XML 31 R37.htm IDEA: XBRL DOCUMENT
v2.4.0.8

SUBSEQUENT EVENTS (Details) (USD $) | 3 Months Ended | 6 Months Ended |  | 0 Months Ended | 6 Months Ended |  | 6 Months Ended |  | 6 Months Ended
--- | --- | --- | --- | --- | --- | --- | --- | --- | ---
Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Nov. 30, 2013 | Nov. 30, 2013 Subsequent Event [Member] | Oct. 31, 2013 Subsequent Event [Member] | Dec. 05, 2013 Subsequent Event [Member] Chateau Apartments Fire [Member] Building | Dec. 05, 2013 Subsequent Event [Member] Chateau Apartments Fire, Building 1 [Member] Unit | Dec. 05, 2013 Subsequent Event [Member] Chateau Apartments Fire, Building 2 [Member] Unit | Dec. 05, 2013 Subsequent Event [Member] Chateau Apartments Fire, Building 3 [Member] Unit | Oct. 31, 2013 Subsequent Event [Member] Minnetonka, Minnesota [Member] | Oct. 31, 2013 Subsequent Event [Member] Bismarck, North Dakota [Member] acre | Oct. 31, 2013 Subsequent Event [Member] Fruitland, Idaho [Member] sqft | Oct. 31, 2013 Subsequent Event [Member] Isanti, Minnesota [Member] acre | Oct. 31, 2013 Subsequent Event [Member] Rapid City, South Dakota 1 [Member] Building Unit acre | Oct. 31, 2013 Subsequent Event [Member] Brooklyn Park, Minnesota [Member] Minimum [Member] acre | Oct. 31, 2013 Subsequent Event [Member] Brooklyn Park, Minnesota [Member] Maximum [Member] acre | Oct. 31, 2013 Subsequent Event [Member] Rapid City, South Dakota 2 [Member] acre Unit Building | Oct. 31, 2013 Subsequent Event [Member] vacant land in Fruitland, Idaho [Member] | Oct. 31, 2013 Subsequent Event [Member] Series A Preferred Stock [Member] | Oct. 31, 2013 Subsequent Event [Member] Series A Preferred Stock [Member] Dividend Declared [Member] | Oct. 31, 2013 Subsequent Event [Member] Series B Preferred Stock [Member] | Oct. 31, 2013 Subsequent Event [Member] Series B Preferred Stock [Member] Dividend Declared [Member]
Subsequent Event [Line Items] |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Distributions, common shares and units (in dollars per share) | $ 0.1300 | $ 0.1300 | $ 0.2600 | $ 0.2600 |  |  | $ 0.1300 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Distributions, Redeemable Preferred Shares (in dollars per share) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ 0.5156 |  | $ 0.4968
Dividends date declared |  |  |  |  |  |  | Dec. 05, 2013 |  |  |  |  |  |  |  |  |  |  |  |  |  | Dec. 05, 2013 |  | Dec. 05, 2013 |
Dividends date of record |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Dec. 16, 2013 |  | Dec. 16, 2013 |
Dividends date to be paid |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Dec. 31, 2013 |  | Dec. 31, 2013 |
Area of land (in acres) |  |  |  |  |  |  |  |  |  |  |  |  | 35.0 |  | 4.7 | 10.0 | 10 | 12 | 2.0 |  |  |  |  |
Area of property (square feet) |  |  |  |  |  |  |  |  |  |  |  |  |  | 39,222 |  |  |  |  |  |  |  |  |  |
Sales price of property |  |  |  |  |  |  |  |  |  |  |  | $ 3,800,000 |  |  |  |  |  |  |  |  |  |  |  |
Cash paid for acquisition of property |  |  |  |  |  |  |  |  |  |  |  |  | 4,300,000 | 7,100,000 | 50,000 | 5,000,000 |  |  | 997,000 | 335,000 |  |  |  |
Number of units |  |  |  |  |  |  |  |  | 15 | 57 | 32 |  |  |  |  | 152 |  |  | 52 |  |  |  |  |
Number of buildings |  |  |  |  |  |  |  | 2 |  |  |  |  |  |  |  | 11 |  |  | 4 |  |  |  |  |
Purchase price of acquired property |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 15,000,000 |  |  | 3,300,000 |  |  |  |  |
Assumed debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 10,000,000 |  |  | 2,300,000 |  |  |  |  |
Revolving credit facility, amended |  |  |  |  | 72,000,000 | 72,000,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revolving credit facility, maximum capacity | 60,000,000 |  | 60,000,000 |  |  | 75,000,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Number of properties securing line of credit | 23 |  | 23 |  |  | 14 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Line of credit facility, basis for variable interest rate |  |  |  |  |  | Prime Rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Line of credit facility, basis spread on variable rate (in hundredths) |  |  |  |  |  | 1.25% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Line of credit facility, interest rate range, minimum (in hundredths) |  |  |  |  |  | 4.75% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Line of credit facility, interest rate range, maximum (in hundredths) |  |  |  |  |  | 8.65% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Line of credit facility, covenant terms |  |  |  |  |  | Advances under the facility may not exceed 60% of the value of the properties provided as security. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revolving credit facility covenant terms, deposit requirement |  |  |  |  |  | 6,000,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revolving credit facility covenant terms, non-interest bearing deposit requirement |  |  |  |  |  | $ 1,500,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

