1,680,834<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsNoncurrentAbstract', window );"><strong>Other assets</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateHeldforsale', window );">Real estate held for sale</a></td>
        <td class="nump">3,969<span></span></td>
        <td class="nump">0<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents</a></td>
        <td class="nump">93,193<span></span></td>
        <td class="nump">94,133<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherLongTermInvestments', window );">Other investments</a></td>
        <td class="nump">640<span></span></td>
        <td class="nump">639<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredRentReceivablesNet', window );">Receivable arising from straight-lining of rents, net of allowance of $752 and $830, respectively</a></td>
        <td class="nump">26,671<span></span></td>
        <td class="nump">26,354<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsReceivableNet', window );">Accounts receivable, net of allowance of $388 and $563, respectively</a></td>
        <td class="nump">8,370<span></span></td>
        <td class="nump">4,534<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarnestMoneyDeposits', window );">Real estate deposits</a></td>
        <td class="nump">489<span></span></td>
        <td class="nump">196<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PrepaidExpenseAndOtherAssets', window );">Prepaid and other assets</a></td>
        <td class="nump">4,741<span></span></td>
        <td class="nump">5,124<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IntangibleAssetsNetExcludingGoodwill', window );">Intangible assets, net of accumulated amortization of $24,019 and $27,708, respectively</a></td>
        <td class="nump">36,989<span></span></td>
        <td class="nump">40,457<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAssets', window );">Tax, insurance, and other escrow</a></td>
        <td class="nump">12,344<span></span></td>
        <td class="nump">12,569<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNet', window );">Property and equipment, net of accumulated depreciation of $1,757 and $1,673, respectively</a></td>
        <td class="nump">1,217<span></span></td>
        <td class="nump">1,221<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Goodwill', window );">Goodwill</a></td>
        <td class="nump">1,100<span></span></td>
        <td class="nump">1,106<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredCostsLeasingNet', window );">Deferred charges and leasing costs, net of accumulated amortization of $19,810 and $18,714, respectively</a></td>
        <td class="nump">21,602<span></span></td>
        <td class="nump">22,387<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Assets', window );">TOTAL ASSETS</a></td>
        <td class="nump">1,896,642<span></span></td>
        <td class="nump">1,889,554<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesAbstract', window );"><strong>LIABILITIES</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent', window );">Accounts payable and accrued expenses</a></td>
        <td class="nump">52,563<span></span></td>
        <td class="nump">50,797<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LinesOfCreditCurrent', window );">Revolving line of credit</a></td>
        <td class="nump">10,000<span></span></td>
        <td class="nump">10,000<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Mortgages payable</a></td>
        <td class="nump">1,030,407<span></span></td>
        <td class="nump">1,049,206<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherLiabilities', window );">Other</a></td>
        <td class="nump">32,366<span></span></td>
        <td class="nump">18,170<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Liabilities', window );">TOTAL LIABILITIES</a></td>
        <td class="nump">1,125,336<span></span></td>
        <td class="nump">1,128,173<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementLineItems', window );"><strong>Statement [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_PreferredStockSeriesValueIssued', window );">Series A Preferred Shares of Beneficial Interest (Cumulative redeemable preferred shares, no par value, 1,150,000 shares issued and outstanding at July 31, 2013 and April 30, 2013, aggregate liquidation preference of $28,750,000)</a></td>
        <td class="nump">27,317<span></span></td>
        <td class="nump">27,317<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_PreferredStockSeriesBValueIssued', window );">Series B Preferred Shares of Beneficial Interest (Cumulative redeemable preferred shares, no par value, 4,600,000 shares issued and outstanding at July 31, 2013 and April 30, 2013, respectively, aggregate liquidation preference of $115,000,000)</a></td>
        <td class="nump">111,357<span></span></td>
        <td class="nump">111,357<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockValue', window );">Common Shares of Beneficial Interest (Unlimited authorization, no par value, 104,226,469 shares issued and outstanding at July 31, 2013, and 101,487,976 shares issued and outstanding at April 30, 2013)</a></td>
        <td class="nump">807,928<span></span></td>
        <td class="nump">784,454<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RetainedEarningsAccumulatedDeficit', window );">Accumulated distributions in excess of net income</a></td>
        <td class="num">(323,406)<span></span></td>
        <td class="num">(310,341)<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Total Investors Real Estate Trust shareholders' equity</a></td>
        <td class="nump">623,196<span></span></td>
        <td class="nump">612,787<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MinorityInterestInPreferredUnitHolders', window );">Noncontrolling interests - Operating Partnership (21,848,891 units at July 31, 2013 and 21,635,127 units at April 30, 2013)</a></td>
        <td class="nump">122,334<span></span></td>
        <td class="nump">122,539<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MinorityInterestInOperatingPartnerships', window );">Noncontrolling interests - consolidated real estate entities</a></td>
        <td class="nump">25,776<span></span></td>
        <td class="nump">26,055<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest', window );">Total equity</a></td>
        <td class="nump">771,306<span></span></td>
        <td class="nump">761,381<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesAndStockholdersEquity', window );">TOTAL LIABILITIES AND EQUITY</a></td>
        <td class="nump">$ 1,896,642<span></span></td>
        <td class="nump">$ 1,889,554<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_iret_PreferredStockSeriesBValueIssued">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate par or stated value of issued nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable preferred shares, par value and other disclosure concepts are in another section within stockholders' equity for series B.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>iret_PreferredStockSeriesBValueIssued</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>iret_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_iret_PreferredStockSeriesValueIssued">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate par or stated value of issued nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable preferred shares, par value and other disclosure concepts are in another section within stockholders' equity for Series A.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>iret_PreferredStockSeriesValueIssued</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>iret_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying values as of the balance sheet date of obligations incurred through that date, including liabilities incurred and payable to vendors for goods and services received, taxes, interest, rent and utilities, compensation costs, payroll taxes and fringe benefits (other than pension and postretirement obligations), contractual rights and obligations, and statutory obligations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.9-03.15(1),(5))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.15)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 15<br><br><br><br> -Article 7<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 15<br><br><br><br> -Subparagraph 1, 5<br><br><br><br> -Article 9<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsReceivableNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>For an unclassified balance sheet, the amount due from customers or clients for goods or services that have been delivered or sold in the normal course of business, reduced to their estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 3<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.9-03.9)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.5)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AccountsReceivableNet</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Assets">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 18<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.18)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 12<br><br><br><br> -Article 7<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Concepts (CON)<br><br><br><br> -Number 6<br><br><br><br> -Paragraph 25<br><br><br><br> -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.<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_Assets</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsNoncurrentAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AssetsNoncurrentAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsAtCarryingValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Cash<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Cash Equivalents<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 95<br><br><br><br> -Paragraph 8, 9<br><br><br><br> -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.<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.1)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 95<br><br><br><br> -Paragraph 7<br><br><br><br> -Footnote 1<br><br><br><br> -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.<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 1<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6676-107765<br><br><br><br><br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 4<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3044-108585<br><br><br><br><br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 95<br><br><br><br> -Paragraph 7, 26<br><br><br><br> -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.<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CashAndCashEquivalentsAtCarryingValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.29)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 30<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredCostsLeasingNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This element represents costs incurred by the lessor that are (a) costs to originate a lease incurred in transactions with independent third parties that (i) result directly from and are essential to acquire that lease and (ii) would not have been incurred had that leasing transaction not occurred and (b) certain costs directly related to specified activities performed by the lessor for that lease. Those activities are: evaluating the prospective lessee's financial condition; evaluating and recording guarantees, collateral, and other security arrangements; negotiating lease terms; preparing and processing lease documents; and closing the transaction. This element is net of accumulated amortization.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 840<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 25<br><br><br><br> -Paragraph 17<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6748888&amp;loc=d3e40246-112709<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 13<br><br><br><br> -Paragraph 5<br><br><br><br> -Subparagraph m<br><br><br><br> -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.<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 13<br><br><br><br> -Paragraph 19<br><br><br><br> -Subparagraph c<br><br><br><br> -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.<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 840<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 35<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6453741&amp;loc=d3e40879-112712<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 840<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 25<br><br><br><br> -Paragraph 16<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6748888&amp;loc=d3e40588-112709<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DeferredCostsLeasingNet</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredRentReceivablesNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cumulative difference between the rental payments required by a lease agreement and the rental income or expense recognized on a straight-line basis, or other systematic and rational basis more representative of the time pattern in which use or benefit is granted or derived from the leased property, expected to be recognized in income or expense over the term of the leased property, by the lessor or lessee, respectively. Such receivable is reduced by allowances attributable to, for instance, credit risk associated with a lessee.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.8)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 13<br><br><br><br> -Paragraph 19<br><br><br><br> -Subparagraph b<br><br><br><br> -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.<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name FASB Technical Bulletin (FTB)<br><br><br><br> -Number 85-3<br><br><br><br> -Paragraph 2<br><br><br><br> -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.<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 840<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 35<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6453741&amp;loc=d3e40879-112712<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 840<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 25<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=7501430&amp;loc=d3e39927-112707<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 840<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 25<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=7501430&amp;loc=d3e39896-112707<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DeferredRentReceivablesNet</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DevelopmentInProcess">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The current amount of expenditures for a real estate project that has not yet been completed.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.10)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DevelopmentInProcess</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarnestMoneyDeposits">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>A deposit made by a purchaser of real estate to evidence good faith. It is customary for a buyer to give the seller earnest money at the time a sales contract is signed. The earnest money generally is credited to the down payment at closing, which is applied at closing as a component of payment against the purchase price.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_EarnestMoneyDeposits</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Goodwill">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying amount as of the balance sheet date, which is the cumulative amount paid and (if applicable) the fair value of any noncontrolling interest in the acquiree, adjusted for any amortization recognized prior to the adoption of any changes in generally accepted accounting principles (as applicable) and for any impairment charges, in excess of the fair value of net assets acquired in one or more business combination transactions.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 141R<br><br><br><br> -Paragraph 68<br><br><br><br> -Subparagraph l<br><br><br><br> -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.<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 350<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=14024403&amp;loc=d3e13816-109267<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 350<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6388280&amp;loc=d3e13770-109266<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 142<br><br><br><br> -Paragraph 45<br><br><br><br> -Subparagraph e<br><br><br><br> -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.<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 142<br><br><br><br> -Paragraph 43<br><br><br><br> -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.<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 141R<br><br><br><br> -Paragraph 72<br><br><br><br> -Subparagraph d<br><br><br><br> -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.<br><br><br><br><br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 142<br><br><br><br> -Paragraph 45<br><br><br><br> -Subparagraph e<br><br><br><br> -Clause 1<br><br><br><br> -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.<br><br><br><br><br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 141R<br><br><br><br> -Paragraph 34<br><br><br><br> -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.<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_Goodwill</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IntangibleAssetsNetExcludingGoodwill">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 350<br><br><br><br> -SubTopic 30<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6388964&amp;loc=d3e16212-109274<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 350<br><br><br><br> -SubTopic 30<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph ((a)(1),(b))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=7658586&amp;loc=d3e16323-109275<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 142<br><br><br><br> -Paragraph 42, 45<br><br><br><br> -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.<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IntangibleAssetsNetExcludingGoodwill</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Investments">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying amounts as of the balance sheet date of all investments.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.1(h))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph h<br><br><br><br> -Article 7<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_Investments</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InvestmentsAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InvestmentsAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LandAvailableForDevelopment">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying amount of land available for development.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.(a),1(d))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph d<br><br><br><br> -Article 7<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LandAvailableForDevelopment</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Liabilities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.19-26)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_Liabilities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LiabilitiesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesAndStockholdersEquity">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total of all Liabilities and Stockholders' Equity items (or Partners' Capital, as applicable), including the portion of equity attributable to noncontrolling interests, if any.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.32)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 25<br><br><br><br> -Article 7<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 32<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LiabilitiesAndStockholdersEquity</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LinesOfCreditCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The carrying value as of the balance sheet date of the current portion of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.20)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 19, 20<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Line-of-Credit Arrangement<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6517033<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LinesOfCreditCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebt">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying amount of long-term debt, net of unamortized discount or premium, including current and noncurrent amounts. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 16<br><br><br><br> -Article 7<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.22)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.16)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.9-03.16)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 16<br><br><br><br> -Article 9<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 20, 22<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LongTermDebt</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MinorityInterestInOperatingPartnerships">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying amount of the equity interests owned by noncontrolling partners in an operating partnership included in the entity's consolidated financial statements.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_MinorityInterestInOperatingPartnerships</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MinorityInterestInPreferredUnitHolders">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying amount of the equity interests owned by noncontrolling preferred unit holders in an entity included in the reporting entity's consolidated financial statements.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_MinorityInterestInPreferredUnitHolders</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherAssets">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate carrying amounts, as of the balance sheet date, of assets not separately disclosed in the balance sheet.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.17)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 17<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 10<br><br><br><br> -Article 7<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherAssets</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherLiabilities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate carrying amount, as of the balance sheet date, of liabilities not separately disclosed in the balance sheet.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 15<br><br><br><br> -Article 9<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.9-03.15)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherLiabilities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherLongTermInvestments">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Other long-term investments not otherwise specified in the taxonomy, not including investments in marketable securities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.12)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 12<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.1(f))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph f<br><br><br><br> -Article 7<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherLongTermInvestments</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PrepaidExpenseAndOtherAssets">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying amount for an unclassified balance sheet date of expenditures made in advance of when the economic benefit of the cost will be realized, and which will be expensed in future periods with the passage of time or when a triggering event occurs and the carrying amount as of the balance sheet date of assets not otherwise specified in the taxonomy. Also includes assets not individually reported in the financial statements, or not separately disclosed in notes.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PrepaidExpenseAndOtherAssets</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount, net of accumulated depreciation, depletion and amortization, of long-lived physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 360<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.13)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 13<br><br><br><br> -Subparagraph a<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 8<br><br><br><br> -Article 7<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 12<br><br><br><br> -Paragraph 5<br><br><br><br> -Subparagraph b, c<br><br><br><br> -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.<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PropertyPlantAndEquipmentNet</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RealEstateHeldforsale">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying amount as of the balance sheet date of investments in land and buildings held for sale, excluding real estate considered to be inventory of the entity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.1(f))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_RealEstateHeldforsale</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cumulative amount of depreciation for real estate property held for investment purposes.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.1(3))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 1<br><br><br><br> -Article 7<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RealEstateInvestmentPropertyAtCost">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of real estate investment property which may include the following: (1) land available-for-sale; (2) land available-for-development; (3) investments in building and building improvements; (4) tenant allowances; (5) developments in-process; (6) rental properties; and (7) other real estate investments.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.1(d))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_RealEstateInvestmentPropertyAtCost</nobr></td>
                  </tr>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of real estate investment property, net of accumulated depreciation, which may include the following: (1) land available-for-sale; (2) land available-for-development; (3) investments in building and building improvements; (4) tenant allowances; (5) developments in-process; (6) rental properties; and (7) other real estate investments.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.1(d))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br><br><br><br><br></p>
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                <p>The cumulative amount of the reporting entity's undistributed earnings or deficit.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Principles Board Opinion (APB)<br><br><br><br> -Number 12<br><br><br><br> -Paragraph 10<br><br><br><br> -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.<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 31<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Article 3<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.31(a)(3))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
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                <p>Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Research Bulletin (ARB)<br><br><br><br> -Number 51<br><br><br><br> -Paragraph A3<br><br><br><br> -Appendix A<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 310<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SAB TOPIC 4.E)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6228006&amp;loc=d3e74512-122707<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Staff Accounting Bulletin (SAB)<br><br><br><br> -Number Topic 4<br><br><br><br> -Section E<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.29-31)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 29, 30, 31<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
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                <p>Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Research Bulletin (ARB)<br><br><br><br> -Number 51<br><br><br><br> -Paragraph 26<br><br><br><br> -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.<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 15<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=7656940&amp;loc=SL4568447-111683<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Research Bulletin (ARB)<br><br><br><br> -Number 51<br><br><br><br> -Paragraph 25<br><br><br><br> -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.<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 16<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=7656940&amp;loc=SL4568740-111683<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Research Bulletin (ARB)<br><br><br><br> -Number 51<br><br><br><br> -Paragraph A3<br><br><br><br> -Appendix A<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 55<br><br><br><br> -Paragraph 4I<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=18733213&amp;loc=SL4590271-111686<br><br><br><br><br><br><br><br></p>
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</LabelSeparator><Level>2</Level><ElementName>us-gaap_FairValueDisclosuresTextBlock</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>label</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="c20130501to20130731" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt; font-weight: bold;"&gt;NOTE 10 &amp;#8226; FAIR VALUE OF FINANCIAL INSTRUMENTS&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;ASC 820, &lt;font style="font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Fair Value Measurement and Disclosures&lt;/font&gt; defines and establishes a framework for measuring fair value. &amp;#160;The objective of fair value is to determine the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). ASC 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels, as follows:&lt;/div&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Level 1: &amp;#160;Quoted prices in active markets for identical assets&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Level 2: &amp;#160;Significant other observable inputs&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;Level 3: &amp;#160;Significant unobservable inputs&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;There were no transfers in and out of Level 1, Level 2 and Level 3 fair value measurements during the three months ended July 31, 2013 and 2012. Fair value estimates may be different than the amounts that may ultimately be realized upon sale or disposition of the assets and liabilities.&lt;/div&gt;&lt;div style="text-align: justify; font-style: italic; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;Fair Value Measurements on a Recurring Basis&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;The Company had no assets or liabilities recorded at fair value on a recurring basis at July 31, 2013 and April 30, 2013.&lt;/div&gt;&lt;div style="text-align: left; font-style: italic; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;Fair Value Measurements on a Nonrecurring Basis&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;Non-financial assets measured at fair value on a nonrecurring basis at July 31, 2013 consisted of real estate investments and real estate held for sale that were written-down to estimated fair value during the first quarter of fiscal year 2014. Non-financial assets measured at fair value on a nonrecurring basis at April 30, 2013 consisted of real estate investments that were written-down to estimated fair value during fiscal year 2013. See Note 2 for additional information on impairment losses recognized during fiscal years 2014 and 2013. The aggregate fair value of these assets by their levels in the fair value hierarchy are as follows:&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 50.96%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="8" style="border-bottom: #000000 2px solid; width: 49.04%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 50.96%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="8" style="border-bottom: #000000 2px solid; width: 49.04%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;July 31, 2013&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; width: 50.96%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 12.48%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Total&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 11.56%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Level 1&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 12.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Level 2&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 12.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Level 3&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 50.96%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Real estate investments&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.6%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;3,899&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.68%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;3,899&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 50.96%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Real estate held for sale&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.6%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;3,969&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.68%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;3,969&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="margin-bottom: 10pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 50.96%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="8" style="border-bottom: #000000 2px solid; width: 49.04%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 50.96%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="8" style="border-bottom: #000000 2px solid; width: 49.04%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;April 30, 2013&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; width: 50.96%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 12.48%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Total&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 11.56%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Level 1&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 12.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Level 2&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 12.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Level 3&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 50.96%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Real estate investments&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.6%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;335&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.68%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;335&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="margin-bottom: 10pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify; font-style: italic; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;Financial Assets and Liabilities Not Measured at Fair Value&lt;/div&gt;&lt;div style="text-align: justify; font-family: Times, serif; margin-bottom: 10.5pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;The following methods and assumptions were used to estimate the fair value of each class of financial assets and liabilities. &lt;/font&gt;The fair values of our financial instruments approximate their carrying amount in our consolidated financial statements except for debt.&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;&lt;font style="font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Cash and Cash Equivalents. &lt;/font&gt;The carrying amount approximates fair value because of the short maturity.&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;&lt;font style="font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Other Investments. &lt;/font&gt;The carrying amount, or cost plus accrued interest, of the certificates of deposit approximates fair value.&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;&lt;font style="font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Other Debt.&lt;/font&gt; The fair value of other debt is estimated based on the discounted cash flows of the loan using current market rates, which are estimated based on recent financing transactions (Level 3).&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;&lt;font style="font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Lines of Credit. &amp;#160;&lt;/font&gt;The carrying amount approximates fair value because the variable rate debt re-prices frequently.&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;&lt;font style="font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Mortgages Payable.&lt;/font&gt; For variable rate loans that re-price frequently, fair values are based on carrying values. The fair value of fixed rate loans is estimated based on the discounted cash flows of the loans using current market rates, which are estimated based on recent financing transactions (Level 3).&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;The estimated fair values of the Company's financial instruments as of July 31, 2013 and April 30, 2013, are as follows:&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 50.96%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="8" style="border-bottom: #000000 2px solid; width: 49.04%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 50.96%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="4" style="border-bottom: #000000 2px solid; width: 24.04%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;July 31, 2013&lt;/div&gt;&lt;/td&gt;&lt;td colspan="4" style="border-bottom: #000000 2px solid; width: 25%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;April 30, 2013&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; width: 50.96%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 12.48%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Carrying Amount&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 11.56%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Fair Value&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 12.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Carrying Amount&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 12.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Fair Value&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 50.96%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;FINANCIAL ASSETS&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.6%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.68%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 50.96%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Cash and cash equivalents&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.6%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;93,193&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.68%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;93,193&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;94,133&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;94,133&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 50.96%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Other investments&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.6%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;640&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.68%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;640&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;639&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;639&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 50.96%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;FINANCIAL LIABILITIES&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.6%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.68%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 50.96%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Other debt&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.6%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;32,289&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.68%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;32,620&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;18,076&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;18,156&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 50.96%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Line of credit&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.6%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;10,000&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.68%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;10,000&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;10,000&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;10,000&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 50.96%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Mortgages payable&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.6%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;1,030,407&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.68%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;1,142,618&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;1,049,206&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;1,160,190&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>nonnum:textBlockItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef

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Reference 2: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Statement of Financial Accounting Standard (FAS)

 -Number 107

 -Paragraph 15C, 15D

 -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 3: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Statement of Financial Accounting Standard (FAS)

 -Number 107

 -Paragraph 3, 10, 14, 15

 -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 4: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Statement of Financial Accounting Standard (FAS)

 -Number 157

 -Paragraph 32, 33, 34

 -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 5: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

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 -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 7: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

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</LabelSeparator><Level>2</Level><ElementName>us-gaap_DebtDisclosureTextBlock</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>label</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="c20130501to20130731" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="text-align: justify; margin-top: 10.5pt; font-family: 'Times New Roman', serif; margin-bottom: 6pt; font-size: 10pt; font-weight: bold;"&gt;NOTE 9 &amp;#8226; MORTGAGES PAYABLE AND LINE OF CREDIT&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;Most of the properties owned by the Company serve as collateral for separate mortgage loans on single properties or groups of properties. The majority of these mortgages payable are non-recourse to the Company, other than for standard carve-out obligations such as fraud, waste, failure to insure, environmental conditions and failure to pay real estate taxes.&lt;font style="font-family: Arial, sans-serif; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;As of July 31, 2013, the management of the Company believes there are no defaults or material compliance issues in regard to any mortgages payable. Interest rates on mortgages payable range from 2.55% to 8.25%, and the mortgages have varying maturity dates from the current fiscal year through July 1, 2036.&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 12pt; font-size: 10pt;"&gt;Of the mortgages payable, the balances of fixed rate mortgages totaled $1.0 billion at July 31, 2013 and April 30, 2013. The balances of variable rate mortgages totaled $15.8 million and $26.2 million as of July 31, 2013 and April 30, 2013, respectively. The Company does not utilize derivative financial instruments to mitigate its exposure to changes in market interest rates. Most of the fixed rate mortgages have substantial pre-payment penalties. As of July 31, 2013, the weighted average rate of interest on the Company's mortgage debt was 5.54%, compared to 5.55% on April 30, 2013. The aggregate amount of required future principal payments on mortgages payable as of July 31, 2013, is as follows:&lt;/div&gt;&lt;table align="center" border="0" cellpadding="0" cellspacing="0" style="width: 50%; font-family: 'Times New Roman', Times, Serif; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; width: 66.24%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Year ended July 31,&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 33.76%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 66.24%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;2014 (remainder)&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.23%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 29.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;56,093&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 66.24%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;2015&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.23%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 29.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;98,892&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 66.24%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;2016&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.23%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 29.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;92,122&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 66.24%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;2017&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.23%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 29.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;219,086&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 66.24%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;2018&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.23%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 29.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;66,698&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff; height: 18px;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 66.24%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Thereafter&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.23%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 29.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;497,516&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 4px double; width: 66.24%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Total payments&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 4.23%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 29.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;1,030,407&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="text-align: justify; margin-top: 10.5pt; font-family: 'Times New Roman', serif; margin-bottom: 10.5pt; font-size: 10pt;"&gt;In addition to the individual first mortgage loans comprising the Company's $1.0 billion of mortgage indebtedness, the Company also has a revolving, multi-bank line of credit with First International Bank and Trust, Watford City, North Dakota, as lead bank, which had, as of July 31, 2013, lending commitments of $60.0 million. This facility is not included in the Company's mortgage indebtedness total. As of July 31, 2013, the line of credit was secured by mortgages on 23 properties; under the terms of the line of credit, properties may be added and removed from the collateral pool with the agreement of the lenders. Participants in this credit facility as of July 31, 2013 included, in addition to First International Bank, the following financial institutions: The Bank of North Dakota; First Western Bank and Trust; Dacotah Bank; United Community Bank; American State Bank &amp;amp; Trust Company and Town &amp;amp; Country Credit Union. The line of credit has a current interest rate of 5.15% and a minimum outstanding principal balance requirement of $10.0 million, and as of July 31, 2013, the Company had borrowed $10.0 million. The facility includes covenants and restrictions requiring the Company to achieve on a calendar quarter basis a debt service coverage ratio on borrowing base collateral of 1.25x in the aggregate and 1.00x on individual assets in the collateral pool, and the Company is also required to maintain minimum depository account(s) totaling $6.0 million with First International, of which $1.5 million is to be held in a non-interest bearing account. 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<DOCUMENT>
<TYPE>XML
<SEQUENCE>58
<FILENAME>R18.xml
<DESCRIPTION>IDEA: SUBSEQUENT EVENTS
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii"?><InstanceReport xmlns:xsd="http://www.w3.org/2001/XMLSchema" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance"><Version>2.4.0.8</Version><ReportLongName>061100 - Disclosure - SUBSEQUENT EVENTS</ReportLongName><DisplayLabelColumn>true</DisplayLabelColumn><ShowElementNames>false</ShowElementNames><RoundingOption /><HasEmbeddedReports>false</HasEmbeddedReports><Columns><Column FlagID="0"><Id>1</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

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</LabelSeparator><Level>1</Level><ElementName>us-gaap_SubsequentEventsAbstract</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:stringItemType</ElementDataType><SimpleDataType>string</SimpleDataType><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>SUBSEQUENT EVENTS [Abstract]</Label></Row><Row FlagID="0"><Id>2</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>2</Level><ElementName>us-gaap_ScheduleOfSubsequentEventsTextBlock</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>label</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="c20130501to20130731" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="text-align: left; margin-top: 10pt; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt; font-weight: bold;"&gt;NOTE 11 &amp;#8226; SUBSEQUENT EVENTS&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;&lt;font style="font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Common and Preferred Share Distributions.&lt;/font&gt; On September 4, 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 October 1, 2013, to shareholders and unitholders of record on September 16, 2013. Also on September 4, 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 September 30, 2013 to Series A preferred shareholders of record on September 16, 2013, and declared a distribution of 49.68 cents per share on the Company's Series B preferred shares of beneficial interest, payable September 30, 2013 to Series B preferred shareholders of record on September 16, 2013.&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;&lt;font style="font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Pending and Closed Acquisitions&lt;/font&gt;. Subsequent to the end of the first quarter of fiscal year 2014, the Company signed purchase agreements to acquire the following properties:&lt;/div&gt;&lt;div&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman', Times, serif; margin-bottom: 12pt; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 36pt; vertical-align: top; align: right;"&gt;&lt;div style="text-align: left; font-family: Symbol, serif; margin-bottom: 12pt; margin-left: 18pt; font-size: 10pt;"&gt;&amp;#183;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-bottom: 12pt; font-size: 10pt;"&gt;an approximately 121-unit senior housing property in Sartell, Minnesota, for a purchase price of approximately $15.2 million, to be paid in cash;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman', Times, serif; margin-bottom: 12pt; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 36pt; vertical-align: top; align: right;"&gt;&lt;div style="text-align: left; font-family: Symbol, serif; margin-bottom: 12pt; margin-left: 18pt; font-size: 10pt;"&gt;&amp;#183;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-bottom: 12pt; font-size: 10pt;"&gt;an approximately 5.0 acre parcel of vacant land in Monticello, Minnesota, for a purchase price of approximately $656,000, to be paid in cash; and&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman', Times, serif; margin-bottom: 12pt; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 36pt; vertical-align: top; align: right;"&gt;&lt;div style="text-align: left; font-family: Symbol, serif; margin-bottom: 12pt; margin-left: 18pt; font-size: 10pt;"&gt;&amp;#183;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-bottom: 12pt; font-size: 10pt;"&gt;approximately 5.2 and 5.6 acre parcels of vacant land in Rapid City, South Dakota, for a purchase price of approximately $657,000 and $707,000, respectively, to be paid in cash.&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;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.&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;On August 9, 2013, the Company closed on its acquisition of approximately 9.2 acres of vacant land in Jamestown, North Dakota, for a purchase price, paid in cash, of approximately $700,000. The purchase price accounting is incomplete for this acquisition that closed subsequent to the end of the first quarter of fiscal year 2014.&lt;/div&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-bottom: 12pt; font-size: 10pt;"&gt;&lt;font style="font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Pending Dispositions.&lt;/font&gt; &amp;#160;Subsequent to the end of the first quarter of fiscal year 2014, the Company signed agreements to sell the following properties. All of these pending dispositions are subject to various closing conditions and contingencies, and no assurances can be given that any or all of these transactions will be completed on the terms currently expected, or at all:&lt;/div&gt;&lt;div&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman', Times, serif; margin-bottom: 12pt; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 36pt; vertical-align: top; align: right;"&gt;&lt;div style="text-align: left; font-family: Symbol, serif; margin-bottom: 12pt; margin-left: 18pt; font-size: 10pt;"&gt;&amp;#183;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-bottom: 12pt; font-size: 10pt;"&gt;a commercial industrial property in Duluth, Minnesota for a sale price of $1.8 million;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman', Times, serif; margin-bottom: 12pt; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 36pt; vertical-align: top; align: right;"&gt;&lt;div style="text-align: left; font-family: Symbol, serif; margin-bottom: 12pt; margin-left: 18pt; font-size: 10pt;"&gt;&amp;#183;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-bottom: 12pt; font-size: 10pt;"&gt;a commercial retail property in Anoka, Minnesota for a sale price of $325,000;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman', Times, serif; margin-bottom: 12pt; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 36pt; vertical-align: top; align: right;"&gt;&lt;div style="text-align: left; font-family: Symbol, serif; margin-bottom: 12pt; margin-left: 18pt; font-size: 10pt;"&gt;&amp;#183;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-bottom: 12pt; font-size: 10pt;"&gt;a multi-family residential property in Sioux Falls, South Dakota for a sale price of $2.2 million; and&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman', Times, serif; margin-bottom: 12pt; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 36pt; vertical-align: top; align: right;"&gt;&lt;div style="text-align: left; font-family: Symbol, serif; margin-bottom: 12pt; margin-left: 18pt; font-size: 10pt;"&gt;&amp;#183;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-bottom: 12pt; font-size: 10pt;"&gt;a multi-family residential property in Sioux Falls, South Dakota for a sale price of $1.3 million.&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;&lt;font style="font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Development Projects. &amp;#160;&lt;/font&gt;&lt;font style="font-style: italic; font-family: 'Times New Roman', serif; color: #1f497d; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;Subsequent to the end of the first quarter of fiscal year 2014, the Company entered into a joint venture agreement to construct a 130-unit apartment building with approximately 10,000 square feet of commercial space in northeast Minneapolis, Minnesota. The Company owns approximately 58.6% of the joint venture entity, and will consolidate the joint venture's results in the Company's financial statements. The remaining approximately 41.4% of the joint venture entity is owned by entities formed by the Company's joint venture partner. The joint venture entity acquired the project site on August 20, 2013. Total costs for the project are currently estimated at approximately $29.0 million, including the purchase price of the land, and the project is currently expected to be completed in November 2014. The Company expects the joint venture entity to close on a construction loan of approximately $21.7 million in the second quarter of fiscal year 2014.&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;Subsequent to the end of the first quarter of fiscal year 2014, the Company commenced construction of an approximately 251-unit multi-family residential project in Grand Forks, North Dakota, on land purchased by the Company for approximately $1.6 million in the 4th quarter of fiscal year 2013. The estimated total cost of the project is $39.0 million, including the cost of the land, with projected completion in the second quarter of fiscal year 2015. The Company is pursuing a construction loan for the project, and currently estimates that its cash equity in the project will be approximately $14.5 million.&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;These projects are subject to various contingencies, and, accordingly, no assurances can be given that they will be completed in the time frames or on the terms currently proposed, or at all.&lt;/div&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-bottom: 12pt; font-size: 10pt;"&gt;&lt;font style="font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;ATM Program.&lt;/font&gt; On August 30, 2013, the Company entered into an at-the-market ("ATM") program with Robert W. Baird &amp;amp; Co. 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 -Name Accounting Principles Board Opinion (APB)

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 -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

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 -Paragraph 2, 3, 4, 5, 6, 7, 8

 -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.



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 -Name Accounting Standards Codification

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Reference 2: http://www.xbrl.org/2003/role/presentationRef

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 -Name Statement of Financial Accounting Standard (FAS)

 -Number 129

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 -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.



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 -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.



