<SEC-DOCUMENT>0000798359-14-000076.txt : 20140909
<SEC-HEADER>0000798359-14-000076.hdr.sgml : 20140909
<ACCEPTANCE-DATETIME>20140909163111
ACCESSION NUMBER:		0000798359-14-000076
CONFORMED SUBMISSION TYPE:	10-Q
PUBLIC DOCUMENT COUNT:		11
CONFORMED PERIOD OF REPORT:	20140731
FILED AS OF DATE:		20140909
DATE AS OF CHANGE:		20140909

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:		141093675

	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>form10q.htm
<DESCRIPTION>IRET FORM 10-Q
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<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">UNITED STATES</div>

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

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

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

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

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, 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'', Times, 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'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">For Quarter Ended July 31, 2014</div>

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

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, 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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">North Dakota</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">45-0311232</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(State or other jurisdiction of</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, 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'', Times, 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'', Times, 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'', Times, 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'', Times, 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'', Times, 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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(701) 837-4738</div>

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

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, 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'', Times, 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; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Yes <font style="FONT-FAMILY: 'Wingdings 2', serif; FONT-SIZE: 10pt">R</font></div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">No <font style="FONT-FAMILY: 'Wingdings 2', serif; FONT-SIZE: 10pt">&#163;</font></div>
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<div style="TEXT-ALIGN: justify; MARGIN-TOP: 10pt; TEXT-INDENT: 13.7pt; FONT-FAMILY: ''Times New Roman'', Times, 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'', Times, serif; FONT-SIZE: 10pt">&#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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Yes <font style="FONT-FAMILY: 'Wingdings 2', serif; FONT-SIZE: 10pt">R</font></div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">No <font style="FONT-FAMILY: 'Wingdings 2', serif; FONT-SIZE: 10pt">&#163;</font></div>
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<div style="TEXT-ALIGN: justify; MARGIN-TOP: 10pt; TEXT-INDENT: 18pt; FONT-FAMILY: ''Times New Roman'', Times, 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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Large accelerated filer <font style="FONT-FAMILY: 'Wingdings 2', serif; FONT-SIZE: 10pt">R</font></div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Accelerated filer <font style="FONT-FAMILY: 'Wingdings 2', serif; FONT-SIZE: 10pt">&#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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Non-accelerated filer <font style="FONT-FAMILY: 'Wingdings 2', serif; FONT-SIZE: 10pt">&#163;</font></div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Smaller Reporting Company <font style="FONT-FAMILY: 'Wingdings 2', serif; FONT-SIZE: 10pt">&#163;</font></div>
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<div style="TEXT-ALIGN: justify; MARGIN-TOP: 10pt; TEXT-INDENT: 18pt; FONT-FAMILY: ''Times New Roman'', Times, 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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Yes <font style="FONT-FAMILY: 'Wingdings 2', serif; FONT-SIZE: 10pt">&#163;</font></div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">No <font style="FONT-FAMILY: 'Wingdings 2', serif; FONT-SIZE: 10pt">R</font></div>
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<div style="TEXT-ALIGN: justify; MARGIN-TOP: 10pt; TEXT-INDENT: 15.1pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Registrant is a North Dakota Real Estate Investment Trust. As of August 20, 2014, it had 115,137,302 common shares of beneficial interest outstanding.</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, 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-COLOR: ; WIDTH: 5.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Page</div>
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<td style="BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #cceeff; WIDTH: 94.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 5.05pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 5.05pt"><a style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt" href="#Part1">Part I. Financial Information</a></div>
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<div>&#160;</div>
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<td style="BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #ffffff; WIDTH: 94.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #333366; MARGIN-LEFT: 5.05pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 5.05pt"><a style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt" href="#Item1">Item 1. Financial Statements - First Quarter - Fiscal 2015:</a></div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.2pt">3</div>
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<td style="BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #cceeff; WIDTH: 94.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #333366; MARGIN-LEFT: 22.5pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 5.05pt"><a href="#BalanceSheets"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Condensed Consolidated Balance Sheets </font><font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(unaudited)</font></a></div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.2pt">3</div>
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<td style="BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #ffffff; WIDTH: 94.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -0.55pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #333366; MARGIN-LEFT: 27.55pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 5.05pt"><a style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt" href="#BalanceSheets">July 31, 2014 and April 30, 201</a><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">4</font></div>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
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<tr>
<td style="BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #cceeff; WIDTH: 94.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #333366; MARGIN-LEFT: 22.5pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 5.05pt"><a href="#Operations"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Condensed Consolidated Statements of Operations&#160; </font><font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(unaudited)</font></a></div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.2pt">4</div>
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<td style="BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #ffffff; WIDTH: 94.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -0.55pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 27.55pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 5.05pt"><a style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #333366; FONT-SIZE: 10pt" href="#Operations">For the Three Months ended July 31, 2014 and 20</a>13</div>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
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<tr>
<td style="BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #cceeff; WIDTH: 94.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #333366; MARGIN-LEFT: 22.5pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 5.05pt"><a href="#ShareholdersEquity"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Condensed Consolidated Statements of Equity </font><font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(unaudited)</font></a></div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.2pt">5</div>
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<td style="BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #ffffff; WIDTH: 94.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -0.55pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 27.55pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 5.05pt"><a style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #333366; FONT-SIZE: 10pt" href="#ShareholdersEquity">For the Three Months ended July 31, 201</a>4 and 2013</div>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
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<tr>
<td style="BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #cceeff; WIDTH: 94.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #333366; MARGIN-LEFT: 22.5pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 5.05pt"><a href="#CashFlow"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Condensed Consolidated Statements of Cash Flows&#160; </font><font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(unaudited)</font></a></div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.2pt">6</div>
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<td style="BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #ffffff; WIDTH: 94.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -0.55pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 27.55pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 5.05pt"><a style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #333366; FONT-SIZE: 10pt" href="#CashFlow">For the Three Months ended July 31, 2014 and 20</a>13</div>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
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<tr>
<td style="BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #cceeff; WIDTH: 94.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #333366; MARGIN-LEFT: 22.5pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 5.05pt"><a href="#Notes"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Notes to Condensed Consolidated Financial Statements </font><font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(unaudited</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">)</font></a></div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.2pt">8</div>
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</tr>