X
- Definition Area of property to be held, acquired or disposed of. + References No definition available. + Details
Name: | iret_AreaOfProperty
Namespace Prefix: | iret_
Data Type: | num:areaItemType
Balance Type: | na
Period Type: | instant

X
- Definition The amount that must be held on deposit as per the line of credit facility covenant restrictions. + References No definition available. + Details
Name: | iret_LineOfCreditFacilityCovenantDepositRequirement
Namespace Prefix: | iret_
Data Type: | xbrli:monetaryItemType
Balance Type: | na
Period Type: | instant

X
- Definition The amount that must be held on deposit in a separate non-interest bearing account, as per the line of credit facility covenant restrictions. + References No definition available. + Details
Name: | iret_LineOfCreditFacilityCovenantDepositRequirementNoninterestAccount
Namespace Prefix: | iret_
Data Type: | xbrli:monetaryItemType
Balance Type: | na
Period Type: | instant

X
- Definition Number of buildings. + References No definition available. + Details
Name: | iret_NumberOfBuildings
Namespace Prefix: | iret_
Data Type: | xbrli:integerItemType
Balance Type: | na
Period Type: | instant

X
- Definition The number of properties that can be residential building, apartment units etc. + References No definition available. + Details
Name: | iret_NumberOfProperties
Namespace Prefix: | iret_
Data Type: | xbrli:integerItemType
Balance Type: | na
Period Type: | instant

X
- Definition Number of properties securing line of credit. + References No definition available. + Details
Name: | iret_NumberOfPropertiesSecuringLineOfCredit
Namespace Prefix: | iret_
Data Type: | xbrli:integerItemType
Balance Type: | na
Period Type: | instant

X
- Definition The sales price of property, plant and equipment (capital expenditures), software, and other intangible assets which are pending disposition by the entity. + References No definition available. + Details
Name: | iret_SalePriceOfProductiveAssetsPendingDisposition
Namespace Prefix: | iret_
Data Type: | xbrli:monetaryItemType
Balance Type: | debit
Period Type: | duration

X
- Definition Area of land held. + References No definition available. + Details
Name: | us-gaap_AreaOfLand
Namespace Prefix: | us-gaap_
Data Type: | num:areaItemType
Balance Type: | na
Period Type: | instant

X
- Definition Amount of cash paid to acquire the entity. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -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. + Details
Name: | us-gaap_BusinessAcquisitionCostOfAcquiredEntityCashPaid
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | debit
Period Type: | instant

X
- Definition 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. + References Reference 1: 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. + Details
Name: | us-gaap_BusinessAcquisitionCostOfAcquiredEntityPurchasePrice
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | debit
Period Type: | instant