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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0E2KAE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>EARNINGS PER SHARE (Details) (USD $)<br>In Thousands, except Per Share data, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="2">3 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Jul. 31, 2013</div>
        </th>
        <th class="th">
          <div>Jul. 31, 2012</div>
        </th>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLossAbstract', window );"><strong>NUMERATOR [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromContinuingOperations', window );">Income from continuing operations - Investors Real Estate Trust</a></td>
        <td class="nump">$ 1,718<span></span></td>
        <td class="nump">$ 1,571<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity', window );">Income from discontinued operations - Investors Real Estate Trust</a></td>
        <td class="nump">1,360<span></span></td>
        <td class="nump">108<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income attributable to Investors Real Estate Trust</a></td>
        <td class="nump">3,078<span></span></td>
        <td class="nump">1,679<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsPreferredStock', window );">Dividends to preferred shareholders</a></td>
        <td class="num">(2,879)<span></span></td>
        <td class="num">(593)<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic', window );">Numerator for basic earnings per share - net income available to common shareholders</a></td>
        <td class="nump">199<span></span></td>
        <td class="nump">1,086<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MinorityInterestInNetIncomeLossOperatingPartnerships', window );">Noncontrolling interests - Operating Partnership</a></td>
        <td class="nump">50<span></span></td>
        <td class="nump">251<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted', window );">Numerator for diluted earnings per share</a></td>
        <td class="nump">$ 249<span></span></td>
        <td class="nump">$ 1,337<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract', window );"><strong>DENOMINATOR [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic', window );">Denominator for basic earnings per share weighted average shares</a></td>
        <td class="nump">102,358<span></span></td>
        <td class="nump">90,518<span></span></td>
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        <td class="nump">21,821<span></span></td>
        <td class="nump">20,774<span></span></td>
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        <td class="nump">124,179<span></span></td>
        <td class="nump">111,292<span></span></td>
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        <td class="num">$ (0.01)<span></span></td>
        <td class="nump">$ 0.01<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare', window );">Earnings per common share from discontinued operations - Investors Real Estate Trust - basic and diluted</a></td>
        <td class="nump">$ 0.01<span></span></td>
        <td class="nump">$ 0.00<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareBasicAndDiluted', window );">NET INCOME PER COMMON SHARE - BASIC AND DILUTED</a></td>
        <td class="nump">$ 0.00<span></span></td>
        <td class="nump">$ 0.01<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DividendsPreferredStock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Equity impact of aggregate cash, stock, and paid-in-kind dividends declared for preferred shareholders during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 405<br><br> -Section 45<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6957935&amp;loc=d3e64057-112817<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Statement of Position (SOP)<br><br> -Number 01-6<br><br> -Paragraph 14<br><br> -Subparagraph l<br><br> -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.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DividendsPreferredStock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareBasicAndDiluted">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of net income or loss for the period per each share in instances when basic and diluted earnings per share are the same amount and reported as a single line item on the face of the financial statements.  Basic earnings per share is the amount of net income or loss for the period per each share of common stock or unit outstanding during the reporting period.  Diluted earnings per share includes the amount of net income or loss for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_EarningsPerShareBasicAndDiluted</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromContinuingOperations">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of income (loss) from continuing operations attributable to the parent. Also defined as revenue less expenses and taxes from ongoing operations before extraordinary items but after deduction of those portions of income or loss from continuing operations that are allocable to noncontrolling interests.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 29<br><br> -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.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 18<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7656940&amp;loc=SL4613673-111683<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 28<br><br> -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.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.13)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph b(1)<br><br> -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.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncomeLossFromContinuingOperations</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromContinuingOperationsPerBasicShare">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of net income (loss) from continuing operations per each share of common stock or unit outstanding during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 07-4<br><br> -Paragraph 4<br><br> -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.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.21)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1252-109256<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 18<br><br> -Article 7<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 20<br><br> -Article 5<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 21<br><br> -Article 9<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.19)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-04.23)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 128<br><br> -Paragraph 36, 37, 38<br><br> -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.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncomeLossFromContinuingOperationsPerBasicShare</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of income (loss) from a disposal group, net of income tax, reported as a separate component of income before extraordinary items after deduction or consideration of the amount allocable to noncontrolling interests. Includes, net of tax, income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 19<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7656940&amp;loc=SL4569616-111683<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 29<br><br> -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.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 28<br><br> -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.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph b(2)<br><br> -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.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of net income (loss) derived from discontinued operations during the period, net of related tax effect, per each share of common stock or unit outstanding during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 07-4<br><br> -Paragraph 4<br><br> -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.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.21)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 18<br><br> -Article 7<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 20<br><br> -Article 5<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 21<br><br> -Article 9<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.19)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-04.23)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1278-109256<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 128<br><br> -Paragraph 8, 9, 10, 36, 37, 38<br><br> -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.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MinorityInterestInNetIncomeLossOperatingPartnerships">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of net Income or Loss for the period allocated to noncontrolling partners in an operating partnership included in the entity's consolidated financial statements.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph a<br><br> -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.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.19)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph c(1)<br><br> -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.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_MinorityInterestInNetIncomeLossOperatingPartnerships</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28, 29, 30<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  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This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 220<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=20435746&amp;loc=d3e565-108580<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 19<br><br> -Article 5<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Other Comprehensive Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6519514<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Net Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6518256<br><br><br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph a<br><br> -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.<br><br><br><br>Reference 12: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph A7<br><br> -Appendix A<br><br><br><br>Reference 13: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph d<br><br> -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.<br><br><br><br>Reference 14: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 15: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.19)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 16: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 87-21<br><br> -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.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetIncomeLoss</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetIncomeLossAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Net income after adjustments for dividends on preferred stock (declared in the period) and/or cumulative preferred stock (accumulated for the period).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 11<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1377-109256<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 128<br><br> -Paragraph 9<br><br> -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.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Net Income or Loss Available to Common Stockholders plus adjustments resulting from the assumption that dilutive convertible securities were converted, options or warrants were exercised, or that other shares were issued upon the satisfaction of certain conditions.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 16<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1505-109256<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 11<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1377-109256<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 128<br><br> -Paragraph 11, 12<br><br> -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.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_WeightedAverageNumberDilutedSharesOutstandingAdjustment">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The sum of dilutive potential common shares or units used in the calculation of the diluted per-share or per-unit computation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 07-4<br><br> -Paragraph 4<br><br> -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.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 128<br><br> -Paragraph 40<br><br> -Subparagraph a<br><br> -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.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_WeightedAverageNumberDilutedSharesOutstandingAdjustment</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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              </div>
            </div>
          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 07-4<br><br> -Paragraph 4<br><br> -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.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 16<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1505-109256<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 128<br><br> -Paragraph 40<br><br> -Subparagraph a<br><br> -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.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 128<br><br> -Paragraph 8<br><br> -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.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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          </td>
        </tr>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract</nobr></td>
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                  <tr>
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                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 07-4<br><br> -Paragraph 4<br><br> -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.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 128<br><br> -Paragraph 171<br><br> -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.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 128<br><br> -Paragraph 40<br><br> -Subparagraph a<br><br> -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.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 10<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1448-109256<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 128<br><br> -Paragraph 8<br><br> -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.<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Weighted-Average Number of Common Shares Outstanding<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6528421<br><br><br><br></p>
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EME">
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        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>DISCONTINUED OPERATIONS (Tables)<br></strong></div>
        </th>
        <th class="th" colspan="1">3 Months Ended</th>
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          <div>Jul. 31, 2013</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DiscontinuedOperationsAndDisposalGroupsAbstract', window );"><strong>DISCONTINUED OPERATIONS [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock', window );">Effect on net income and the gains or losses from the sale of properties classified as discontinued operations</a></td>
        <td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;">The Company reports in discontinued operations the results of operations of a property that has either been disposed of or is classified as held for sale. The Company also reports any gains or losses from the sale of a property in discontinued operations. During the first quarter of fiscal year 2014, the Company sold four commercial industrial properties and one commercial retail property and classified two commercial industrial properties as held for sale. During the first quarter of fiscal year 2013, IRET sold two condominium units and a commercial retail property. See Note 8 for additional information on the properties sold during the three months ended July 31, 2013 and 2012. The following information shows the effect on net income and the gains or losses from the sale of properties classified as discontinued operations for the three months ended July 31, 2013 and 2012:</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><tr><td style="width: 74.14%; vertical-align: top;"><div>&#160;</div></td><td colspan="4" style="border-bottom: #000000 2px solid; width: 25.86%; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">Three Months Ended</div><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">July 31</div></td></tr><tr><td style="width: 74.14%; vertical-align: bottom;"><div>&#160;</div></td><td colspan="4" style="border-bottom: #000000 2px solid; width: 25.86%; vertical-align: bottom;"><div style="text-align: center; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">(in thousands)</div></td></tr><tr><td style="border-bottom: #000000 2px solid; width: 74.14%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 4.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">2013</div></td><td style="border-bottom: #000000 2px solid; width: 4.3%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold; margin-right: 9.05pt;">2012</div></td></tr><tr style="background-color: #cceeff;"><td style="width: 74.14%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">REVENUE</div></td><td style="width: 4.32%; vertical-align: top;"><div>&#160;</div></td><td style="width: 8.62%; vertical-align: top;"><div>&#160;</div></td><td style="width: 4.3%; vertical-align: top;"><div>&#160;</div></td><td style="width: 8.62%; vertical-align: top;"><div>&#160;</div></td></tr><tr style="background-color: #ffffff;"><td style="width: 74.14%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;">Real estate rentals</div></td><td style="width: 4.32%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td style="width: 8.62%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">216</div></td><td style="width: 4.3%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td style="width: 8.62%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">1,306</div></td></tr><tr style="background-color: #cceeff;"><td style="border-bottom: #000000 2px solid; width: 74.14%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;">Tenant reimbursement</div></td><td style="border-bottom: #000000 2px solid; width: 4.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">51</div></td><td style="border-bottom: #000000 2px solid; width: 4.3%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">139</div></td></tr><tr style="background-color: #ffffff;"><td style="border-bottom: #000000 2px solid; width: 74.14%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">TOTAL REVENUE</div></td><td style="border-bottom: #000000 2px solid; width: 4.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">267</div></td><td style="border-bottom: #000000 2px solid; width: 4.3%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">1,445</div></td></tr><tr style="background-color: #cceeff;"><td style="width: 74.14%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">EXPENSES</div></td><td style="width: 4.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.62%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 4.3%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.62%; vertical-align: bottom;"><div>&#160;</div></td></tr><tr style="background-color: #ffffff;"><td style="width: 74.14%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;">Depreciation/amortization related to real estate investments</div></td><td style="width: 4.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.62%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">65</div></td><td style="width: 4.3%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.62%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">390</div></td></tr><tr style="background-color: #cceeff;"><td style="width: 74.14%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;">Utilities</div></td><td style="width: 4.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.62%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">0</div></td><td style="width: 4.3%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.62%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">37</div></td></tr><tr style="background-color: #ffffff;"><td style="width: 74.14%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;">Maintenance</div></td><td style="width: 4.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.62%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">2</div></td><td style="width: 4.3%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.62%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">113</div></td></tr><tr style="background-color: #cceeff;"><td style="width: 74.14%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;">Real estate taxes</div></td><td style="width: 4.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.62%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">41</div></td><td style="width: 4.3%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.62%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">148</div></td></tr><tr style="background-color: #ffffff;"><td style="width: 74.14%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;">Insurance</div></td><td style="width: 4.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.62%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">3</div></td><td style="width: 4.3%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.62%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">21</div></td></tr><tr style="background-color: #cceeff;"><td style="width: 74.14%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;">Property management expenses</div></td><td style="width: 4.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.62%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">11</div></td><td style="width: 4.3%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.62%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">65</div></td></tr><tr style="background-color: #ffffff;"><td style="width: 74.14%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;">Other property expenses</div></td><td style="width: 4.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.62%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">0</div></td><td style="width: 4.3%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.62%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">6</div></td></tr><tr style="background-color: #cceeff;"><td style="width: 74.14%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;">Amortization related to non-real estate investments</div></td><td style="width: 4.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.62%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">3</div></td><td style="width: 4.3%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.62%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">11</div></td></tr><tr style="background-color: #ffffff;"><td style="border-bottom: #000000 2px solid; width: 74.14%; vertical-align: bottom;"><div style="text-align: left; 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font-family: 'Times New Roman', serif; font-size: 10pt;">(203)</div></td><td style="width: 4.3%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.62%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">654</div></td></tr><tr style="background-color: #cceeff;"><td style="border-bottom: #000000 2px solid; width: 74.14%; vertical-align: bottom;"><div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;">Interest expense</div></td><td style="border-bottom: #000000 2px solid; width: 4.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">(84)</div></td><td style="border-bottom: #000000 2px solid; width: 4.3%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">(448)</div></td></tr><tr style="background-color: #ffffff;"><td style="width: 74.14%; vertical-align: bottom;"><div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;">(Loss) income from discontinued operations before gain (loss) on sale</div></td><td style="width: 4.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.62%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">(287)</div></td><td style="width: 4.3%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.62%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">206</div></td></tr><tr style="background-color: #cceeff;"><td style="border-bottom: #000000 2px solid; width: 74.14%; vertical-align: bottom;"><div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;">Gain (loss) on sale of discontinued operations</div></td><td style="border-bottom: #000000 2px solid; width: 4.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">1,943</div></td><td style="border-bottom: #000000 2px solid; width: 4.3%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">(73)</div></td></tr><tr style="background-color: #ffffff;"><td style="border-bottom: #000000 4px double; width: 74.14%; vertical-align: bottom;"><div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;">INCOME FROM DISCONTINUED OPERATIONS</div></td><td style="border-bottom: #000000 4px double; width: 4.32%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td style="border-bottom: #000000 4px double; width: 8.62%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">1,656</div></td><td style="border-bottom: #000000 4px double; width: 4.3%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td style="border-bottom: #000000 4px double; width: 8.62%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">133</div></td></tr></table></div><span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Tabular disclosure of disposal groups, which may include the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the classification and carrying value of the assets and liabilities comprising the disposal group, and the segment in which the disposal group was reported. Also may include the amount of adjustments to amounts previously reported in discontinued operations such as resolution of contingencies arising from the disposal transaction or the operations of the component prior to disposal.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 205<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6360339&amp;loc=d3e1361-107760<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 205<br><br> -SubTopic 20<br><br> -Section 45<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6892542&amp;loc=d3e957-107759<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 205<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6360339&amp;loc=d3e1510-107760<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 205<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6360339&amp;loc=d3e1474-107760<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 360<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=8077374&amp;loc=d3e2443-110228<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 144<br><br> -Paragraph 43, 44, 45, 47, 48<br><br> -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.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                    <td><strong> Name:</strong></td>
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Reference 5: http://www.xbrl.org/2003/role/presentationRef

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 -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.



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 -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

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Reference 4: http://www.xbrl.org/2003/role/presentationRef

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Reference 5: http://www.xbrl.org/2003/role/presentationRef

 -Publisher OTS

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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EWZAE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>MORTGAGES PAYABLE AND LINE OF CREDIT (Details) (USD $)<br></strong></div>
        </th>
        <th class="th" colspan="1">3 Months Ended</th>
        <th class="th" colspan="1"></th>
      </tr>
      <tr>
        <th class="th">
          <div>Jul. 31, 2013</div>
        </th>
        <th class="th">
          <div>Apr. 30, 2013</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtDisclosureAbstract', window );"><strong>MORTGAGES PAYABLE AND LINE OF CREDIT [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateMinimumInterestRateInRange', window );">Interest rates on mortgages payable range, minimum (in hundredths)</a></td>
        <td class="nump">2.55%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateMaximumInterestRateInRange', window );">Interest rates on mortgages payable range, maximum (in hundredths)</a></td>
        <td class="nump">8.25%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentMaturityDateRangeEnd1', window );">Mortgages maturity date range, end</a></td>
        <td class="text">Jul.
				01,
				 2036<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongtermDebtPercentageBearingFixedInterestAmount', window );">Fixed rate mortgages</a></td>
        <td class="nump">$ 1,000,000,000<span></span></td>
        <td class="nump">$ 1,000,000,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongtermDebtPercentageBearingVariableInterestAmount', window );">Variable rate mortgages</a></td>
        <td class="nump">15,800,000<span></span></td>
        <td class="nump">26,200,000<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongtermDebtWeightedAverageInterestRate', window );">Weighted average rate of interest on mortgage debt (in hundredths)</a></td>
        <td class="nump">5.54%<span></span></td>
        <td class="nump">5.55%<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtByMaturityAbstract', window );"><strong>Aggregate amount of required future principal payments on mortgages payable [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths', window );">2014 (remainder)</a></td>
        <td class="nump">56,093,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo', window );">2015</a></td>
        <td class="nump">98,892,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree', window );">2016</a></td>
        <td class="nump">92,122,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour', window );">2017</a></td>
        <td class="nump">219,086,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive', window );">2018</a></td>
        <td class="nump">66,698,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive', window );">Thereafter</a></td>
        <td class="nump">497,516,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total payments</a></td>
        <td class="nump">1,030,407,000<span></span></td>
        <td class="nump">1,049,206,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongtermDebtPercentageBearingFixedInterestAmount', window );">Long-term Debt, Percentage Bearing Fixed Interest, Amount</a></td>
        <td class="nump">1,000,000,000<span></span></td>
        <td class="nump">1,000,000,000<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity', window );">Lending commitments</a></td>
        <td class="nump">60,000,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_NumberOfPropertiesSecuringLineOfCredit', window );">Number of properties securing line of credit</a></td>
        <td class="nump">23<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityInterestRateDuringPeriod', window );">Line of credit, current interest rate (in hundredths)</a></td>
        <td class="nump">5.15%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_LineOfCreditMinimumOutstandingPrincipalBalance', window );">Line of credit, minimum outstanding principal balance</a></td>
        <td class="nump">10,000,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityAmountOutstanding', window );">Borrowed amount</a></td>
        <td class="nump">10,000,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_MinimumDepositoryAccounts', window );">Minimum depository accounts</a></td>
        <td class="nump">6,000,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_NonInterestBearingAccount', window );">Non-interest bearing account</a></td>
        <td class="nump">$ 1,500,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_iret_LineOfCreditMinimumOutstandingPrincipalBalance">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Line of credit, minimum outstanding principal balance.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>iret_LineOfCreditMinimumOutstandingPrincipalBalance</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>iret_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_iret_MinimumDepositoryAccounts">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Minimum depository accounts to be maintained.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>iret_MinimumDepositoryAccounts</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>iret_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_iret_NonInterestBearingAccount">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Non interest bearing account to be maintained.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>iret_NonInterestBearingAccount</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>iret_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_iret_NumberOfPropertiesSecuringLineOfCredit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of properties securing line of credit.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>iret_NumberOfPropertiesSecuringLineOfCredit</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>iret_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:integerItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtDisclosureAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DebtDisclosureAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentMaturityDateRangeEnd1">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Latest date the outstanding debt instruments are required to be repaid, in CCYY-MM-DD format.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 22<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.22(a)(2))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DebtInstrumentMaturityDateRangeEnd1</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:dateItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LineOfCreditFacilityAmountOutstanding">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount borrowed under the credit facility as of the balance sheet date.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 19, 22<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LineOfCreditFacilityAmountOutstanding</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LineOfCreditFacilityInterestRateDuringPeriod">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The effective interest rate during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.19(b),22(b))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 19, 22<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LineOfCreditFacilityInterestRateDuringPeriod</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                    <td><strong> Period Type:</strong></td>
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        </tr>
      </table>
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        <tr>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Maximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 129<br><br> -Paragraph 2, 4<br><br> -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.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.19(b),22(b))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 19, 22<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
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                    <td><strong> Period Type:</strong></td>
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        </tr>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying amount of long-term debt, net of unamortized discount or premium, including current and noncurrent amounts. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 16<br><br> -Article 7<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.22)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-03.16)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-03.16)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 16<br><br> -Article 9<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 20, 22<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LongTermDebt</nobr></td>
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                  <tr>
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                    <td>us-gaap_</td>
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        <tr>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LongTermDebtByMaturityAbstract</nobr></td>
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                    <td><strong> Balance Type:</strong></td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of long-term debt, sinking fund requirements, and other securities redeemable at fixed or determinable prices and dates maturing after the fifth fiscal year following the latest fiscal year.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 470<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6802200&amp;loc=d3e1835-112601<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 47<br><br> -Paragraph 10<br><br> -Subparagraph b<br><br> -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.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive</nobr></td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of long-term debt, sinking fund requirements, and other securities redeemable at fixed or determinable prices and dates maturing in the next fiscal year following the latest fiscal year.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 470<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6802200&amp;loc=d3e1835-112601<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 47<br><br> -Paragraph 10<br><br> -Subparagraph b<br><br> -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.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
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                    <td><strong> Balance Type:</strong></td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of long-term debt, sinking fund requirements, and other securities redeemable at fixed or determinable prices and dates maturing in the fifth fiscal year following the latest fiscal year.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 470<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6802200&amp;loc=d3e1835-112601<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 47<br><br> -Paragraph 10<br><br> -Subparagraph b<br><br> -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.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive</nobr></td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of long-term debt, sinking fund requirements, and other securities redeemable at fixed or determinable prices and dates maturing in the fourth fiscal year following the latest fiscal year.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 470<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6802200&amp;loc=d3e1835-112601<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 47<br><br> -Paragraph 10<br><br> -Subparagraph b<br><br> -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.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour</nobr></td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of long-term debt, sinking fund requirements, and other securities redeemable at fixed or determinable prices and dates maturing in the third fiscal year following the latest fiscal year.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 470<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6802200&amp;loc=d3e1835-112601<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 47<br><br> -Paragraph 10<br><br> -Subparagraph b<br><br> -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.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of long-term debt, sinking fund requirements, and other securities redeemable at fixed or determinable prices and dates maturing in the second fiscal year following the latest fiscal year.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 470<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6802200&amp;loc=d3e1835-112601<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 47<br><br> -Paragraph 10<br><br> -Subparagraph b<br><br> -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.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo</nobr></td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The portion of the carrying amount of long-term borrowings outstanding as of the balance sheet date, including current maturities, which accrues interest at a set, unchanging rate.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LongtermDebtPercentageBearingFixedInterestAmount</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The portion of the carrying amount of long-term borrowings outstanding as of the balance sheet date, including current maturities, which accrues interest at a rate subject to change from time to time.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LongtermDebtPercentageBearingVariableInterestAmount</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongtermDebtWeightedAverageInterestRate">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Reflects the calculation as of the balance sheet date of the average interest rate weighted by the amount of long-term debt outstanding by type or by instrument at that time.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LongtermDebtWeightedAverageInterestRate</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:percentItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The highest stated interest rate within the mortgage loans included in the loan grouping.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 205<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 6<br><br> -Subparagraph (SX 210.5-04.(c) Schedule IV)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6882300&amp;loc=d3e5864-122674<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 948<br><br> -SubTopic 310<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.12-29.3)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6589523&amp;loc=d3e617274-123014<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 29<br><br> -Article 12<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph c<br><br> -Subparagraph Schedule IV<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_MortgageLoansOnRealEstateMaximumInterestRateInRange</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:percentItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
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          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MortgageLoansOnRealEstateMinimumInterestRateInRange">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The lowest stated interest rate within the mortgage loans included in the loan grouping.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 205<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 6<br><br> -Subparagraph (SX 210.5-04.(c) Schedule IV)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6882300&amp;loc=d3e5864-122674<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 948<br><br> -SubTopic 310<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.12-29.3)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6589523&amp;loc=d3e617274-123014<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 29<br><br> -Article 12<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph c<br><br> -Subparagraph Schedule IV<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_MortgageLoansOnRealEstateMinimumInterestRateInRange</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td>num:percentItemType</td>
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                    <td>na</td>
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<DOCUMENT>
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<SEQUENCE>64
<FILENAME>R36.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
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<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EF4AG">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th">
          <div>Jul. 31, 2013</div>
        </th>
        <th class="th">
          <div>Apr. 30, 2013</div>
        </th>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Carrying Amount [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FinancialInstrumentsFinancialAssetsBalanceSheetGroupingsAbstract', window );"><strong>FINANCIAL ASSETS [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsFairValueDisclosure', window );">Cash and cash equivalents</a></td>
        <td class="nump">$ 93,193<span></span></td>
        <td class="nump">$ 94,133<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentsFairValueDisclosure', window );">Other investments</a></td>
        <td class="nump">640<span></span></td>
        <td class="nump">639<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FinancialInstrumentsFinancialLiabilitiesBalanceSheetGroupingsAbstract', window );"><strong>FINANCIAL LIABILITIES [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LoansPayableFairValueDisclosure', window );">Other debt</a></td>
        <td class="nump">32,289<span></span></td>
        <td class="nump">18,076<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LinesOfCreditFairValueDisclosure', window );">Line of credit</a></td>
        <td class="nump">10,000<span></span></td>
        <td class="nump">10,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentFairValue', window );">Mortgages payable</a></td>
        <td class="nump">1,030,407<span></span></td>
        <td class="nump">1,049,206<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Fair Value [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FinancialInstrumentsFinancialAssetsBalanceSheetGroupingsAbstract', window );"><strong>FINANCIAL ASSETS [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsFairValueDisclosure', window );">Cash and cash equivalents</a></td>
        <td class="nump">93,193<span></span></td>
        <td class="nump">94,133<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentsFairValueDisclosure', window );">Other investments</a></td>
        <td class="nump">640<span></span></td>
        <td class="nump">639<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FinancialInstrumentsFinancialLiabilitiesBalanceSheetGroupingsAbstract', window );"><strong>FINANCIAL LIABILITIES [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LoansPayableFairValueDisclosure', window );">Other debt</a></td>
        <td class="nump">32,620<span></span></td>
        <td class="nump">18,156<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LinesOfCreditFairValueDisclosure', window );">Line of credit</a></td>
        <td class="nump">10,000<span></span></td>
        <td class="nump">10,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentFairValue', window );">Mortgages payable</a></td>
        <td class="nump">1,142,618<span></span></td>
        <td class="nump">1,160,190<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Nonrecurring [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_FairValueAssetsAndLiabilitiesMeasuredOnNonrecurringBasisAbstract', window );"><strong>Fair Value Measurements on a Nonrecurring Basis [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_RealEstateInvestmentFairValueDisclosure', window );">Real Estate Investment</a></td>
        <td class="nump">3,899<span></span></td>
        <td class="nump">335<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_RealEstateHeldForSaleFairValueDisclosure', window );">Real estate held for sale</a></td>
        <td class="nump">3,969<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Nonrecurring [Member] | Level 1 [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_FairValueAssetsAndLiabilitiesMeasuredOnNonrecurringBasisAbstract', window );"><strong>Fair Value Measurements on a Nonrecurring Basis [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_RealEstateInvestmentFairValueDisclosure', window );">Real Estate Investment</a></td>
        <td class="nump">0<span></span></td>
        <td class="nump">0<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_RealEstateHeldForSaleFairValueDisclosure', window );">Real estate held for sale</a></td>
        <td class="nump">0<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Nonrecurring [Member] | Level 2 [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_FairValueAssetsAndLiabilitiesMeasuredOnNonrecurringBasisAbstract', window );"><strong>Fair Value Measurements on a Nonrecurring Basis [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_RealEstateInvestmentFairValueDisclosure', window );">Real Estate Investment</a></td>
        <td class="nump">0<span></span></td>
        <td class="nump">0<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_RealEstateHeldForSaleFairValueDisclosure', window );">Real estate held for sale</a></td>
        <td class="nump">0<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Nonrecurring [Member] | Level 3 [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_FairValueAssetsAndLiabilitiesMeasuredOnNonrecurringBasisAbstract', window );"><strong>Fair Value Measurements on a Nonrecurring Basis [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_RealEstateInvestmentFairValueDisclosure', window );">Real Estate Investment</a></td>
        <td class="nump">3,899<span></span></td>
        <td class="nump">335<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_RealEstateHeldForSaleFairValueDisclosure', window );">Real estate held for sale</a></td>
        <td class="nump">$ 3,969<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
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                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>iret_FairValueAssetsAndLiabilitiesMeasuredOnNonrecurringBasisAbstract</nobr></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This element represents the portion of the balance sheet assertion valued at fair value by the entity whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. This item represents loan receivable as presented on the statement of financial position which may include investments in land and buildings held for sale, excluding real estate considered to be inventory of the entity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>iret_RealEstateHeldForSaleFairValueDisclosure</nobr></td>
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                <p>This element represents the portion of the balance sheet assertion valued at fair value by the entity whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. This item represents loan receivable as presented on the statement of financial position which may include investments in land and buildings, excluding real estate considered to be inventory of the entity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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                    <td><strong> Name:</strong></td>
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        <tr>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This element represents the portion of the balance sheet assertion valued at fair value by the entity whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. This item includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Company may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Cash<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Cash Equivalents<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 7<br><br> -Footnote 1<br><br> -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.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 8<br><br> -Footnote 2<br><br> -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.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 7, 8, 9, 10<br><br> -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.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CashAndCashEquivalentsFairValueDisclosure</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td>debit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This element represents the portion of the balance sheet assertion valued at fair value by the entity whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 825<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 10<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7491637&amp;loc=d3e13433-108611<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 825<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 12<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7491637&amp;loc=d3e13476-108611<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DebtInstrumentFairValue</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td>credit</td>
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                    <td>instant</td>
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                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_FinancialInstrumentsFinancialAssetsBalanceSheetGroupingsAbstract</nobr></td>
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                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_FinancialInstrumentsFinancialLiabilitiesBalanceSheetGroupingsAbstract</nobr></td>
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                    <td>us-gaap_</td>
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                    <td><strong> Period Type:</strong></td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This element represents the portion of the balance sheet assertion valued at fair value by the entity whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. This item represents investment securities as of the balance sheet date which may include marketable securities, derivative financial instruments, and investments accounted for under the equity method.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 115<br><br> -Paragraph 13<br><br> -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.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Available-for-Sale Securities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6505594<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 115<br><br> -Paragraph 12<br><br> -Subparagraph a<br><br> -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.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Trading Securities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6526789<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 320<br><br> -SubTopic 10<br><br> -Section 25<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7534914&amp;loc=d3e22054-111558<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 1<br><br> -Subparagraph a, f, g<br><br> -Article 7<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 320<br><br> -SubTopic 10<br><br> -Section 35<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=16383099&amp;loc=d3e24584-111560<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InvestmentsFairValueDisclosure</nobr></td>
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                    <td>us-gaap_</td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This element represents the portion of the balance sheet assertion valued at fair value by the entity whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. Fair value of lines of credit at the balance sheet date.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Line-of-Credit Arrangement<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6517033<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LinesOfCreditFairValueDisclosure</nobr></td>
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                    <td>instant</td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This element represents the portion of the balance sheet assertion valued at fair value by the entity whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. Fair value of Loans Payable at the balance sheet date.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LoansPayableFairValueDisclosure</nobr></td>
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EME">
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          <div style="width: 200px;"><strong>COMMITMENTS AND CONTINGENCIES<br></strong></div>
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        <th class="th" colspan="1">3 Months Ended</th>
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          <div>Jul. 31, 2013</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommitmentsAndContingenciesDisclosureAbstract', window );"><strong>COMMITMENTS AND CONTINGENCIES [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock', window );">COMMITMENTS AND CONTINGENCIES</a></td>
        <td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify; margin-top: 7.5pt; font-family: 'Times New Roman', serif; margin-bottom: 10.5pt; font-size: 10pt; font-weight: bold;">NOTE 6 &#8226; COMMITMENTS AND CONTINGENCIES</div><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"><font style="font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;">Litigation. &#160;</font>The Company is not a party to any legal proceedings which are expected to have a material effect on the Company's liquidity, financial position, cash flows or results of operations. The Company is subject to a variety of legal actions for personal injury or property damage arising in the ordinary course of its business, most of which are covered by liability insurance. Various claims of resident discrimination are also periodically brought, most of which also are covered by insurance. While the resolution of these matters cannot be predicted with certainty, management believes that the final outcome of such legal proceedings and claims will not have a material effect on the Company's liquidity, financial position, cash flows or results of operations.</div><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"><font style="font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;">Insurance. &#160;</font>IRET carries insurance coverage on its properties in amounts and types that the Company believes are customarily obtained by owners of similar properties and are sufficient to achieve IRET's risk management objectives.</div><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"><font style="font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;">Purchase Options. &#160;</font>The Company has granted options to purchase certain IRET properties to tenants in these properties, under lease agreements. In general, the options grant the tenant the right to purchase the property at the greater of such property's appraised value or an annual compounded increase of a specified percentage of the initial cost of the property to IRET. As of July 31, 2013, the total property cost of the 14 properties subject to purchase options was approximately $92.8 million, and the total gross rental revenue from these properties was approximately $2.0 million for the three months ended July 31, 2013.</div><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"><font style="font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;">Environmental Matters. &#160;</font>Under various federal, state and local laws, ordinances and regulations, a current or previous owner or operator of real estate may be liable for the costs of removal of, or remediation of, certain hazardous or toxic substances in, on, around or under the property. While IRET currently has no knowledge of any material violation of environmental laws, ordinances or regulations at any of its properties, there can be no assurance that areas of contamination will not be identified at any of the Company's properties, or that changes in environmental laws, regulations or cleanup requirements would not result in material costs to the Company.</div><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"><font style="font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;">Restrictions on Taxable Dispositions. &#160;</font>Approximately 115 of IRET's properties, consisting of approximately 6.4 million square feet of the Company's combined commercial segments' properties and 4,936 apartment units, are subject to restrictions on taxable dispositions under agreements entered into with some of the sellers or contributors of the properties. The real estate investment amount of these properties (net of accumulated depreciation) was approximately $876.1 million at July 31, 2013. The restrictions on taxable dispositions are effective for varying periods. The terms of these agreements generally prevent the Company from selling the properties in taxable transactions. The Company does not believe that the agreements materially affect the conduct of the Company's business or decisions whether to dispose of restricted properties during the restriction period because the Company generally holds these and the Company's other properties for investment purposes, rather than for sale. Historically, however, where IRET has deemed it to be in the shareholders' best interests to dispose of restricted properties, it has done so through transactions structured as tax-deferred transactions under Section 1031 of the Internal Revenue Code.</div><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"><font style="font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;">Redemption Value of UPREIT Units</font>. &#160;The limited partnership units ("UPREIT Units") of the Company's operating partnership, IRET Properties, are redeemable at the option of the holder for cash, or, at our option, for the Company's common shares of beneficial interest on a one-for-one basis, after a minimum one-year holding period. &#160;All UPREIT Units receive the same cash distributions as those paid on common shares. &#160;UPREIT Units are redeemable for an amount of cash per Unit equal to the average of the daily market price of an IRET common share for the ten consecutive trading days immediately preceding the date of valuation of the Unit. &#160;As of July 31, 2013 and 2012, the aggregate redemption value of the then-outstanding UPREIT Units of the operating partnership owned by limited partners was approximately $197.7 million and $172.4 million, respectively.</div><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"><font style="font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;">Joint Venture Buy/Sell Options. &#160;</font>Certain of IRET's joint venture agreements contain buy/sell options in which each party under certain circumstances has the option to acquire the interest of the other party, but do not generally require that the Company buy its partners' interests. The Company currently has no joint ventures in which its joint venture partner can require the Company to buy the partner's interest.</div><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10.5pt; font-size: 10pt;"><font style="font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;">Tenant Improvements</font>. In entering into leases with tenants, IRET may commit itself to fund improvements or build-outs of the rented space to suit tenant requirements. These tenant improvements are typically funded at the beginning of the lease term, and IRET is accordingly exposed to some risk of loss if a tenant defaults prior to the expiration of the lease term, and the rental income that was expected to cover the cost of the tenant improvements is not received. As of July 31, 2013, the Company is committed to fund approximately $8.3 million in tenant improvements, within approximately the next 12 months.</div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10.5pt; font-size: 10pt;"><font style="font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;">Development, Expansion and Renovation Projects. &#160;</font>As of July 31, 2013, the Company had several development, expansion and renovation projects underway or recently completed, the costs for which have been capitalized, as follows:</div><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt;"><u>River Ridge Apartment Homes, Bismarck, ND</u></font>: During the second quarter of fiscal year 2013, the Company began construction of its 146-unit River Ridge Apartments project in Bismarck, North Dakota. River Ridge is located near IRET's Cottonwood Apartments in Bismarck, and will offer amenities including a pool, exercise facility and underground parking. The Company estimates that the total cost to construct the project will be approximately $25.9 million. Completion of the project is currently expected in the second quarter of the Company's fiscal year 2014. A portion of the building was substantially completed in August 2013, and a certificate of occupancy issued for 60 units. As of July 31, 2013, the Company had incurred approximately $19.7 million of the total estimated project costs.</div><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt;"><u>Cypress Court Apartment Homes, St. Cloud, Minnesota</u></font><font style="font-family: 'Times New Roman', serif; color: #000000; font-size: 10pt;">: In August 2012, the Company entered into a joint venture agreement with a real estate development and contracting company in St. Cloud, Minnesota, to construct a two-building, 132-unit multi-family residential property in St. Cloud, Minnesota, for an estimated total project cost of $14.3 million. The Company owns approximately 79% of the joint venture entity, </font>and the Company consolidates the joint venture's results in its financial statements;<font style="font-family: 'Times New Roman', serif; color: #000000; font-size: 10pt;"> the remaining approximately 21% interest is owned by its joint venture partner. Completion of the apartment project is currently expected in the </font>second quarter of the Company's fiscal year 2014<font style="font-family: 'Times New Roman', serif; color: #000000; font-size: 10pt;">.</font> As of July 31, 2013, the Company had incurred approximately $10.1 million of the total estimated project costs. The first building of the planned two-building project was substantially completed in August 2013.</div><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt;"><u>Southgate Apartments, Minot, North Dakota</u></font>: In January 2013, the Company entered into a joint venture agreement to construct an apartment project in Minot, North Dakota. The Company owns approximately 51% of the joint venture entity, and the Company consolidates the joint venture's results in its financial statements; the remaining approximately 49% of the joint venture entity is owned by its joint venture partner. The project is expected to be completed in two phases, with a total of approximately 341 units as described below:</div><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;">The Landing at Southgate consists of three approximately 36-unit buildings with an estimated total cost of $15.0 million. &#160;One of the three buildings was substantially completed in August 2013. The two remaining buildings are expected to be completed in the second quarter of fiscal year 2014. As of July 31, 2013, the Company had incurred approximately $12.5 million of the total estimated project costs.</div><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;">The Commons at Southgate will consist of an approximately 233-unit building to be completed in June 2014 for an estimated total cost of $37.2 million. As of July 31, 2013, the Company had incurred approximately $10.5 million of the total estimated project costs.</div><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10.5pt; color: #000000; font-size: 10pt;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt;"><u>Renaissance Heights I Apartments, Williston, North Dakota</u></font>: In February 2013, the Company entered into a joint venture agreement to construct the first phase of an apartment project in Williston, North Dakota. The Company's joint venture partner in the Renaissance Heights project is also the Company's partner in its Williston Garden Apartments Project. The Company will own approximately 70% of the project, subject to final project costs, and the joint venture's results are consolidated in the Company's financial statements. The first phase of the Renaissance Heights Apartments project, consisting of five buildings with a total of 288 units, commenced construction in April 2013, with construction completion expected in September 2014. The site of the first phase of this development project is approximately 14.5 acres of an approximately 40-acre parcel of land purchased by the Company in April 2012. The total cost of this first phase of the Renaissance Heights project is estimated at $62.4 million, including the purchase price of the land. As of July 31, 2013, the Company had incurred approximately $16.9 million of the total estimated project cost. The remaining two phases of the project are expected to consist of an additional total of approximately 462 units, for a total of approximately 750 units in all three phases.</div><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; color: #000000; font-size: 10pt;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt;"><u>Arcata Apartments, Golden Valley, Minnesota</u></font>: In April 2013, the Company acquired approximately two acres of vacant land in Golden Valley, Minnesota for a purchase price of approximately $2.1 million. The parcel of land is located near the Company's Golden Hills Office Center. The Company has signed a development services agreement with Trammell Crow Company and a construction contract to develop on this parcel an approximately 165-unit apartment building. Construction commenced in August 2013 and is currently expected to conclude in approximately November 2014, with a total project cost of approximately $33.4 million, including the purchase price of the land. As of July 31, 2013, the Company had incurred approximately $2.7 million of the total estimated project cost.</div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt;"><u>Dakota Commons, Williston, North Dakota</u></font>: In May 2013 the Company commenced construction of a 44-unit apartment building in Williston, North Dakota, on land purchased for approximately $823,000 in fiscal year 2013. The project is currently expected to be completed in the first quarter of fiscal year 2015 at an estimated total cost of $10.7 million, including the cost of the land. As of July 31, 2013, the Company had incurred approximately $2.6 million of the total estimated project cost.</div><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt;"><u>Chateau II, Minot, North Dakota</u></font>: In June 2011, the Company's Chateau Apartments property in Minot, North Dakota, which consisted of two 32-unit buildings, was extensively damaged by flood. Additionally, in February 2012, one of the two buildings, which had been undergoing restoration work following the flood, was completely destroyed by fire. The Company completed the redevelopment of the first 32-unit Chateau Apartments building in May 2012. Construction of the second Chateau Apartments building, and its expansion by an additional 40 units, for a total of 72 units, commenced in June 2013. This second building is currently expected to be completed in April 2014, at an estimated total cost of $14.7 million, including the value of the land. As of July 31, 2013, the Company had incurred approximately $2.3 million of the total estimated project cost.</div><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;">These development projects are subject to various contingencies, and no assurances can be given that they will be completed within the time frames or on the terms currently expected.</div><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman', serif; color: #000000; font-size: 10pt;">Construction interest capitalized for the three month periods ended </font>July 31, 2013 <font style="font-family: 'Times New Roman', serif; color: #000000; font-size: 10pt;">and 2012, respectively, was approximately $580,000 and $161,000 for development projects completed and in progress.</font></div><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"><font style="font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;">Acquisition</font>.&#160;&#160;During the first quarter of fiscal year 2014, the Company signed a purchase agreement for the acquisition of a multi-family residential property in Grand Forks, North Dakota with 96 units, for a purchase price of $10.6 million, of which approximately $200,000 would be paid through the issuance of limited partnership units of the Operating Partnership, with the remainder paid in cash. This acquisition closed subsequent to the end of the first quarter of fiscal year 2014, on September 5, 2013. The purchase price accounting is incomplete for this acquisition.</div><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10.5pt; font-size: 10pt;"><font style="font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;">Pending Dispositions. &#160;</font>As of July 31, 2013, the Company had signed sales agreements for the disposition of the following properties. All of these pending dispositions are subject to various closing conditions and contingencies, and no assurances can be given that any of these dispositions will be completed on the terms currently proposed, or at all:</div><div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman', Times, serif; margin-bottom: 6pt; font-size: 10pt;"><tr><td style="width: 36pt; vertical-align: top; align: right;"><div style="text-align: left; font-family: Symbol, serif; margin-bottom: 6pt; margin-left: 18pt; font-size: 10pt;">&#183;</div></td><td style="width: auto; vertical-align: top;"><div style="text-align: left; font-family: 'Times New Roman', serif; margin-bottom: 6pt; font-size: 10pt;">the Company's 121,669-square foot Bloomington Business Plaza commercial office property in Bloomington, Minnesota for a sale price of $4.5 million;</div></td></tr></table></div><div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman', Times, serif; margin-bottom: 6pt; font-size: 10pt;"><tr><td style="width: 36pt; vertical-align: top; align: right;"><div style="text-align: left; font-family: Symbol, serif; margin-bottom: 6pt; margin-left: 18pt; font-size: 10pt;">&#183;</div></td><td style="width: auto; vertical-align: top;"><div style="text-align: left; font-family: 'Times New Roman', serif; margin-bottom: 6pt; font-size: 10pt;">the 322,751-square foot Brooklyn Park 7401 Boone Avenue commercial industrial property in Brooklyn Park, Minnesota for a sale price of $12.8 million;</div></td></tr></table></div><div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman', Times, serif; margin-bottom: 6pt; font-size: 10pt;"><tr><td style="width: 36pt; vertical-align: top; align: right;"><div style="text-align: left; font-family: Symbol, serif; margin-bottom: 6pt; margin-left: 18pt; font-size: 10pt;">&#183;</div></td><td style="width: auto; vertical-align: top;"><div style="text-align: left; font-family: 'Times New Roman', serif; margin-bottom: 6pt; font-size: 10pt;">the 50,400-square foot Cedar Lake Business Center commercial industrial property in St. Louis Park, Minnesota for a sale price of $2.6 million;</div></td></tr></table></div><div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman', Times, serif; margin-bottom: 6pt; font-size: 10pt;"><tr><td style="width: 36pt; vertical-align: top; align: right;"><div style="text-align: left; font-family: Symbol, serif; margin-bottom: 6pt; margin-left: 18pt; font-size: 10pt;">&#183;</div></td><td style="width: auto; vertical-align: top;"><div style="text-align: left; font-family: 'Times New Roman', serif; margin-bottom: 6pt; font-size: 10pt;">the 118,125-square foot Nicollet VII commercial office property in Burnsville, Minnesota for a sale price of $7.3 million;</div></td></tr></table></div><div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; 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font-family: 'Times New Roman', serif; margin-bottom: 6pt; font-size: 10pt;">the 42,510-square foot Clive 2075 NW 94th Street commercial industrial property in Clive, Iowa for a sale price of $2.7 million;</div></td></tr></table></div><div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman', Times, serif; margin-bottom: 6pt; font-size: 10pt;"><tr><td style="width: 36pt; vertical-align: top; align: right;"><div style="text-align: left; font-family: Symbol, serif; margin-bottom: 6pt; margin-left: 18pt; font-size: 10pt;">&#183;</div></td><td style="width: auto; vertical-align: top;"><div style="text-align: left; font-family: 'Times New Roman', serif; margin-bottom: 6pt; font-size: 10pt;">the 606,006-square foot Dixon Avenue Industrial Park commercial industrial property in Des Moines, Iowa for a sale price of $14.7 million;</div></td></tr></table></div><div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman', Times, serif; margin-bottom: 6pt; font-size: 10pt;"><tr><td style="width: 36pt; vertical-align: top; align: right;"><div style="text-align: left; font-family: Symbol, serif; margin-bottom: 6pt; margin-left: 18pt; font-size: 10pt;">&#183;</div></td><td style="width: auto; vertical-align: top;"><div style="text-align: left; font-family: 'Times New Roman', serif; margin-bottom: 6pt; font-size: 10pt;">the 8,400-square foot Burnsville II Strip Center commercial retail property in Burnsville, Minnesota for a sale price of approximately $650,000;</div></td></tr></table></div><div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman', Times, serif; margin-bottom: 6pt; font-size: 10pt;"><tr><td style="width: 36pt; vertical-align: top; align: right;"><div style="text-align: left; font-family: Symbol, serif; margin-bottom: 6pt; margin-left: 18pt; font-size: 10pt;">&#183;</div></td><td style="width: auto; vertical-align: top;"><div style="text-align: left; font-family: 'Times New Roman', serif; margin-bottom: 6pt; font-size: 10pt;">the 35,000-square foot API Building commercial industrial property in Duluth, Minnesota for a sale price of $2.6 million; and</div></td></tr></table></div><div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman', Times, serif; margin-bottom: 6pt; font-size: 10pt;"><tr><td style="width: 36pt; vertical-align: top; align: right;"><div style="text-align: left; font-family: Symbol, serif; margin-bottom: 6pt; margin-left: 18pt; font-size: 10pt;">&#183;</div></td><td style="width: auto; vertical-align: top;"><div style="text-align: left; font-family: 'Times New Roman', serif; margin-bottom: 6pt; font-size: 10pt;">the 198,600-square foot Eagan 2785 &amp; 2795 Highway 55 commercial industrial property in Eagan, Minnesota for a sale price of $4.5 million.</div></td></tr></table></div></div><span></span></td>
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                <p>The entire disclosure for commitments and contingencies.</p>
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The Company has no outstanding options, warrants, convertible stock or other contractual obligations requiring issuance of additional shares that would result in dilution of earnings. Units can be exchanged for shares on a one-for-one basis after a minimum holding period of one year. The following table presents a reconciliation of the numerator and denominator used to calculate basic and diluted earnings per share reported in the condensed consolidated financial statements for the three months ended July 31, 2013 and 2012:&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 69.52%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="4" style="border-bottom: #000000 2px solid; width: 30.48%; vertical-align: top;"&gt;&lt;div style="text-align: center; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;(in thousands, except per share data)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 69.52%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="4" style="border-bottom: #000000 2px solid; width: 30.48%; vertical-align: top;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Three Months Ended&lt;/div&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;July 31&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; width: 69.52%; vertical-align: top;"&gt;&lt;div style="text-align: left;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 15.2%; vertical-align: top;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;2013&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 15.28%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;2012&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 69.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;NUMERATOR&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.94%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 69.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Income from continuing operations &amp;#8211; Investors Real Estate Trust&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;1,718&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.94%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;1,571&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 69.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Income from discontinued operations &amp;#8211; Investors Real Estate Trust&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 10.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;1,360&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 10.94%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;108&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 69.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Net income attributable to Investors Real Estate Trust&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;3,078&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.94%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;1,679&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff; height: 19px;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 69.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Dividends to preferred shareholders&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 10.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;(2,879)&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 10.94%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;(593)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 69.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Numerator for basic earnings per share &amp;#8211; net income available to common shareholders&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;199&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.94%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;1,086&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 69.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Noncontrolling interests &amp;#8211; Operating Partnership&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 10.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;50&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 10.94%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;251&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 4px double; width: 69.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Numerator for diluted earnings per share&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 4.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 10.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;249&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 4.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 10.94%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;1,337&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 69.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;DENOMINATOR&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.94%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 69.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Denominator for basic earnings per share weighted average shares&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;102,358&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.94%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;90,518&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 69.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Effect of convertible operating partnership units&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 10.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;21,821&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 10.94%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;20,774&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 4px double; width: 69.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Denominator for diluted earnings per share&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 10.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;124,179&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 4.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 10.94%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;111,292&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff; height: 17px;"&gt;&lt;td style="width: 69.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;(Loss) earnings per common share from continuing operations &amp;#8211; Investors Real Estate Trust &amp;#8211; basic and diluted&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;(.01)&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.94%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;.01&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 69.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Earnings per common share from discontinued operations &amp;#8211; Investors Real Estate Trust &amp;#8211; basic and diluted&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 10.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;.01&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 10.94%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;.00&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 4px double; width: 69.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;NET INCOME PER COMMON SHARE &amp;#8211; BASIC &amp;amp; DILUTED&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 4.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 10.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;.00&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 4.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 10.94%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;.01&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>nonnum:textBlockItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>Tabular disclosure of the numerators and the denominators of the basic and diluted per-share (or per-unit) computations for income from continuing operations, including the effect that has been given to preferred dividends.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 260

 -SubTopic 10

 -Section 50

 -Paragraph 1

 -Subparagraph (a)

 -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257



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<html>
  <head>
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0ELMAG">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>EQUITY (Details) (USD $)<br></strong></div>
        </th>
        <th class="th" colspan="2">3 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Jul. 31, 2013</div>
        </th>
        <th class="th">
          <div>Jul. 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfStockLineItems', window );"><strong>Class of Stock [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_SharesRegisteredUnderDistributionReinvestmentAndSharePurchasePlan', window );">Shares registered under Distribution Reinvestment and Share Purchase Plan (in shares)</a></td>
        <td class="nump">10,000,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfCommonStock', window );">Proceeds from sale of common shares, net of issue costs</a></td>
        <td class="nump">$ 0<span></span></td>
        <td class="nump">$ 2,168,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_AggregateGrossSalesPriceOfCommonSharesOfBeneficialInterestAllowedToBeSold', window );">Aggregate gross sales price of common shares of beneficial interest allowed to be sold</a></td>
        <td class="nump">75,000,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans', window );">Common shares issued under 2008 Incentive Plan Award (in shares)</a></td>
        <td class="nump">13,000<span></span></td>
        <td class="nump">53,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueEmployeeStockPurchasePlan', window );">Value of common shares issued under 2008 Incentive Plan Award</a></td>
        <td class="nump">112,000<span></span></td>
        <td class="nump">398,000<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConversionOfStockSharesConverted1', window );">Units converted to common shares (in shares)</a></td>
        <td class="nump">125,000<span></span></td>
        <td class="nump">89,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConversionOfStockAmountConverted1', window );">Units converted to common shares</a></td>
        <td class="nump">706,000<span></span></td>
        <td class="nump">337,000<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueNewIssues', window );">Shares issued</a></td>
        <td class="nump">112,000<span></span></td>
        <td class="nump">2,566,000<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Continuous equity offering program [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfStockLineItems', window );"><strong>Class of Stock [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueNewIssues', window );">Shares issued</a></td>
        <td class="nump">0<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">401(k) plan [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfStockLineItems', window );"><strong>Class of Stock [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues', window );">Shares issued, shares (in shares)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">5,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueNewIssues', window );">Shares issued</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">40,000<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Distribution Reinvestment and Share Purchase Plan [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfStockLineItems', window );"><strong>Class of Stock [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues', window );">Shares issued, shares (in shares)</a></td>
        <td class="nump">2.6<span></span></td>
        <td class="nump">1.9<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueNewIssues', window );">Shares issued</a></td>
        <td class="nump">$ 22,700,000<span></span></td>
        <td class="nump">$ 14,500,000<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SaleOfStockPricePerShare', window );">Average price of shares issued (in dollars per share)</a></td>
        <td class="nump">$ 8.72<span></span></td>
        <td class="nump">$ 7.66<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">At-the-market Equity Program [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfStockLineItems', window );"><strong>Class of Stock [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues', window );">Shares issued, shares (in shares)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">300,000<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_iret_AggregateGrossSalesPriceOfCommonSharesOfBeneficialInterestAllowedToBeSold">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate gross sales price of common shares of beneficial interest allowed to be sold related to at-the-market equity program.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>iret_AggregateGrossSalesPriceOfCommonSharesOfBeneficialInterestAllowedToBeSold</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>iret_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_iret_SharesRegisteredUnderDistributionReinvestmentAndSharePurchasePlan">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of shares registered during the period under the  Distribution Reinvestment and Share Purchase Plan.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>iret_SharesRegisteredUnderDistributionReinvestmentAndSharePurchasePlan</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>iret_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ClassOfStockLineItems">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ClassOfStockLineItems</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConversionOfStockAmountConverted1">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The value of the stock converted in a noncash (or part noncash) transaction. Noncash is defined as transactions during a period that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4313-108586<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4304-108586<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 32<br><br> -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.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4332-108586<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ConversionOfStockAmountConverted1</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConversionOfStockSharesConverted1">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The number of shares converted in a noncash (or part noncash) transaction. Noncash is defined as transactions during a period that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4313-108586<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4304-108586<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 32<br><br> -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.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4332-108586<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ConversionOfStockSharesConverted1</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromIssuanceOfCommonStock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash inflow from the additional capital contribution to the entity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18<br><br> -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.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 14<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3255-108585<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 19<br><br> -Subparagraph a<br><br> -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.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProceedsFromIssuanceOfCommonStock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SaleOfStockPricePerShare">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Per share amount received by subsidiary or equity investee for each share of common stock issued or sold in the stock transaction.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Staff Accounting Bulletin (SAB)<br><br> -Number Topic 5<br><br> -Section H<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_SaleOfStockPricePerShare</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of shares issued during the period as a result of an employee stock purchase plan.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -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.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 129<br><br> -Paragraph 5<br><br> -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.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29, 30<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of new stock issued during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -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.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29, 30<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockIssuedDuringPeriodSharesNewIssues</nobr></td>
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                <p>Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.</p>
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EME">
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          <div style="width: 200px;"><strong>MORTGAGES PAYABLE AND LINE OF CREDIT<br></strong></div>
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        <th class="th" colspan="1">3 Months Ended</th>
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          <div>Jul. 31, 2013</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtDisclosureAbstract', window );"><strong>MORTGAGES PAYABLE AND LINE OF CREDIT [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtDisclosureTextBlock', window );">MORTGAGES PAYABLE AND LINE OF CREDIT</a></td>
        <td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify; margin-top: 10.5pt; font-family: 'Times New Roman', serif; margin-bottom: 6pt; font-size: 10pt; font-weight: bold;">NOTE 9 &#8226; MORTGAGES PAYABLE AND LINE OF CREDIT</div><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;">Most of the properties owned by the Company serve as collateral for separate mortgage loans on single properties or groups of properties. The majority of these mortgages payable are non-recourse to the Company, other than for standard carve-out obligations such as fraud, waste, failure to insure, environmental conditions and failure to pay real estate taxes.<font style="font-family: Arial, sans-serif; font-size: 10pt;">&#160;</font>As of July 31, 2013, the management of the Company believes there are no defaults or material compliance issues in regard to any mortgages payable. Interest rates on mortgages payable range from 2.55% to 8.25%, and the mortgages have varying maturity dates from the current fiscal year through July 1, 2036.</div><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 12pt; font-size: 10pt;">Of the mortgages payable, the balances of fixed rate mortgages totaled $1.0 billion at July 31, 2013 and April 30, 2013. The balances of variable rate mortgages totaled $15.8 million and $26.2 million as of July 31, 2013 and April 30, 2013, respectively. The Company does not utilize derivative financial instruments to mitigate its exposure to changes in market interest rates. Most of the fixed rate mortgages have substantial pre-payment penalties. As of July 31, 2013, the weighted average rate of interest on the Company's mortgage debt was 5.54%, compared to 5.55% on April 30, 2013. The aggregate amount of required future principal payments on mortgages payable as of July 31, 2013, is as follows:</div><table align="center" border="0" cellpadding="0" cellspacing="0" style="width: 50%; font-family: 'Times New Roman', Times, Serif; font-size: 10pt;"><tr><td style="border-bottom: #000000 2px solid; width: 66.24%; vertical-align: bottom;"><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">Year ended July 31,</div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 33.76%; vertical-align: bottom;"><div style="text-align: right; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">(in thousands)</div></td></tr><tr style="background-color: #cceeff;"><td style="width: 66.24%; vertical-align: bottom;"><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">2014 (remainder)</div></td><td style="width: 4.23%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td style="width: 29.53%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">56,093</div></td></tr><tr style="background-color: #ffffff;"><td style="width: 66.24%; vertical-align: bottom;"><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">2015</div></td><td style="width: 4.23%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 29.53%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">98,892</div></td></tr><tr style="background-color: #cceeff;"><td style="width: 66.24%; vertical-align: bottom;"><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">2016</div></td><td style="width: 4.23%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 29.53%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">92,122</div></td></tr><tr style="background-color: #ffffff;"><td style="width: 66.24%; vertical-align: bottom;"><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">2017</div></td><td style="width: 4.23%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 29.53%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">219,086</div></td></tr><tr style="background-color: #cceeff;"><td style="width: 66.24%; vertical-align: bottom;"><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">2018</div></td><td style="width: 4.23%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 29.53%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">66,698</div></td></tr><tr style="background-color: #ffffff; height: 18px;"><td style="border-bottom: #000000 2px solid; width: 66.24%; vertical-align: bottom;"><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">Thereafter</div></td><td style="border-bottom: #000000 2px solid; width: 4.23%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 29.53%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">497,516</div></td></tr><tr style="background-color: #cceeff;"><td style="border-bottom: #000000 4px double; width: 66.24%; vertical-align: bottom;"><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;">Total payments</div></td><td style="border-bottom: #000000 4px double; width: 4.23%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td style="border-bottom: #000000 4px double; width: 29.53%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">1,030,407</div></td></tr></table><div style="text-align: justify; margin-top: 10.5pt; font-family: 'Times New Roman', serif; margin-bottom: 10.5pt; font-size: 10pt;">In addition to the individual first mortgage loans comprising the Company's $1.0 billion of mortgage indebtedness, the Company also has a revolving, multi-bank line of credit with First International Bank and Trust, Watford City, North Dakota, as lead bank, which had, as of July 31, 2013, lending commitments of $60.0 million. This facility is not included in the Company's mortgage indebtedness total. As of July 31, 2013, the line of credit was secured by mortgages on 23 properties; under the terms of the line of credit, properties may be added and removed from the collateral pool with the agreement of the lenders. Participants in this credit facility as of July 31, 2013 included, in addition to First International Bank, the following financial institutions: The Bank of North Dakota; First Western Bank and Trust; Dacotah Bank; United Community Bank; American State Bank &amp; Trust Company and Town &amp; Country Credit Union. The line of credit has a current interest rate of 5.15% and a minimum outstanding principal balance requirement of $10.0 million, and as of July 31, 2013, the Company had borrowed $10.0 million. The facility includes covenants and restrictions requiring the Company to achieve on a calendar quarter basis a debt service coverage ratio on borrowing base collateral of 1.25x in the aggregate and 1.00x on individual assets in the collateral pool, and the Company is also required to maintain minimum depository account(s) totaling $6.0 million with First International, of which $1.5 million is to be held in a non-interest bearing account. As of July 31, 2013, the Company believes it is in compliance with the facility covenants.</div></div><span></span></td>
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                <p>The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.</p>
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Segment assets are also reconciled to total assets as reported in the condensed consolidated financial statements.&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td rowspan="2" style="border-bottom: #000000 2px solid; width: 33.65%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Three Months Ended July 31, 2013&lt;/div&gt;&lt;/td&gt;&lt;td colspan="12" style="border-bottom: #000000 2px solid; width: 66.35%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-style: italic; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 9.68%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;Multi-Family&lt;font style="font-family: 'Times New Roman', serif; font-size: 8pt;"&gt;&lt;br /&gt;&lt;/font&gt;Residential&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 12.06%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;Commercial-&lt;font style="font-family: 'Times New Roman', serif; font-size: 8pt;"&gt;&lt;br /&gt;&lt;/font&gt;Office&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 11.22%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;Commercial-&lt;font style="font-family: 'Times New Roman', serif; font-size: 8pt;"&gt;&lt;br /&gt;&lt;/font&gt;Healthcare&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 12.08%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;Commercial-&lt;font style="font-family: 'Times New Roman', serif; font-size: 8pt;"&gt;&lt;br /&gt;&lt;/font&gt;Industrial&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 10.39%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;Commercial-&lt;font style="font-family: 'Times New Roman', serif; font-size: 8pt;"&gt;&lt;br /&gt;&lt;/font&gt;Retail&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 10.92%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;Total&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 33.65%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.94%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.04%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.18%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.64%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.48%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 6.92%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.6%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 33.65%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;Real estate revenue&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.94%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;24,582&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.44%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;19,744&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.04%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.18%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;16,072&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.44%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.64%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;3,456&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.48%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 6.92%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;3,328&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.6%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt; margin-right: 3.6pt;"&gt;67,182&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 33.65%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;Real estate expenses&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.74%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 7.94%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;10,959&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.44%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;9,985&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.04%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.18%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;4,282&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.44%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.64%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;1,039&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.48%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 6.92%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;1,326&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 2.6%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt; margin-right: 3.6pt;"&gt;27,591&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 33.65%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;Gain on involuntary conversion&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 7.94%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;966&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.04%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.18%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.64%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.48%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 6.92%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 2.6%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt; margin-right: 3.6pt;"&gt;966&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 4px double; width: 33.65%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;Net operating income&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.74%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 7.94%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;14,589&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 3.44%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;9,759&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 3.04%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.18%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;11,790&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 3.44%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.64%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;2,417&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 3.48%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 6.92%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;2,002&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 2.6%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt; margin-right: 3.6pt;"&gt;40,557&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 33.65%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: 9pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;Depreciation/amortization&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.94%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.04%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.18%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.64%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.48%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 6.92%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.6%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;(19,518)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 33.65%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: 9pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;Administrative, advisory and trustee services&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.94%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.04%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.18%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.64%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.48%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 6.92%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.6%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;(2,753)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td colspan="3" style="width: 43.33%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: 9pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;Impairment of real estate investments&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.04%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.18%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.64%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.48%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 6.92%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.6%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;(1,458)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td colspan="3" style="width: 43.33%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: 9pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;Other expenses&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.04%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.18%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.64%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.48%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 6.92%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.6%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;(679)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 33.65%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: 9pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;Interest expense&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.94%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.04%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.18%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.64%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.48%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 6.92%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.6%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;(14,799)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 33.65%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: 9pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;Interest and other income&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 7.94%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.04%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.18%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.64%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.48%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 6.92%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 2.6%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt; margin-right: 3.75pt;"&gt;210&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td colspan="11" style="width: 89.08%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 9pt;"&gt;Income from continuing operations&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.6%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt; margin-right: 3.75pt;"&gt;1,560&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td colspan="11" style="border-bottom: #000000 2px solid; width: 89.08%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 9pt;"&gt;Income from discontinued operations&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 2.6%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt; margin-right: 3.6pt;"&gt;1,656&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td colspan="11" style="border-bottom: #000000 4px double; width: 89.08%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;Net income&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 2.6%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt; margin-right: 3.75pt;"&gt;3,216&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td rowspan="2" style="border-bottom: #000000 2px solid; width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Three Months Ended July 31, 2012&lt;/div&gt;&lt;/td&gt;&lt;td colspan="12" style="border-bottom: #000000 2px solid; width: 66.39%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-style: italic; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 9.68%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;Multi-Family&lt;font style="font-family: 'Times New Roman', serif; font-size: 8pt;"&gt;&lt;br /&gt;&lt;/font&gt;Residential&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 11.63%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;Commercial-&lt;font style="font-family: 'Times New Roman', serif; font-size: 8pt;"&gt;&lt;br /&gt;&lt;/font&gt;Office&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 11.67%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;Commercial-&lt;font style="font-family: 'Times New Roman', serif; font-size: 8pt;"&gt;&lt;br /&gt;&lt;/font&gt;Healthcare&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 11.69%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;Commercial-&lt;font style="font-family: 'Times New Roman', serif; font-size: 8pt;"&gt;&lt;br /&gt;&lt;/font&gt;Industrial&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 10.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;Commercial-&lt;font style="font-family: 'Times New Roman', serif; font-size: 8pt;"&gt;&lt;br /&gt;&lt;/font&gt;Retail&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 10.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;Total&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 33.61%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.33%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.35%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.3%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.56%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;Real estate revenue&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.33%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.35%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;21,210&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.3%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;18,778&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;15,073&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;2,788&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.56%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;3,126&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt; margin-right: 3.6pt;"&gt;60,975&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;Real estate expenses&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.33%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.35%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;9,293&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.3%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;9,336&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;4,080&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;896&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 7.56%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;1,080&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 2.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt; margin-right: 3.6pt;"&gt;24,685&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 4px double; width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;Net operating income&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.33%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.35%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;11,917&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 3.3%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;9,442&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 3.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;10,993&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 3.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;1,892&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 3.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 7.56%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;2,046&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt; margin-right: 3.6pt;"&gt;36,290&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: 9pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;Depreciation/amortization&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.33%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.35%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.3%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.56%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;(15,885)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td colspan="3" style="width: 43.3%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: 9pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;Administrative, advisory and trustee services&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.3%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.56%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;(2,096)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: 9pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;Other expenses&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.33%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.35%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.3%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.56%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;(519)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: 9pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;Interest expense&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.33%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.35%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.3%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.56%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;(16,069)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: 9pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;Interest and other income&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.33%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.35%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.3%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 7.56%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt; margin-right: 3.6pt;"&gt;142&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: 9pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;Income from continuing operations&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.33%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.35%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.3%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.56%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt; margin-right: 3.6pt;"&gt;1,863&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: 9pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;Income from discontinued operations&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.33%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.35%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.3%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 7.56%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt; margin-right: 3.6pt;"&gt;133&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td colspan="11" style="border-bottom: #000000 4px double; width: 89.16%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;Net income&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 2.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt; margin-right: 3.6pt;"&gt;1,996&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>nonnum:textBlockItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>Tabular disclosure of  all significant reconciling items in the reconciliation of total profit or loss from reportable segments, to the entity's consolidated income before income taxes, extraordinary items, and discontinued operations.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 280

 -SubTopic 10

 -Section 50

 -Paragraph 31

 -URI http://asc.fasb.org/extlink&amp;oid=6534315&amp;loc=d3e8924-108599



Reference 2: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 280

 -SubTopic 10

 -Section 50

 -Paragraph 30

 -Subparagraph (b)

 -URI http://asc.fasb.org/extlink&amp;oid=6534315&amp;loc=d3e8906-108599



Reference 3: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Statement of Financial Accounting Standard (FAS)

 -Number 131

 -Paragraph 32

 -Subparagraph b

 -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.



</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Revenues and net operating income for reportable segments</Label></Row><Row FlagID="0"><Id>3</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>2</Level><ElementName>us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTextBlock</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>label</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="c20130501to20130731" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;Segment assets are summarized as follows as of July 31, 2013, and April 30, 2013, along with reconciliations to the condensed consolidated financial statements:&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 33.61%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="12" style="border-bottom: #000000 2px solid; width: 66.39%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;As of July 31, 2013&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 9.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;Multi-Family&lt;font style="font-family: 'Times New Roman', serif; font-size: 8pt;"&gt;&lt;br /&gt;&lt;/font&gt;Residential&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 11.67%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;Commercial-&lt;font style="font-family: 'Times New Roman', serif; font-size: 8pt;"&gt;&lt;br /&gt;&lt;/font&gt;Office&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 11.67%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;Commercial-&lt;font style="font-family: 'Times New Roman', serif; font-size: 8pt;"&gt;&lt;br /&gt;&lt;/font&gt;Healthcare&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 11.67%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;Commercial-&lt;font style="font-family: 'Times New Roman', serif; font-size: 8pt;"&gt;&lt;br /&gt;&lt;/font&gt;Industrial&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 10.82%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;Commercial-&lt;font style="font-family: 'Times New Roman', serif; font-size: 8pt;"&gt;&lt;br /&gt;&lt;/font&gt;Retail&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 11.06%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Total&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 33.61%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.15%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.35%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.56%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;Segment Assets&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.15%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.35%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.56%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 9pt;"&gt;Property owned&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.15%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.35%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;670,573&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;625,610&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;502,346&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;100,204&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;117,790&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.56%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;2,016,523&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 9pt;"&gt;Less accumulated depreciation&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.15%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.35%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;(145,276)&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;(143,246)&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;(94,616)&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;(19,968)&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 7.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;(26,270)&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.56%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;(429,376)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 4px double; width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;Net property owned&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.15%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.35%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;525,297&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 3.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;482,364&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 3.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;407,730&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 3.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;80,236&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 3.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 7.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;91,520&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.56%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;1,587,147&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 9pt;"&gt;Real estate held for sale&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.15%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.35%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.56%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; margin-left: 0.7pt; font-size: 9pt; margin-right: 3.6pt;"&gt;3,969&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 9pt;"&gt;Cash and cash equivalents&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.15%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.35%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.56%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 9pt; margin-right: 3.6pt;"&gt;93,193&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 9pt;"&gt;Other investments&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.15%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.35%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.56%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 9pt; margin-right: 3.6pt;"&gt;640&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 9pt;"&gt;Receivables and other assets&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.15%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.35%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.56%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;113,523&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 9pt;"&gt;Development in progress&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.15%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.35%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.56%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;77,396&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 9pt;"&gt;Unimproved land&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.15%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.35%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 7.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.56%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;20,774&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 4px double; width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;Total assets&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.15%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.35%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 7.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 2.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.56%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;1,896,642&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 33.61%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="12" style="border-bottom: #000000 2px solid; width: 66.39%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;As of April 30, 2013&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 10.56%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;Multi-Family&lt;font style="font-family: 'Times New Roman', serif; font-size: 8pt;"&gt;&lt;br /&gt;&lt;/font&gt;Residential&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 11.56%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;Commercial-&lt;font style="font-family: 'Times New Roman', serif; font-size: 8pt;"&gt;&lt;br /&gt;&lt;/font&gt;Office&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 11.56%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;Commercial-&lt;font style="font-family: 'Times New Roman', serif; font-size: 8pt;"&gt;&lt;br /&gt;&lt;/font&gt;Healthcare&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 11.02%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;Commercial-&lt;font style="font-family: 'Times New Roman', serif; font-size: 8pt;"&gt;&lt;br /&gt;&lt;/font&gt;Industrial&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 10.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;"&gt;Commercial-&lt;font style="font-family: 'Times New Roman', serif; font-size: 8pt;"&gt;&lt;br /&gt;&lt;/font&gt;Retail&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 10.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Total&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 33.61%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.36%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.2%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.48%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.08%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.58%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.98%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.68%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.38%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.46%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.2%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.64%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;Segment assets&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.36%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.2%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.48%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.08%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.58%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.98%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.68%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.38%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.46%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.2%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.64%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 9pt;"&gt;Property owned&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.36%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.2%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;659,696&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.48%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.08%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;613,775&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.58%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.98%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;501,191&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.68%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;125,772&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.38%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.46%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;132,536&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.2%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.64%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;2,032,970&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 9pt;"&gt;Less accumulated depreciation&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.36%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 9.2%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;(140,354)&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 2.48%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 9.08%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;(138,270)&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 2.58%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.98%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;(90,891)&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 2.68%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;(23,688)&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.38%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 7.46%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;(27,218)&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 2.2%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.64%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;(420,421)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 4px double; width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;Net property owned&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.36%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 9.2%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;519,342&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 2.48%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 9.08%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;475,505&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 2.58%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.98%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;410,300&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 2.68%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;102,084&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 3.38%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 7.46%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;105,318&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 2.2%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.64%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;1,612,549&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 9pt;"&gt;Cash and cash equivalents&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.36%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.2%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.48%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.08%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.58%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.98%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.68%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.38%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.46%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.2%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.64%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;94,133&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9.4pt; font-size: 9pt;"&gt;Other investments&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.36%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.2%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.48%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.08%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.58%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.98%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.68%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.38%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.46%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.2%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.64%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;639&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9.4pt; font-size: 9pt;"&gt;Receivables and other assets&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.36%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.2%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.48%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.08%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.58%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.98%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.68%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.38%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.46%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.2%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.64%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;113,948&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9.4pt; font-size: 9pt;"&gt;Development in progress&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.36%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.2%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.48%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.08%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.58%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.98%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.68%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.38%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.46%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.2%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.64%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;46,782&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9.4pt; font-size: 9pt;"&gt;Unimproved land&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.36%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 9.2%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 2.48%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 9.08%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 2.58%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.98%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 2.68%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.38%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 7.46%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 2.2%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.64%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;21,503&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td colspan="11" style="border-bottom: #000000 4px double; width: 89.16%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;Total assets&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 2.2%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.64%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;"&gt;1,889,554&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>nonnum:textBlockItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>Tabular disclosure of all significant reconciling items in the reconciliation of total assets from reportable segments to the entity's consolidated assets.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef

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 -Name Accounting Standards Codification

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 -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.



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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EME">
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          <div style="width: 200px;"><strong>SEGMENT REPORTING<br></strong></div>
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        <th class="th" colspan="1">3 Months Ended</th>
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          <div>Jul. 31, 2013</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SegmentReportingAbstract', window );"><strong>SEGMENT REPORTING [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SegmentReportingDisclosureTextBlock', window );">SEGMENT REPORTING</a></td>
        <td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: left; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt; font-weight: bold;">NOTE 5 &#8226; SEGMENT REPORTING</div><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10.5pt; font-size: 10pt;">IRET reports its results in five reportable segments: multi-family residential, commercial office, commercial healthcare (including senior housing), commercial industrial and commercial retail properties. The Company's reportable segments are aggregations of similar properties.</div><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10.5pt; font-size: 10pt;">IRET&#160;measures the performance of its segments based on net operating income ("NOI"), which the Company defines as <font style="font-family: 'Times New Roman', serif; color: #000000; font-size: 10pt;">total real estate revenues and gain on involuntary conversion less real estate expenses (which consist of utilities, maintenance, real estate taxes, insurance, property management expenses and other property expenses).</font> IRET believes that NOI is an important supplemental measure of operating performance for a REIT's operating real estate because it provides a measure of core operations that is unaffected by depreciation, amortization, financing and general and administrative expense. NOI does not represent cash generated by operating activities in accordance with GAAP and should not be considered an alternative to net income, net income available for common shareholders or cash flow from operating activities as a measure of financial performance.</div><div><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10.5pt; color: #000000; font-size: 10pt;">The revenues and net operating income for these reportable segments are summarized as follows for the three month periods ended July 31, 2013 and 2012, along with reconciliations to the condensed consolidated financial statements. Segment assets are also reconciled to total assets as reported in the condensed consolidated financial statements.</div><div><table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><tr><td rowspan="2" style="border-bottom: #000000 2px solid; width: 33.65%; vertical-align: bottom;"><div><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">Three Months Ended July 31, 2013</div></div></td><td colspan="12" style="border-bottom: #000000 2px solid; width: 66.35%; vertical-align: bottom;"><div><div style="text-align: center; font-style: italic; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;">(in thousands)</div></div></td></tr><tr><td colspan="2" style="border-bottom: #000000 2px solid; width: 9.68%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;">Multi-Family<font style="font-family: 'Times New Roman', serif; font-size: 8pt;"><br /></font>Residential</div></div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 12.06%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;">Commercial-<font style="font-family: 'Times New Roman', serif; font-size: 8pt;"><br /></font>Office</div></div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 11.22%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;">Commercial-<font style="font-family: 'Times New Roman', serif; font-size: 8pt;"><br /></font>Healthcare</div></div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 12.08%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;">Commercial-<font style="font-family: 'Times New Roman', serif; font-size: 8pt;"><br /></font>Industrial</div></div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 10.39%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;">Commercial-<font style="font-family: 'Times New Roman', serif; font-size: 8pt;"><br /></font>Retail</div></div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 10.92%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;">Total</div></div></td></tr><tr><td style="width: 33.65%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 1.74%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 7.94%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 3.44%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.62%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 3.04%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.18%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 3.44%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.64%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 3.48%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 6.92%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 2.6%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.32%; vertical-align: bottom;"><div><div>&#160;</div></div></td></tr><tr style="background-color: #cceeff;"><td style="width: 33.65%; vertical-align: bottom;"><div><div style="text-align: left; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">Real estate revenue</div></div></td><td style="width: 1.74%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">$</div></div></td><td style="width: 7.94%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">24,582</div></div></td><td style="width: 3.44%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">$</div></div></td><td style="width: 8.62%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">19,744</div></div></td><td style="width: 3.04%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">$</div></div></td><td style="width: 8.18%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">16,072</div></div></td><td style="width: 3.44%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">$</div></div></td><td style="width: 8.64%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">3,456</div></div></td><td style="width: 3.48%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">$</div></div></td><td style="width: 6.92%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">3,328</div></div></td><td style="width: 2.6%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">$</div></div></td><td style="width: 8.32%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt; margin-right: 3.6pt;">67,182</div></div></td></tr><tr style="background-color: #ffffff;"><td style="border-bottom: #000000 2px solid; width: 33.65%; vertical-align: bottom;"><div><div style="text-align: left; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">Real estate expenses</div></div></td><td style="border-bottom: #000000 2px solid; width: 1.74%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">&#160;</div></div></td><td style="border-bottom: #000000 2px solid; width: 7.94%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">10,959</div></div></td><td style="border-bottom: #000000 2px solid; width: 3.44%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">&#160;</div></div></td><td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">9,985</div></div></td><td style="border-bottom: #000000 2px solid; width: 3.04%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">&#160;</div></div></td><td style="border-bottom: #000000 2px solid; width: 8.18%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">4,282</div></div></td><td style="border-bottom: #000000 2px solid; width: 3.44%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">&#160;</div></div></td><td style="border-bottom: #000000 2px solid; width: 8.64%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">1,039</div></div></td><td style="border-bottom: #000000 2px solid; width: 3.48%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">&#160;</div></div></td><td style="border-bottom: #000000 2px solid; width: 6.92%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">1,326</div></div></td><td style="border-bottom: #000000 2px solid; width: 2.6%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">&#160;</div></div></td><td style="border-bottom: #000000 2px solid; width: 8.32%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt; margin-right: 3.6pt;">27,591</div></div></td></tr><tr style="background-color: #cceeff;"><td style="border-bottom: #000000 2px solid; width: 33.65%; vertical-align: bottom;"><div><div style="text-align: left; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">Gain on involuntary conversion</div></div></td><td style="border-bottom: #000000 2px solid; width: 1.74%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="border-bottom: #000000 2px solid; width: 7.94%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">966</div></div></td><td style="border-bottom: #000000 2px solid; width: 3.44%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">0</div></div></td><td style="border-bottom: #000000 2px solid; width: 3.04%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="border-bottom: #000000 2px solid; width: 8.18%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">0</div></div></td><td style="border-bottom: #000000 2px solid; width: 3.44%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="border-bottom: #000000 2px solid; width: 8.64%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">0</div></div></td><td style="border-bottom: #000000 2px solid; width: 3.48%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="border-bottom: #000000 2px solid; width: 6.92%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">0</div></div></td><td style="border-bottom: #000000 2px solid; width: 2.6%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="border-bottom: #000000 2px solid; width: 8.32%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt; margin-right: 3.6pt;">966</div></div></td></tr><tr style="background-color: #ffffff;"><td style="border-bottom: #000000 4px double; width: 33.65%; vertical-align: bottom;"><div><div style="text-align: left; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">Net operating income</div></div></td><td style="border-bottom: #000000 4px double; width: 1.74%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">$</div></div></td><td style="border-bottom: #000000 4px double; width: 7.94%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">14,589</div></div></td><td style="border-bottom: #000000 4px double; width: 3.44%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">$</div></div></td><td style="border-bottom: #000000 4px double; width: 8.62%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">9,759</div></div></td><td style="border-bottom: #000000 4px double; width: 3.04%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">$</div></div></td><td style="border-bottom: #000000 4px double; width: 8.18%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">11,790</div></div></td><td style="border-bottom: #000000 4px double; width: 3.44%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">$</div></div></td><td style="border-bottom: #000000 4px double; width: 8.64%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">2,417</div></div></td><td style="border-bottom: #000000 4px double; width: 3.48%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">$</div></div></td><td style="border-bottom: #000000 4px double; width: 6.92%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">2,002</div></div></td><td style="border-bottom: #000000 2px solid; width: 2.6%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="border-bottom: #000000 2px solid; width: 8.32%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt; margin-right: 3.6pt;">40,557</div></div></td></tr><tr style="background-color: #cceeff;"><td style="width: 33.65%; vertical-align: bottom;"><div><div style="text-align: left; text-indent: 9pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">Depreciation/amortization</div></div></td><td style="width: 1.74%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 7.94%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 3.44%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.62%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 3.04%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.18%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 3.44%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.64%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 3.48%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 6.92%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 2.6%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.32%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">(19,518)</div></div></td></tr><tr style="background-color: #ffffff;"><td style="width: 33.65%; vertical-align: bottom;"><div><div style="text-align: left; text-indent: 9pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">Administrative, advisory and trustee services</div></div></td><td style="width: 1.74%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 7.94%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 3.44%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.62%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 3.04%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.18%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 3.44%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.64%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 3.48%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 6.92%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 2.6%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.32%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">(2,753)</div></div></td></tr><tr style="background-color: #cceeff;"><td colspan="3" style="width: 43.33%; vertical-align: bottom;"><div><div style="text-align: left; text-indent: 9pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">Impairment of real estate investments</div></div></td><td style="width: 3.44%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.62%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 3.04%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.18%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 3.44%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.64%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 3.48%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 6.92%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 2.6%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.32%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">(1,458)</div></div></td></tr><tr style="background-color: #ffffff;"><td colspan="3" style="width: 43.33%; vertical-align: bottom;"><div><div style="text-align: left; text-indent: 9pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">Other expenses</div></div></td><td style="width: 3.44%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.62%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 3.04%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.18%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 3.44%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.64%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 3.48%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 6.92%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 2.6%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.32%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">(679)</div></div></td></tr><tr style="background-color: #cceeff;"><td style="width: 33.65%; vertical-align: bottom;"><div><div style="text-align: left; text-indent: 9pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">Interest expense</div></div></td><td style="width: 1.74%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 7.94%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 3.44%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.62%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 3.04%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.18%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 3.44%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.64%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 3.48%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 6.92%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 2.6%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.32%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">(14,799)</div></div></td></tr><tr style="background-color: #ffffff;"><td style="border-bottom: #000000 2px solid; width: 33.65%; vertical-align: bottom;"><div><div style="text-align: left; text-indent: 9pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">Interest and other income</div></div></td><td style="border-bottom: #000000 2px solid; width: 1.74%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="border-bottom: #000000 2px solid; width: 7.94%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="border-bottom: #000000 2px solid; width: 3.44%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="border-bottom: #000000 2px solid; width: 3.04%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="border-bottom: #000000 2px solid; width: 8.18%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="border-bottom: #000000 2px solid; width: 3.44%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="border-bottom: #000000 2px solid; width: 8.64%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="border-bottom: #000000 2px solid; width: 3.48%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="border-bottom: #000000 2px solid; width: 6.92%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="border-bottom: #000000 2px solid; width: 2.6%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="border-bottom: #000000 2px solid; width: 8.32%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt; margin-right: 3.75pt;">210</div></div></td></tr><tr style="background-color: #cceeff;"><td colspan="11" style="width: 89.08%; vertical-align: bottom;"><div><div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 9pt;">Income from continuing operations</div></div></td><td style="width: 2.6%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.32%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt; margin-right: 3.75pt;">1,560</div></div></td></tr><tr style="background-color: #ffffff;"><td colspan="11" style="border-bottom: #000000 2px solid; width: 89.08%; vertical-align: bottom;"><div><div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 9pt;">Income from discontinued operations</div></div></td><td style="border-bottom: #000000 2px solid; width: 2.6%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="border-bottom: #000000 2px solid; width: 8.32%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt; margin-right: 3.6pt;">1,656</div></div></td></tr><tr style="background-color: #cceeff;"><td colspan="11" style="border-bottom: #000000 4px double; width: 89.08%; vertical-align: bottom;"><div><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 9pt;">Net income</div></div></td><td style="border-bottom: #000000 4px double; width: 2.6%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">$</div></div></td><td style="border-bottom: #000000 4px double; width: 8.32%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt; margin-right: 3.75pt;">3,216</div></div></td></tr></table></div><div><br /></div><div><br /></div><div><br /></div><div><table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><tr><td rowspan="2" style="border-bottom: #000000 2px solid; width: 33.61%; vertical-align: bottom;"><div><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">Three Months Ended July 31, 2012</div></div></td><td colspan="12" style="border-bottom: #000000 2px solid; width: 66.39%; vertical-align: bottom;"><div><div style="text-align: center; font-style: italic; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;">(in thousands)</div></div></td></tr><tr><td colspan="2" style="border-bottom: #000000 2px solid; width: 9.68%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;">Multi-Family<font style="font-family: 'Times New Roman', serif; font-size: 8pt;"><br /></font>Residential</div></div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 11.63%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;">Commercial-<font style="font-family: 'Times New Roman', serif; font-size: 8pt;"><br /></font>Office</div></div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 11.67%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;">Commercial-<font style="font-family: 'Times New Roman', serif; font-size: 8pt;"><br /></font>Healthcare</div></div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 11.69%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;">Commercial-<font style="font-family: 'Times New Roman', serif; font-size: 8pt;"><br /></font>Industrial</div></div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 10.88%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;">Commercial-<font style="font-family: 'Times New Roman', serif; font-size: 8pt;"><br /></font>Retail</div></div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 10.84%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;">Total</div></div></td></tr><tr><td style="width: 33.61%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 1.33%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.35%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 3.3%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.32%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 3.32%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.34%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 3.34%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.34%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 3.32%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 7.56%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 2.5%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.34%; vertical-align: bottom;"><div><div>&#160;</div></div></td></tr><tr style="background-color: #cceeff;"><td style="width: 33.61%; vertical-align: bottom;"><div><div style="text-align: left; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">Real estate revenue</div></div></td><td style="width: 1.33%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">$</div></div></td><td style="width: 8.35%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">21,210</div></div></td><td style="width: 3.3%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">$</div></div></td><td style="width: 8.32%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">18,778</div></div></td><td style="width: 3.32%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">$</div></div></td><td style="width: 8.34%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">15,073</div></div></td><td style="width: 3.34%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">$</div></div></td><td style="width: 8.34%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">2,788</div></div></td><td style="width: 3.32%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">$</div></div></td><td style="width: 7.56%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">3,126</div></div></td><td style="width: 2.5%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">$</div></div></td><td style="width: 8.34%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt; margin-right: 3.6pt;">60,975</div></div></td></tr><tr style="background-color: #ffffff;"><td style="border-bottom: #000000 2px solid; width: 33.61%; vertical-align: bottom;"><div><div style="text-align: left; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">Real estate expenses</div></div></td><td style="border-bottom: #000000 2px solid; width: 1.33%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">&#160;</div></div></td><td style="border-bottom: #000000 2px solid; width: 8.35%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">9,293</div></div></td><td style="border-bottom: #000000 2px solid; width: 3.3%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">&#160;</div></div></td><td style="border-bottom: #000000 2px solid; width: 8.32%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">9,336</div></div></td><td style="border-bottom: #000000 2px solid; width: 3.32%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">&#160;</div></div></td><td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">4,080</div></div></td><td style="border-bottom: #000000 2px solid; width: 3.34%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">&#160;</div></div></td><td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">896</div></div></td><td style="border-bottom: #000000 2px solid; width: 3.32%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">&#160;</div></div></td><td style="border-bottom: #000000 2px solid; width: 7.56%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">1,080</div></div></td><td style="border-bottom: #000000 2px solid; width: 2.5%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">&#160;</div></div></td><td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt; margin-right: 3.6pt;">24,685</div></div></td></tr><tr style="background-color: #cceeff;"><td style="border-bottom: #000000 4px double; width: 33.61%; vertical-align: bottom;"><div><div style="text-align: left; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">Net operating income</div></div></td><td style="border-bottom: #000000 4px double; width: 1.33%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">$</div></div></td><td style="border-bottom: #000000 4px double; width: 8.35%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">11,917</div></div></td><td style="border-bottom: #000000 4px double; width: 3.3%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">$</div></div></td><td style="border-bottom: #000000 4px double; width: 8.32%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">9,442</div></div></td><td style="border-bottom: #000000 4px double; width: 3.32%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">$</div></div></td><td style="border-bottom: #000000 4px double; width: 8.34%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">10,993</div></div></td><td style="border-bottom: #000000 4px double; width: 3.34%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">$</div></div></td><td style="border-bottom: #000000 4px double; width: 8.34%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">1,892</div></div></td><td style="border-bottom: #000000 4px double; width: 3.32%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">$</div></div></td><td style="border-bottom: #000000 4px double; width: 7.56%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">2,046</div></div></td><td style="border-bottom: #000000 2px solid; width: 2.5%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt; margin-right: 3.6pt;">36,290</div></div></td></tr><tr style="background-color: #ffffff;"><td style="width: 33.61%; vertical-align: bottom;"><div><div style="text-align: left; text-indent: 9pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">Depreciation/amortization</div></div></td><td style="width: 1.33%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.35%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 3.3%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.32%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 3.32%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.34%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 3.34%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.34%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 3.32%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 7.56%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 2.5%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.34%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">(15,885)</div></div></td></tr><tr style="background-color: #cceeff;"><td colspan="3" style="width: 43.3%; vertical-align: bottom;"><div><div style="text-align: left; text-indent: 9pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">Administrative, advisory and trustee services</div></div></td><td style="width: 3.3%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.32%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 3.32%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.34%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 3.34%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.34%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 3.32%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 7.56%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 2.5%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.34%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">(2,096)</div></div></td></tr><tr style="background-color: #ffffff;"><td style="width: 33.61%; vertical-align: bottom;"><div><div style="text-align: left; text-indent: 9pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">Other expenses</div></div></td><td style="width: 1.33%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.35%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 3.3%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.32%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 3.32%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.34%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 3.34%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.34%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 3.32%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 7.56%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 2.5%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.34%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">(519)</div></div></td></tr><tr style="background-color: #cceeff;"><td style="width: 33.61%; vertical-align: bottom;"><div><div style="text-align: left; text-indent: 9pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">Interest expense</div></div></td><td style="width: 1.33%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.35%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 3.3%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.32%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 3.32%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.34%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 3.34%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.34%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 3.32%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 7.56%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 2.5%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.34%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">(16,069)</div></div></td></tr><tr style="background-color: #ffffff;"><td style="border-bottom: #000000 2px solid; width: 33.61%; vertical-align: bottom;"><div><div style="text-align: left; text-indent: 9pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">Interest and other income</div></div></td><td style="border-bottom: #000000 2px solid; width: 1.33%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="border-bottom: #000000 2px solid; width: 8.35%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="border-bottom: #000000 2px solid; width: 3.3%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="border-bottom: #000000 2px solid; width: 8.32%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="border-bottom: #000000 2px solid; width: 3.32%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="border-bottom: #000000 2px solid; width: 3.34%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="border-bottom: #000000 2px solid; width: 3.32%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="border-bottom: #000000 2px solid; width: 7.56%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="border-bottom: #000000 2px solid; width: 2.5%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt; margin-right: 3.6pt;">142</div></div></td></tr><tr style="background-color: #cceeff;"><td style="width: 33.61%; vertical-align: bottom;"><div><div style="text-align: left; text-indent: 9pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">Income from continuing operations</div></div></td><td style="width: 1.33%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.35%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 3.3%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.32%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 3.32%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.34%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 3.34%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.34%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 3.32%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 7.56%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 2.5%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.34%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt; margin-right: 3.6pt;">1,863</div></div></td></tr><tr style="background-color: #ffffff;"><td style="border-bottom: #000000 2px solid; width: 33.61%; vertical-align: bottom;"><div><div style="text-align: left; text-indent: 9pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">Income from discontinued operations</div></div></td><td style="border-bottom: #000000 2px solid; width: 1.33%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="border-bottom: #000000 2px solid; width: 8.35%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="border-bottom: #000000 2px solid; width: 3.3%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="border-bottom: #000000 2px solid; width: 8.32%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="border-bottom: #000000 2px solid; width: 3.32%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="border-bottom: #000000 2px solid; width: 3.34%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="border-bottom: #000000 2px solid; width: 3.32%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="border-bottom: #000000 2px solid; width: 7.56%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="border-bottom: #000000 2px solid; width: 2.5%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt; margin-right: 3.6pt;">133</div></div></td></tr><tr style="background-color: #cceeff;"><td colspan="11" style="border-bottom: #000000 4px double; width: 89.16%; vertical-align: bottom;"><div><div style="text-align: left; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">Net income</div></div></td><td style="border-bottom: #000000 4px double; width: 2.5%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">$</div></div></td><td style="border-bottom: #000000 4px double; width: 8.34%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt; margin-right: 3.6pt;">1,996</div></div></td></tr></table></div></div><div style="text-align: justify; margin-top: 12pt; font-family: 'Times New Roman', serif; margin-bottom: 10.5pt; font-size: 10pt; font-weight: bold;">Segment Assets and Accumulated Depreciation</div><div><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;">Segment assets are summarized as follows as of July 31, 2013, and April 30, 2013, along with reconciliations to the condensed consolidated financial statements:</div><div><table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><tr><td style="width: 33.61%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td colspan="12" style="border-bottom: #000000 2px solid; width: 66.39%; vertical-align: bottom;"><div><div style="text-align: center; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">(in thousands)</div></div></td></tr><tr><td style="border-bottom: #000000 2px solid; width: 33.61%; vertical-align: bottom;"><div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">As of July 31, 2013</div></div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 9.5%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;">Multi-Family<font style="font-family: 'Times New Roman', serif; font-size: 8pt;"><br /></font>Residential</div></div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 11.67%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;">Commercial-<font style="font-family: 'Times New Roman', serif; font-size: 8pt;"><br /></font>Office</div></div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 11.67%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;">Commercial-<font style="font-family: 'Times New Roman', serif; font-size: 8pt;"><br /></font>Healthcare</div></div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 11.67%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;">Commercial-<font style="font-family: 'Times New Roman', serif; font-size: 8pt;"><br /></font>Industrial</div></div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 10.82%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;">Commercial-<font style="font-family: 'Times New Roman', serif; font-size: 8pt;"><br /></font>Retail</div></div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 11.06%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">Total</div></div></td></tr><tr><td style="width: 33.61%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 1.15%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.35%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 3.32%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.34%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 3.32%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.34%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 3.32%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.34%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 3.32%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 7.5%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 2.5%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.56%; vertical-align: bottom;"><div><div>&#160;</div></div></td></tr><tr><td style="width: 33.61%; vertical-align: bottom;"><div><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 9pt;">Segment Assets</div></div></td><td style="width: 1.15%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.35%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 3.32%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.34%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 3.32%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.34%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 3.32%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.34%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 3.32%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 7.5%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 2.5%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.56%; vertical-align: bottom;"><div><div>&#160;</div></div></td></tr><tr style="background-color: #cceeff;"><td style="width: 33.61%; vertical-align: bottom;"><div><div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 9pt;">Property owned</div></div></td><td style="width: 1.15%; vertical-align: bottom;"><div><div style="text-align: right; 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width: 33.61%; vertical-align: bottom;"><div><div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 9pt;">Less accumulated depreciation</div></div></td><td style="border-bottom: #000000 2px solid; width: 1.15%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="border-bottom: #000000 2px solid; width: 8.35%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;">(145,276)</div></div></td><td style="border-bottom: #000000 2px solid; width: 3.32%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;">(143,246)</div></div></td><td style="border-bottom: #000000 2px solid; width: 3.32%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;">(94,616)</div></div></td><td style="border-bottom: #000000 2px solid; width: 3.32%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;">(19,968)</div></div></td><td style="border-bottom: #000000 2px solid; width: 3.32%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="border-bottom: #000000 2px solid; width: 7.5%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;">(26,270)</div></div></td><td style="border-bottom: #000000 2px solid; width: 2.5%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="border-bottom: #000000 2px solid; width: 8.56%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;">(429,376)</div></div></td></tr><tr style="background-color: #cceeff;"><td style="border-bottom: #000000 4px double; width: 33.61%; vertical-align: bottom;"><div><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 9pt;">Net property owned</div></div></td><td style="border-bottom: #000000 4px double; width: 1.15%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;">$</div></div></td><td style="border-bottom: #000000 4px double; width: 8.35%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;">525,297</div></div></td><td style="border-bottom: #000000 4px double; width: 3.32%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;">$</div></div></td><td style="border-bottom: #000000 4px double; width: 8.34%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;">482,364</div></div></td><td style="border-bottom: #000000 4px double; width: 3.32%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;">$</div></div></td><td style="border-bottom: #000000 4px double; width: 8.34%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;">407,730</div></div></td><td style="border-bottom: #000000 4px double; width: 3.32%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;">$</div></div></td><td style="border-bottom: #000000 4px double; width: 8.34%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;">80,236</div></div></td><td style="border-bottom: #000000 4px double; width: 3.32%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;">$</div></div></td><td style="border-bottom: #000000 4px double; width: 7.5%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;">91,520</div></div></td><td style="border-bottom: #000000 2px solid; width: 2.5%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="border-bottom: #000000 2px solid; width: 8.56%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;">1,587,147</div></div></td></tr><tr style="background-color: #ffffff;"><td style="width: 33.61%; vertical-align: bottom;"><div><div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 9pt;">Real estate held for sale</div></div></td><td style="width: 1.15%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.35%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 3.32%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.34%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 3.32%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.34%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 3.32%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.34%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 3.32%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 7.5%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 2.5%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.56%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; margin-left: 0.7pt; font-size: 9pt; margin-right: 3.6pt;">3,969</div></div></td></tr><tr style="background-color: #cceeff;"><td style="width: 33.61%; vertical-align: bottom;"><div><div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 9pt;">Cash and cash equivalents</div></div></td><td style="width: 1.15%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.35%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 3.32%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.34%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 3.32%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.34%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 3.32%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.34%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 3.32%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 7.5%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 2.5%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.56%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 9pt; margin-right: 3.6pt;">93,193</div></div></td></tr><tr style="background-color: #ffffff;"><td style="width: 33.61%; vertical-align: bottom;"><div><div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 9pt;">Other investments</div></div></td><td style="width: 1.15%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.35%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 3.32%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.34%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 3.32%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.34%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 3.32%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.34%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 3.32%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 7.5%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 2.5%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.56%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 9pt; margin-right: 3.6pt;">640</div></div></td></tr><tr style="background-color: #cceeff;"><td style="width: 33.61%; vertical-align: bottom;"><div><div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 9pt;">Receivables and other assets</div></div></td><td style="width: 1.15%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.35%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 3.32%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.34%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 3.32%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.34%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 3.32%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.34%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 3.32%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 7.5%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 2.5%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.56%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;">113,523</div></div></td></tr><tr style="background-color: #ffffff;"><td style="width: 33.61%; vertical-align: bottom;"><div><div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 9pt;">Development in progress</div></div></td><td style="width: 1.15%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.35%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 3.32%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.34%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 3.32%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.34%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 3.32%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.34%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 3.32%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 7.5%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 2.5%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.56%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;">77,396</div></div></td></tr><tr style="background-color: #cceeff;"><td style="border-bottom: #000000 2px solid; width: 33.61%; vertical-align: bottom;"><div><div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 9pt;">Unimproved land</div></div></td><td style="border-bottom: #000000 2px solid; width: 1.15%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="border-bottom: #000000 2px solid; width: 8.35%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="border-bottom: #000000 2px solid; width: 3.32%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="border-bottom: #000000 2px solid; width: 3.32%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="border-bottom: #000000 2px solid; width: 3.32%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="border-bottom: #000000 2px solid; width: 3.32%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="border-bottom: #000000 2px solid; width: 7.5%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="border-bottom: #000000 2px solid; width: 2.5%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="border-bottom: #000000 2px solid; width: 8.56%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;">20,774</div></div></td></tr><tr style="background-color: #ffffff;"><td style="border-bottom: #000000 4px double; width: 33.61%; vertical-align: bottom;"><div><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 9pt;">Total assets</div></div></td><td style="border-bottom: #000000 4px double; width: 1.15%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="border-bottom: #000000 4px double; width: 8.35%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="border-bottom: #000000 4px double; width: 3.32%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="border-bottom: #000000 4px double; width: 8.34%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="border-bottom: #000000 4px double; width: 3.32%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="border-bottom: #000000 4px double; width: 8.34%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="border-bottom: #000000 4px double; width: 3.32%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="border-bottom: #000000 4px double; width: 8.34%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="border-bottom: #000000 4px double; width: 3.32%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="border-bottom: #000000 4px double; width: 7.5%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="border-bottom: #000000 4px double; width: 2.5%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;">$</div></div></td><td style="border-bottom: #000000 4px double; width: 8.56%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;">1,896,642</div></div></td></tr></table></div><div><br /></div><div><table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><tr><td style="width: 33.61%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td colspan="12" style="border-bottom: #000000 2px solid; width: 66.39%; vertical-align: bottom;"><div><div style="text-align: center; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">(in thousands)</div></div></td></tr><tr><td style="border-bottom: #000000 2px solid; width: 33.61%; vertical-align: bottom;"><div><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">As of April 30, 2013</div></div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 10.56%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;">Multi-Family<font style="font-family: 'Times New Roman', serif; font-size: 8pt;"><br /></font>Residential</div></div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 11.56%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;">Commercial-<font style="font-family: 'Times New Roman', serif; font-size: 8pt;"><br /></font>Office</div></div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 11.56%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;">Commercial-<font style="font-family: 'Times New Roman', serif; font-size: 8pt;"><br /></font>Healthcare</div></div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 11.02%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;">Commercial-<font style="font-family: 'Times New Roman', serif; font-size: 8pt;"><br /></font>Industrial</div></div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 10.84%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;">Commercial-<font style="font-family: 'Times New Roman', serif; font-size: 8pt;"><br /></font>Retail</div></div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 10.84%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">Total</div></div></td></tr><tr><td style="width: 33.61%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 1.36%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 9.2%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 2.48%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 9.08%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 2.58%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.98%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 2.68%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.34%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 3.38%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 7.46%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 2.2%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.64%; vertical-align: bottom;"><div><div>&#160;</div></div></td></tr><tr style="background-color: #cceeff;"><td style="width: 33.61%; vertical-align: bottom;"><div><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 9pt;">Segment assets</div></div></td><td style="width: 1.36%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 9.2%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 2.48%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 9.08%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 2.58%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.98%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 2.68%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.34%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 3.38%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 7.46%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 2.2%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.64%; vertical-align: bottom;"><div><div>&#160;</div></div></td></tr><tr style="background-color: #ffffff;"><td style="width: 33.61%; vertical-align: bottom;"><div><div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 9pt;">Property owned</div></div></td><td style="width: 1.36%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;">$</div></div></td><td style="width: 9.2%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;">659,696</div></div></td><td style="width: 2.48%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;">$</div></div></td><td style="width: 9.08%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;">613,775</div></div></td><td style="width: 2.58%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;">$</div></div></td><td style="width: 8.98%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;">501,191</div></div></td><td style="width: 2.68%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;">$</div></div></td><td style="width: 8.34%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;">125,772</div></div></td><td style="width: 3.38%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;">$</div></div></td><td style="width: 7.46%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;">132,536</div></div></td><td style="width: 2.2%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;">$</div></div></td><td style="width: 8.64%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;">2,032,970</div></div></td></tr><tr style="background-color: #cceeff;"><td style="border-bottom: #000000 2px solid; width: 33.61%; vertical-align: bottom;"><div><div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 9pt;">Less accumulated depreciation</div></div></td><td style="border-bottom: #000000 2px solid; width: 1.36%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="border-bottom: #000000 2px solid; width: 9.2%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;">(140,354)</div></div></td><td style="border-bottom: #000000 2px solid; width: 2.48%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="border-bottom: #000000 2px solid; width: 9.08%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;">(138,270)</div></div></td><td style="border-bottom: #000000 2px solid; width: 2.58%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="border-bottom: #000000 2px solid; width: 8.98%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;">(90,891)</div></div></td><td style="border-bottom: #000000 2px solid; width: 2.68%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;">(23,688)</div></div></td><td style="border-bottom: #000000 2px solid; width: 3.38%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="border-bottom: #000000 2px solid; width: 7.46%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;">(27,218)</div></div></td><td style="border-bottom: #000000 2px solid; width: 2.2%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="border-bottom: #000000 2px solid; width: 8.64%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;">(420,421)</div></div></td></tr><tr style="background-color: #ffffff;"><td style="border-bottom: #000000 4px double; width: 33.61%; vertical-align: bottom;"><div><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 9pt;">Net property owned</div></div></td><td style="border-bottom: #000000 4px double; width: 1.36%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;">$</div></div></td><td style="border-bottom: #000000 4px double; width: 9.2%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;">519,342</div></div></td><td style="border-bottom: #000000 4px double; width: 2.48%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;">$</div></div></td><td style="border-bottom: #000000 4px double; width: 9.08%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;">475,505</div></div></td><td style="border-bottom: #000000 4px double; width: 2.58%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;">$</div></div></td><td style="border-bottom: #000000 4px double; width: 8.98%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;">410,300</div></div></td><td style="border-bottom: #000000 4px double; width: 2.68%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;">$</div></div></td><td style="border-bottom: #000000 4px double; width: 8.34%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;">102,084</div></div></td><td style="border-bottom: #000000 4px double; width: 3.38%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;">$</div></div></td><td style="border-bottom: #000000 4px double; width: 7.46%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;">105,318</div></div></td><td style="border-bottom: #000000 4px double; width: 2.2%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="border-bottom: #000000 4px double; width: 8.64%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;">1,612,549</div></div></td></tr><tr style="background-color: #cceeff;"><td style="width: 33.61%; vertical-align: bottom;"><div><div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 9pt;">Cash and cash equivalents</div></div></td><td style="width: 1.36%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 9.2%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 2.48%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 9.08%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 2.58%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.98%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 2.68%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.34%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 3.38%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 7.46%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 2.2%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.64%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;">94,133</div></div></td></tr><tr style="background-color: #ffffff;"><td style="width: 33.61%; vertical-align: bottom;"><div><div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9.4pt; font-size: 9pt;">Other investments</div></div></td><td style="width: 1.36%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 9.2%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 2.48%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 9.08%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 2.58%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.98%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 2.68%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.34%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 3.38%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 7.46%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 2.2%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.64%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;">639</div></div></td></tr><tr style="background-color: #cceeff;"><td style="width: 33.61%; vertical-align: bottom;"><div><div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9.4pt; font-size: 9pt;">Receivables and other assets</div></div></td><td style="width: 1.36%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 9.2%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 2.48%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 9.08%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 2.58%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.98%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 2.68%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.34%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 3.38%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 7.46%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 2.2%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.64%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;">113,948</div></div></td></tr><tr style="background-color: #ffffff;"><td style="width: 33.61%; vertical-align: bottom;"><div><div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9.4pt; font-size: 9pt;">Development in progress</div></div></td><td style="width: 1.36%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 9.2%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 2.48%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 9.08%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 2.58%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.98%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 2.68%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.34%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 3.38%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 7.46%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 2.2%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="width: 8.64%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;">46,782</div></div></td></tr><tr style="background-color: #cceeff;"><td style="border-bottom: #000000 2px solid; width: 33.61%; vertical-align: bottom;"><div><div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9.4pt; font-size: 9pt;">Unimproved land</div></div></td><td style="border-bottom: #000000 2px solid; width: 1.36%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="border-bottom: #000000 2px solid; width: 9.2%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="border-bottom: #000000 2px solid; width: 2.48%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="border-bottom: #000000 2px solid; width: 9.08%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="border-bottom: #000000 2px solid; width: 2.58%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="border-bottom: #000000 2px solid; width: 8.98%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="border-bottom: #000000 2px solid; width: 2.68%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="border-bottom: #000000 2px solid; width: 3.38%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="border-bottom: #000000 2px solid; width: 7.46%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="border-bottom: #000000 2px solid; width: 2.2%; vertical-align: bottom;"><div><div>&#160;</div></div></td><td style="border-bottom: #000000 2px solid; width: 8.64%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;">21,503</div></div></td></tr><tr style="background-color: #ffffff;"><td colspan="11" style="border-bottom: #000000 4px double; width: 89.16%; vertical-align: bottom;"><div><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 9pt;">Total assets</div></div></td><td style="border-bottom: #000000 4px double; width: 2.2%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;">$</div></div></td><td style="border-bottom: #000000 4px double; width: 8.64%; vertical-align: bottom;"><div><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;">1,889,554</div></div></td></tr></table></div></div><div style="margin-top: 7.5pt; margin-bottom: 10.5pt;"><br /></div></div><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SegmentReportingAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_SegmentReportingAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SegmentReportingDisclosureTextBlock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EIDAC">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) (USD $)<br>In Thousands, unless otherwise specified</strong></div>
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        <th class="th" colspan="2">3 Months Ended</th>
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      <tr>
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          <div>Jul. 31, 2013</div>
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          <div>Jul. 31, 2012</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract', window );"><strong>CASH FLOWS FROM FINANCING ACTIVITIES</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_DistributionsPaidToCommonShareholdersReinvestment', window );">Distributions paid to common shareholders, net of reinvestment</a></td>
        <td class="nump">$ 3,549<span></span></td>
        <td class="nump">$ 2,971<span></span></td>
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        <td class="nump">183<span></span></td>
        <td class="nump">157<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestPaidCapitalized', window );">Cash paid for interest</a></td>
        <td class="nump">$ 580<span></span></td>
        <td class="nump">$ 161<span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Distributions paid to common shareholders, reinvestment.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of cash paid during the current period for interest that is capitalized.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4297-108586<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 29<br><br> -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.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 25<br><br> -Subparagraph (e)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3536-108585<br><br><br><br></p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash inflow from an entity that is affiliated with the entity by means of direct or indirect ownership.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 14<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3255-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18<br><br> -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.<br><br><br><br></p>
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 -Publisher SEC

 -Name Regulation S-X (SX)

 -Number 210

 -Section 04

 -Article 3



Reference 2: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 505

 -SubTopic 10

 -Section S99

 -Paragraph 1

 -Subparagraph (SX 210.3-04)

 -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770



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UnitID=""><Id>21</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:dateItemType</ElementDataType><SimpleDataType>date</SimpleDataType><ElementDefenition>Date the dividend to be paid was declared, in CCYY-MM-DD format.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 230

 -SubTopic 10

 -Section 50

 -Paragraph 3

 -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4304-108586



Reference 2: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Statement of Financial Accounting Standard (FAS)

 -Number 95

 -Paragraph 32

 -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.



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 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 230

 -SubTopic 10

 -Section 50

 -Paragraph 3

 -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4304-108586



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 -Publisher FASB

 -Name Statement of Financial Accounting Standard (FAS)

 -Number 141R

 -Paragraph 68

 -Subparagraph f(1)

 -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 Statement of Financial Accounting Standard (FAS)

 -Number 141

 -Paragraph 51

 -Subparagraph d

 -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.



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 -Publisher FASB

 -Name Statement of Financial Accounting Standard (FAS)

 -Number 159

 -Paragraph 18

 -Subparagraph f

 -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 323

 -SubTopic 10

 -Section 50

 -Paragraph 3

 -Subparagraph (a)(1)

 -URI http://asc.fasb.org/extlink&amp;oid=6382943&amp;loc=d3e33918-111571



Reference 3: http://www.xbrl.org/2003/role/presentationRef

 -Publisher AICPA

 -Name Accounting Principles Board Opinion (APB)

 -Number 18

 -Paragraph 20

 -Subparagraph a (1)

 -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.



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 -Publisher FASB

 -Name Statement of Financial Accounting Standard (FAS)

 -Number 141

 -Paragraph 51

 -Subparagraph d

 -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.



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Reference 3: http://www.xbrl.org/2003/role/presentationRef

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Reference 4: http://www.xbrl.org/2003/role/presentationRef

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Reference 6: http://www.xbrl.org/2003/role/presentationRef

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<?xml version="1.0" encoding="us-ascii"?><InstanceReport xmlns:xsd="http://www.w3.org/2001/XMLSchema" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance"><Version>2.4.0.8</Version><ReportLongName>060600 - Disclosure - COMMITMENTS AND CONTINGENCIES</ReportLongName><DisplayLabelColumn>true</DisplayLabelColumn><ShowElementNames>false</ShowElementNames><RoundingOption /><HasEmbeddedReports>false</HasEmbeddedReports><Columns><Column FlagID="0"><Id>1</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

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</LabelSeparator><Level>2</Level><ElementName>us-gaap_CommitmentsAndContingenciesDisclosureTextBlock</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>terseLabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="c20130501to20130731" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="text-align: justify; margin-top: 7.5pt; font-family: 'Times New Roman', serif; margin-bottom: 10.5pt; font-size: 10pt; font-weight: bold;"&gt;NOTE 6 &amp;#8226; COMMITMENTS AND CONTINGENCIES&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;&lt;font style="font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Litigation. &amp;#160;&lt;/font&gt;The Company is not a party to any legal proceedings which are expected to have a material effect on the Company's liquidity, financial position, cash flows or results of operations. The Company is subject to a variety of legal actions for personal injury or property damage arising in the ordinary course of its business, most of which are covered by liability insurance. Various claims of resident discrimination are also periodically brought, most of which also are covered by insurance. While the resolution of these matters cannot be predicted with certainty, management believes that the final outcome of such legal proceedings and claims will not have a material effect on the Company's liquidity, financial position, cash flows or results of operations.&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;&lt;font style="font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Insurance. &amp;#160;&lt;/font&gt;IRET carries insurance coverage on its properties in amounts and types that the Company believes are customarily obtained by owners of similar properties and are sufficient to achieve IRET's risk management objectives.&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;&lt;font style="font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Purchase Options. &amp;#160;&lt;/font&gt;The Company has granted options to purchase certain IRET properties to tenants in these properties, under lease agreements. In general, the options grant the tenant the right to purchase the property at the greater of such property's appraised value or an annual compounded increase of a specified percentage of the initial cost of the property to IRET. As of July 31, 2013, the total property cost of the 14 properties subject to purchase options was approximately $92.8 million, and the total gross rental revenue from these properties was approximately $2.0 million for the three months ended July 31, 2013.&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;&lt;font style="font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Environmental Matters. &amp;#160;&lt;/font&gt;Under various federal, state and local laws, ordinances and regulations, a current or previous owner or operator of real estate may be liable for the costs of removal of, or remediation of, certain hazardous or toxic substances in, on, around or under the property. While IRET currently has no knowledge of any material violation of environmental laws, ordinances or regulations at any of its properties, there can be no assurance that areas of contamination will not be identified at any of the Company's properties, or that changes in environmental laws, regulations or cleanup requirements would not result in material costs to the Company.&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;&lt;font style="font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Restrictions on Taxable Dispositions. &amp;#160;&lt;/font&gt;Approximately 115 of IRET's properties, consisting of approximately 6.4 million square feet of the Company's combined commercial segments' properties and 4,936 apartment units, are subject to restrictions on taxable dispositions under agreements entered into with some of the sellers or contributors of the properties. The real estate investment amount of these properties (net of accumulated depreciation) was approximately $876.1 million at July 31, 2013. The restrictions on taxable dispositions are effective for varying periods. The terms of these agreements generally prevent the Company from selling the properties in taxable transactions. The Company does not believe that the agreements materially affect the conduct of the Company's business or decisions whether to dispose of restricted properties during the restriction period because the Company generally holds these and the Company's other properties for investment purposes, rather than for sale. Historically, however, where IRET has deemed it to be in the shareholders' best interests to dispose of restricted properties, it has done so through transactions structured as tax-deferred transactions under Section 1031 of the Internal Revenue Code.&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;&lt;font style="font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Redemption Value of UPREIT Units&lt;/font&gt;. &amp;#160;The limited partnership units ("UPREIT Units") of the Company's operating partnership, IRET Properties, are redeemable at the option of the holder for cash, or, at our option, for the Company's common shares of beneficial interest on a one-for-one basis, after a minimum one-year holding period. &amp;#160;All UPREIT Units receive the same cash distributions as those paid on common shares. &amp;#160;UPREIT Units are redeemable for an amount of cash per Unit equal to the average of the daily market price of an IRET common share for the ten consecutive trading days immediately preceding the date of valuation of the Unit. &amp;#160;As of July 31, 2013 and 2012, the aggregate redemption value of the then-outstanding UPREIT Units of the operating partnership owned by limited partners was approximately $197.7 million and $172.4 million, respectively.&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;&lt;font style="font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Joint Venture Buy/Sell Options. &amp;#160;&lt;/font&gt;Certain of IRET's joint venture agreements contain buy/sell options in which each party under certain circumstances has the option to acquire the interest of the other party, but do not generally require that the Company buy its partners' interests. The Company currently has no joint ventures in which its joint venture partner can require the Company to buy the partner's interest.&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10.5pt; font-size: 10pt;"&gt;&lt;font style="font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Tenant Improvements&lt;/font&gt;. In entering into leases with tenants, IRET may commit itself to fund improvements or build-outs of the rented space to suit tenant requirements. These tenant improvements are typically funded at the beginning of the lease term, and IRET is accordingly exposed to some risk of loss if a tenant defaults prior to the expiration of the lease term, and the rental income that was expected to cover the cost of the tenant improvements is not received. As of July 31, 2013, the Company is committed to fund approximately $8.3 million in tenant improvements, within approximately the next 12 months.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10.5pt; font-size: 10pt;"&gt;&lt;font style="font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Development, Expansion and Renovation Projects. &amp;#160;&lt;/font&gt;As of July 31, 2013, the Company had several development, expansion and renovation projects underway or recently completed, the costs for which have been capitalized, as follows:&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10.5pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;&lt;u&gt;River Ridge Apartment Homes, Bismarck, ND&lt;/u&gt;&lt;/font&gt;: During the second quarter of fiscal year 2013, the Company began construction of its 146-unit River Ridge Apartments project in Bismarck, North Dakota. River Ridge is located near IRET's Cottonwood Apartments in Bismarck, and will offer amenities including a pool, exercise facility and underground parking. The Company estimates that the total cost to construct the project will be approximately $25.9 million. Completion of the project is currently expected in the second quarter of the Company's fiscal year 2014. A portion of the building was substantially completed in August 2013, and a certificate of occupancy issued for 60 units. As of July 31, 2013, the Company had incurred approximately $19.7 million of the total estimated project costs.&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;&lt;u&gt;Cypress Court Apartment Homes, St. Cloud, Minnesota&lt;/u&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman', serif; color: #000000; font-size: 10pt;"&gt;: In August 2012, the Company entered into a joint venture agreement with a real estate development and contracting company in St. Cloud, Minnesota, to construct a two-building, 132-unit multi-family residential property in St. Cloud, Minnesota, for an estimated total project cost of $14.3 million. The Company owns approximately 79% of the joint venture entity, &lt;/font&gt;and the Company consolidates the joint venture's results in its financial statements;&lt;font style="font-family: 'Times New Roman', serif; color: #000000; font-size: 10pt;"&gt; the remaining approximately 21% interest is owned by its joint venture partner. Completion of the apartment project is currently expected in the &lt;/font&gt;second quarter of the Company's fiscal year 2014&lt;font style="font-family: 'Times New Roman', serif; color: #000000; font-size: 10pt;"&gt;.&lt;/font&gt; As of July 31, 2013, the Company had incurred approximately $10.1 million of the total estimated project costs. The first building of the planned two-building project was substantially completed in August 2013.&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;&lt;u&gt;Southgate Apartments, Minot, North Dakota&lt;/u&gt;&lt;/font&gt;: In January 2013, the Company entered into a joint venture agreement to construct an apartment project in Minot, North Dakota. The Company owns approximately 51% of the joint venture entity, and the Company consolidates the joint venture's results in its financial statements; the remaining approximately 49% of the joint venture entity is owned by its joint venture partner. The project is expected to be completed in two phases, with a total of approximately 341 units as described below:&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;The Landing at Southgate consists of three approximately 36-unit buildings with an estimated total cost of $15.0 million. &amp;#160;One of the three buildings was substantially completed in August 2013. The two remaining buildings are expected to be completed in the second quarter of fiscal year 2014. As of July 31, 2013, the Company had incurred approximately $12.5 million of the total estimated project costs.&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;The Commons at Southgate will consist of an approximately 233-unit building to be completed in June 2014 for an estimated total cost of $37.2 million. As of July 31, 2013, the Company had incurred approximately $10.5 million of the total estimated project costs.&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10.5pt; color: #000000; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;&lt;u&gt;Renaissance Heights I Apartments, Williston, North Dakota&lt;/u&gt;&lt;/font&gt;: In February 2013, the Company entered into a joint venture agreement to construct the first phase of an apartment project in Williston, North Dakota. The Company's joint venture partner in the Renaissance Heights project is also the Company's partner in its Williston Garden Apartments Project. The Company will own approximately 70% of the project, subject to final project costs, and the joint venture's results are consolidated in the Company's financial statements. The first phase of the Renaissance Heights Apartments project, consisting of five buildings with a total of 288 units, commenced construction in April 2013, with construction completion expected in September 2014. The site of the first phase of this development project is approximately 14.5 acres of an approximately 40-acre parcel of land purchased by the Company in April 2012. The total cost of this first phase of the Renaissance Heights project is estimated at $62.4 million, including the purchase price of the land. As of July 31, 2013, the Company had incurred approximately $16.9 million of the total estimated project cost. The remaining two phases of the project are expected to consist of an additional total of approximately 462 units, for a total of approximately 750 units in all three phases.&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; color: #000000; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;&lt;u&gt;Arcata Apartments, Golden Valley, Minnesota&lt;/u&gt;&lt;/font&gt;: In April 2013, the Company acquired approximately two acres of vacant land in Golden Valley, Minnesota for a purchase price of approximately $2.1 million. The parcel of land is located near the Company's Golden Hills Office Center. The Company has signed a development services agreement with Trammell Crow Company and a construction contract to develop on this parcel an approximately 165-unit apartment building. Construction commenced in August 2013 and is currently expected to conclude in approximately November 2014, with a total project cost of approximately $33.4 million, including the purchase price of the land. As of July 31, 2013, the Company had incurred approximately $2.7 million of the total estimated project cost.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;&lt;u&gt;Dakota Commons, Williston, North Dakota&lt;/u&gt;&lt;/font&gt;: In May 2013 the Company commenced construction of a 44-unit apartment building in Williston, North Dakota, on land purchased for approximately $823,000 in fiscal year 2013. The project is currently expected to be completed in the first quarter of fiscal year 2015 at an estimated total cost of $10.7 million, including the cost of the land. As of July 31, 2013, the Company had incurred approximately $2.6 million of the total estimated project cost.&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;&lt;u&gt;Chateau II, Minot, North Dakota&lt;/u&gt;&lt;/font&gt;: In June 2011, the Company's Chateau Apartments property in Minot, North Dakota, which consisted of two 32-unit buildings, was extensively damaged by flood. Additionally, in February 2012, one of the two buildings, which had been undergoing restoration work following the flood, was completely destroyed by fire. The Company completed the redevelopment of the first 32-unit Chateau Apartments building in May 2012. Construction of the second Chateau Apartments building, and its expansion by an additional 40 units, for a total of 72 units, commenced in June 2013. This second building is currently expected to be completed in April 2014, at an estimated total cost of $14.7 million, including the value of the land. As of July 31, 2013, the Company had incurred approximately $2.3 million of the total estimated project cost.&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;These development projects are subject to various contingencies, and no assurances can be given that they will be completed within the time frames or on the terms currently expected.&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10.5pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman', serif; color: #000000; font-size: 10pt;"&gt;Construction interest capitalized for the three month periods ended &lt;/font&gt;July 31, 2013 &lt;font style="font-family: 'Times New Roman', serif; color: #000000; font-size: 10pt;"&gt;and 2012, respectively, was approximately $580,000 and $161,000 for development projects completed and in progress.&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;&lt;font style="font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Acquisition&lt;/font&gt;.&amp;#160;&amp;#160;During the first quarter of fiscal year 2014, the Company signed a purchase agreement for the acquisition of a multi-family residential property in Grand Forks, North Dakota with 96 units, for a purchase price of $10.6 million, of which approximately $200,000 would be paid through the issuance of limited partnership units of the Operating Partnership, with the remainder paid in cash. This acquisition closed subsequent to the end of the first quarter of fiscal year 2014, on September 5, 2013. The purchase price accounting is incomplete for this acquisition.&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10.5pt; font-size: 10pt;"&gt;&lt;font style="font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Pending Dispositions. &amp;#160;&lt;/font&gt;As of July 31, 2013, the Company had signed sales agreements for the disposition of the following properties. All of these pending dispositions are subject to various closing conditions and contingencies, and no assurances can be given that any of these dispositions will be completed on the terms currently proposed, or at all:&lt;/div&gt;&lt;div&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman', Times, serif; margin-bottom: 6pt; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 36pt; vertical-align: top; align: right;"&gt;&lt;div style="text-align: left; font-family: Symbol, serif; margin-bottom: 6pt; margin-left: 18pt; font-size: 10pt;"&gt;&amp;#183;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-bottom: 6pt; font-size: 10pt;"&gt;the Company's 121,669-square foot Bloomington Business Plaza commercial office property in Bloomington, Minnesota for a sale price of $4.5 million;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman', Times, serif; margin-bottom: 6pt; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 36pt; vertical-align: top; align: right;"&gt;&lt;div style="text-align: left; font-family: Symbol, serif; margin-bottom: 6pt; margin-left: 18pt; font-size: 10pt;"&gt;&amp;#183;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-bottom: 6pt; font-size: 10pt;"&gt;the 322,751-square foot Brooklyn Park 7401 Boone Avenue commercial industrial property in Brooklyn Park, Minnesota for a sale price of $12.8 million;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman', Times, serif; margin-bottom: 6pt; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 36pt; vertical-align: top; align: right;"&gt;&lt;div style="text-align: left; font-family: Symbol, serif; margin-bottom: 6pt; margin-left: 18pt; font-size: 10pt;"&gt;&amp;#183;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-bottom: 6pt; font-size: 10pt;"&gt;the 50,400-square foot Cedar Lake Business Center commercial industrial property in St. Louis Park, Minnesota for a sale price of $2.6 million;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman', Times, serif; margin-bottom: 6pt; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 36pt; vertical-align: top; align: right;"&gt;&lt;div style="text-align: left; font-family: Symbol, serif; margin-bottom: 6pt; margin-left: 18pt; font-size: 10pt;"&gt;&amp;#183;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-bottom: 6pt; font-size: 10pt;"&gt;the 118,125-square foot Nicollet VII commercial office property in Burnsville, Minnesota for a sale price of $7.3 million;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman', Times, serif; margin-bottom: 6pt; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 36pt; vertical-align: top; align: right;"&gt;&lt;div style="text-align: left; font-family: Symbol, serif; margin-bottom: 6pt; margin-left: 18pt; font-size: 10pt;"&gt;&amp;#183;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-bottom: 6pt; font-size: 10pt;"&gt;the 42,929-square foot Pillsbury Business Center commercial office property in Bloomington, Minnesota for a sale price of $1.2 million;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman', Times, serif; margin-bottom: 6pt; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 36pt; vertical-align: top; align: right;"&gt;&lt;div style="text-align: left; font-family: Symbol, serif; margin-bottom: 6pt; margin-left: 18pt; font-size: 10pt;"&gt;&amp;#183;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-bottom: 6pt; font-size: 10pt;"&gt;the 42,510-square foot Clive 2075 NW 94th Street commercial industrial property in Clive, Iowa for a sale price of $2.7 million;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman', Times, serif; margin-bottom: 6pt; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 36pt; vertical-align: top; align: right;"&gt;&lt;div style="text-align: left; font-family: Symbol, serif; margin-bottom: 6pt; margin-left: 18pt; font-size: 10pt;"&gt;&amp;#183;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-bottom: 6pt; font-size: 10pt;"&gt;the 606,006-square foot Dixon Avenue Industrial Park commercial industrial property in Des Moines, Iowa for a sale price of $14.7 million;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman', Times, serif; margin-bottom: 6pt; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 36pt; vertical-align: top; align: right;"&gt;&lt;div style="text-align: left; font-family: Symbol, serif; margin-bottom: 6pt; margin-left: 18pt; font-size: 10pt;"&gt;&amp;#183;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-bottom: 6pt; font-size: 10pt;"&gt;the 8,400-square foot Burnsville II Strip Center commercial retail property in Burnsville, Minnesota for a sale price of approximately $650,000;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman', Times, serif; margin-bottom: 6pt; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 36pt; vertical-align: top; align: right;"&gt;&lt;div style="text-align: left; font-family: Symbol, serif; margin-bottom: 6pt; margin-left: 18pt; font-size: 10pt;"&gt;&amp;#183;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-bottom: 6pt; font-size: 10pt;"&gt;the 35,000-square foot API Building commercial industrial property in Duluth, Minnesota for a sale price of $2.6 million; and&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman', Times, serif; margin-bottom: 6pt; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 36pt; vertical-align: top; align: right;"&gt;&lt;div style="text-align: left; font-family: Symbol, serif; margin-bottom: 6pt; 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</LabelSeparator><Level>2</Level><ElementName>us-gaap_ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>label</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="c20130501to20130731" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;The Company reports in discontinued operations the results of operations of a property that has either been disposed of or is classified as held for sale. The Company also reports any gains or losses from the sale of a property in discontinued operations. During the first quarter of fiscal year 2014, the Company sold four commercial industrial properties and one commercial retail property and classified two commercial industrial properties as held for sale. During the first quarter of fiscal year 2013, IRET sold two condominium units and a commercial retail property. See Note 8 for additional information on the properties sold during the three months ended July 31, 2013 and 2012. The following information shows the effect on net income and the gains or losses from the sale of properties classified as discontinued operations for the three months ended July 31, 2013 and 2012:&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 74.14%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="4" style="border-bottom: #000000 2px solid; width: 25.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Three Months Ended&lt;/div&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;July 31&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 74.14%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="4" style="border-bottom: #000000 2px solid; width: 25.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; width: 74.14%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;2013&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.3%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold; margin-right: 9.05pt;"&gt;2012&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 74.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;REVENUE&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.32%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.3%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 74.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Real estate rentals&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;216&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.3%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;1,306&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 74.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Tenant reimbursement&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;51&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.3%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;139&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 74.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;TOTAL REVENUE&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;267&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.3%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;1,445&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 74.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;EXPENSES&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.3%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 74.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Depreciation/amortization related to real estate investments&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;65&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.3%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;390&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 74.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Utilities&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.3%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;37&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 74.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Maintenance&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;2&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.3%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;113&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 74.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Real estate taxes&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;41&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.3%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;148&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 74.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Insurance&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;3&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.3%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;21&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 74.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Property management expenses&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;11&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.3%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;65&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 74.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Other property expenses&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.3%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;6&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 74.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Amortization related to non-real estate investments&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;3&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.3%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;11&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 74.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Impairment of real estate investments&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;345&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.3%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 74.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;TOTAL EXPENSES&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;470&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.3%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;791&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff; height: 18px;"&gt;&lt;td style="width: 74.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Operating (loss) income&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;(203)&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.3%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;654&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 74.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Interest expense&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;(84)&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.3%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;(448)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 74.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;(Loss) income from discontinued operations before gain (loss) on sale&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;(287)&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.3%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;206&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 74.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Gain (loss) on sale of discontinued operations&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;1,943&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 4.3%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;(73)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 4px double; width: 74.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;INCOME FROM DISCONTINUED OPERATIONS&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 4.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; 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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0ELJBG">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>DISCONTINUED OPERATIONS (Details) (USD $)<br></strong></div>
        </th>
        <th class="th" colspan="2">3 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Jul. 31, 2013</div>
        </th>
        <th class="th">
          <div>Jul. 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DiscontinuedOperationsAndDisposalGroupsAbstract', window );"><strong>DISCONTINUED OPERATIONS [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_NumberOfCondominiumUnitsSold', window );">Number Of Condominium Units Sold</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">2<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_NumberOfRetailPropertiesSold', window );">Number of retail properties sold</a></td>
        <td class="nump">1<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_IretNumberOfIndustrialSold', window );">Number of industrial sold</a></td>
        <td class="nump">4<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_NumberOfIndustrialHeldForSale', window );">Number of industrial held for sale</a></td>
        <td class="nump">2<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RevenuesAbstract', window );"><strong>REVENUE</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLeasesIncomeStatementLeaseRevenue', window );">Real estate rentals</a></td>
        <td class="nump">$ 55,039,000<span></span></td>
        <td class="nump">$ 50,458,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TenantReimbursements', window );">Tenant reimbursement</a></td>
        <td class="nump">12,143,000<span></span></td>
        <td class="nump">10,517,000<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateRevenueNet', window );">TOTAL REVENUE</a></td>
        <td class="nump">67,182,000<span></span></td>
        <td class="nump">60,975,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostsAndExpensesAbstract', window );"><strong>EXPENSES</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DepreciationAndAmortization', window );">Depreciation/amortization related to real estate investments</a></td>
        <td class="nump">18,528,000<span></span></td>
        <td class="nump">15,063,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_Utilities', window );">Utilities</a></td>
        <td class="nump">5,051,000<span></span></td>
        <td class="nump">4,194,000<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostOfPropertyRepairsAndMaintenance', window );">Maintenance</a></td>
        <td class="nump">7,912,000<span></span></td>
        <td class="nump">7,312,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateTaxExpense', window );">Real estate taxes</a></td>
        <td class="nump">8,862,000<span></span></td>
        <td class="nump">8,242,000<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateInsurance', window );">Insurance</a></td>
        <td class="nump">1,347,000<span></span></td>
        <td class="nump">901,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OwnedPropertyManagementCosts', window );">Property management expenses</a></td>
        <td class="nump">4,242,000<span></span></td>
        <td class="nump">3,701,000<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherGeneralExpense', window );">Other expenses</a></td>
        <td class="nump">679,000<span></span></td>
        <td class="nump">519,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AmortizationOfDeferredLeasingFees', window );">Amortization related to non-real estate investments</a></td>
        <td class="nump">990,000<span></span></td>
        <td class="nump">822,000<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ImpairmentOfRealEstate', window );">Impairment of real estate investments</a></td>
        <td class="nump">1,803,000<span></span></td>
        <td class="nump">0<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostsAndExpenses', window );">TOTAL EXPENSES</a></td>
        <td class="nump">51,999,000<span></span></td>
        <td class="nump">43,185,000<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestExpense', window );">Interest expense</a></td>
        <td class="num">(14,799,000)<span></span></td>
        <td class="num">(16,069,000)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax', window );">Gain (loss) on sale of discontinued operations</a></td>
        <td class="nump">1,943,000<span></span></td>
        <td class="num">(73,000)<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax', window );">INCOME FROM DISCONTINUED OPERATIONS</a></td>
        <td class="nump">1,656,000<span></span></td>
        <td class="nump">133,000<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Discontinued Operations [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RevenuesAbstract', window );"><strong>REVENUE</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLeasesIncomeStatementLeaseRevenue', window );">Real estate rentals</a></td>
        <td class="nump">216,000<span></span></td>
        <td class="nump">1,306,000<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TenantReimbursements', window );">Tenant reimbursement</a></td>
        <td class="nump">51,000<span></span></td>
        <td class="nump">139,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateRevenueNet', window );">TOTAL REVENUE</a></td>
        <td class="nump">267,000<span></span></td>
        <td class="nump">1,445,000<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostsAndExpensesAbstract', window );"><strong>EXPENSES</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DepreciationAndAmortization', window );">Depreciation/amortization related to real estate investments</a></td>
        <td class="nump">65,000<span></span></td>
        <td class="nump">390,000<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_Utilities', window );">Utilities</a></td>
        <td class="nump">0<span></span></td>
        <td class="nump">37,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostOfPropertyRepairsAndMaintenance', window );">Maintenance</a></td>
        <td class="nump">2,000<span></span></td>
        <td class="nump">113,000<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateTaxExpense', window );">Real estate taxes</a></td>
        <td class="nump">41,000<span></span></td>
        <td class="nump">148,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateInsurance', window );">Insurance</a></td>
        <td class="nump">3,000<span></span></td>
        <td class="nump">21,000<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OwnedPropertyManagementCosts', window );">Property management expenses</a></td>
        <td class="nump">11,000<span></span></td>
        <td class="nump">65,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherGeneralExpense', window );">Other expenses</a></td>
        <td class="nump">0<span></span></td>
        <td class="nump">6,000<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AmortizationOfDeferredLeasingFees', window );">Amortization related to non-real estate investments</a></td>
        <td class="nump">3,000<span></span></td>
        <td class="nump">11,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ImpairmentOfRealEstate', window );">Impairment of real estate investments</a></td>
        <td class="nump">345,000<span></span></td>
        <td class="nump">0<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostsAndExpenses', window );">TOTAL EXPENSES</a></td>
        <td class="nump">470,000<span></span></td>
        <td class="nump">791,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss', window );">Operating (loss) income</a></td>
        <td class="num">(203,000)<span></span></td>
        <td class="nump">654,000<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestExpense', window );">Interest expense</a></td>
        <td class="num">(84,000)<span></span></td>
        <td class="num">(448,000)<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax', window );">(Loss) income from discontinued operations before gain (loss) on sale</a></td>
        <td class="num">(287,000)<span></span></td>
        <td class="nump">206,000<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax', window );">Gain (loss) on sale of discontinued operations</a></td>
        <td class="nump">1,943,000<span></span></td>
        <td class="num">(73,000)<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax', window );">INCOME FROM DISCONTINUED OPERATIONS</a></td>
        <td class="nump">$ 1,656,000<span></span></td>
        <td class="nump">$ 133,000<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_iret_IretNumberOfIndustrialSold">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of industrial properties sold.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>iret_IretNumberOfIndustrialSold</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                    <td><strong> Data Type:</strong></td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_iret_NumberOfCondominiumUnitsSold">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of condominium units sold.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>iret_NumberOfCondominiumUnitsSold</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>iret_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:integerItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_iret_NumberOfIndustrialHeldForSale">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of industrial properties held for sale.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>iret_NumberOfIndustrialHeldForSale</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>iret_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:integerItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_iret_NumberOfRetailPropertiesSold">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of retail properties sold.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>iret_NumberOfRetailPropertiesSold</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>iret_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:integerItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_iret_Utilities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Costs incurred to provide to tenants basic services such as electricity, gas, water, telephone, cable, and internet service.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>iret_Utilities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>iret_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AmortizationOfDeferredLeasingFees">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This element represents the amortization of deferred leasing fees incurred by the lessor and amortized over the term of the lease. Such fees represent (a) costs to originate a lease incurred in transactions with independent third parties that (i) result directly from and are essential to acquire that lease and (ii) would not have been incurred had that leasing transaction not occurred and (b) certain costs directly related to specified activities performed by the lessor for that lease. Those activities are: evaluating the prospective lessee's financial condition; evaluating and recording guarantees, collateral, and other security arrangements; negotiating lease terms; preparing and processing lease documents; and closing the transaction.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.3)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 840<br><br> -SubTopic 20<br><br> -Section 25<br><br> -Paragraph 17<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6748888&amp;loc=d3e40246-112709<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AmortizationOfDeferredLeasingFees</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CostOfPropertyRepairsAndMaintenance">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate costs of keeping the property in good condition but that do not appreciably prolong the life or increase the value of the property.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.2)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CostOfPropertyRepairsAndMaintenance</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CostsAndExpenses">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total costs of sales and operating expenses for the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CostsAndExpenses</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CostsAndExpensesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CostsAndExpensesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DepreciationAndAmortization">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -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.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 360<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 5<br><br> -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.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DepreciationAndAmortization</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of gain (loss), after tax expense or benefit and not previously recognized, resulting from the sale of a business component.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 205<br><br> -SubTopic 20<br><br> -Section 45<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6892542&amp;loc=d3e957-107759<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 144<br><br> -Paragraph 43<br><br> -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.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 205<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6360339&amp;loc=d3e1361-107760<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 144<br><br> -Paragraph 47<br><br> -Subparagraph b<br><br> -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.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>After tax income (loss) from operations of a business component (exclusive of any gain (loss) on disposal, or provision therefore) during the reporting period, until its disposal.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 205<br><br> -SubTopic 20<br><br> -Section 45<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6892542&amp;loc=d3e957-107759<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 144<br><br> -Paragraph 47<br><br> -Subparagraph c<br><br> -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.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 144<br><br> -Paragraph 43<br><br> -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.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 205<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6360339&amp;loc=d3e1361-107760<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DiscontinuedOperationsAndDisposalGroupsAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DiscontinuedOperationsAndDisposalGroupsAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of operating income or loss attributable to the disposal group, including a component of the entity (discontinued operation), during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 205<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6360339&amp;loc=d3e1361-107760<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ImpairmentOfRealEstate">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The charge against earnings in the period to reduce the carrying amount of real property to fair value.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 360<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391110&amp;loc=d3e2921-110230<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 144<br><br> -Paragraph 26<br><br> -Subparagraph b<br><br> -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.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ImpairmentOfRealEstate</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of income (loss) from a disposal group, net of income tax before extraordinary items allocable to noncontrolling interests. Includes, net of tax, income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 29<br><br> -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.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 205<br><br> -SubTopic 20<br><br> -Section 45<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6892542&amp;loc=d3e957-107759<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 144<br><br> -Paragraph 47<br><br> -Subparagraph c<br><br> -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.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 144<br><br> -Paragraph 43<br><br> -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.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 205<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6360339&amp;loc=d3e1361-107760<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.12)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 13<br><br> -Article 7<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.14)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 15<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestExpense">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cost of borrowed funds accounted for as interest that was charged against earnings during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 34<br><br> -Paragraph 21<br><br> -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.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 835<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6450988&amp;loc=d3e26243-108391<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-04.9)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 9<br><br> -Article 9<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher OTS<br><br> -Name Federal Regulation (FR)<br><br> -Number Title 12<br><br> -Section 563c.102<br><br> -Paragraph 9<br><br> -Chapter V<br><br> -Subsection II<br><br> -LegacyDoc This is a non-GAAP reference that was included in the 2009 taxonomy.  It will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InterestExpense</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingLeasesIncomeStatementLeaseRevenue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The total amount of revenue recognized for the period from operating leases, including minimum lease revenue, contingent revenue, percentage revenue and sublease revenue.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 13<br><br> -Paragraph 19<br><br> -Subparagraph b<br><br> -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.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 840<br><br> -SubTopic 20<br><br> -Section 25<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7501430&amp;loc=d3e39896-112707<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OperatingLeasesIncomeStatementLeaseRevenue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherGeneralExpense">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of general expenses not normally included in Other Operating Costs and Expenses.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.6)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 6<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherGeneralExpense</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OwnedPropertyManagementCosts">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate costs related to management of owned properties during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.2(d))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OwnedPropertyManagementCosts</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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                </table>
              </div>
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          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RealEstateInsurance">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>A contract to provide coverage or protection in exchange for a payment or "premium". Examples of insurance protection include liability and property insurance. The entity paying the premiums for the protection will have insurance expense and possibly an asset, Prepaid Insurance (if the premiums are paid in advance).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.6)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_RealEstateInsurance</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RealEstateRevenueNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate revenue from real estate operations during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.1(e))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 1<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_RealEstateRevenueNet</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
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                    <td>credit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RealEstateTaxExpense">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>A tax based on the assessed value of real estate by the local government. The tax is usually based on the value of property (including the land).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 720<br><br> -SubTopic 30<br><br> -Section 45<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6419918&amp;loc=d3e35301-107843<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 43<br><br> -Section A<br><br> -Paragraph 2, 17<br><br> -Chapter 10<br><br> -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.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_RealEstateTaxExpense</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RevenuesAbstract">
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_RevenuesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TenantReimbursements">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>In accordance with the provisions of their lease agreement, this element represents allowable charges due a landlord from its tenant. In retail store and office building leases, for example, tenant reimbursements may cover items such as taxes, utilities, and common area expenses.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.1(e))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_TenantReimbursements</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td>credit</td>
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 -Publisher FASB

 -Name Accounting Standards Codification

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Reference 2: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Accounting Standards Codification

 -Glossary Cash Equivalents

 -URI http://asc.fasb.org/extlink&amp;oid=6507016



Reference 3: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Statement of Financial Accounting Standard (FAS)

 -Number 95

 -Paragraph 7

 -Footnote 1

 -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 4: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Statement of Financial Accounting Standard (FAS)

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Reference 2: http://www.xbrl.org/2003/role/presentationRef

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 -Name Accounting Standards Codification

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Reference 4: http://www.xbrl.org/2003/role/presentationRef

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 -Glossary Trading Securities

 -URI http://asc.fasb.org/extlink&amp;oid=6526789



Reference 5: http://www.xbrl.org/2003/role/presentationRef

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<DESCRIPTION>IDEA: FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
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Non-financial assets measured at fair value on a nonrecurring basis at April 30, 2013 consisted of real estate investments that were written-down to estimated fair value during fiscal year 2013. See Note 2 for additional information on impairment losses recognized during fiscal years 2014 and 2013. The aggregate fair value of these assets by their levels in the fair value hierarchy are as follows:&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 50.96%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="8" style="border-bottom: #000000 2px solid; width: 49.04%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 50.96%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="8" style="border-bottom: #000000 2px solid; width: 49.04%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;July 31, 2013&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; width: 50.96%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 12.48%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Total&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 11.56%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Level 1&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 12.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Level 2&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 12.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Level 3&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 50.96%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Real estate investments&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.6%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;3,899&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.68%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;3,899&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 50.96%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Real estate held for sale&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.6%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;3,969&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.68%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;3,969&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="margin-bottom: 10pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 50.96%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="8" style="border-bottom: #000000 2px solid; width: 49.04%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 50.96%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="8" style="border-bottom: #000000 2px solid; width: 49.04%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;April 30, 2013&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; width: 50.96%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 12.48%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Total&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 11.56%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Level 1&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 12.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Level 2&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 12.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Level 3&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 50.96%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Real estate investments&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.6%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;335&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.68%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;335&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div style="margin-bottom: 10pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;/div&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>nonnum:textBlockItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Statement of Financial Accounting Standard (FAS)

 -Number 157

 -Paragraph 33

 -Subparagraph a, b

 -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 820

 -SubTopic 10

 -Section 50

 -Paragraph 5

 -URI http://asc.fasb.org/extlink&amp;oid=7578670&amp;loc=d3e19296-110258



</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Fair Value Measurements on a Nonrecurring Basis</Label></Row><Row FlagID="0"><Id>3</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>2</Level><ElementName>us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>terseLabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="c20130501to20130731" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;The estimated fair values of the Company's financial instruments as of July 31, 2013 and April 30, 2013, are as follows:&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 50.96%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="8" style="border-bottom: #000000 2px solid; width: 49.04%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 50.96%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="4" style="border-bottom: #000000 2px solid; width: 24.04%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;July 31, 2013&lt;/div&gt;&lt;/td&gt;&lt;td colspan="4" style="border-bottom: #000000 2px solid; width: 25%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;April 30, 2013&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; width: 50.96%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 12.48%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Carrying Amount&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 11.56%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Fair Value&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 12.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Carrying Amount&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 12.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Fair Value&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 50.96%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;FINANCIAL ASSETS&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.6%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.68%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 50.96%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Cash and cash equivalents&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.6%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;93,193&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.68%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;93,193&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;94,133&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;94,133&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 50.96%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Other investments&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.6%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;640&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.68%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;640&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;639&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;639&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 50.96%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;FINANCIAL LIABILITIES&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.6%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.68%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 50.96%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Other debt&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.6%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;32,289&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.68%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;32,620&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;18,076&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;18,156&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 50.96%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Line of credit&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.6%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;10,000&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.68%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;10,000&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;10,000&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;10,000&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 50.96%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Mortgages payable&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.6%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;1,030,407&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.68%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;1,142,618&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;1,049,206&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;1,160,190&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;/div&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>nonnum:textBlockItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 820

 -SubTopic 10

 -Section 50

 -Paragraph 1

 -URI http://asc.fasb.org/extlink&amp;oid=7578670&amp;loc=d3e19190-110258



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 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 230

 -SubTopic 10

 -Section 45

 -Paragraph 28

 -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585



Reference 2: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 360

 -SubTopic 10

 -Section 50

 -Paragraph 2

 -Subparagraph (b)

 -URI http://asc.fasb.org/extlink&amp;oid=6391110&amp;loc=d3e2921-110230



Reference 3: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Statement of Financial Accounting Standard (FAS)

 -Number 144

 -Paragraph 26

 -Subparagraph b

 -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.



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 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 210

 -SubTopic 10

 -Section S99

 -Paragraph 1

 -Subparagraph (SX 210.5-02.1)

 -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682



Reference 2: http://www.xbrl.org/2003/role/presentationRef

 -Publisher SEC

 -Name Regulation S-X (SX)

 -Number 210

 -Section 02

 -Paragraph 1

 -Article 5



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</LabelSeparator><Level>4</Level><ElementName>iret_InsuranceProceedsReceivedForTotalBusinessInterruptionProceeds</ElementName><ElementPrefix>iret_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>credit</BalanceType><PeriodType>instant</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>label</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="c20130731" UnitID="U001"><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>966000</NumericAmount><RoundedNumericAmount>966000</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode>USD</CurrencyCode><CurrencySymbol>$</CurrencySymbol><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>3</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>The insurance proceeds received for total business interruption proceeds.</ElementDefenition><ElementReferences>No definition available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>2</UnitID><Label>Insurance proceeds received for total business interruption proceeds</Label></Row><Row FlagID="0"><Id>29</Id><IsAbstractGroupTitle>true</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>3</Level><ElementName>iret_ProceedsFromFinancingLiabilityAbstract</ElementName><ElementPrefix>iret_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>terseLabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>3</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:stringItemType</ElementDataType><SimpleDataType>string</SimpleDataType><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>PROCEEDS FROM FINANCING LIABILITY [Abstract]</Label></Row><Row FlagID="0"><Id>30</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>4</Level><ElementName>us-gaap_SaleLeasebackTransactionGrossProceeds</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>terseLabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="c20130501to20130731" UnitID="U001"><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>7900000</NumericAmount><RoundedNumericAmount>7900000</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode>USD</CurrencyCode><CurrencySymbol>$</CurrencySymbol><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>3</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>The gross proceeds received from the asset(s) sold in connection with the transaction involving the sale of property to another party and the lease back to the seller.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 840

 -SubTopic 40

 -Section 55

 -Paragraph 52

 -URI http://asc.fasb.org/extlink&amp;oid=9155692&amp;loc=d3e51843-112757



Reference 2: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 840

 -SubTopic 40

 -Section 55

 -Paragraph 50

 -URI http://asc.fasb.org/extlink&amp;oid=9155692&amp;loc=d3e51831-112757



Reference 3: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 840

 -SubTopic 40

 -Section 55

 -Paragraph 51

 -URI http://asc.fasb.org/extlink&amp;oid=9155692&amp;loc=d3e51840-112757



Reference 4: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Statement of Financial Accounting Standard (FAS)

 -Number 98

 -Section Appendix A

 -Paragraph 28, 29

 -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.



</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>2</UnitID><Label>Proceeds from sale of non-core assisted living property</Label></Row><Row FlagID="0"><Id>31</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>4</Level><ElementName>iret_SaleLeasebackTransactionAmountOfDeedContract</ElementName><ElementPrefix>iret_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>instant</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>terseLabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="c20130731" UnitID="U001"><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>29000000</NumericAmount><RoundedNumericAmount>29000000</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode>USD</CurrencyCode><CurrencySymbol>$</CurrencySymbol><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>3</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>The amount of deed contract related to the sale of non-core assisted living property that was subsequently leased back to the seller with an option to repurchase the property at a specified price.</ElementDefenition><ElementReferences>No definition available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>2</UnitID><Label>Amount of deed contract</Label></Row><Row FlagID="0"><Id>32</Id><IsAbstractGroupTitle>true</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>5</Level><ElementName>us-gaap_VariableInterestEntityLineItems</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>label</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>3</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:stringItemType</ElementDataType><SimpleDataType>string</SimpleDataType><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Variable Interest Entity [Line Items]</Label></Row><Row FlagID="0"><Id>33</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>6</Level><ElementName>iret_EstimatedTotalCostsOfJointVentureProject</ElementName><ElementPrefix>iret_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>instant</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>label</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="c20130731" UnitID="U001"><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>52200000</NumericAmount><RoundedNumericAmount>52200000</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode>USD</CurrencyCode><CurrencySymbol>$</CurrencySymbol><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>3</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>The estimated total costs of the project related to the joint venture considered as variable interest entity.</ElementDefenition><ElementReferences>No definition available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>2</UnitID><Label>Estimated total costs of joint venture project</Label></Row><Row FlagID="0"><Id>34</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>6</Level><ElementName>iret_PercentageOfProjectFinancedWithThirdPartyDebtInJointVenture</ElementName><ElementPrefix>iret_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>terseLabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="c20130501to20130731" UnitID="U004"><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>true</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0.69</NumericAmount><RoundedNumericAmount>0.69</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>3</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>num:percentItemType</ElementDataType><SimpleDataType>pure</SimpleDataType><ElementDefenition>The percentage of project financed with third-party debt in a joint venture considered as variable interest entity.</ElementDefenition><ElementReferences>No definition available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Percentage of project financed with third-party debt in joint venture (in hundredths)</Label></Row><Row FlagID="0"><Id>35</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>6</Level><ElementName>iret_PercentageOfProjectFinancedWithEntityInJointVenture</ElementName><ElementPrefix>iret_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>verboseLabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="c20130501to20130731" UnitID="U004"><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>true</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0.07</NumericAmount><RoundedNumericAmount>0.07</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>3</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>num:percentItemType</ElementDataType><SimpleDataType>pure</SimpleDataType><ElementDefenition>The percentage of project financed with the entity in a joint venture considered as variable interest entity.</ElementDefenition><ElementReferences>No definition available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Percentage of project financed with IRET in joint venture (in hudnredths)</Label></Row><Row FlagID="0"><Id>36</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>0</Level><ElementName /><ElementPrefix /><IsBaseElement>true</IsBaseElement><BalanceType /><PeriodType /><IsReportTitle>false</IsReportTitle><IsSegmentTitle>true</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>3</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><OriginalInstanceReportColumn FlagID="0"><Id>4</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><CurrencyCode /><FootnoteIndexer /><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios><MCU><KeyName /><CurrencySymbol /><contextRef><ContextID>c20130501to20130731_VariableInterestEntitiesByClassificationOfEntityAxis_VariableInterestEntityPrimaryBeneficiaryMember</ContextID><EntitySchema>http://www.sec.gov/CIK</EntitySchema><EntityValue>0000798359</EntityValue><PeriodDisplayName /><PeriodType>duration</PeriodType><PeriodStartDate>2013-05-01T00:00:00</PeriodStartDate><PeriodEndDate>2013-07-31T00:00:00</PeriodEndDate><Segments><anyType xsi:type="Segment"><IsDefaultForEntity>false</IsDefaultForEntity><Name /><IsFromEntityGroup>false</IsFromEntityGroup><ValueName>IRET [Member]</ValueName><ValueType>us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis</ValueType><Namespace>xbrldi</Namespace><Schema>http://xbrl.org/2006/xbrldi</Schema><DimensionInfo><Id>us-gaap_VariableInterestEntityPrimaryBeneficiaryMember</Id><dimensionId>us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis</dimensionId><type>explicitMember</type></DimensionInfo></anyType></Segments><Scenarios /></contextRef><UPS><UnitProperty><UnitID>U004</UnitID><UnitType>Standard</UnitType><StandardMeasure><MeasureSchema>http://www.xbrl.org/2003/instance</MeasureSchema><MeasureValue>pure</MeasureValue><MeasureNamespace>xbrli</MeasureNamespace><MeasureDescription /><MeasureType /></StandardMeasure><MultiplyMeasures><Measure><MeasureSchema /><MeasureValue /><MeasureNamespace /><MeasureDescription /><MeasureType /></Measure><Measure><MeasureSchema /><MeasureValue /><MeasureNamespace /><MeasureDescription /><MeasureType /></Measure></MultiplyMeasures><NumeratorMeasure><MeasureSchema /><MeasureValue /><MeasureNamespace /><MeasureDescription /><MeasureType /></NumeratorMeasure><DenominatorMeasure><MeasureSchema /><MeasureValue /><MeasureNamespace /><MeasureDescription /><MeasureType /></DenominatorMeasure><Scale>0</Scale></UnitProperty></UPS><CurrencyCode /><OriginalCurrencyCode /></MCU><CurrencySymbol /><Labels><Label Key="us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis:us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" Id="0" Label="IRET [Member]" /><Label Key="Calendar" Id="1" Label="5/1/2013 - 7/31/2013" /></Labels></OriginalInstanceReportColumn><ElementDataType>na</ElementDataType><SimpleDataType>na</SimpleDataType><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>IRET [Member]</Label></Row><Row FlagID="0"><Id>37</Id><IsAbstractGroupTitle>true</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>5</Level><ElementName>us-gaap_VariableInterestEntityLineItems</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>label</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>3</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:stringItemType</ElementDataType><SimpleDataType>string</SimpleDataType><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Variable Interest Entity [Line Items]</Label></Row><Row FlagID="0"><Id>38</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>6</Level><ElementName>us-gaap_VariableInterestEntityOwnershipPercentage</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>terseLabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="c20130501to20130731_VariableInterestEntitiesByClassificationOfEntityAxis_VariableInterestEntityPrimaryBeneficiaryMember" UnitID="U004"><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>true</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0.51</NumericAmount><RoundedNumericAmount>0.51</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>3</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>num:percentItemType</ElementDataType><SimpleDataType>pure</SimpleDataType><ElementDefenition>Percentage of the Variable Interest Entity's (VIE) voting interest owned by (or beneficial interest in) the reporting entity (directly or indirectly).</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 810

 -SubTopic 10

 -Section 50

 -Paragraph 5A

 -Subparagraph (d)

 -URI http://asc.fasb.org/extlink&amp;oid=7880789&amp;loc=SL6759159-111685



</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Percentage of ownership in VIE (in hundredths)</Label></Row><Row FlagID="0"><Id>39</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>0</Level><ElementName /><ElementPrefix /><IsBaseElement>true</IsBaseElement><BalanceType /><PeriodType /><IsReportTitle>false</IsReportTitle><IsSegmentTitle>true</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>3</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><OriginalInstanceReportColumn FlagID="0"><Id>5</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><CurrencyCode /><FootnoteIndexer /><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios><MCU><KeyName /><CurrencySymbol /><contextRef><ContextID>c20130501to20130731_VariableInterestEntitiesByClassificationOfEntityAxis_VariableInterestEntityNotPrimaryBeneficiaryMember</ContextID><EntitySchema>http://www.sec.gov/CIK</EntitySchema><EntityValue>0000798359</EntityValue><PeriodDisplayName /><PeriodType>duration</PeriodType><PeriodStartDate>2013-05-01T00:00:00</PeriodStartDate><PeriodEndDate>2013-07-31T00:00:00</PeriodEndDate><Segments><anyType xsi:type="Segment"><IsDefaultForEntity>false</IsDefaultForEntity><Name /><IsFromEntityGroup>false</IsFromEntityGroup><ValueName>Real Estate Development Company [Member]</ValueName><ValueType>us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis</ValueType><Namespace>xbrldi</Namespace><Schema>http://xbrl.org/2006/xbrldi</Schema><DimensionInfo><Id>us-gaap_VariableInterestEntityNotPrimaryBeneficiaryMember</Id><dimensionId>us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis</dimensionId><type>explicitMember</type></DimensionInfo></anyType></Segments><Scenarios /></contextRef><UPS><UnitProperty><UnitID>U004</UnitID><UnitType>Standard</UnitType><StandardMeasure><MeasureSchema>http://www.xbrl.org/2003/instance</MeasureSchema><MeasureValue>pure</MeasureValue><MeasureNamespace>xbrli</MeasureNamespace><MeasureDescription /><MeasureType /></StandardMeasure><MultiplyMeasures><Measure><MeasureSchema /><MeasureValue /><MeasureNamespace /><MeasureDescription /><MeasureType /></Measure><Measure><MeasureSchema /><MeasureValue /><MeasureNamespace /><MeasureDescription /><MeasureType /></Measure></MultiplyMeasures><NumeratorMeasure><MeasureSchema /><MeasureValue /><MeasureNamespace /><MeasureDescription /><MeasureType /></NumeratorMeasure><DenominatorMeasure><MeasureSchema /><MeasureValue /><MeasureNamespace /><MeasureDescription /><MeasureType /></DenominatorMeasure><Scale>0</Scale></UnitProperty></UPS><CurrencyCode /><OriginalCurrencyCode /></MCU><CurrencySymbol /><Labels><Label Key="us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis:us-gaap_VariableInterestEntityNotPrimaryBeneficiaryMember" Id="0" Label="Real Estate Development Company [Member]" /><Label Key="Calendar" Id="1" Label="5/1/2013 - 7/31/2013" /></Labels></OriginalInstanceReportColumn><ElementDataType>na</ElementDataType><SimpleDataType>na</SimpleDataType><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Real Estate Development Company [Member]</Label></Row><Row FlagID="0"><Id>40</Id><IsAbstractGroupTitle>true</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>5</Level><ElementName>us-gaap_VariableInterestEntityLineItems</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>label</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>3</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:stringItemType</ElementDataType><SimpleDataType>string</SimpleDataType><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Variable Interest Entity [Line Items]</Label></Row><Row FlagID="0"><Id>41</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>6</Level><ElementName>us-gaap_VariableInterestEntityOwnershipPercentage</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>terseLabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="c20130501to20130731_VariableInterestEntitiesByClassificationOfEntityAxis_VariableInterestEntityNotPrimaryBeneficiaryMember" UnitID="U004"><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>true</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0.49</NumericAmount><RoundedNumericAmount>0.49</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>3</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>num:percentItemType</ElementDataType><SimpleDataType>pure</SimpleDataType><ElementDefenition>Percentage of the Variable Interest Entity's (VIE) voting interest owned by (or beneficial interest in) the reporting entity (directly or indirectly).</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 810

 -SubTopic 10

 -Section 50

 -Paragraph 5A

 -Subparagraph (d)

 -URI http://asc.fasb.org/extlink&amp;oid=7880789&amp;loc=SL6759159-111685



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 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 210

 -SubTopic 10

 -Section S99

 -Paragraph 1

 -Subparagraph (SX 210.5-02.1)

 -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682



Reference 2: http://www.xbrl.org/2003/role/presentationRef

 -Publisher SEC

 -Name Regulation S-X (SX)

 -Number 210

 -Section 02

 -Paragraph 1

 -Article 5



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 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 210

 -SubTopic 10

 -Section S99

 -Paragraph 1

 -Subparagraph (SX 210.5-02.1)

 -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682



Reference 2: http://www.xbrl.org/2003/role/presentationRef

 -Publisher SEC

 -Name Regulation S-X (SX)

 -Number 210

 -Section 02

 -Paragraph 1

 -Article 5



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 -Name Accounting Standards Codification

 -Topic 210

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Reference 2: http://www.xbrl.org/2003/role/presentationRef

 -Publisher SEC

 -Name Regulation S-X (SX)

 -Number 210

 -Section 02

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 -Name Accounting Standards Codification

 -Topic 210

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 -Section S99

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 -Subparagraph (SX 210.5-02.1)

 -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682



Reference 2: http://www.xbrl.org/2003/role/presentationRef

 -Publisher SEC

 -Name Regulation S-X (SX)

 -Number 210

 -Section 02

 -Paragraph 1

 -Article 5



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 -Section S99

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Reference 2: http://www.xbrl.org/2003/role/presentationRef

 -Publisher SEC

 -Name Regulation S-X (SX)

 -Number 210

 -Section 02

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 -Name Accounting Standards Codification

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Reference 2: http://www.xbrl.org/2003/role/presentationRef

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 -Name Regulation S-X (SX)

 -Number 210

 -Section 02

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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EFIAC">
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          <div style="width: 200px;"><strong>BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)<br></strong></div>
        </th>
        <th class="th" colspan="1">3 Months Ended</th>
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      <tr>
        <th class="th">
          <div>Jul. 31, 2013</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountingPoliciesAbstract', window );"><strong>BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BasisOfAccountingPolicyPolicyTextBlock', window );">BASIS OF PRESENTATION AND UNAUDITED INTERIM FINANCIAL STATEMENTS</a></td>
        <td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt; font-weight: bold;">BASIS OF PRESENTATION</div><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;">The accompanying condensed consolidated financial statements include the accounts of IRET and all subsidiaries in which it maintains a controlling interest. All intercompany balances and transactions are eliminated in consolidation. The Company's fiscal year ends April 30th.</div><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;">The accompanying condensed consolidated financial statements include the accounts of IRET and its interest in the Operating Partnership. The Company's interest in the Operating Partnership was <font style="background-color: #ffffff; font-family: 'Times New Roman', serif; font-size: 10pt;">82.7%</font> of the common units of the Operating Partnership as of July 31, 2013 and 82.4% as of April 30, 2013. The limited partners in the Operating Partnership have a redemption option that they may exercise. Upon exercise of the redemption option by the limited partners, IRET has the choice of redeeming the limited partners' interests ("Units") for IRET common shares of beneficial interest, on a one-for-one basis, or making a cash payment to the unitholder. The redemption generally may be exercised by the limited partners at any time after the first anniversary of the date of the acquisition of the Units (provided, however, that in general not more than two redemptions by a limited partner may occur during each calendar year, and each limited partner may not exercise the redemption for less than 1,000 Units, or, if such limited partner holds less than 1,000 Units, for all of the Units held by such limited partner). The Operating Partnership and some limited partners have contractually agreed to a holding period of greater than one year and/or a greater number of redemptions during a calendar year.</div><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;">The condensed consolidated financial statements also reflect the ownership by the Operating Partnership of certain joint venture entities in which the Operating Partnership has a general partner or controlling interest. These entities are consolidated into IRET's other operations, with noncontrolling interests reflecting the noncontrolling partners' share of ownership and income and expenses.</div><div style="text-align: left; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt; font-weight: bold;">UNAUDITED INTERIM FINANCIAL STATEMENTS</div><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;">The interim condensed consolidated financial statements of IRET have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and the applicable rules and regulations of the Securities and Exchange Commission ("SEC"). Accordingly, certain disclosures accompanying annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") are omitted. The year-end balance sheet data was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. In the opinion of management, all adjustments, consisting solely of normal recurring adjustments, necessary for the fair presentation of the Company's financial position, results of operations and cash flows for the interim periods have been included.</div></div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;">The current period's results of operations are not necessarily indicative of results which ultimately may be achieved for the year. The interim condensed consolidated financial statements and notes thereto should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended April 30, 2013, as filed with the SEC on July 1, 2013.</div></div><span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock', window );">IMPAIRMENT OF LONG-LIVED ASSETS</a></td>
        <td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10.5pt; font-size: 10pt; font-weight: bold;">IMPAIRMENT OF LONG-LIVED ASSETS</div><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10.5pt; font-size: 10pt;">The Company periodically evaluates its long-lived assets, including its investments in real estate, for impairment indicators. The impairment evaluation is performed on assets by property such that assets for a property form an asset group. The judgments regarding the existence of impairment indicators are based on factors such as operational performance, market conditions, expected holding period of each asset group and legal and environmental concerns. If indicators exist, the Company compares the expected future undiscounted cash flows for the long-lived asset group against the carrying amount of that asset group. If the sum of the estimated undiscounted cash flows is less than the carrying amount of the asset group, an impairment loss is recorded for the difference between the estimated fair value and the carrying amount of the asset group. If our anticipated holding period for properties, the estimated fair value of properties or other factors change based on market conditions or otherwise, our evaluation of impairment charges may be different and such differences could be material to our consolidated financial statements. The evaluation of anticipated cash flows is subjective and is based, in part, on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results. Plans to hold properties over longer periods decrease the likelihood of recording impairment losses. During the three months ended July 31, 2013, the Company incurred a loss of $1.8 million due to impairment of four commercial properties. The Company recognized impairments of approximately $864,000 on a commercial industrial property in St. Louis Park, Minnesota; $329,000 on a commercial office property in Bloomington, Minnesota; $265,000 on a commercial retail property in Anoka, Minnesota and $345,000 on a commercial industrial property in Clive, Iowa. These properties were written-down to estimated fair value during the first quarter of fiscal year 2014 based on receipt of individual market offers to purchase and the Company's intent to dispose of the properties. During the three months ended July 31, 2012, the Company incurred no losses due to impairment.</div></div><span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_CompensatingBalancesAndOtherInvestmentsLenderHoldbacksPolicyTextBlock', window );">COMPENSATING BALANCES AND OTHER INVESTMENTS; LENDER HOLDBACKS</a></td>
        <td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10.5pt; font-size: 10pt; font-weight: bold;">COMPENSATING BALANCES AND OTHER INVESTMENTS; LENDER HOLDBACKS</div><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10.5pt; font-size: 10pt;">The Company maintains compensating balances, not restricted as to withdrawal, with several financial institutions in connection with financing received from those institutions and/or to ensure future credit availability. At July 31, 2013, the Company's compensating balances totaled $8.4 million and consisted of the following: Dacotah Bank, Minot, North Dakota, deposit of $350,000; United Community Bank,<font style="font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">&#160;</font>Minot, North Dakota, deposit of $275,000; Commerce Bank, A Minnesota Banking Corporation, deposit of $250,000; First International Bank, Watford City, North Dakota, deposit of $6.1 million; Peoples State Bank of Velva, North Dakota, deposit of $225,000; Equity Bank, Minnetonka, Minnesota, deposit of $300,000; Associated Bank, Green Bay, Wisconsin, deposit of $500,000; and American National Bank, Omaha, Nebraska, deposit of $400,000. The deposits at United Community Bank and Equity Bank and a portion of the deposit at Dacotah Bank are held as certificates of deposit and comprise the $640,000 in other investments on the Condensed Consolidated Balance Sheets. The certificates of deposit have remaining terms of less than two years and the Company intends to hold them to maturity.</div><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10.5pt; font-size: 10pt;">The Company has a number of mortgage loans under which the lender retains a portion of the loan proceeds for the payment of construction costs or tenant improvements. The decrease of $1.1 million in lender holdbacks for improvements reflected in the Condensed Consolidated Statements of Cash Flows for the three months ended July 31, 2013 is due primarily to the release of loan proceeds to the Company upon completion of these construction and tenant improvement projects, while the increase of approximately $279,000 represents additional amounts retained by lenders for new projects.</div></div><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GoodwillAndIntangibleAssetsPolicyTextBlock', window );">IDENTIFIED INTANGIBLE ASSETS AND INTANGIBLE LIABILITIES AND GOODWILL</a></td>
        <td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10.5pt; font-size: 10pt; font-weight: bold;">IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES AND GOODWILL</div><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 12pt; font-size: 10pt;">Upon acquisition of real estate, the Company records the intangible assets and liabilities acquired (for example, if the leases in place for the real estate property acquired carry rents above the market rent, the difference is classified as an intangible asset) at their estimated fair value separate and apart from goodwill. The Company amortizes identified intangible assets and liabilities that are determined to have finite lives based on the period over which the assets and liabilities are expected to affect, directly or indirectly, the future cash flows of the real estate property acquired (generally the life of the lease). In the three months ended July 31, 2013 and 2012, respectively, the Company added approximately $362,000 and $752,000 of new intangible assets and no new intangible liabilities. The weighted average lives of the intangible assets acquired in the three months ended July 31, 2013 and 2012 are 0.5 years and 0.5 years, respectively. Amortization of intangibles related to above or below-market leases is recorded in real estate rentals in the Condensed Consolidated Statements of Operations. Amortization of other intangibles is recorded in depreciation/amortization related to real estate investments in the Condensed Consolidated Statements of Operations. Intangible</div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 12pt; font-size: 10pt;">assets subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. 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width: 75.84%; vertical-align: top;"><div>&#160;</div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 12.52%; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">July 31, 2013</div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 11.64%; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">April 30, 2013</div></td></tr><tr><td style="width: 75.84%; vertical-align: bottom;"><div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;">Identified intangible assets (included in intangible assets):</div></td><td style="width: 1.66%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 10.86%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 1.66%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 9.98%; vertical-align: bottom;"><div>&#160;</div></td></tr><tr style="background-color: #cceeff;"><td style="width: 75.84%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;">Gross carrying amount</div></td><td style="width: 1.66%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td style="width: 10.86%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">61,008</div></td><td style="width: 1.66%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td style="width: 9.98%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">68,165</div></td></tr><tr style="background-color: #ffffff;"><td style="border-bottom: #000000 2px solid; width: 75.84%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;">Accumulated amortization</div></td><td style="border-bottom: #000000 2px solid; width: 1.66%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 10.86%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 0.15pt;">(24,019)</div></td><td style="border-bottom: #000000 2px solid; width: 1.66%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 9.98%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">(27,708)</div></td></tr><tr style="background-color: #cceeff;"><td style="border-bottom: #000000 4px double; width: 75.84%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;">Net carrying amount</div></td><td style="border-bottom: #000000 4px double; width: 1.66%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td style="border-bottom: #000000 4px double; width: 10.86%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">36,989</div></td><td style="border-bottom: #000000 4px double; width: 1.66%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td style="border-bottom: #000000 4px double; width: 9.98%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">40,457</div></td></tr><tr style="background-color: #ffffff;"><td style="width: 75.84%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 1.66%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 10.86%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 1.66%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 9.98%; vertical-align: bottom;"><div>&#160;</div></td></tr><tr style="background-color: #cceeff;"><td style="width: 75.84%; vertical-align: bottom;"><div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;">Identified intangible liabilities (included in other liabilities):</div></td><td style="width: 1.66%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 10.86%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 1.66%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 9.98%; vertical-align: bottom;"><div>&#160;</div></td></tr><tr style="background-color: #ffffff;"><td style="width: 75.84%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;">Gross carrying amount</div></td><td style="width: 1.66%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td style="width: 10.86%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">327</div></td><td style="width: 1.66%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td style="width: 9.98%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;">391</div></td></tr><tr style="background-color: #cceeff;"><td style="border-bottom: #000000 2px solid; width: 75.84%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;">Accumulated amortization</div></td><td style="border-bottom: #000000 2px solid; width: 1.66%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 10.86%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 0.15pt;">(249)</div></td><td style="border-bottom: #000000 2px solid; width: 1.66%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 9.98%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">(296)</div></td></tr><tr style="background-color: #ffffff;"><td style="border-bottom: #000000 4px double; width: 75.84%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;">Net carrying amount</div></td><td style="border-bottom: #000000 4px double; width: 1.66%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td style="border-bottom: #000000 4px double; width: 10.86%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">78</div></td><td style="border-bottom: #000000 4px double; width: 1.66%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td style="border-bottom: #000000 4px double; width: 9.98%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">95</div></td></tr></table><div style="text-align: justify; margin-top: 6pt; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;">The effect of amortization of acquired below-market leases and acquired above-market leases on rental income was approximately $(10,000) and $(10,000) for the three months ended July 31, 2013 and 2012, respectively. The estimated annual amortization of acquired below-market leases, net of acquired above-market leases, for each of the five succeeding fiscal years is as follows:</div><table align="center" border="0" cellpadding="0" cellspacing="0" style="width: 50%; font-family: 'Times New Roman', Times, Serif; font-size: 10pt;"><tr><td style="border-bottom: #000000 2px solid; width: 61.53%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold; margin-right: 5.05pt;">Year Ended April 30,</div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 38.47%; vertical-align: bottom;"><div style="text-align: right; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">(in thousands)</div></td></tr><tr style="background-color: #cceeff;"><td style="width: 61.53%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 5.05pt;">2015</div></td><td style="width: 15.13%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td style="width: 23.35%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">21</div></td></tr><tr style="background-color: #ffffff;"><td style="width: 61.53%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 5.05pt;">2016</div></td><td style="width: 15.13%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 23.35%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">17</div></td></tr><tr style="background-color: #cceeff;"><td style="width: 61.53%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 5.05pt;">2017</div></td><td style="width: 15.13%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 23.35%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">9</div></td></tr><tr style="background-color: #ffffff;"><td style="width: 61.53%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 5.05pt;">2018</div></td><td style="width: 15.13%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 23.35%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">(5)</div></td></tr><tr style="background-color: #cceeff;"><td style="width: 61.53%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 5.05pt;">2019</div></td><td style="width: 15.13%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 23.35%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">(5)</div></td></tr></table><div style="text-align: left; margin-top: 12pt; font-family: 'Times New Roman', serif; margin-bottom: 12pt; font-size: 10pt;">Amortization of all other identified intangible assets (a component of depreciation and amortization expense) was $3.6 million and $1.5 million for the three months ended July 31, 2013 and 2012, respectively. The estimated annual amortization of all other identified intangible assets for each of the five succeeding fiscal years is as follows:</div><table align="center" border="0" cellpadding="0" cellspacing="0" style="width: 50%; font-family: 'Times New Roman', Times, Serif; font-size: 10pt;"><tr style="height: 17px;"><td style="border-bottom: #000000 2px solid; width: 61.53%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold; margin-right: 5.05pt;">Year Ended April 30,</div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 38.47%; vertical-align: bottom;"><div style="text-align: right; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">(in thousands)</div></td></tr><tr style="background-color: #cceeff;"><td style="width: 61.53%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 5.05pt;">2015</div></td><td style="width: 15.13%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td style="width: 23.35%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">4,830</div></td></tr><tr style="background-color: #ffffff;"><td style="width: 61.53%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 5.05pt;">2016</div></td><td style="width: 15.13%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 23.35%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">4,612</div></td></tr><tr style="background-color: #cceeff;"><td style="width: 61.53%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 5.05pt;">2017</div></td><td style="width: 15.13%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 23.35%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">4,143</div></td></tr><tr style="background-color: #ffffff;"><td style="width: 61.53%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 5.05pt;">2018</div></td><td style="width: 15.13%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 23.35%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">3,701</div></td></tr><tr style="background-color: #cceeff;"><td style="width: 61.53%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 5.05pt;">2019</div></td><td style="width: 15.13%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 23.35%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">3,549</div></td></tr></table><div style="text-align: justify; margin-top: 10pt; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;">The excess of the cost of an acquired business over the net of the amounts assigned to assets acquired (including identified intangible assets) and liabilities assumed is recorded as goodwill. &#160;The Company's goodwill has an indeterminate life and is not amortized, but is tested for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that the asset might be impaired. The book value of goodwill as of July 31, 2013 and April 30, 2013 was $1.1 million. The annual review at April 30, 2013 indicated no impairment to goodwill and there was no indication of impairment at July 31, 2013. &#160;During the three months ended July 31, 2013, the Company disposed of one commercial industrial property to which goodwill had been assigned, and as a result, approximately $7,000 of goodwill was derecognized.</div></div><span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UseOfEstimates', window );">USE OF ESTIMATES</a></td>
        <td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt; font-weight: bold;">USE OF ESTIMATES</div><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</div></div><span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PriorPeriodReclassificationAdjustmentDescription', window );">RECLASSIFICATIONS</a></td>
        <td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10.5pt; font-size: 10pt; font-weight: bold;">RECLASSIFICATIONS</div><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;">Certain previously reported amounts have been reclassified to conform to the current financial statement presentation. The Company reports, in discontinued operations, the results of operations and the related gains or losses of a property that has either been disposed of or is classified as held for sale and otherwise meets the classification of a discontinued operation. As a result of discontinued operations, retroactive reclassifications that change prior period numbers have been made. See Note 7 for additional information. During the first quarter of fiscal year 2014, the Company sold four commercial industrial properties and one commercial retail property and classified two commercial industrial properties as held for sale. During fiscal year 2013, the Company sold three multi-family residential properties and one commercial healthcare property. The results of operations for these properties are included in income from discontinued operations on the Condensed Consolidated Statements of Operations.</div><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 6pt; font-size: 10pt;">The Company also reclassified bad debt provision expense from property management expenses to other property expenses on the Consolidated Statements of Operations and reclassified amounts from payments for acquisitions and improvements of real estate assets to payments for acquisitions of real estate assets and payments for development and re-development of real estate assets on the Consolidated Statements of Cash Flows.</div><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;">During the first quarter of fiscal year 2014 the Company reclassified a commercial property in Minot, North Dakota from the Company's commercial retail segment to its commercial office segment, following the departure of a retail tenant from the property and the Company's subsequent repurposing of the majority of the space in the building from retail to office premises.</div></div><span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_InvoluntaryConversionOfAssetsPolicyTextBlock', window );">INVOLUNTARY CONVERSION OF ASSETS</a></td>
        <td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt; font-weight: bold;">INVOLUNTARY CONVERSION OF ASSETS</div><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;">As previously reported, Minot, North Dakota, where IRET's corporate headquarters is located, experienced significant flooding in June 2011, resulting in extensive damage to the Arrowhead Shopping Center and to the Chateau Apartments property, which consisted of two 32-unit buildings. Additionally, on February 22, 2012, one of the buildings of the Chateau Apartments property, which had been undergoing restoration work following the flood, was completely destroyed by fire.</div><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;">During the first quarter of fiscal year 2014, the Company received $966,000 of insurance proceeds for the Chateau fire loss. The total insurance proceeds for redevelopment related to the Chateau fire exceeded the basis in the assets requiring replacement, resulting in the recognition of $966,000 in gain from involuntary conversion in the first quarter of fiscal year 2014. The Company has commenced rebuilding of the destroyed building with completion of the project expected in April 2014. &#160;IRET expects final settlement of the Chateau fire insurance claim to occur when the property is rebuilt.</div></div><span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SaleLeasebackTransactionsPolicy', window );">PROCEEDS FROM FINANCING LIABILITY</a></td>
        <td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt; font-weight: bold;">PROCEEDS FROM FINANCING LIABILITY</div><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;">During the first quarter of fiscal year 2014, the Company sold a non-core assisted living property in exchange for $7.9 million in cash and a $29.0 million contract for deed. The buyer leased the property back to the Company, and also granted an option to the Company to repurchase the property at a specified price at or prior to July 31, 2018. IRET accounted for the transaction as a financing due to the Company's continuing involvement with the property and recorded the $7.9 million in sales proceeds within other liabilities on the Condensed Consolidated Balance Sheets.</div></div><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConsolidationVariableInterestEntityPolicy', window );">VARIABLE INTEREST ENTITY</a></td>
        <td class="text"><div><div style="margin-bottom: 10pt; font-size: 10pt; font-family: 'Times New Roman', serif; text-align: justify;"><div style="margin-bottom: 10pt; font-size: 10pt; font-family: 'Times New Roman', serif; font-weight: bold; text-align: justify;">VARIABLE INTEREST ENTITY</div><div style="font-size: 10pt; font-family: 'Times New Roman', serif; text-align: justify;">On November 27, 2012 the Company entered into a joint venture operating agreement with a real estate development company to construct an apartment project in Minot, North Dakota as IRET &#8211; Minot Apartments, LLC. The Company estimates total costs for the project at $52.2 million, with approximately 69% of the project financed with third-party debt and approximately 7% financed with debt from IRET to the joint venture entity. See Southgate Apartments in Note 6 for additional information on the development. IRET is the 51% owner of the joint venture and will have management and leasing responsibilities when the project is completed. The real estate development company owns 49% of the joint venture and is responsible for the development and construction of the property. The Company has determined that the joint venture is a variable interest entity ("VIE"), primarily based on the fact that the equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support. The Company has also determined that IRET is the primary beneficiary of the VIE due to the fact that IRET is providing 51% of the equity contributions, the subordinated debt and a guarantee on the third party debt and has the power to direct the most significant activities that impact the entity's economic performance.</div></div></div><span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for compensating balances, not restricted as to withdrawal, with financial institutions in connection with financing received from those institutions and/or to ensure future credit availability and funds retained by a lender for the payment of construction costs or tenant improvements.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for involuntary conversion of assets.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for basis of accounting, or basis of presentation, used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for consolidation to describe the significant judgments and assumptions made in determining whether a variable interest held by the entity requires the variable interest entity to be consolidated and (or) disclose information about its involvement with the variable interest entity; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; and the significant factors considered and judgments made in determining that the power to direct the activities that significantly impact the economic performance of the variable interest entity are shared (as defined).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -URI http://asc.fasb.org/subtopic&amp;trid=2197480<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name FASB Interpretation (FIN)<br><br> -Number 46R<br><br> -Paragraph 14, 15<br><br> -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.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 5A<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7880789&amp;loc=SL6759159-111685<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4<br><br> -Subparagraph (e)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7880789&amp;loc=d3e5728-111685<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2AA<br><br> -Subparagraph a<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7880789&amp;loc=SL6759068-111685<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 167<br><br> -Paragraph 24<br><br> -Subparagraph e<br><br> -Appendix D<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 167<br><br> -Paragraph 22E<br><br> -Subparagraph a<br><br> -Appendix D<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 167<br><br> -Paragraph 22B<br><br> -Subparagraph a<br><br> -Appendix D<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ConsolidationVariableInterestEntityPolicy</nobr></td>
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                    <td>us-gaap_</td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for goodwill and intangible assets. This accounting policy also may address how an entity assesses and measures impairment of goodwill and intangible assets.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 350<br><br> -SubTopic 30<br><br> -URI http://asc.fasb.org/subtopic&amp;trid=2144471<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 144<br><br> -Paragraph 7-18, 22<br><br> -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.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 350<br><br> -SubTopic 20<br><br> -URI http://asc.fasb.org/subtopic&amp;trid=2144439<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 142<br><br> -Paragraph 4, 11-23, 26, 34<br><br> -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.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                    <td><strong> Name:</strong></td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for recognizing and measuring the impairment of long-lived assets. An entity also may disclose its accounting policy for long-lived assets to be sold. This policy excludes goodwill and intangible assets.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Staff Accounting Bulletin (SAB)<br><br> -Number Topic 5<br><br> -Section CC<br><br> -Subsection 3<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 360<br><br> -SubTopic 10<br><br> -URI http://asc.fasb.org/subtopic&amp;trid=2155824<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 144<br><br> -Paragraph 7-15, 26, 30-37<br><br> -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.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock</nobr></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for reclassifications that affects the comparability of the financial statements.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 205<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6359566&amp;loc=d3e326-107755<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PriorPeriodReclassificationAdjustmentDescription</nobr></td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SaleLeasebackTransactionsPolicy">
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for transactions involving the sale of property to another party and a lease of the property back to the seller.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 840<br><br> -SubTopic 40<br><br> -URI http://asc.fasb.org/subtopic&amp;trid=2209073<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_SaleLeasebackTransactionsPolicy</nobr></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 275<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 9<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6927468&amp;loc=d3e6143-108592<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 275<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 8<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6927468&amp;loc=d3e6132-108592<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 275<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6927468&amp;loc=d3e6061-108592<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Statement of Position (SOP)<br><br> -Number 94-6<br><br> -Paragraph 11, 14<br><br> -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.<br><br><br><br></p>
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EME">
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          <div style="width: 200px;"><strong>ACQUISITIONS AND DISPOSITIONS<br></strong></div>
        </th>
        <th class="th" colspan="1">3 Months Ended</th>
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          <div>Jul. 31, 2013</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessCombinationsAbstract', window );"><strong>ACQUISITIONS AND DISPOSITIONS [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessCombinationDisclosureTextBlock', window );">ACQUISITIONS AND DISPOSITIONS</a></td>
        <td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify; margin-top: 10.5pt; font-family: 'Times New Roman', serif; margin-bottom: 10.5pt; font-size: 10pt; font-weight: bold;">NOTE 8 &#8226; ACQUISITIONS AND DISPOSITIONS</div><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt; font-weight: bold;">PROPERTY ACQUISITIONS</div><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10.5pt; font-size: 10pt;">During the first quarter of fiscal year 2014, the Company closed on its acquisitions of:</div><div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman', Times, serif; margin-bottom: 6pt; font-size: 10pt;"><tr><td style="width: 36pt; vertical-align: top; align: right;"><div style="text-align: left; font-family: Symbol, serif; margin-bottom: 6pt; margin-left: 18pt; font-size: 10pt;">&#183;</div></td><td style="width: auto; vertical-align: top;"><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 6pt; font-size: 10pt;">a 71-unit multi-family residential property in Rapid City, South Dakota, on approximately 3.2 acres of land, for a purchase price of $6.2 million, of which $2.9 million was paid in cash and the remainder in limited partnership units of the Operating Partnership valued at $3.3 million; and</div></td></tr></table></div><div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman', Times, serif; margin-bottom: 10.5pt; font-size: 10pt;"><tr><td style="width: 36pt; vertical-align: top; align: right;"><div style="text-align: left; font-family: Symbol, serif; margin-bottom: 10.5pt; margin-left: 18pt; font-size: 10pt;">&#183;</div></td><td style="width: auto; vertical-align: top;"><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10.5pt; font-size: 10pt;">an approximately 0.7-acre parcel of vacant land in Minot, North Dakota for a purchase price, including acquisition costs, &#160;of $179,000, paid in cash.</div></td></tr></table></div><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10.5pt; font-size: 10pt;">During the first quarter of fiscal year 2013, the Company closed on its acquisitions of:</div><div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman', Times, serif; margin-bottom: 6pt; font-size: 10pt;"><tr><td style="width: 36pt; vertical-align: top; align: right;"><div style="text-align: left; font-family: Symbol, serif; margin-bottom: 6pt; margin-left: 18pt; font-size: 10pt;">&#183;</div></td><td style="width: auto; vertical-align: top;"><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 6pt; font-size: 10pt;">a 308-unit multi-family residential property in Topeka, Kansas, on approximately 18.3 acres of land, for a purchase price of approximately $17.7 million, of which $5.2 million was paid in cash with assumed debt of $12.5 million;</div></td></tr></table></div><div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman', Times, serif; margin-bottom: 6pt; font-size: 10pt;"><tr><td style="width: 36pt; vertical-align: top; align: right;"><div style="text-align: left; font-family: Symbol, serif; margin-bottom: 6pt; margin-left: 18pt; font-size: 10pt; font-weight: bold;">&#183;</div></td><td style="width: auto; vertical-align: top;"><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 6pt; font-size: 10pt;">a 232-unit multi-family residential property in Lincoln, Nebraska, on approximately 14.7 acres of land, for a purchase price of approximately $17.5 million, of which $14.2 million was paid in cash and the remainder in limited partnership units of the Operating Partnership valued at $3.3 million; and</div></td></tr></table></div><div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman', Times, serif; margin-bottom: 10.5pt; font-size: 10pt;"><tr><td style="width: 36pt; vertical-align: top; align: right;"><div style="text-align: left; font-family: Symbol, serif; margin-bottom: 10.5pt; margin-left: 18pt; font-size: 10pt;">&#183;</div></td><td style="width: auto; vertical-align: top;"><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10.5pt; font-size: 10pt;">a 208-unit multi-family residential property in Lincoln, Nebraska, on approximately 11.5 acres of land, for a purchase price of approximately $17.3 million, of which $13.8 million was paid in cash and the remainder in limited partnership units of the Operating Partnership valued at $3.5 million.</div></td></tr></table></div><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10.5pt; font-size: 10pt;">The Company expensed approximately $101,000 and $73,000 of transaction costs related to acquisitions in the three months ended July 31, 2013 and 2012, respectively. The Company's acquisitions and development projects placed in service during the three months ended July 31, 2013 and 2012 are detailed below:</div><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">Three Months Ended July 31, 2013</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><tr><td rowspan="2" style="border-bottom: #000000 2px solid; width: 47.41%; vertical-align: bottom;"><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">Acquisitions</div></td><td style="width: 12.91%; vertical-align: top;"><div>&#160;</div></td><td colspan="8" style="border-bottom: #000000 2px solid; width: 39.67%; vertical-align: bottom;"><div style="text-align: center; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">(in thousands)</div></td></tr><tr><td style="border-bottom: #000000 2px solid; width: 12.91%; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">Date Acquired</div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 9.48%; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">Land</div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 10.34%; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">Building</div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 9.5%; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">Intangible</div><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">Assets</div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 10.34%; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">Acquisition</div><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">Cost</div></td></tr><tr><td style="width: 47.41%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 12.91%; vertical-align: top;"><div>&#160;</div></td><td style="width: 1.72%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 7.76%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 1.72%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.62%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 1.72%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 7.78%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 1.74%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.6%; vertical-align: bottom;"><div>&#160;</div></td></tr><tr style="background-color: #cceeff;"><td style="width: 47.41%; vertical-align: bottom;"><div style="text-align: left; font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;">Multi-Family Residential</div></td><td style="width: 12.91%; vertical-align: top;"><div>&#160;</div></td><td style="width: 1.72%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 7.76%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 1.72%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.62%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 1.72%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 7.78%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 1.74%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.6%; vertical-align: bottom;"><div>&#160;</div></td></tr><tr style="background-color: #ffffff;"><td style="border-bottom: #000000 2px solid; width: 47.41%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;">71 unit - Alps Park - Rapid City, SD</div></td><td style="border-bottom: #000000 2px solid; width: 12.91%; vertical-align: top;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;">2013-05-01</div></td><td style="border-bottom: #000000 2px solid; width: 1.72%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td style="border-bottom: #000000 2px solid; width: 7.76%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;">287</div></td><td style="border-bottom: #000000 2px solid; width: 1.72%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;">5,551</div></td><td style="border-bottom: #000000 2px solid; width: 1.72%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td style="border-bottom: #000000 2px solid; width: 7.78%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;">362</div></td><td style="border-bottom: #000000 2px solid; width: 1.74%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td style="border-bottom: #000000 2px solid; width: 8.6%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;">6,200</div></td></tr><tr style="background-color: #cceeff;"><td style="width: 47.41%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 12.91%; vertical-align: top;"><div>&#160;</div></td><td style="width: 1.72%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 7.76%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 1.72%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.62%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 1.72%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 7.78%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 1.74%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.6%; vertical-align: bottom;"><div>&#160;</div></td></tr><tr style="background-color: #ffffff;"><td style="width: 47.41%; vertical-align: bottom;"><div style="text-align: left; font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;">Unimproved Land</div></td><td style="width: 12.91%; vertical-align: top;"><div>&#160;</div></td><td style="width: 1.72%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 7.76%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 1.72%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.62%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 1.72%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 7.78%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 1.74%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.6%; vertical-align: bottom;"><div>&#160;</div></td></tr><tr style="background-color: #cceeff;"><td style="border-bottom: #000000 2px solid; width: 47.41%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;">Chateau II - Minot, ND</div></td><td style="border-bottom: #000000 2px solid; width: 12.91%; vertical-align: top;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;">2013-05-21</div></td><td style="border-bottom: #000000 2px solid; width: 1.72%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 7.76%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;">179</div></td><td style="border-bottom: #000000 2px solid; width: 1.72%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;">0</div></td><td style="border-bottom: #000000 2px solid; width: 1.72%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 7.78%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;">0</div></td><td style="border-bottom: #000000 2px solid; width: 1.74%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 8.6%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;">179</div></td></tr><tr style="background-color: #ffffff;"><td style="border-bottom: #000000 2px solid; width: 47.41%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 12.91%; vertical-align: top;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 1.72%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 7.76%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 1.72%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 1.72%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 7.78%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 1.74%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 8.6%; vertical-align: bottom;"><div>&#160;</div></td></tr><tr style="background-color: #cceeff;"><td style="border-bottom: #000000 4px double; width: 47.41%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">Total Property Acquisitions</div></td><td style="border-bottom: #000000 4px double; width: 12.91%; vertical-align: top;"><div>&#160;</div></td><td style="border-bottom: #000000 4px double; width: 1.72%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td style="border-bottom: #000000 4px double; width: 7.76%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;">466</div></td><td style="border-bottom: #000000 4px double; width: 1.72%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td style="border-bottom: #000000 4px double; width: 8.62%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;">5,551</div></td><td style="border-bottom: #000000 4px double; width: 1.72%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td style="border-bottom: #000000 4px double; width: 7.78%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;">362</div></td><td style="border-bottom: #000000 4px double; width: 1.74%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td style="border-bottom: #000000 4px double; width: 8.6%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;">6,379</div></td></tr></table><div style="margin-bottom: 10pt;"><br /></div><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">Three Months Ended July 31, 2012</div><div><br /></div><table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><tr><td rowspan="2" style="border-bottom: #000000 2px solid; width: 47.42%; vertical-align: bottom;"><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">Acquisitions</div></td><td style="width: 12.58%; vertical-align: top;"><div>&#160;</div></td><td colspan="8" style="border-bottom: #000000 2px solid; width: 40%; vertical-align: bottom;"><div style="text-align: center; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">(in thousands)</div></td></tr><tr><td style="border-bottom: #000000 2px solid; 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font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;">300</div></td><td style="width: 2.2%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td style="width: 8.7%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;">17,650</div></td></tr><tr style="background-color: #cceeff;"><td style="width: 47.42%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;">232 unit - Colony - Lincoln, NE</div></td><td style="width: 12.58%; vertical-align: top;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;">2012-06-04</div></td><td style="width: 1.74%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 7.82%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;">1,515</div></td><td style="width: 1.74%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.7%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;">15,731</div></td><td style="width: 1.74%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 7.36%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;">254</div></td><td style="width: 2.2%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.7%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;">17,500</div></td></tr><tr style="background-color: #ffffff;"><td style="border-bottom: #000000 2px solid; width: 47.42%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; 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font-size: 10pt; margin-right: 3.75pt;">15,837</div></td><td style="border-bottom: #000000 2px solid; width: 1.74%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 7.36%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;">198</div></td><td style="border-bottom: #000000 2px solid; width: 2.2%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 8.7%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;">17,250</div></td></tr><tr style="background-color: #cceeff;"><td style="border-bottom: #000000 2px solid; width: 47.42%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 12.58%; vertical-align: top;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 1.74%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 7.82%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 1.74%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 8.7%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 1.74%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 7.36%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 2.2%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 8.7%; vertical-align: bottom;"><div>&#160;</div></td></tr><tr style="background-color: #ffffff;"><td style="border-bottom: #000000 4px double; width: 47.42%; 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margin-right: 3.75pt;">47,328</div></td><td style="border-bottom: #000000 4px double; width: 1.74%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td style="border-bottom: #000000 4px double; width: 7.36%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;">752</div></td><td style="border-bottom: #000000 4px double; width: 2.2%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td style="border-bottom: #000000 4px double; width: 8.7%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;">52,400</div></td></tr></table><div><br /></div><div><br /></div><div><br /></div><table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><tr><td style="width: 46.55%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 13.78%; vertical-align: top;"><div>&#160;</div></td><td colspan="8" style="border-bottom: #000000 2px solid; width: 39.66%; vertical-align: bottom;"><div style="text-align: center; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">(in thousands)</div></td></tr><tr><td style="border-bottom: #000000 2px solid; width: 46.55%; vertical-align: bottom;"><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">Development Projects Placed in Service</div></td><td style="border-bottom: #000000 2px solid; width: 13.78%; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">Date Placed in</div><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">Service</div></td><td colspan="2" style="border-bottom: #000000 2px solid; 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vertical-align: bottom;"><div>&#160;</div></td></tr><tr style="background-color: #cceeff;"><td style="width: 46.55%; vertical-align: bottom;"><div style="text-align: left; font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;">Multi-Family Residential</div></td><td style="width: 13.78%; vertical-align: top;"><div>&#160;</div></td><td style="width: 1.74%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 7.76%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 1.72%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.62%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 1.72%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 6.9%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 2.54%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.66%; vertical-align: bottom;"><div>&#160;</div></td></tr><tr style="background-color: #ffffff;"><td style="width: 46.55%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;">159 unit &#8211; Quarry Ridge II &#8211; Rochester, MN<sup>(1)</sup></div></td><td style="width: 13.78%; vertical-align: top;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;">2012-06-29</div></td><td style="width: 1.74%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td style="width: 7.76%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;">0</div></td><td style="width: 1.72%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">$&#160;</div></td><td style="width: 8.62%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;">3,543</div></td><td style="width: 1.72%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">$&#160;</div></td><td style="width: 6.9%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;">0</div></td><td style="width: 2.54%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">$&#160;</div></td><td style="width: 8.66%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;">3,543</div></td></tr><tr style="background-color: #cceeff;"><td style="border-bottom: #000000 2px solid; width: 46.55%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;">73 unit - Williston Garden Buildings 3 and 4 - Williston, ND<sup>(2)</sup></div></td><td style="border-bottom: #000000 2px solid; width: 13.78%; 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width: 13.78%; vertical-align: top;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 1.74%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 7.76%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 1.72%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 1.72%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 6.9%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 2.54%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 8.66%; vertical-align: bottom;"><div>&#160;</div></td></tr><tr style="background-color: #cceeff;"><td style="border-bottom: #000000 4px double; width: 46.55%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;">Total Development Projects Placed in Service</div></td><td style="border-bottom: #000000 4px double; width: 13.78%; vertical-align: top;"><div>&#160;</div></td><td style="border-bottom: #000000 4px double; width: 1.74%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td style="border-bottom: #000000 4px double; width: 7.76%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;">0</div></td><td style="border-bottom: #000000 4px double; width: 1.72%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td style="border-bottom: #000000 4px double; width: 8.62%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;">7,701</div></td><td style="border-bottom: #000000 4px double; width: 1.72%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td style="border-bottom: #000000 4px double; width: 6.9%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;">0</div></td><td style="border-bottom: #000000 4px double; width: 2.54%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td style="border-bottom: #000000 4px double; width: 8.66%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;">7,701</div></td></tr></table><div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><tr><td style="width: 18pt; vertical-align: top; align: right;"><div style="text-align: left; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt;">(1)</div></td><td style="width: auto; vertical-align: top;"><div style="text-align: justify; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt;">Development property placed in service June 29, 2012. 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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).</p>
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                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 805<br><br> -SubTopic 30<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7488404&amp;loc=d3e6996-128479<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 805<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 7<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7659399&amp;loc=d3e1524-128463<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 805<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7659399&amp;loc=d3e1383-128463<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 805<br><br> -SubTopic 30<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7488404&amp;loc=d3e7000-128479<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 141R<br><br> -Paragraph F4<br><br> -Subparagraph e<br><br> -Appendix F<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 805<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6910749&amp;loc=d3e4934-128472<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 141<br><br> -Paragraph 51, 52<br><br> -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.<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 805<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6910749&amp;loc=d3e4922-128472<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 805<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6910749&amp;loc=d3e4926-128472<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 141R<br><br> -Paragraph 67-73<br><br> -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.<br><br><br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 88-16<br><br> -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.<br><br><br><br>Reference 12: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 805<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7659399&amp;loc=d3e1392-128463<br><br><br><br>Reference 13: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 805<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7659399&amp;loc=d3e1486-128463<br><br><br><br>Reference 14: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 805<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7659399&amp;loc=d3e1497-128463<br><br><br><br>Reference 15: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 805<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7659399&amp;loc=d3e1490-128463<br><br><br><br>Reference 16: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 805<br><br> -SubTopic 30<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7488404&amp;loc=d3e7008-128479<br><br><br><br>Reference 17: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 805<br><br> -SubTopic 30<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7488404&amp;loc=d3e6927-128479<br><br><br><br>Reference 18: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 805<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6910749&amp;loc=d3e4845-128472<br><br><br><br>Reference 19: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 805<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7659399&amp;loc=d3e1500-128463<br><br><br><br></p>
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</LabelSeparator><Level>1</Level><ElementName>us-gaap_DiscontinuedOperationsAndDisposalGroupsAbstract</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:stringItemType</ElementDataType><SimpleDataType>string</SimpleDataType><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>DISCONTINUED OPERATIONS [Abstract]</Label></Row><Row FlagID="0"><Id>2</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>2</Level><ElementName>iret_NumberOfCondominiumUnitsSold</ElementName><ElementPrefix>iret_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>label</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="c20120501to20120731" UnitID="U004"><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>2</NumericAmount><RoundedNumericAmount>2</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:integerItemType</ElementDataType><SimpleDataType>integer</SimpleDataType><ElementDefenition>Number of condominium units sold.</ElementDefenition><ElementReferences>No definition available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Number Of Condominium Units Sold</Label></Row><Row FlagID="0"><Id>3</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>2</Level><ElementName>iret_NumberOfRetailPropertiesSold</ElementName><ElementPrefix>iret_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>label</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="c20130501to20130731" UnitID="U004"><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>1</NumericAmount><RoundedNumericAmount>1</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:integerItemType</ElementDataType><SimpleDataType>integer</SimpleDataType><ElementDefenition>Number of retail properties sold.</ElementDefenition><ElementReferences>No definition available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Number of retail properties sold</Label></Row><Row FlagID="0"><Id>4</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>2</Level><ElementName>iret_IretNumberOfIndustrialSold</ElementName><ElementPrefix>iret_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>label</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="c20130501to20130731" UnitID="U004"><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>4</NumericAmount><RoundedNumericAmount>4</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:integerItemType</ElementDataType><SimpleDataType>integer</SimpleDataType><ElementDefenition>Number of industrial properties sold.</ElementDefenition><ElementReferences>No definition available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Number of industrial sold</Label></Row><Row FlagID="0"><Id>5</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>2</Level><ElementName>iret_NumberOfIndustrialHeldForSale</ElementName><ElementPrefix>iret_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>label</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="c20130501to20130731" UnitID="U004"><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>2</NumericAmount><RoundedNumericAmount>2</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:integerItemType</ElementDataType><SimpleDataType>integer</SimpleDataType><ElementDefenition>Number of industrial properties held for sale.</ElementDefenition><ElementReferences>No definition available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Number of industrial held for sale</Label></Row><Row FlagID="0"><Id>6</Id><IsAbstractGroupTitle>true</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>4</Level><ElementName>us-gaap_RevenuesAbstract</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>label</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:stringItemType</ElementDataType><SimpleDataType>string</SimpleDataType><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>REVENUE</Label></Row><Row FlagID="0"><Id>7</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>5</Level><ElementName>us-gaap_OperatingLeasesIncomeStatementLeaseRevenue</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>credit</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>label</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="c20130501to20130731" UnitID="U001"><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>55039000</NumericAmount><RoundedNumericAmount>55039000</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode>USD</CurrencyCode><CurrencySymbol>$</CurrencySymbol><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>true</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="c20120501to20120731" UnitID="U001"><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>50458000</NumericAmount><RoundedNumericAmount>50458000</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode>USD</CurrencyCode><CurrencySymbol>$</CurrencySymbol><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>true</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>The total amount of revenue recognized for the period from operating leases, including minimum lease revenue, contingent revenue, percentage revenue and sublease revenue.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Statement of Financial Accounting Standard (FAS)