<tr>
<td style="BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #ffffff; WIDTH: 94.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #333366; MARGIN-LEFT: 5.05pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 5.05pt"><a style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt" href="#Item2">Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations</a></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.2pt">28</div>
</td>
</tr>

<tr style="HEIGHT: 13px">
<td style="BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #cceeff; WIDTH: 94.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #333366; MARGIN-LEFT: 5.05pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 5.05pt"><a style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt" href="#Item3">Item 3. Quantitative and Qualitative Disclosures About Market Risk</a></div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.2pt">48</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #ffffff; WIDTH: 94.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #333366; MARGIN-LEFT: 5.05pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 5.05pt"><a style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt" href="#Item4">Item 4. Controls and Procedures</a></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.2pt">49</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 94.78%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

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

<tr>
<td style="BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #cceeff; WIDTH: 94.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #333366; MARGIN-LEFT: 5.05pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 5.05pt"><a style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt" href="#Part2Item1">Item 1. Legal Proceedings</a></div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.2pt">50</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #ffffff; WIDTH: 94.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 5.05pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 5.05pt"><a style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt" href="#Item1A">Item 1A. Risk Factors</a></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.2pt">50</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #cceeff; WIDTH: 94.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #333366; MARGIN-LEFT: 5.05pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 5.05pt"><a style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt" href="#Part2Item2">Item 2. Unregistered Sales of Equity Securities and Use of Proceeds</a></div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.2pt">50</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #ffffff; WIDTH: 94.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #333366; MARGIN-LEFT: 5.05pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 5.05pt"><a style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt" href="#Part2Item3">Item 3. Defaults Upon Senior Securities</a></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.2pt">50</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #cceeff; WIDTH: 94.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 5.05pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 5.05pt"><a style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #333366; FONT-SIZE: 10pt" href="#Part2Item4">Item 4. Mine Safety Disclosures</a></div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.2pt">50</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #ffffff; WIDTH: 94.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #333366; MARGIN-LEFT: 5.05pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 5.05pt"><a style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt" href="#Part2Item5">Item 5. Other Information</a></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.2pt">50</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #cceeff; WIDTH: 94.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #333366; MARGIN-LEFT: 5.05pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 5.05pt"><a style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt" href="#Part2Item6">Item 6. Exhibits</a></div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.2pt">50</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #ffffff; WIDTH: 94.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #333366; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 5.05pt"><a style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt" href="#Signature">Signatures</a></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 7.2pt">51</div>
</td>
</tr>
</table>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">2</div>

<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; PAGE-BREAK-AFTER: always; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader"><a href="#TABLEOFCONTENTS">Table Of Contents</a></div>
</div>

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

<div><br>
 &#160;</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="Part1"><!--Anchor--></a>PART I</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="Item1"><!--Anchor--></a>ITEM 1. FINANCIAL STATEMENTS - FIRST QUARTER - FISCAL 2015</div>

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

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">CONDENSED CONSOLIDATED BALANCE SHEETS <font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, 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>
<td style="WIDTH: 74.59%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 25.41%; VERTICAL-ALIGN: bottom" colspan="4">
<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(in thousands, except share data)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 74.59%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.46%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">July 31, 2014</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.94%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">April 30, 2014</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 74.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">ASSETS</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.12%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 74.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Real estate investments</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.12%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 74.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Property owned</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">2,025,327</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,996,031</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 74.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Less accumulated depreciation</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.12%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(435,317)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(424,288)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 74.59%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.12%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,590,010</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,571,743</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 74.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Development in progress</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.12%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">131,862</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">104,609</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 74.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Unimproved land</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.12%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">24,772</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">22,864</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 74.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Total real estate investments</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.12%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,746,644</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,699,216</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 74.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Real estate held for sale</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.12%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">6,508</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">2,951</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 74.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Cash and cash equivalents</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.12%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">60,620</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">47,267</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 74.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Other investments</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.12%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">329</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">329</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 74.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Receivable arising from straight-lining of rents, <font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">net of allowance of $717 and $796, respectively</font></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.12%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">27,286</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">27,096</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 74.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Accounts receivable, <font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">net of allowance of $306 and $248, respectively</font></div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.12%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">7,013</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">10,206</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 74.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Real estate deposits</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.12%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3,741</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">145</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 74.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Prepaid and other assets</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.12%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3,428</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">4,639</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 74.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Intangible assets, <font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">net of accumulated amortization of $25,497 and $24,071, respectively</font></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.12%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">31,478</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">32,639</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 74.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Tax, insurance, and other escrow</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.12%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">20,451</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">20,880</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 74.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Property and equipment, <font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">net of accumulated depreciation of $2,140 and $2,041, respectively</font></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.12%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,641</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,681</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 74.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Goodwill</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.12%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,951</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,100</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 74.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Deferred charges and leasing costs, <font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">net of accumulated amortization of $22,237 and $21,068, respectively</font></div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.12%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">20,677</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">21,072</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 74.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">TOTAL ASSETS</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,931,767</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,869,221</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 74.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">LIABILITIES AND EQUITY</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.12%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 74.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">LIABILITIES</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.12%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 74.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Accounts payable and accrued expenses</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">62,517</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">59,105</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 74.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Revolving line of credit</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.12%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">35,500</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">22,500</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 74.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Mortgages payable</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.12%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,017,574</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">997,689</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 74.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Other</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.12%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">83,666</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">63,178</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 74.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">TOTAL LIABILITIES</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.12%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,199,257</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,142,472</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 74.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">COMMITMENTS AND CONTINGENCIES (NOTE 6)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.12%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 74.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">REDEEMABLE NONCONTROLLING INTERESTS &#8211; CONSOLIDATED REAL ESTATE ENTITIES</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.12%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">6,313</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">6,203</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 74.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">EQUITY</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.12%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 74.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Investors Real Estate Trust shareholders' equity</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.12%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 74.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Series A Preferred Shares of Beneficial Interest <font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(Cumulative redeemable preferred shares, no par value, 1,150,000 shares issued and outstanding at July 31, 2014 and April 30, 2014, aggregate liquidation preference of $28,750,000)</font></div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.12%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">27,317</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">27,317</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 74.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Series B Preferred Shares of Beneficial Interest <font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(Cumulative redeemable preferred shares, no par value, 4,600,000 shares issued and outstanding at July 31, 2014 and April 30, 2014, aggregate liquidation preference of $115,000,000)</font></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.12%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">111,357</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">111,357</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 74.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Common Shares of Beneficial Interest <font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(Unlimited authorization, no par value, 114,762,774 shares issued and outstanding at July 31, 2014, and 109,019,341 shares issued and outstanding at April 30, 2014)</font></div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.12%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">884,415</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">843,268</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 74.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Accumulated distributions in excess of net income</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.12%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(407,052)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(389,758)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 74.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Total Investors Real Estate Trust shareholders' equity</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.12%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">616,037</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">592,184</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 74.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Noncontrolling interests &#8211; Operating Partnership <font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(17,975,440 units at July 31, 2014 and 21,093,445 units at April 30, 2014)</font></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.12%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">84,250</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">105,724</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 74.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Noncontrolling interests &#8211; consolidated real estate entities</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.12%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">25,910</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">22,638</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 74.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Total equity</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.12%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">726,197</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">720,546</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 74.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,931,767</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,869,221</div>
</td>
</tr>
</table>

<div style="TEXT-ALIGN: center; MARGIN-TOP: 10pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, 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'', Times, serif; FONT-SIZE: 10pt">financial statements.</font></div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div id="DSPFPageFooter"></div>

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

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

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

<div><br>
</div>

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

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

<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">for the three months ended July 31, 2014 and 2013</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 74.16%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 25.84%; VERTICAL-ALIGN: top" colspan="4">
<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(in thousands, except per share data)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 74.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 25.84%; VERTICAL-ALIGN: top" colspan="4">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Three Months Ended</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">July 31</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 74.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 2.5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</div>
</td>
</tr>

<tr>
<td style="WIDTH: 74.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">REVENUE</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 74.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Real estate rentals</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">57,126</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">53,623</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 74.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Tenant reimbursement</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">10,711</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">11,475</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 74.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">TRS senior housing revenue</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">793</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 74.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">TOTAL REVENUE</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">68,630</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">65,098</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 74.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">EXPENSES</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 74.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Depreciation/amortization related to real estate investments</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">16,184</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">18,056</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 74.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Utilities</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">4,681</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">4,923</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 74.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Maintenance</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">7,764</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">7,729</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 74.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Real estate taxes</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">8,501</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">8,375</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 74.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Insurance</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,736</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,301</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 74.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Property management expenses</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">4,630</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">4,135</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 74.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Other property expenses</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">206</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">177</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 74.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">TRS senior housing expenses</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">693</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 74.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Administrative expenses</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3,485</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">2,524</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 74.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Advisory and trustee services</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">179</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">229</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 74.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Other expenses</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">612</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">679</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 74.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Amortization related to non-real estate investments</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">872</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">944</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 74.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Impairment of real estate investments</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">2,320</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 74.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">TOTAL EXPENSES</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">51,863</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">49,072</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 74.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Gain on involuntary conversion</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">966</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 74.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Operating income</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">16,767</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">16,992</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 74.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Interest expense</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(14,664)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(14,596)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 74.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Interest income</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">560</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">188</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 74.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Other income</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">131</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">22</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 74.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Income before loss on sale of real estate and other investments and&#160; income&#160; from discontinued operations</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">2,794</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">2,606</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 74.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Loss on sale of real estate and other investments</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(2,993)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
</tr>

<tr style="HEIGHT: 16px">
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 74.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">(Loss) income from continuing operations</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(199)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">2,606</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 74.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Income from discontinued operations</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">610</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 74.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">NET (LOSS) INCOME</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(199)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3,216</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 74.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Net loss (income) attributable to noncontrolling interests &#8211; Operating Partnership</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">402</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(50)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 74.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, 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; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(354)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(88)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 74.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Net (loss) income attributable to Investors Real Estate Trust</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(151)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3,078</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 74.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Dividends to preferred shareholders</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(2,879)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(2,879)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 74.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">NET (LOSS) INCOME AVAILABLE TO COMMON SHAREHOLDERS</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 10.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(3,030)</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">199</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 74.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, 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="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(.03)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">.00</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 74.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, 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; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">.00</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">.00</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 74.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">NET (LOSS) INCOME PER COMMON SHARE &#8211; BASIC AND DILUTED</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 10.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(.03)</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">.00</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 74.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">DIVIDENDS PER COMMON SHARE</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 10.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">.1300</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">.1300</div>
</td>
</tr>
</table>

<div style="TEXT-ALIGN: center; MARGIN-TOP: 12pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, 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'', Times, serif; FONT-SIZE: 10pt">financial statements.</font></div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div id="DSPFPageFooter"></div>

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

<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; PAGE-BREAK-AFTER: always; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader"><a href="#TABLEOFCONTENTS">Table Of Contents</a></div>
</div>

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

<div><br>
</div>

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

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

<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">for the three months ended July 31, 2014 and 2013</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 28.34%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 71.66%; VERTICAL-ALIGN: bottom" colspan="12">
<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(in thousands)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 28.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NUMBER</div>

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

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

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">SHARES</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.82%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">PREFERRED</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">SHARES</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NUMBER</div>

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

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">SHARES</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.84%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">COMMON</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">SHARES</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.68%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ACCUMULATED</div>

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

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

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NET INCOME</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.66%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NONCONTROLLING</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">INTERESTS</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.97%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">TOTAL</div>

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

<tr style="HEIGHT: 20px">
<td style="WIDTH: 28.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; 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>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.66%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.75pt">(as revised)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.97%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.6pt">(as revised)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 28.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Balance April 30, 2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">5,750</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">138,674</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">101,488</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">784,454</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(310,341)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">142,657</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">755,444</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 28.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Net income attributable to Investors Real Estate Trust and nonredeemable noncontrolling interests</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">3,078</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">126</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3,204</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 28.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Distributions &#8211; common shares and units</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(13,264)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 0.15pt">(2,829)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(16,093)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 28.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Distributions &#8211; Series A preferred shares</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(593)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(593)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 28.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Distributions &#8211; Series B preferred shares</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(2,286)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(2,286)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 28.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Distribution reinvestment and share purchase plan</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">2,600</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">22,673</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">22,673</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 28.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Share-based compensation</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">13</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">112</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">112</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 28.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Partnership units issued</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3,280</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3,280</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 28.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Redemption of units for common shares</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">125</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">706</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(706)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 28.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Other</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(17)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(367)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(384)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 28.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Balance July 31, 2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">5,750</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">138,674</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">104,226</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">807,928</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(323,406)</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">142,161</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 8.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">765,357</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 28.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 28.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 28.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 28.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Balance April 30, 2014</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">5,750</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">138,674</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">109,019</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">843,268</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(389,758)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">128,362</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">720,546</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 28.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Net income attributable to Investors Real Estate Trust and nonredeemable&#160; noncontrolling interests</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 0.05pt">(151)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 0.05pt">(157)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 0.05pt">(308)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 28.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Distributions &#8211; common shares and units</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 0.05pt">(14,264)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(2,740)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(17,004)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 28.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Distributions &#8211; Series A preferred shares</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 0.05pt">(593)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(593)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 28.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Distributions &#8211; Series B preferred shares</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 0.05pt">(2,286)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(2,286)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 28.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Distribution reinvestment and share purchase plan</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">2,422</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">20,926</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">20,926</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 28.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Share-based compensation</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">204</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,889</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,889</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 28.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Redemption of units for common shares</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3,118</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">18,332</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(18,332)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 28.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Contributions from nonredeemable noncontrolling interests &#8211; consolidated real estate entities</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3,212</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3,212</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 28.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Other</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(185)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(185)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 28.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Balance July 31, 2014</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">5,750</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">138,674</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">114,763</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">884,415</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(407,052)</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 9.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">110,160</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 8.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">726,197</div>
</td>
</tr>
</table>

<div style="TEXT-ALIGN: center; MARGIN-TOP: 10pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, 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'', Times, serif; FONT-SIZE: 10pt">financial statements.</font></div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div id="DSPFPageFooter"></div>

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

<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; PAGE-BREAK-AFTER: always; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader"><a href="#TABLEOFCONTENTS">Table Of Contents</a></div>
</div>

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

<div><br>
</div>

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

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

<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">for the three months ended July 31, 2014 and 2013</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 76.67%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 23.33%; VERTICAL-ALIGN: bottom" colspan="4">
<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(in thousands)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 76.67%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 23.33%; VERTICAL-ALIGN: bottom" colspan="4">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Three Months Ended</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">July 31</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 76.67%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.68%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.66%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</div>
</td>
</tr>

<tr>
<td style="WIDTH: 76.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">CASH FLOWS FROM OPERATING ACTIVITIES</div>
</td>
<td style="WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.98%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 76.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Net (loss) income</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(199)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3,216</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 76.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Adjustments to reconcile net (loss) income to net cash provided by operating activities:</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.98%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 76.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Depreciation and amortization</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">17,463</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">20,087</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 76.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Loss (gain) on sale of real estate, land, other investments and discontinued operations</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">2,993</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(1,943)</div>
</td>
</tr>