X
- Definition The amount of acquisition cost of a business combination allocated to the noncurrent portion of the long-term debt assumed from the acquired entity. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 141 -Paragraph 51 -Subparagraph e -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 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 Emerging Issues Task Force (EITF) -Number 98-1 -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 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 141 -Paragraph 37 -Subparagraph g -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
Name: | us-gaap_BusinessAcquisitionPurchasePriceAllocationNoncurrentLiabilitiesLongTermDebt
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | credit
Period Type: | instant

X
- Definition Aggregate dividends declared during the period for each share of common stock outstanding. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -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&oid=6959260&loc=d3e187085-122770 + Details
Name: | us-gaap_CommonStockDividendsPerShareDeclared
Namespace Prefix: | us-gaap_
Data Type: | num:perShareItemType
Balance Type: | na
Period Type: | duration

X
- Definition The percentage points added to the reference rate to compute the variable rate on the debt instrument. + References No definition available. + Details
Name: | us-gaap_DebtInstrumentBasisSpreadOnVariableRate
Namespace Prefix: | us-gaap_
Data Type: | num:percentItemType
Balance Type: | na
Period Type: | instant

X
- Definition The reference rate for the variable rate of the debt instrument, such as LIBOR or the US Treasury rate and the maturity of the reference rate used, such as three months or six months LIBOR. + References No definition available. + Details
Name: | us-gaap_DebtInstrumentDescriptionOfVariableRateBasis
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition When presenting a range of interest rates, the highest effective rate for funds borrowed under the debt agreement as of the balance sheet date. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22(a)(1)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
Name: | us-gaap_DebtInstrumentInterestRateEffectivePercentageRateRangeMaximum
Namespace Prefix: | us-gaap_
Data Type: | num:percentItemType
Balance Type: | na
Period Type: | duration

X
- Definition When presenting a range of interest rates, the lowest effective rate for funds borrowed under the debt agreement as of the balance sheet date. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22(a)(1)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
Name: | us-gaap_DebtInstrumentInterestRateEffectivePercentageRateRangeMinimum
Namespace Prefix: | us-gaap_
Data Type: | num:percentItemType
Balance Type: | na
Period Type: | duration

X
- Definition Date the declared dividend will be paid, in CCYY-MM-DD format. + References 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&oid=6367179&loc=d3e4304-108586 + Details
Name: | us-gaap_DividendPayableDateToBePaidDayMonthAndYear
Namespace Prefix: | us-gaap_
Data Type: | xbrli:dateItemType
Balance Type: | na
Period Type: | duration

X
- Definition Date the dividend to be paid was declared, in CCYY-MM-DD format. + References 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&oid=6367179&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. + Details
Name: | us-gaap_DividendsPayableDateDeclaredDayMonthAndYear
Namespace Prefix: | us-gaap_
Data Type: | xbrli:dateItemType
Balance Type: | na
Period Type: | duration

X
- Definition Date the holder must own the stock to be entitled to the dividend, in CCYY-MM-DD format. + References No definition available. + Details
Name: | us-gaap_DividendsPayableDateOfRecordDayMonthAndYear
Namespace Prefix: | us-gaap_
Data Type: | xbrli:dateItemType
Balance Type: | na
Period Type: | duration

X
- Definition Description of the conditions for borrowing under the credit facility including the nature of any restrictions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 129 -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. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19(b),22(b)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 22 -Article 5 + Details
Name: | us-gaap_LineOfCreditFacilityCovenantTerms
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Amount of current borrowing capacity under the credit facility considering any current restrictions on the amount that could be borrowed (for example, borrowings may be limited by the amount of current assets), but without considering any amounts currently outstanding under the facility. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19(b),22(b)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 22 -Article 5 + Details
Name: | us-gaap_LineOfCreditFacilityCurrentBorrowingCapacity
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | credit
Period Type: | instant

X
- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 129 -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. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19(b),22(b)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 22 -Article 5 + Details
Name: | us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | credit
Period Type: | instant

X
- Definition Aggregate dividends declared during the period for each share of preferred stock outstanding. + References No definition available. + Details
Name: | us-gaap_PreferredStockDividendsPerShareDeclared
Namespace Prefix: | us-gaap_
Data Type: | num:perShareItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_SubsequentEventLineItems
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration