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COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended
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Apr. 30, 2013
COMMITMENTS AND CONTINGENCIES [Abstract] |
Schedule of Expected Timing of Ground and Air Rights Lease Payments | The future minimum lease receipts to be received under non-cancellable leases for commercial properties as of April 30, 2013, assuming that no options to renew or buy out the lease are exercised, are as follows:
Year Ended April 30, | (in thousands)
2014 | $ | 114,118
2015 |  | 102,967
2016 |  | 92,131
2017 |  | 77,193
2018 |  | 61,744
Thereafter |  | 195,986
| $ | 644,139
Schedule of Property Cost and Gross Rental Revenue | Purchase Options. 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. The property cost and gross rental revenue of these properties are as follows: 2013 Annual Report NOTE 15 • continued
| (in thousands)
|  | Gross Rental Revenue
Property | Investment Cost | 2013 | 2012 | 2011
Billings 2300 Grant Road - Billings, MT | $ | 2,522 | $ | 299 | $ | 291 | $ | 226
Fargo 1320 45th Street N - Fargo, ND |  | 4,160 |  | 400 |  | 400 |  | 333
Healtheast St John & Woodwinds - Maplewood & Woodbury, MN |  | 21,601 |  | 2,152 |  | 2,152 |  | 2,152
Missoula 3050 Great Northern - Missoula, MT |  | 2,723 |  | 323 |  | 315 |  | 243
Sartell 2000 23rd Street South - Sartell, MN |  | 12,716 |  | 365 |  | 868 |  | 1,209
Spring Creek American Falls- American Falls, ID |  | 4,070 |  | 352 |  | 234 |  | n/a
Spring Creek Boise - Boise, ID |  | 5,075 |  | 440 |  | 293 |  | n/a
Spring Creek Eagle - Eagle, ID |  | 4,100 |  | 356 |  | 237 |  | n/a
Spring Creek Meridian - Meridian, ID |  | 7,250 |  | 624 |  | 417 |  | n/a
Spring Creek Overland - Overland, ID |  | 6,725 |  | 580 |  | 387 |  | n/a
Spring Creek Soda Springs - Soda Springs, ID |  | 2,262 |  | 196 |  | 130 |  | n/a
Spring Creek Ustick - Meridian, ID |  | 4,300 |  | 368 |  | 246 |  | n/a
St. Michael Clinic - St. Michael, MN |  | 2,851 |  | 249 |  | 248 |  | 244
Urbandale - Urbandale, IA |  | 15,218 |  | 1,153 |  | n/a |  | n/a
Winsted Industrial Building - Winsted, MN |  | 1,054 |  | 70 |  | 32 |  | n/a
Total | $ | 96,627 | $ | 7,927 | $ | 6,250 | $ | 4,407

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- Definition Tabular disclosure of future minimum payments required in the aggregate and for each of the five succeeding fiscal years for operating leases having initial or remaining noncancelable lease terms in excess of one year and the total minimum rentals to be received in the future under noncancelable subleases as of the balance sheet date. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6453985&loc=d3e41502-112717 + Details
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- Definition Tabular disclosure of real estate properties and units in those properties that are included in the discussion of the nature of an entity's operations. + References No definition available. + Details
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