<tr style="HEIGHT: 14px">
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 76.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Gain on involuntary conversion</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(966)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 76.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Share-based compensation expense</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,763</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">229</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 76.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Impairment of real estate investments</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">2,320</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,803</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 76.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Bad debt expense</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">136</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">178</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 76.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Changes in other assets and liabilities:</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.98%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 76.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Increase in receivable arising from straight-lining of rents</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(143)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(654)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 76.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Decrease (increase) in accounts receivable</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,229</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(811)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 76.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Decrease in prepaid and other assets</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,197</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">367</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 76.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Decrease (increase) in tax, insurance and other escrow</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">146</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(640)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 76.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Increase in deferred charges and leasing costs</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(926)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(897)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 76.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, 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; BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(2,594)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 9.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(2,685)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 76.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Net cash provided by operating activities</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">23,385</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">17,284</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 76.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">CASH FLOWS FROM INVESTING ACTIVITIES</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.98%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 76.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Proceeds from real estate deposits</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">140</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">157</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 76.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Payments for real estate deposits</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(3,736)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(450)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 76.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Decrease in lender holdbacks for improvements</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">609</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,144</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 76.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Increase in lender holdbacks for improvements</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(326)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(279)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 76.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Proceeds from sale of discontinued operations</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">21,261</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 76.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Proceeds from sale of real estate and other investments</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">6,416</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">7</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 76.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Insurance proceeds received</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">2,054</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">1,004</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 76.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Payments for acquisitions of real estate assets</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(13,008)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(3,099)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 76.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Payments for development and re-development of real estate assets</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(36,892)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(26,476)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 76.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Payments for improvements of real estate assets</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(7,556)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 9.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(7,224)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 76.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Net cash used by investing activities</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(52,299)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(13,955)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 76.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">CASH FLOWS FROM FINANCING ACTIVITIES</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.98%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 76.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Proceeds from mortgages payable</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">25,000</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">4,100</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 76.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Principal payments on mortgages payable</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(18,090)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(22,916)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 76.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Proceeds from revolving line of credit and other debt</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">50,492</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">6,313</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 76.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Principal payments on revolving line of credit and other debt</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(17,000)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">0</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 76.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Proceeds from financing liability</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">7,900</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 76.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Proceeds from sale of common shares under distribution reinvestment and share purchase program</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">16,941</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">15,941</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 76.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Proceeds from noncontrolling partner &#8211; consolidated real estate entities</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,006</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 76.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Distributions paid to common shareholders, <font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">net of reinvestment of $3,801 and $3,549, respectively</font></div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(10,463)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(9,715)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 76.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Distributions paid to preferred shareholders</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(2,879)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(2,879)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 76.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, 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'', Times, serif; FONT-SIZE: 10pt">net of reinvestment of $185 and $183, respectively</font></div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(2,555)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(2,646)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 76.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, 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; BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(185)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(367)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 76.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Net cash provided (used) by financing activities</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">42,267</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 9.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(4,269)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 76.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">13,353</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(940)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 76.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">47,267</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 9.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">94,133</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 76.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">CASH AND CASH EQUIVALENTS AT END OF PERIOD</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">60,620</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 9.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">93,193</div>
</td>
</tr>
</table>

<div style="TEXT-ALIGN: center; FONT-STYLE: italic; MARGIN-TOP: 12pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(continued)</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div id="DSPFPageFooter"></div>

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

<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; PAGE-BREAK-AFTER: always; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader"><a href="#TABLEOFCONTENTS">Table Of Contents</a></div>
</div>

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

<div><br>
</div>

<div style="TEXT-ALIGN: center; MARGIN-TOP: 12pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES</div>

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

<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">for the three months ended July 31, 2014 and 2013</div>

<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(in thousands)</div>
</td>
</tr>

<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-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Three Months Ended</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">July 31</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 75.84%; 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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">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'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">SUPPLEMENTARY SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES FOR THE PERIOD</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>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 75.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Distribution reinvestment plan</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3,801</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3,549</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 75.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Operating partnership distribution reinvestment plan</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">185</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">183</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 75.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Operating partnership units converted to shares</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">18,332</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">706</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 75.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, 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="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3,000</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 75.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Real estate assets acquired through the issuance of operating partnership units</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3,280</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 75.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Real estate assets acquired through assumption of indebtedness and accrued costs</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">12,169</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 75.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Increase to accounts payable included within real estate investments</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">6,129</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">4,547</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 75.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Real estate assets contributed by noncontrolling interests &#8211; consolidated real estate entities</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">2,206</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
</tr>

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

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 75.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.86%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.98%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 75.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Cash paid for interest, <font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">net of amounts capitalized of $1,030 and $580, respectively</font></div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">13,099</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">14,220</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: center; MARGIN-TOP: 10pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, 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'', Times, serif; FONT-SIZE: 10pt">financial statements.</font></div>

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

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

<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">for the three months ended July 31, 2014 and 2013</div>

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

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, 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 and taxes on the income generated by our taxable REIT subsidiary ("TRS"). Our TRS is subject to corporate federal and state income tax on its taxable income at regular statutory rates. We have considered estimated future taxable income and have determined that there were no material income tax provisions or material net deferred income tax items for our TRS for the quarters ended July 31, 2014 and 2013. 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, 2014, IRET owned 96 multi-family residential properties with 11,080 apartment units and 163 commercial properties, consisting of office, healthcare, industrial and retail properties, totaling 10.2 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: left; FONT-FAMILY: ''Times New Roman'', Times, 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: left; FONT-FAMILY: ''Times New Roman'', Times, 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: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">BASIS OF PRESENTATION</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, 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: left; FONT-FAMILY: ''Times New Roman'', Times, 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'', Times, serif; FONT-SIZE: 10pt">86.5%</font> of the common units of the Operating Partnership as of July 31, 2014 and 83.8% as of April 30, 2014. 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: left; FONT-FAMILY: ''Times New Roman'', Times, 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'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">UNAUDITED INTERIM FINANCIAL STATEMENTS</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, 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: left; FONT-FAMILY: ''Times New Roman'', Times, 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, 2014, as filed with the SEC on June 30, 2014.</div>