 -Number 13

 -Paragraph 19

 -Subparagraph b

 -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 840

 -SubTopic 20

 -Section 25

 -Paragraph 1

 -URI http://asc.fasb.org/extlink&amp;oid=7501430&amp;loc=d3e39896-112707



</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>2</UnitID><Label>Real estate rentals</Label></Row><Row FlagID="0"><Id>8</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>5</Level><ElementName>us-gaap_TenantReimbursements</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>credit</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>label</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="c20130501to20130731" UnitID="U001"><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>12143000</NumericAmount><RoundedNumericAmount>12143000</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode>USD</CurrencyCode><CurrencySymbol>$</CurrencySymbol><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="c20120501to20120731" UnitID="U001"><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>10517000</NumericAmount><RoundedNumericAmount>10517000</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode>USD</CurrencyCode><CurrencySymbol>$</CurrencySymbol><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>In accordance with the provisions of their lease agreement, this element represents allowable charges due a landlord from its tenant. In retail store and office building leases, for example, tenant reimbursements may cover items such as taxes, utilities, and common area expenses.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 225

 -SubTopic 10

 -Section S99

 -Paragraph 2

 -Subparagraph (SX 210.5-03.1(e))

 -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688



</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>2</UnitID><Label>Tenant reimbursement</Label></Row><Row FlagID="0"><Id>9</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>5</Level><ElementName>us-gaap_RealEstateRevenueNet</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>credit</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>label</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="c20130501to20130731" UnitID="U001"><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>67182000</NumericAmount><RoundedNumericAmount>67182000</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode>USD</CurrencyCode><CurrencySymbol>$</CurrencySymbol><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="c20120501to20120731" UnitID="U001"><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>60975000</NumericAmount><RoundedNumericAmount>60975000</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode>USD</CurrencyCode><CurrencySymbol>$</CurrencySymbol><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>The aggregate revenue from real estate operations during the reporting period.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 225

 -SubTopic 10

 -Section S99

 -Paragraph 2

 -Subparagraph (SX 210.5-03.1(e))

 -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688



Reference 2: http://www.xbrl.org/2003/role/presentationRef

 -Publisher SEC

 -Name Regulation S-X (SX)

 -Number 210

 -Section 03

 -Paragraph 1

 -Article 5



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 -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.



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Reference 2: http://www.xbrl.org/2003/role/presentationRef

 -Publisher AICPA

 -Name Accounting Research Bulletin (ARB)

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 -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.



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</LabelSeparator><Level>5</Level><ElementName>us-gaap_TenantReimbursements</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>credit</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>label</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="c20130501to20130731_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis_SegmentDiscontinuedOperationsMember" UnitID="U001"><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>51000</NumericAmount><RoundedNumericAmount>51000</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode>USD</CurrencyCode><CurrencySymbol>$</CurrencySymbol><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="c20120501to20120731_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis_SegmentDiscontinuedOperationsMember" UnitID="U001"><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>139000</NumericAmount><RoundedNumericAmount>139000</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode>USD</CurrencyCode><CurrencySymbol>$</CurrencySymbol><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>In accordance with the provisions of their lease agreement, this element represents allowable charges due a landlord from its tenant. In retail store and office building leases, for example, tenant reimbursements may cover items such as taxes, utilities, and common area expenses.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 225

 -SubTopic 10

 -Section S99

 -Paragraph 2

 -Subparagraph (SX 210.5-03.1(e))

 -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688



</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>2</UnitID><Label>Tenant reimbursement</Label></Row><Row FlagID="0"><Id>28</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>5</Level><ElementName>us-gaap_RealEstateRevenueNet</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>credit</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>label</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="c20130501to20130731_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis_SegmentDiscontinuedOperationsMember" UnitID="U001"><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>267000</NumericAmount><RoundedNumericAmount>267000</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode>USD</CurrencyCode><CurrencySymbol>$</CurrencySymbol><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="c20120501to20120731_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis_SegmentDiscontinuedOperationsMember" UnitID="U001"><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>1445000</NumericAmount><RoundedNumericAmount>1445000</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode>USD</CurrencyCode><CurrencySymbol>$</CurrencySymbol><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>The aggregate revenue from real estate operations during the reporting period.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 225

 -SubTopic 10

 -Section S99

 -Paragraph 2

 -Subparagraph (SX 210.5-03.1(e))

 -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688



Reference 2: http://www.xbrl.org/2003/role/presentationRef

 -Publisher SEC

 -Name Regulation S-X (SX)

 -Number 210

 -Section 03

 -Paragraph 1

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</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>2</UnitID><Label>TOTAL REVENUE</Label></Row><Row FlagID="0"><Id>29</Id><IsAbstractGroupTitle>true</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>4</Level><ElementName>us-gaap_CostsAndExpensesAbstract</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>label</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:stringItemType</ElementDataType><SimpleDataType>string</SimpleDataType><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>EXPENSES</Label></Row><Row FlagID="0"><Id>30</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>5</Level><ElementName>us-gaap_DepreciationAndAmortization</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>terseLabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="c20130501to20130731_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis_SegmentDiscontinuedOperationsMember" UnitID="U001"><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>65000</NumericAmount><RoundedNumericAmount>65000</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode>USD</CurrencyCode><CurrencySymbol>$</CurrencySymbol><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="c20120501to20120731_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis_SegmentDiscontinuedOperationsMember" UnitID="U001"><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>390000</NumericAmount><RoundedNumericAmount>390000</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode>USD</CurrencyCode><CurrencySymbol>$</CurrencySymbol><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Statement of Financial Accounting Standard (FAS)

 -Number 95

 -Paragraph 28

 -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 360

 -SubTopic 10

 -Section 50

 -Paragraph 1

 -Subparagraph (a)

 -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229



Reference 3: http://www.xbrl.org/2003/role/presentationRef

 -Publisher AICPA

 -Name Accounting Principles Board Opinion (APB)

 -Number 12

 -Paragraph 5

 -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 4: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 230

 -SubTopic 10

 -Section 45

 -Paragraph 28

 -Subparagraph (b)

 -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585



</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>2</UnitID><Label>Depreciation/amortization related to real estate investments</Label></Row><Row FlagID="0"><Id>31</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>5</Level><ElementName>iret_Utilities</ElementName><ElementPrefix>iret_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>label</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="c20130501to20130731_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis_SegmentDiscontinuedOperationsMember" UnitID="U001"><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode>USD</CurrencyCode><CurrencySymbol>$</CurrencySymbol><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="c20120501to20120731_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis_SegmentDiscontinuedOperationsMember" UnitID="U001"><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>37000</NumericAmount><RoundedNumericAmount>37000</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode>USD</CurrencyCode><CurrencySymbol>$</CurrencySymbol><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>Costs incurred to provide to tenants basic services such as electricity, gas, water, telephone, cable, and internet service.</ElementDefenition><ElementReferences>No definition available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>2</UnitID><Label>Utilities</Label></Row><Row FlagID="0"><Id>32</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>5</Level><ElementName>us-gaap_CostOfPropertyRepairsAndMaintenance</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>label</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="c20130501to20130731_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis_SegmentDiscontinuedOperationsMember" UnitID="U001"><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>2000</NumericAmount><RoundedNumericAmount>2000</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode>USD</CurrencyCode><CurrencySymbol>$</CurrencySymbol><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="c20120501to20120731_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis_SegmentDiscontinuedOperationsMember" UnitID="U001"><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>113000</NumericAmount><RoundedNumericAmount>113000</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode>USD</CurrencyCode><CurrencySymbol>$</CurrencySymbol><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>The aggregate costs of keeping the property in good condition but that do not appreciably prolong the life or increase the value of the property.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 225

 -SubTopic 10

 -Section S99

 -Paragraph 2

 -Subparagraph (SX 210.5-03.2)

 -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688



</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>2</UnitID><Label>Maintenance</Label></Row><Row FlagID="0"><Id>33</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>5</Level><ElementName>us-gaap_RealEstateTaxExpense</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>label</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="c20130501to20130731_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis_SegmentDiscontinuedOperationsMember" UnitID="U001"><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>41000</NumericAmount><RoundedNumericAmount>41000</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode>USD</CurrencyCode><CurrencySymbol>$</CurrencySymbol><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="c20120501to20120731_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis_SegmentDiscontinuedOperationsMember" UnitID="U001"><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>148000</NumericAmount><RoundedNumericAmount>148000</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode>USD</CurrencyCode><CurrencySymbol>$</CurrencySymbol><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>A tax based on the assessed value of real estate by the local government. The tax is usually based on the value of property (including the land).</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 720

 -SubTopic 30

 -Section 45

 -Paragraph 3

 -URI http://asc.fasb.org/extlink&amp;oid=6419918&amp;loc=d3e35301-107843



Reference 2: http://www.xbrl.org/2003/role/presentationRef

 -Publisher AICPA

 -Name Accounting Research Bulletin (ARB)

 -Number 43

 -Section A

 -Paragraph 2, 17

 -Chapter 10

 -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.



</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>2</UnitID><Label>Real estate taxes</Label></Row><Row FlagID="0"><Id>34</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>5</Level><ElementName>us-gaap_RealEstateInsurance</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>label</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="c20130501to20130731_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis_SegmentDiscontinuedOperationsMember" UnitID="U001"><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>3000</NumericAmount><RoundedNumericAmount>3000</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode>USD</CurrencyCode><CurrencySymbol>$</CurrencySymbol><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="c20120501to20120731_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis_SegmentDiscontinuedOperationsMember" UnitID="U001"><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>21000</NumericAmount><RoundedNumericAmount>21000</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode>USD</CurrencyCode><CurrencySymbol>$</CurrencySymbol><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>A contract to provide coverage or protection in exchange for a payment or "premium". Examples of insurance protection include liability and property insurance. The entity paying the premiums for the protection will have insurance expense and possibly an asset, Prepaid Insurance (if the premiums are paid in advance).</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 225

 -SubTopic 10

 -Section S99

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 -Subparagraph (SX 210.5-03.6)

 -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688



</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>2</UnitID><Label>Insurance</Label></Row><Row FlagID="0"><Id>35</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>5</Level><ElementName>us-gaap_OwnedPropertyManagementCosts</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>label</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="c20130501to20130731_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis_SegmentDiscontinuedOperationsMember" UnitID="U001"><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>11000</NumericAmount><RoundedNumericAmount>11000</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode>USD</CurrencyCode><CurrencySymbol>$</CurrencySymbol><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="c20120501to20120731_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis_SegmentDiscontinuedOperationsMember" UnitID="U001"><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>65000</NumericAmount><RoundedNumericAmount>65000</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode>USD</CurrencyCode><CurrencySymbol>$</CurrencySymbol><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>The aggregate costs related to management of owned properties during the reporting period.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 225

 -SubTopic 10

 -Section S99

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 -Subparagraph (SX 210.5-03.2(d))