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

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">In April 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-08, <font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360):&#160; Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. </font>Under this standard, a disposal (or classification as held for sale) of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity's operations and financial results. Examples include a disposal of a major geographic area, a major line of business, or a major equity method investment. In addition, the new guidance requires expanded disclosures about the assets, liabilities, income and expenses of discontinued operations. The ASU is effective for all disposals (or classifications as held for sale) of components of an entity that occur within annual periods beginning on or after December 15, 2014, and interim periods within those years. Early adoption is permitted, but only for disposals (or classifications as held for sale) that have not been reported in financial statements previously issued or available for issuance. The Company adopted this update effective February 1, 2014 and determined that the adoption did not have a material impact on the Company's consolidated results of operations or financial condition.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">As a result of the adoption of ASU No. 2014-08, results of operations and gains or losses on sale for properties that are disposed or classified as held for sale in the ordinary course of business on or subsequent to February 1, 2014 would generally be included in continuing operations on the Company's consolidated statements of operations, to the extent such disposals did not meet the criteria for classification as a discontinued operation described above. During the quarter ended April 30, 2014, the Company applied the new standard to one property that was classified as held for sale.&#160; The Company applied the new standard to three property dispositions and one property classified as held for sale during the quarter ended July 31, 2014.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10.5pt; FONT-SIZE: 10pt">In May 2014, the FASB issued ASU No. 2014-09, <font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Revenue from Contracts with Customers</font>. The standard will eliminate the transaction- and industry-specific revenue recognition guidance under current U.S. GAAP and replace it with a principle based approach for determining revenue recognition. ASU No. 2014-09 does not apply to lease contracts accounted for under ASC 840, <font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Leases.</font> The ASU is effective for annual and interim periods beginning after December 15, 2016. The Company does not expect adoption of this update to have a material impact on the Company's operating results or financial position.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10.5pt; FONT-SIZE: 10pt">In June 2014, the FASB issued ASU No. 2014-12, <font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Compensation &#8211; Stock Compensation (Topic 718):&#160; Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period</font>. ASU 2014-12 requires an entity to treat performance targets that can be met after the requisite service period of a share-based award has ended, as a performance condition that affects vesting. The ASU is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2015. The Company does not expect the adoption of this update to have a material impact on the Company's operating results or financial position.</div>

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

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, 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.</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10.5pt; FONT-SIZE: 10pt">During the three months ended July 31, 2014, the Company incurred a loss of $2.3 million due to impairment of two commercial properties. The Company recognized impairments of approximately $2.1 million on a commercial retail property in Kalispell, Montana and approximately $183,000 on a commercial office property in Golden Valley, Minnesota. These properties were written-down to estimated fair value during the first quarter of fiscal year 2015 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, 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. The impairment loss for the first quarter of fiscal year 2014 is reported in discontinued operations.&#160; See Note 7 for additional information.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="Note2CompensatingBalancesAndOtherInvestm"><!--Anchor--></a>COMPENSATING BALANCES AND OTHER INVESTMENTS; HOLDBACKS</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, 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, 2014, the Company's compensating balances totaled $10.0 million and consisted of the following: First International Bank, Watford City, North Dakota, deposit of $6.1 million; Private Bank, Minneapolis, Minnesota, deposit of $2.0 million; Associated Bank, Green Bay, Wisconsin, deposit of $600,000; American National Bank, Omaha, Nebraska, deposit of $400,000; Dacotah Bank, Minot, North Dakota, deposit of $350,000; United Community Bank,<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>Minot, North Dakota, deposit of $275,000; Peoples State Bank of Velva, North Dakota, deposit of $225,000, and Commerce Bank, a Minnesota Banking Corporation, deposit of $100,000. The deposits at United Community Bank and a portion of the deposit at Dacotah Bank are held as certificates of deposit and comprise the approximately $329,000 in other investments on the Condensed Consolidated Balance Sheets. The certificates of deposit have remaining terms of six months and two years and the Company intends to hold them to maturity.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, 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 or requires a deposit for the payment of construction costs or tenant improvements. The decrease of approximately $609,000 in holdbacks for improvements reflected in the Condensed Consolidated Statements of Cash Flows for the three months ended July 31, 2014 is due primarily to the release of loan proceeds to the Company upon completion of construction and tenant improvement projects, while the increase of approximately $326,000 represents additional amounts retained by lenders for new projects.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 3pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES AND GOODWILL</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; 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, 2014 and 2013, respectively, the Company added approximately $265,000 and $362,000 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, 2014 and 2013 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 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>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">The Company's identified intangible assets and intangible liabilities <font style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">at</font>&#160;<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">July</font> 31, 2014 and April 30, 2014 were as follows:</div>