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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0E2F">
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          <div style="width: 200px;"><strong>SEGMENT REPORTING (Tables)<br></strong></div>
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        <th class="th" colspan="1">3 Months Ended</th>
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          <div>Jul. 31, 2013</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedTextBlock', window );">Revenues and net operating income for reportable segments</a></td>
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vertical-align: bottom;"><div>&#160;</div></td><td style="width: 6.92%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 2.6%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.32%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">(1,458)</div></td></tr><tr style="background-color: #ffffff;"><td colspan="3" style="width: 43.33%; vertical-align: bottom;"><div style="text-align: left; text-indent: 9pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">Other expenses</div></td><td style="width: 3.44%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.62%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 3.04%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.18%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 3.44%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.64%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 3.48%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 6.92%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 2.6%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.32%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">(679)</div></td></tr><tr style="background-color: #cceeff;"><td style="width: 33.65%; vertical-align: bottom;"><div style="text-align: left; text-indent: 9pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">Interest expense</div></td><td style="width: 1.74%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 7.94%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 3.44%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.62%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 3.04%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.18%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 3.44%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.64%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 3.48%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 6.92%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 2.6%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.32%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">(14,799)</div></td></tr><tr style="background-color: #ffffff;"><td style="border-bottom: #000000 2px solid; width: 33.65%; vertical-align: bottom;"><div style="text-align: left; text-indent: 9pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">Interest and other income</div></td><td style="border-bottom: #000000 2px solid; width: 1.74%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 7.94%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 3.44%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 3.04%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 8.18%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 3.44%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 8.64%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 3.48%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 6.92%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 2.6%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 8.32%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt; margin-right: 3.75pt;">210</div></td></tr><tr style="background-color: #cceeff;"><td colspan="11" style="width: 89.08%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 9pt;">Income from continuing operations</div></td><td style="width: 2.6%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.32%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt; margin-right: 3.75pt;">1,560</div></td></tr><tr style="background-color: #ffffff;"><td colspan="11" style="border-bottom: #000000 2px solid; width: 89.08%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 9pt;">Income from discontinued operations</div></td><td style="border-bottom: #000000 2px solid; width: 2.6%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 8.32%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt; margin-right: 3.6pt;">1,656</div></td></tr><tr style="background-color: #cceeff;"><td colspan="11" style="border-bottom: #000000 4px double; width: 89.08%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 9pt;">Net income</div></td><td style="border-bottom: #000000 4px double; width: 2.6%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">$</div></td><td style="border-bottom: #000000 4px double; width: 8.32%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt; margin-right: 3.75pt;">3,216</div></td></tr></table><div><br /></div><div><br /></div><div><br /></div><table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><tr><td rowspan="2" style="border-bottom: #000000 2px solid; width: 33.61%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">Three Months Ended July 31, 2012</div></td><td colspan="12" style="border-bottom: #000000 2px solid; width: 66.39%; vertical-align: bottom;"><div style="text-align: center; font-style: italic; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;">(in thousands)</div></td></tr><tr><td colspan="2" style="border-bottom: #000000 2px solid; width: 9.68%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;">Multi-Family<font style="font-family: 'Times New Roman', serif; font-size: 8pt;"><br /></font>Residential</div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 11.63%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;">Commercial-<font style="font-family: 'Times New Roman', serif; font-size: 8pt;"><br /></font>Office</div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 11.67%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;">Commercial-<font style="font-family: 'Times New Roman', serif; font-size: 8pt;"><br /></font>Healthcare</div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 11.69%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;">Commercial-<font style="font-family: 'Times New Roman', serif; font-size: 8pt;"><br /></font>Industrial</div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 10.88%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;">Commercial-<font style="font-family: 'Times New Roman', serif; font-size: 8pt;"><br /></font>Retail</div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 10.84%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;">Total</div></td></tr><tr><td style="width: 33.61%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 1.33%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.35%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 3.3%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 3.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 3.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 3.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 7.56%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 2.5%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.34%; vertical-align: bottom;"><div>&#160;</div></td></tr><tr style="background-color: #cceeff;"><td style="width: 33.61%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">Real estate revenue</div></td><td style="width: 1.33%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">$</div></td><td style="width: 8.35%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">21,210</div></td><td style="width: 3.3%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">$</div></td><td style="width: 8.32%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">18,778</div></td><td style="width: 3.32%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">$</div></td><td style="width: 8.34%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">15,073</div></td><td style="width: 3.34%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">$</div></td><td style="width: 8.34%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">2,788</div></td><td style="width: 3.32%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">$</div></td><td style="width: 7.56%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">3,126</div></td><td style="width: 2.5%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">$</div></td><td style="width: 8.34%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt; margin-right: 3.6pt;">60,975</div></td></tr><tr style="background-color: #ffffff;"><td style="border-bottom: #000000 2px solid; width: 33.61%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">Real estate expenses</div></td><td style="border-bottom: #000000 2px solid; width: 1.33%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 8.35%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">9,293</div></td><td style="border-bottom: #000000 2px solid; width: 3.3%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 8.32%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">9,336</div></td><td style="border-bottom: #000000 2px solid; width: 3.32%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">4,080</div></td><td style="border-bottom: #000000 2px solid; width: 3.34%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">896</div></td><td style="border-bottom: #000000 2px solid; width: 3.32%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 7.56%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">1,080</div></td><td style="border-bottom: #000000 2px solid; width: 2.5%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt; margin-right: 3.6pt;">24,685</div></td></tr><tr style="background-color: #cceeff;"><td style="border-bottom: #000000 4px double; width: 33.61%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">Net operating income</div></td><td style="border-bottom: #000000 4px double; width: 1.33%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">$</div></td><td style="border-bottom: #000000 4px double; width: 8.35%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">11,917</div></td><td style="border-bottom: #000000 4px double; width: 3.3%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">$</div></td><td style="border-bottom: #000000 4px double; width: 8.32%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">9,442</div></td><td style="border-bottom: #000000 4px double; width: 3.32%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">$</div></td><td style="border-bottom: #000000 4px double; width: 8.34%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">10,993</div></td><td style="border-bottom: #000000 4px double; width: 3.34%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">$</div></td><td style="border-bottom: #000000 4px double; width: 8.34%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">1,892</div></td><td style="border-bottom: #000000 4px double; width: 3.32%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">$</div></td><td style="border-bottom: #000000 4px double; width: 7.56%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">2,046</div></td><td style="border-bottom: #000000 2px solid; width: 2.5%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt; margin-right: 3.6pt;">36,290</div></td></tr><tr style="background-color: #ffffff;"><td style="width: 33.61%; vertical-align: bottom;"><div style="text-align: left; text-indent: 9pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">Depreciation/amortization</div></td><td style="width: 1.33%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.35%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 3.3%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 3.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 3.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 3.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 7.56%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 2.5%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.34%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">(15,885)</div></td></tr><tr style="background-color: #cceeff;"><td colspan="3" style="width: 43.3%; vertical-align: bottom;"><div style="text-align: left; text-indent: 9pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">Administrative, advisory and trustee services</div></td><td style="width: 3.3%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 3.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 3.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 3.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 7.56%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 2.5%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.34%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">(2,096)</div></td></tr><tr style="background-color: #ffffff;"><td style="width: 33.61%; vertical-align: bottom;"><div style="text-align: left; text-indent: 9pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">Other expenses</div></td><td style="width: 1.33%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.35%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 3.3%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 3.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 3.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 3.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 7.56%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 2.5%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.34%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">(519)</div></td></tr><tr style="background-color: #cceeff;"><td style="width: 33.61%; vertical-align: bottom;"><div style="text-align: left; text-indent: 9pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">Interest expense</div></td><td style="width: 1.33%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.35%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 3.3%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 3.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 3.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 3.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 7.56%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 2.5%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.34%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">(16,069)</div></td></tr><tr style="background-color: #ffffff;"><td style="border-bottom: #000000 2px solid; width: 33.61%; vertical-align: bottom;"><div style="text-align: left; text-indent: 9pt; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt;">Interest and other income</div></td><td style="border-bottom: #000000 2px solid; width: 1.33%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 8.35%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 3.3%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; 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width: 8.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 3.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 3.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 7.56%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 2.5%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 9pt; margin-right: 3.6pt;">133</div></td></tr><tr style="background-color: #cceeff;"><td colspan="11" style="border-bottom: #000000 4px double; width: 89.16%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; 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      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTextBlock', window );">Segment Assets and Accumulated Depreciation</a></td>
        <td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;">Segment assets are summarized as follows as of July 31, 2013, and April 30, 2013, along with reconciliations to the condensed consolidated financial statements:</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><tr><td style="width: 33.61%; vertical-align: bottom;"><div>&#160;</div></td><td colspan="12" style="border-bottom: #000000 2px solid; width: 66.39%; vertical-align: bottom;"><div style="text-align: center; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">(in thousands)</div></td></tr><tr><td style="border-bottom: #000000 2px solid; width: 33.61%; vertical-align: bottom;"><div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">As of July 31, 2013</div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 9.5%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;">Multi-Family<font style="font-family: 'Times New Roman', serif; font-size: 8pt;"><br /></font>Residential</div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 11.67%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;">Commercial-<font style="font-family: 'Times New Roman', serif; font-size: 8pt;"><br /></font>Office</div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 11.67%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; color: #000000; font-size: 8pt; font-weight: bold;">Commercial-<font style="font-family: 'Times New Roman', serif; font-size: 8pt;"><br /></font>Healthcare</div></td><td colspan="2" style="border-bottom: #000000 2px solid; 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vertical-align: bottom;"><div>&#160;</div></td><td style="width: 3.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 3.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 3.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 3.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 7.5%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 2.5%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.56%; vertical-align: bottom;"><div>&#160;</div></td></tr><tr><td style="width: 33.61%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 9pt;">Segment Assets</div></td><td style="width: 1.15%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.35%; 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vertical-align: bottom;"><div>&#160;</div></td><td style="width: 3.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 7.5%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 2.5%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.56%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; margin-left: 0.7pt; font-size: 9pt; margin-right: 3.6pt;">3,969</div></td></tr><tr style="background-color: #cceeff;"><td style="width: 33.61%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 9pt;">Cash and cash equivalents</div></td><td style="width: 1.15%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.35%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 3.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 3.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 3.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 3.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 7.5%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 2.5%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.56%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 9pt; margin-right: 3.6pt;">93,193</div></td></tr><tr style="background-color: #ffffff;"><td style="width: 33.61%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 9pt;">Other investments</div></td><td style="width: 1.15%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.35%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 3.32%; 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vertical-align: bottom;"><div>&#160;</div></td><td style="width: 9.08%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 2.58%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.98%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 2.68%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 3.38%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 7.46%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 2.2%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.64%; vertical-align: bottom;"><div>&#160;</div></td></tr><tr style="background-color: #cceeff;"><td style="width: 33.61%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 9pt;">Segment assets</div></td><td style="width: 1.36%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 9.2%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 2.48%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 9.08%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 2.58%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.98%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 2.68%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 3.38%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 7.46%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 2.2%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.64%; vertical-align: bottom;"><div>&#160;</div></td></tr><tr style="background-color: #ffffff;"><td style="width: 33.61%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 9pt;">Property owned</div></td><td style="width: 1.36%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;">$</div></td><td style="width: 9.2%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;">659,696</div></td><td style="width: 2.48%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;">$</div></td><td style="width: 9.08%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;">613,775</div></td><td style="width: 2.58%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;">$</div></td><td style="width: 8.98%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;">501,191</div></td><td style="width: 2.68%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;">$</div></td><td style="width: 8.34%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;">125,772</div></td><td style="width: 3.38%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;">$</div></td><td style="width: 7.46%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;">132,536</div></td><td style="width: 2.2%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;">$</div></td><td style="width: 8.64%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;">2,032,970</div></td></tr><tr style="background-color: #cceeff;"><td style="border-bottom: #000000 2px solid; width: 33.61%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 9pt;">Less accumulated depreciation</div></td><td style="border-bottom: #000000 2px solid; width: 1.36%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 9.2%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;">(140,354)</div></td><td style="border-bottom: #000000 2px solid; width: 2.48%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 9.08%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;">(138,270)</div></td><td style="border-bottom: #000000 2px solid; width: 2.58%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 8.98%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;">(90,891)</div></td><td style="border-bottom: #000000 2px solid; width: 2.68%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;">(23,688)</div></td><td style="border-bottom: #000000 2px solid; width: 3.38%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 7.46%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;">(27,218)</div></td><td style="border-bottom: #000000 2px solid; width: 2.2%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 8.64%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;">(420,421)</div></td></tr><tr style="background-color: #ffffff;"><td style="border-bottom: #000000 4px double; width: 33.61%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 9pt;">Net property owned</div></td><td style="border-bottom: #000000 4px double; width: 1.36%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;">$</div></td><td style="border-bottom: #000000 4px double; width: 9.2%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;">519,342</div></td><td style="border-bottom: #000000 4px double; width: 2.48%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;">$</div></td><td style="border-bottom: #000000 4px double; width: 9.08%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;">475,505</div></td><td style="border-bottom: #000000 4px double; width: 2.58%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;">$</div></td><td style="border-bottom: #000000 4px double; width: 8.98%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;">410,300</div></td><td style="border-bottom: #000000 4px double; width: 2.68%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;">$</div></td><td style="border-bottom: #000000 4px double; width: 8.34%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;">102,084</div></td><td style="border-bottom: #000000 4px double; width: 3.38%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;">$</div></td><td style="border-bottom: #000000 4px double; width: 7.46%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;">105,318</div></td><td style="border-bottom: #000000 4px double; width: 2.2%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 4px double; width: 8.64%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;">1,612,549</div></td></tr><tr style="background-color: #cceeff;"><td style="width: 33.61%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 9pt;">Cash and cash equivalents</div></td><td style="width: 1.36%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 9.2%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 2.48%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 9.08%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 2.58%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.98%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 2.68%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 3.38%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 7.46%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 2.2%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.64%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;">94,133</div></td></tr><tr style="background-color: #ffffff;"><td style="width: 33.61%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9.4pt; font-size: 9pt;">Other investments</div></td><td style="width: 1.36%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 9.2%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 2.48%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 9.08%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 2.58%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.98%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 2.68%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 3.38%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 7.46%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 2.2%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.64%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;">639</div></td></tr><tr style="background-color: #cceeff;"><td style="width: 33.61%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9.4pt; font-size: 9pt;">Receivables and other assets</div></td><td style="width: 1.36%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 9.2%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 2.48%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 9.08%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 2.58%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.98%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 2.68%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 3.38%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 7.46%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 2.2%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.64%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;">113,948</div></td></tr><tr style="background-color: #ffffff;"><td style="width: 33.61%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9.4pt; font-size: 9pt;">Development in progress</div></td><td style="width: 1.36%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 9.2%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 2.48%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 9.08%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 2.58%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.98%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 2.68%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 3.38%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 7.46%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 2.2%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.64%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;">46,782</div></td></tr><tr style="background-color: #cceeff;"><td style="border-bottom: #000000 2px solid; width: 33.61%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9.4pt; font-size: 9pt;">Unimproved land</div></td><td style="border-bottom: #000000 2px solid; width: 1.36%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 9.2%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 2.48%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 9.08%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 2.58%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 8.98%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 2.68%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 8.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 3.38%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 7.46%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 2.2%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 8.64%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;">21,503</div></td></tr><tr style="background-color: #ffffff;"><td colspan="11" style="border-bottom: #000000 4px double; width: 89.16%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 9pt;">Total assets</div></td><td style="border-bottom: #000000 4px double; width: 2.2%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt;">$</div></td><td style="border-bottom: #000000 4px double; width: 8.64%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 9pt; margin-right: 3.6pt;">1,889,554</div></td></tr></table></div><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTextBlock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Tabular disclosure of all significant reconciling items in the reconciliation of total assets from reportable segments to the entity's consolidated assets.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 280<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 31<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6534315&amp;loc=d3e8924-108599<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 280<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 30<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6534315&amp;loc=d3e8906-108599<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 131<br><br> -Paragraph 32<br><br> -Subparagraph c<br><br> -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.<br><br><br><br></p>
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                <p>Tabular disclosure of  all significant reconciling items in the reconciliation of total profit or loss from reportable segments, to the entity's consolidated income before income taxes, extraordinary items, and discontinued operations.</p>
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                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 280<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 31<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6534315&amp;loc=d3e8924-108599<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 280<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 30<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6534315&amp;loc=d3e8906-108599<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 131<br><br> -Paragraph 32<br><br> -Subparagraph b<br><br> -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.<br><br><br><br></p>
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margin-top: 10.5pt; font-family: 'Times New Roman', serif; margin-bottom: 10.5pt; font-size: 10pt; font-weight: bold;"&gt;NOTE 8 &amp;#8226; ACQUISITIONS AND DISPOSITIONS&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt; font-weight: bold;"&gt;PROPERTY ACQUISITIONS&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10.5pt; font-size: 10pt;"&gt;During the first quarter of fiscal year 2014, the Company closed on its acquisitions of:&lt;/div&gt;&lt;div&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman', Times, serif; margin-bottom: 6pt; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 36pt; vertical-align: top; align: right;"&gt;&lt;div style="text-align: left; font-family: Symbol, serif; margin-bottom: 6pt; margin-left: 18pt; font-size: 10pt;"&gt;&amp;#183;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 6pt; font-size: 10pt;"&gt;a 71-unit multi-family residential property in Rapid City, South Dakota, on approximately 3.2 acres of land, for a purchase price of $6.2 million, of which $2.9 million was paid in cash and the remainder in limited partnership units of the Operating Partnership valued at $3.3 million; and&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman', Times, serif; margin-bottom: 10.5pt; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 36pt; vertical-align: top; align: right;"&gt;&lt;div style="text-align: left; font-family: Symbol, serif; margin-bottom: 10.5pt; margin-left: 18pt; font-size: 10pt;"&gt;&amp;#183;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10.5pt; font-size: 10pt;"&gt;an approximately 0.7-acre parcel of vacant land in Minot, North Dakota for a purchase price, including acquisition costs, &amp;#160;of $179,000, paid in cash.&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10.5pt; font-size: 10pt;"&gt;During the first quarter of fiscal year 2013, the Company closed on its acquisitions of:&lt;/div&gt;&lt;div&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman', Times, serif; margin-bottom: 6pt; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 36pt; vertical-align: top; align: right;"&gt;&lt;div style="text-align: left; font-family: Symbol, serif; margin-bottom: 6pt; margin-left: 18pt; font-size: 10pt;"&gt;&amp;#183;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 6pt; font-size: 10pt;"&gt;a 308-unit multi-family residential property in Topeka, Kansas, on approximately 18.3 acres of land, for a purchase price of approximately $17.7 million, of which $5.2 million was paid in cash with assumed debt of $12.5 million;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman', Times, serif; margin-bottom: 6pt; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 36pt; vertical-align: top; align: right;"&gt;&lt;div style="text-align: left; font-family: Symbol, serif; margin-bottom: 6pt; margin-left: 18pt; font-size: 10pt; font-weight: bold;"&gt;&amp;#183;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 6pt; font-size: 10pt;"&gt;a 232-unit multi-family residential property in Lincoln, Nebraska, on approximately 14.7 acres of land, for a purchase price of approximately $17.5 million, of which $14.2 million was paid in cash and the remainder in limited partnership units of the Operating Partnership valued at $3.3 million; and&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman', Times, serif; margin-bottom: 10.5pt; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 36pt; vertical-align: top; align: right;"&gt;&lt;div style="text-align: left; font-family: Symbol, serif; margin-bottom: 10.5pt; margin-left: 18pt; font-size: 10pt;"&gt;&amp;#183;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10.5pt; font-size: 10pt;"&gt;a 208-unit multi-family residential property in Lincoln, Nebraska, on approximately 11.5 acres of land, for a purchase price of approximately $17.3 million, of which $13.8 million was paid in cash and the remainder in limited partnership units of the Operating Partnership valued at $3.5 million.&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10.5pt; font-size: 10pt;"&gt;The Company expensed approximately $101,000 and $73,000 of transaction costs related to acquisitions in the three months ended July 31, 2013 and 2012, respectively. The Company's acquisitions and development projects placed in service during the three months ended July 31, 2013 and 2012 are detailed below:&lt;/div&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;"&gt;Three Months Ended July 31, 2013&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td rowspan="2" style="border-bottom: #000000 2px solid; width: 47.41%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Acquisitions&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 12.91%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="8" style="border-bottom: #000000 2px solid; width: 39.67%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; width: 12.91%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Date Acquired&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 9.48%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Land&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 10.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Building&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 9.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Intangible&lt;/div&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Assets&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 10.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Acquisition&lt;/div&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Cost&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 47.41%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 12.91%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.76%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.78%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.6%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 47.41%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Multi-Family Residential&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 12.91%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.76%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.78%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.6%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 47.41%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;71 unit - Alps Park - Rapid City, SD&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 12.91%; vertical-align: top;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;2013-05-01&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.72%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 7.76%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;287&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.72%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;5,551&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.72%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 7.78%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;362&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.74%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.6%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;6,200&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 47.41%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 12.91%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.76%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.78%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.6%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 47.41%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Unimproved Land&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 12.91%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.76%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.78%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.6%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 47.41%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Chateau II - Minot, ND&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 12.91%; vertical-align: top;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;2013-05-21&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 7.76%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;179&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 7.78%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.6%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;179&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 47.41%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 12.91%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 7.76%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 7.78%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.6%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 4px double; width: 47.41%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Total Property Acquisitions&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 12.91%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.72%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 7.76%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;466&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.72%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;5,551&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.72%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 7.78%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;362&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.74%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.6%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;6,379&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="margin-bottom: 10pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;"&gt;Three Months Ended July 31, 2012&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td rowspan="2" style="border-bottom: #000000 2px solid; width: 47.42%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Acquisitions&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 12.58%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="8" style="border-bottom: #000000 2px solid; width: 40%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; width: 12.58%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Date Acquired&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 9.56%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Land&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 10.44%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Building&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 9.1%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Intangible&lt;/div&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Assets&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 10.9%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Acquisition&lt;/div&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Cost&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 47.42%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 12.58%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.82%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.36%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.2%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 47.42%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Multi-Family Residential&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 12.58%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.82%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.36%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.2%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 47.42%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;308 unit - Villa West - Topeka, KS&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 12.58%; vertical-align: top;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;2012-05-08&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.82%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;1,590&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;15,760&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.36%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;300&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.2%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;17,650&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 47.42%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;232 unit - Colony - Lincoln, NE&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 12.58%; vertical-align: top;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;2012-06-04&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.82%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;1,515&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;15,731&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.36%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;254&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.2%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;17,500&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 47.42%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;208 unit - Lakeside Village - Lincoln, NE&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 12.58%; vertical-align: top;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;2012-06-04&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.74%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 7.82%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;1,215&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.74%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;15,837&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.74%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 7.36%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;198&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 2.2%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;17,250&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 47.42%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 12.58%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 7.82%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 7.36%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 2.2%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 4px double; width: 47.42%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Total Property Acquisitions&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 12.58%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.74%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 7.82%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;4,320&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.74%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;47,328&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.74%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 7.36%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;752&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 2.2%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;52,400&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 46.55%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 13.78%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="8" style="border-bottom: #000000 2px solid; width: 39.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; width: 46.55%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Development Projects Placed in Service&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 13.78%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Date Placed in&lt;/div&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Service&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 9.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;&amp;#160;&lt;/div&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Land&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 10.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;&amp;#160;&lt;/div&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Building&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;&amp;#160;&lt;/div&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Intangible&lt;/div&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Assets&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 11.2%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;&amp;#160;&lt;/div&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Acquisition&lt;/div&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Cost&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 46.55%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 13.78%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.76%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 6.9%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.54%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 46.55%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Multi-Family Residential&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 13.78%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.76%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 6.9%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.54%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 46.55%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;159 unit &amp;#8211; Quarry Ridge II &amp;#8211; Rochester, MN&lt;sup&gt;(1)&lt;/sup&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 13.78%; vertical-align: top;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;2012-06-29&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.74%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.76%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;3,543&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 6.9%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.54%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;3,543&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 46.55%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;73 unit - Williston Garden Buildings 3 and 4 - Williston, ND&lt;sup&gt;(2)&lt;/sup&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 13.78%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; margin-left: 18pt; font-size: 10pt; margin-right: 3.75pt;"&gt;2012-07-31&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 7.76%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; margin-left: 18pt; font-size: 10pt; margin-right: 3.75pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.72%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; margin-left: 18pt; font-size: 10pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; margin-left: 18pt; font-size: 10pt; margin-right: 3.75pt;"&gt;4,158&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.72%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; margin-left: 18pt; font-size: 10pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 6.9%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; margin-left: 18pt; font-size: 10pt; margin-right: 3.75pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 2.54%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; margin-left: 18pt; font-size: 10pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; margin-left: 18pt; font-size: 10pt; margin-right: 3.75pt;"&gt;4,158&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 46.55%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 13.78%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.74%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 7.76%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 6.9%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 2.54%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 4px double; width: 46.55%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Total Development Projects Placed in Service&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 13.78%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.74%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 7.76%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.72%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;7,701&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.72%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 6.9%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 2.54%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;7,701&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 18pt; vertical-align: top; align: right;"&gt;&lt;div style="text-align: left; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt;"&gt;(1)&lt;/div&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top;"&gt;&lt;div style="text-align: justify; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt;"&gt;Development property placed in service June 29, 2012. Additional costs paid in fiscal years 2012 and 2011, and land acquired in fiscal year 2007, totaled $13.0 million, for a total project cost at July 31, 2012 of $16.5 million.&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman', Times, serif; margin-bottom: 7.5pt; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 18pt; vertical-align: top; align: right;"&gt;&lt;div style="text-align: left; font-style: italic; font-family: 'Times New Roman', serif; margin-bottom: 7.5pt; font-size: 8pt;"&gt;(2)&lt;/div&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top;"&gt;&lt;div style="text-align: justify; font-style: italic; font-family: 'Times New Roman', serif; margin-bottom: 7.5pt; font-size: 8pt;"&gt;Development property placed in service July 31, 2012. Buildings 1 and 2 were placed in service in fiscal year 2012. Additional costs paid in fiscal year 2012 totaled $12.0 million, for a total project cost at July 31, 2012 of $16.2 million.&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-bottom: 12pt; font-size: 10pt;"&gt;Acquisitions in the three months ended July 31, 2013 and 2012 are immaterial to our real estate portfolio both individually and in the aggregate, and consequently no proforma information is presented. The results of operations from acquired properties are included in the Condensed Consolidated Statements of Operations as of their acquisition date. The revenue and net income of our acquisitions in the three months ended July 31, 2013 and 2012, respectively, (excluding development projects placed in service) are detailed below.&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 75.86%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="4" style="border-bottom: #000000 2px solid; width: 24.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 75.86%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="4" style="border-bottom: #000000 2px solid; width: 24.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Three Months Ended&lt;/div&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;July 31&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; width: 75.86%; vertical-align: top;"&gt;&lt;div style="text-align: left;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 12.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;2013&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 11.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;2012&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 75.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Total revenue&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;186&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.96%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;"&gt;1,232&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 75.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Net (loss) income&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;(108)&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.96%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;(72)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="text-align: left; margin-top: 10pt; font-family: 'Times New Roman', serif; margin-bottom: 6pt; font-size: 10pt; font-weight: bold;"&gt;PROPERTY DISPOSITIONS&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;"&gt;During the first quarter of fiscal year 2014, the Company sold four commercial industrial properties and one commercial retail property. During the first quarter of fiscal year 2013, IRET sold two condominium units and a commercial retail property. The following table details the Company's dispositions during the three months ended July 31, 2013 and 2012:&lt;/div&gt;&lt;div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 6pt; font-size: 10pt; font-weight: bold;"&gt;Three Months Ended July 31, 2013&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 50.86%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 13.62%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="6" style="border-bottom: #000000 2px solid; width: 35.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; width: 50.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Dispositions&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 13.62%; vertical-align: top;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Date&lt;/div&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Disposed&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 11.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Sales Price&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 13.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Book Value&lt;/div&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;and Sales Cost&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 10.12%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Gain/(Loss)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 50.86%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 13.62%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.16%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 11.84%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.4%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 50.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Commercial Industrial&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 13.62%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.16%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 11.84%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.4%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 50.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;41,880 sq ft Bodycote - Eden Prairie, MN&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 13.62%; vertical-align: top;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; margin-left: 18pt; font-size: 10pt; margin-right: 3.75pt;"&gt;2013-05-13&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.16%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;3,150&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 11.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;1,375&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.4%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;1,775&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 50.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;42,244 sq ft Fargo 1320 45&lt;sup&gt;th&lt;/sup&gt; St. N - Fargo, ND&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 13.62%; vertical-align: top;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; margin-left: 18pt; font-size: 10pt; margin-right: 3.75pt;"&gt;2013-05-13&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.16%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;4,700&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 11.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;4,100&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.4%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;600&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 50.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;49,620 sq ft Metal Improvement - New Brighton, MN&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 13.62%; vertical-align: top;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; margin-left: 18pt; font-size: 10pt; margin-right: 3.75pt;"&gt;2013-05-13&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.16%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;2,350&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 11.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;1,949&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.4%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;401&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 50.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;172,057 sq ft Roseville 2929 Long Lake Road - Roseville, MN&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 13.62%; vertical-align: top;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; margin-left: 18pt; font-size: 10pt; margin-right: 3.75pt;"&gt;2013-05-13&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 10.16%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;9,275&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 11.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;9,998&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.4%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;(723)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 50.86%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 13.62%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.16%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;19,475&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 11.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;17,422&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.4%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;2,053&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 50.86%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 13.62%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.16%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 11.84%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.4%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 50.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Commercial Retail&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 13.62%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.16%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 11.84%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.4%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 50.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;23,187 sq ft Eagan - Eagan, MN&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 13.62%; vertical-align: top;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; margin-left: 18pt; font-size: 10pt; margin-right: 3.75pt;"&gt;2013-05-14&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 10.16%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;2,310&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 11.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;2,420&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.4%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;(110)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 50.86%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 13.62%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 10.16%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 11.84%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.4%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 4px double; width: 50.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Total Property Dispositions&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 13.62%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 10.16%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;21,785&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 11.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;19,842&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.72%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 8.4%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;1,943&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="text-align: justify; margin-bottom: 6pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-bottom: 12pt; font-size: 10pt; font-weight: bold;"&gt;Three Months Ended July 31, 2012&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 50.86%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 13.58%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="6" style="border-bottom: #000000 2px solid; width: 35.56%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; width: 50.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Dispositions&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 13.58%; vertical-align: top;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Date&lt;/div&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Disposed&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 11.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Sales Price&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 13.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Book Value&lt;/div&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;and Sales Cost&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 10.16%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;"&gt;Gain/(Loss)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 50.86%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 13.58%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.16%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 11.84%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.44%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 50.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Commercial Retail&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 13.58%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.16%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 11.84%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.44%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 50.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;16,080 sq ft. Kentwood Thomasville &amp;#8211; Kentwood, MI&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 13.58%; vertical-align: top;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;2012-06-20&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 10.16%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;625&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 11.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;692&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.44%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;(67)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="width: 50.86%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 13.58%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.16%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 11.84%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.44%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="width: 50.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Other&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 13.58%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.16%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 11.84%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.44%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 50.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;"&gt;Georgetown Square&lt;font style="font-style: italic; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;Condominiums 5 and 6&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 13.58%; vertical-align: top;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;2012-06-21&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 10.16%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;330&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 11.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;336&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.72%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.44%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;(6)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #ffffff;"&gt;&lt;td style="border-bottom: #000000 2px solid; width: 50.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 13.58%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 10.16%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 11.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 1.72%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 8.44%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="background-color: #cceeff;"&gt;&lt;td style="border-bottom: #000000 4px double; width: 50.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;Total Property Dispositions&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 13.58%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 10.16%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;955&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 11.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;"&gt;1,028&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; width: 1.72%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: 'Times New Roman', serif; 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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EKH">
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          <div style="width: 200px;"><strong>BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)<br></strong></div>
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        <th class="th" colspan="1">3 Months Ended</th>
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          <div>Jul. 31, 2013</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountingPoliciesAbstract', window );"><strong>BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES [Abstract]</strong></a></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_IdentifiedIntangibleAssetsAndIntangibleLiabilitiesTableTextBlock', window );">Identified intangible assets and intangible liabilities</a></td>
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vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td style="width: 10.86%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">327</div></td><td style="width: 1.66%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td style="width: 9.98%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;">391</div></td></tr><tr style="background-color: #cceeff;"><td style="border-bottom: #000000 2px solid; width: 75.84%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;">Accumulated amortization</div></td><td style="border-bottom: #000000 2px solid; width: 1.66%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 10.86%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 0.15pt;">(249)</div></td><td style="border-bottom: #000000 2px solid; width: 1.66%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 9.98%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">(296)</div></td></tr><tr style="background-color: #ffffff;"><td style="border-bottom: #000000 4px double; width: 75.84%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;">Net carrying amount</div></td><td style="border-bottom: #000000 4px double; width: 1.66%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td style="border-bottom: #000000 4px double; width: 10.86%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">78</div></td><td style="border-bottom: #000000 4px double; width: 1.66%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td style="border-bottom: #000000 4px double; width: 9.98%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">95</div></td></tr></table></div><span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_EstimatedAnnualAmortizationOfAcquiredBelowMarketLeasesNetOfAcquiredAboveMarketLeasesTableTextBlock', window );">Estimated annual amortization of acquired below-market leases, net of acquired above-market leases</a></td>
        <td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify; margin-top: 6pt; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;">The effect of amortization of acquired below-market leases and acquired above-market leases on rental income was approximately $(10,000) and $(10,000) for the three months ended July 31, 2013 and 2012, respectively. The estimated annual amortization of acquired below-market leases, net of acquired above-market leases, for each of the five succeeding fiscal years is as follows:</div><table align="center" border="0" cellpadding="0" cellspacing="0" style="width: 50%; font-family: 'Times New Roman', Times, Serif; font-size: 10pt;"><tr><td style="border-bottom: #000000 2px solid; width: 61.53%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold; margin-right: 5.05pt;">Year Ended April 30,</div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 38.47%; vertical-align: bottom;"><div style="text-align: right; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">(in thousands)</div></td></tr><tr style="background-color: #cceeff;"><td style="width: 61.53%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 5.05pt;">2015</div></td><td style="width: 15.13%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td style="width: 23.35%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">21</div></td></tr><tr style="background-color: #ffffff;"><td style="width: 61.53%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 5.05pt;">2016</div></td><td style="width: 15.13%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 23.35%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">17</div></td></tr><tr style="background-color: #cceeff;"><td style="width: 61.53%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 5.05pt;">2017</div></td><td style="width: 15.13%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 23.35%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">9</div></td></tr><tr style="background-color: #ffffff;"><td style="width: 61.53%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 5.05pt;">2018</div></td><td style="width: 15.13%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 23.35%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">(5)</div></td></tr><tr style="background-color: #cceeff;"><td style="width: 61.53%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 5.05pt;">2019</div></td><td style="width: 15.13%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 23.35%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">(5)</div></td></tr></table></div><span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfExpectedAmortizationExpenseTableTextBlock', window );">Estimated annual amortization of all other identified intangible assets</a></td>
        <td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: left; margin-top: 12pt; font-family: 'Times New Roman', serif; margin-bottom: 12pt; font-size: 10pt;">Amortization of all other identified intangible assets (a component of depreciation and amortization expense) was $3.6 million and $1.5 million for the three months ended July 31, 2013 and 2012, respectively. The estimated annual amortization of all other identified intangible assets for each of the five succeeding fiscal years is as follows:</div><table align="center" border="0" cellpadding="0" cellspacing="0" style="width: 50%; font-family: 'Times New Roman', Times, Serif; font-size: 10pt;"><tr style="height: 17px;"><td style="border-bottom: #000000 2px solid; width: 61.53%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold; margin-right: 5.05pt;">Year Ended April 30,</div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 38.47%; vertical-align: bottom;"><div style="text-align: right; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">(in thousands)</div></td></tr><tr style="background-color: #cceeff;"><td style="width: 61.53%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 5.05pt;">2015</div></td><td style="width: 15.13%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td style="width: 23.35%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">4,830</div></td></tr><tr style="background-color: #ffffff;"><td style="width: 61.53%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 5.05pt;">2016</div></td><td style="width: 15.13%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 23.35%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">4,612</div></td></tr><tr style="background-color: #cceeff;"><td style="width: 61.53%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 5.05pt;">2017</div></td><td style="width: 15.13%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 23.35%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">4,143</div></td></tr><tr style="background-color: #ffffff;"><td style="width: 61.53%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 5.05pt;">2018</div></td><td style="width: 15.13%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 23.35%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">3,701</div></td></tr><tr style="background-color: #cceeff;"><td style="width: 61.53%; vertical-align: bottom;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 5.05pt;">2019</div></td><td style="width: 15.13%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 23.35%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">3,549</div></td></tr></table></div><span></span></td>
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                <p>Tabular disclosure of the estimated annual amortization of acquired below-market leases, net of acquired above-market leases for each of the five succeeding fiscal years.</p>
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                <p>Tabular disclosure of identified intangible assets and intangible liabilities as of the reporting date including gross carrying amounts, accumulated amortization and net carrying amounts.</p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
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                <p>Tabular disclosure of the estimated aggregate amortization expense for intangible assets subject to amortization for each of the five succeeding fiscal years.</p>
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 -Publisher FASB

 -Name Statement of Financial Accounting Standard (FAS)

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 -Paragraph 2, 4

 -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.



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Reference 2: http://www.xbrl.org/2003/role/presentationRef

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 -Publisher SEC

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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EFAAE">
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        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Document and Entity Information (USD $)<br></strong></div>
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        <th class="th" colspan="1">3 Months Ended</th>
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      <tr>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="text">Investors Real Estate Trust<span></span></td>
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        <td class="text">Q1<span></span></td>
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        <td class="text">10-Q<span></span></td>
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        <td class="text">false<span></span></td>
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        <td class="text">Jul. 31,
				 2013<span></span></td>
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                <p>If the value is true, then the document is an amendment to previously-filed/accepted document.</p>
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                <p>No definition available.</p>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>End date of current fiscal year in the format --MM-DD.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_CurrentFiscalYearEndDate</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:gMonthDayItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentFiscalPeriodFocus">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_DocumentFiscalPeriodFocus</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>dei:fiscalPeriodItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentFiscalYearFocus">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_DocumentFiscalYearFocus</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:gYearItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_DocumentPeriodEndDate</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:dateItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word "Other".</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_DocumentType</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>dei:submissionTypeItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation 12B<br><br> -Number 240<br><br> -Section 12b<br><br> -Subsection 1<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityCentralIndexKey</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>dei:centralIndexKeyItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCommonStockSharesOutstanding">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityCommonStockSharesOutstanding</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCurrentReportingStatus">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Indicate "Yes" or "No" whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityCurrentReportingStatus</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>dei:yesNoItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFilerCategory">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, (4) Smaller Reporting Company (Non-accelerated) or (5) Smaller Reporting Accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityFilerCategory</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>dei:filerCategoryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityPublicFloat">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>State aggregate market value of voting and non-voting common equity held by non-affiliates computed by reference to price at which the common equity was last sold, or average bid and asked price of such common equity, as of the last business day of registrant's most recently completed second fiscal quarter. The public float should be reported on the cover page of the registrants form 10K.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityPublicFloat</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation 12B<br><br> -Number 240<br><br> -Section 12b<br><br> -Subsection 1<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityRegistrantName</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:normalizedStringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityVoluntaryFilers">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Indicate "Yes" or "No" if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityVoluntaryFilers</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>dei:yesNoItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityWellKnownSeasonedIssuer">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Indicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityWellKnownSeasonedIssuer</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>dei:yesNoItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_iret_DocumentAndEntityInformationAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>iret_DocumentAndEntityInformationAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>iret_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EME">
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          <div style="width: 200px;"><strong>EARNINGS PER SHARE (Tables)<br></strong></div>
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        <th class="th" colspan="1">3 Months Ended</th>
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          <div>Jul. 31, 2013</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareAbstract', window );"><strong>EARNINGS PER SHARE [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfCalculationOfNumeratorAndDenominatorInEarningsPerShareTableTextBlock', window );">Reconciliation of numerator and denominator used to calculate basic and diluted earnings per share</a></td>
        <td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify; font-family: 'Times New Roman', serif; margin-bottom: 10pt; font-size: 10pt;">Basic earnings per share is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. The Company has no outstanding options, warrants, convertible stock or other contractual obligations requiring issuance of additional shares that would result in dilution of earnings. Units can be exchanged for shares on a one-for-one basis after a minimum holding period of one year. The following table presents a reconciliation of the numerator and denominator used to calculate basic and diluted earnings per share reported in the condensed consolidated financial statements for the three months ended July 31, 2013 and 2012:</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><tr><td style="width: 69.52%; vertical-align: bottom;"><div>&#160;</div></td><td colspan="4" style="border-bottom: #000000 2px solid; width: 30.48%; vertical-align: top;"><div style="text-align: center; font-style: italic; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">(in thousands, except per share data)</div></td></tr><tr><td style="width: 69.52%; vertical-align: bottom;"><div>&#160;</div></td><td colspan="4" style="border-bottom: #000000 2px solid; width: 30.48%; vertical-align: top;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">Three Months Ended</div><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">July 31</div></td></tr><tr><td style="border-bottom: #000000 2px solid; width: 69.52%; vertical-align: top;"><div style="text-align: left;">&#160;</div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 15.2%; vertical-align: top;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">2013</div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 15.28%; vertical-align: bottom;"><div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 8pt; font-weight: bold;">2012</div></td></tr><tr><td style="width: 69.52%; vertical-align: bottom;"><div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;">NUMERATOR</div></td><td style="width: 4.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 10.88%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 4.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 10.94%; vertical-align: bottom;"><div>&#160;</div></td></tr><tr style="background-color: #cceeff;"><td style="width: 69.52%; vertical-align: bottom;"><div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;">Income from continuing operations &#8211; Investors Real Estate Trust</div></td><td style="width: 4.32%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td style="width: 10.88%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">1,718</div></td><td style="width: 4.34%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td style="width: 10.94%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">1,571</div></td></tr><tr style="background-color: #ffffff;"><td style="border-bottom: #000000 2px solid; width: 69.52%; vertical-align: bottom;"><div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;">Income from discontinued operations &#8211; Investors Real Estate Trust</div></td><td style="border-bottom: #000000 2px solid; width: 4.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 10.88%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">1,360</div></td><td style="border-bottom: #000000 2px solid; width: 4.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 10.94%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">108</div></td></tr><tr style="background-color: #cceeff;"><td style="width: 69.52%; vertical-align: bottom;"><div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;">Net income attributable to Investors Real Estate Trust</div></td><td style="width: 4.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 10.88%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;">3,078</div></td><td style="width: 4.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 10.94%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">1,679</div></td></tr><tr style="background-color: #ffffff; height: 19px;"><td style="border-bottom: #000000 2px solid; width: 69.52%; vertical-align: bottom;"><div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;">Dividends to preferred shareholders</div></td><td style="border-bottom: #000000 2px solid; width: 4.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 10.88%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">(2,879)</div></td><td style="border-bottom: #000000 2px solid; width: 4.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 10.94%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">(593)</div></td></tr><tr style="background-color: #cceeff;"><td style="width: 69.52%; vertical-align: bottom;"><div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;">Numerator for basic earnings per share &#8211; net income available to common shareholders</div></td><td style="width: 4.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 10.88%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;">199</div></td><td style="width: 4.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 10.94%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;">1,086</div></td></tr><tr style="background-color: #ffffff;"><td style="border-bottom: #000000 2px solid; width: 69.52%; vertical-align: bottom;"><div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;">Noncontrolling interests &#8211; Operating Partnership</div></td><td style="border-bottom: #000000 2px solid; width: 4.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 10.88%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;">50</div></td><td style="border-bottom: #000000 2px solid; width: 4.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 10.94%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;">251</div></td></tr><tr style="background-color: #cceeff;"><td style="border-bottom: #000000 4px double; width: 69.52%; vertical-align: bottom;"><div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;">Numerator for diluted earnings per share</div></td><td style="border-bottom: #000000 4px double; width: 4.32%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td style="border-bottom: #000000 4px double; width: 10.88%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;">249</div></td><td style="border-bottom: #000000 4px double; width: 4.34%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td style="border-bottom: #000000 4px double; width: 10.94%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.75pt;">1,337</div></td></tr><tr style="background-color: #ffffff;"><td style="width: 69.52%; vertical-align: bottom;"><div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;">DENOMINATOR</div></td><td style="width: 4.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 10.88%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 4.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 10.94%; vertical-align: bottom;"><div>&#160;</div></td></tr><tr style="background-color: #cceeff;"><td style="width: 69.52%; vertical-align: bottom;"><div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;">Denominator for basic earnings per share weighted average shares</div></td><td style="width: 4.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 10.88%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">102,358</div></td><td style="width: 4.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 10.94%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">90,518</div></td></tr><tr style="background-color: #ffffff;"><td style="border-bottom: #000000 2px solid; width: 69.52%; vertical-align: bottom;"><div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;">Effect of convertible operating partnership units</div></td><td style="border-bottom: #000000 2px solid; width: 4.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 10.88%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">21,821</div></td><td style="border-bottom: #000000 2px solid; width: 4.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 10.94%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">20,774</div></td></tr><tr style="background-color: #cceeff;"><td style="border-bottom: #000000 4px double; width: 69.52%; vertical-align: bottom;"><div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;">Denominator for diluted earnings per share</div></td><td style="border-bottom: #000000 4px double; width: 4.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 4px double; width: 10.88%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">124,179</div></td><td style="border-bottom: #000000 4px double; width: 4.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 4px double; width: 10.94%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">111,292</div></td></tr><tr style="background-color: #ffffff; height: 17px;"><td style="width: 69.52%; vertical-align: bottom;"><div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;">(Loss) earnings per common share from continuing operations &#8211; Investors Real Estate Trust &#8211; basic and diluted</div></td><td style="width: 4.32%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td style="width: 10.88%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">(.01)</div></td><td style="width: 4.34%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td style="width: 10.94%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">.01</div></td></tr><tr style="background-color: #cceeff;"><td style="border-bottom: #000000 2px solid; width: 69.52%; vertical-align: bottom;"><div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;">Earnings per common share from discontinued operations &#8211; Investors Real Estate Trust &#8211; basic and diluted</div></td><td style="border-bottom: #000000 2px solid; width: 4.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 10.88%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">.01</div></td><td style="border-bottom: #000000 2px solid; width: 4.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 10.94%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">.00</div></td></tr><tr style="background-color: #ffffff;"><td style="border-bottom: #000000 4px double; width: 69.52%; vertical-align: bottom;"><div style="text-align: left; text-indent: -9pt; font-family: 'Times New Roman', serif; margin-left: 9pt; font-size: 10pt;">NET INCOME PER COMMON SHARE &#8211; BASIC &amp; DILUTED</div></td><td style="border-bottom: #000000 4px double; width: 4.32%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td style="border-bottom: #000000 4px double; width: 10.88%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">.00</div></td><td style="border-bottom: #000000 4px double; width: 4.34%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt;">$</div></td><td style="border-bottom: #000000 4px double; width: 10.94%; vertical-align: bottom;"><div style="text-align: right; font-family: 'Times New Roman', serif; font-size: 10pt; margin-right: 3.6pt;">.01</div></td></tr></table></div><span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Tabular disclosure of the numerators and the denominators of the basic and diluted per-share (or per-unit) computations for income from continuing operations, including the effect that has been given to preferred dividends.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br></p>
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</LabelSeparator><Level>2</Level><ElementName>dei_EntityRegistrantName</ElementName><ElementPrefix>dei_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>label</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="c20130501to20130731" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>Investors Real Estate Trust</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:normalizedStringItemType</ElementDataType><SimpleDataType>normalizedstring</SimpleDataType><ElementDefenition>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef

 -Publisher SEC

 -Name Regulation 12B

 -Number 240

 -Section 12b

 -Subsection 1



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 -Publisher SEC

 -Name Regulation 12B

 -Number 240

 -Section 12b

 -Subsection 1



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</LabelSeparator><Level>2</Level><ElementName>dei_EntityCommonStockSharesOutstanding</ElementName><ElementPrefix>dei_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>instant</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>label</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="c20130731" UnitID="U002"><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>104449704</NumericAmount><RoundedNumericAmount>104449704</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:sharesItemType</ElementDataType><SimpleDataType>shares</SimpleDataType><ElementDefenition>Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.</ElementDefenition><ElementReferences>No definition available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>1</UnitID><Label>Entity Common Stock, Shares Outstanding</Label></Row><Row FlagID="0"><Id>11</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

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</LabelSeparator><Level>2</Level><ElementName>dei_DocumentType</ElementName><ElementPrefix>dei_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>label</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="c20130501to20130731" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>10-Q</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>dei:submissionTypeItemType</ElementDataType><SimpleDataType>string</SimpleDataType><ElementDefenition>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word "Other".</ElementDefenition><ElementReferences>No definition available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Document Type</Label></Row><Row FlagID="0"><Id>14</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

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</LabelSeparator><Level>2</Level><ElementName>dei_DocumentPeriodEndDate</ElementName><ElementPrefix>dei_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>label</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="c20130501to20130731" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>2013-07-31</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>true</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:dateItemType</ElementDataType><SimpleDataType>date</SimpleDataType><ElementDefenition>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.</ElementDefenition><ElementReferences>No definition available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Document Period End Date</Label></Row></Rows><Footnotes /><IsEquityReport>false</IsEquityReport><ReportName>Document and Entity Information (USD $)</ReportName><MonetaryRoundingLevel>NoRounding</MonetaryRoundingLevel><SharesRoundingLevel>NoRounding</SharesRoundingLevel><PerShareRoundingLevel>UnKnown</PerShareRoundingLevel><ExchangeRateRoundingLevel>UnKnown</ExchangeRateRoundingLevel><HasCustomUnits>true</HasCustomUnits><IsEmbedReport>false</IsEmbedReport><IsMultiCurrency>false</IsMultiCurrency><ReportType>Sheet</ReportType><RoleURI>http://iret.com/role/DocumentAndEntityInformation</RoleURI><NumberOfCols>1</NumberOfCols><NumberOfRows>15</NumberOfRows></InstanceReport>
</XBRL>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