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<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'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">July 31, 2014</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">April 30, 2014</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'', Times, 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>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 75.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Gross carrying amount</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">56,975</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">56,710</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 75.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Accumulated amortization</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 0.15pt">(25,497)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(24,071)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 75.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Net carrying amount</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 10.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">31,478</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 9.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">32,639</div>
</td>
</tr>

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

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

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 75.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Gross carrying amount</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">173</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">173</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 75.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Accumulated amortization</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 0.15pt">(131)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 9.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(127)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 75.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Net carrying amount</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 10.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">42</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 9.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">46</div>
</td>
</tr>
</table>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 6pt; FONT-FAMILY: ''Times New Roman'', Times, 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 $(6,000) and $(11,000) for the three months ended July 31, 2014 and 2013, 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>

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<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 61.51%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 5.05pt">Year Ended April 30,</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 38.49%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(in thousands)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 61.51%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 5.05pt">2016</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 23.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">19</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 61.51%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 5.05pt">2017</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15.13%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 23.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">11</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 61.51%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 5.05pt">2018</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.13%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 23.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(2)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 61.51%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 5.05pt">2019</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15.13%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 23.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(3)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 61.51%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 5.05pt">2020</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.13%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 23.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(2)</div>
</td>
</tr>
</table>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 12pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Amortization of all other identified intangible assets (a component of depreciation and amortization expense) was $1.4 million and $3.6 million for the three months ended July 31, 2014 and 2013, respectively. The estimated annual amortization of all other identified intangible assets 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: 61.51%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 5.05pt">Year Ended April 30,</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 38.49%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(in thousands)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 61.51%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 5.05pt">2016</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 23.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">4,567</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 61.51%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 5.05pt">2017</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15.13%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 23.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">4,099</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 61.51%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 5.05pt">2018</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.13%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 23.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3,667</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 61.51%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 5.05pt">2019</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15.13%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 23.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3,543</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 61.51%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 5.05pt">2020</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.13%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 23.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3,457</div>
</td>
</tr>
</table>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 6pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; 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, 2014 and April 30, 2014 was $2.0 million and $1.1 million, respectively. The annual review at April 30, 2014 indicated no impairment to goodwill and there was no indication of impairment at July 31, 2014.&#160; During the three months ended July 31, 2014, the Company recognized approximately $852,000 of goodwill from the acquisition of the Homestead Garden residential property. 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: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">USE OF ESTIMATES</div>

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

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">Certain previously reported amounts have been reclassified to conform to the current financial statement presentation. Prior to February 1,&#160; 2014, the Company reported, in discontinued operations, the results of operations and the related gains or losses of properties that had either been disposed of or classified as held for sale and otherwise met the classification of a discontinued operation. As a result of the adoption of ASU No. 2014-08, results of operations and gains or losses on sale for properties that are disposed or classified as held for sale in the ordinary course of business on or subsequent to February 1, 2014 would generally be included in continuing operations on the Company's consolidated statements of operations, to the extent such disposals did not meet </div>

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<div id="DSPFPageFooter"></div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">11</div>

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

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">the criteria for classification as a discontinued operation described above. See Recent Accounting Pronouncements above for additional information.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">As a result of discontinued operations recognized prior to February 1, 2014, retroactive reclassifications that change prior period numbers have been made. See Note 7 for additional information. During fiscal year 2014, the Company classified as discontinued operations two multi-family residential properties, three commercial office properties, twelve commercial industrial properties and three commercial retail properties.</div>

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

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">During fiscal year 2014 the Company identified an error pertaining to the reporting for a noncontrolling interest in a consolidated real estate joint venture formed in the fourth quarter of fiscal year 2013 for which the holder of such interest has the right to require the Company to acquire the interest at fair value twelve months after the final certificate of occupancy is obtained for the joint venture's development project. Accounting guidance in ASC 480-10, <font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">CFRR 211:&#160; Redeemable Preferred Stocks,</font> requires that this noncontrolling interest be classified outside of permanent equity because it is redeemable at the option of the joint venture partner. This error resulted in an overstatement of noncontrolling interests and equity in the Company's consolidated statement of equity. This non-cash revision did not impact the Company's consolidated statements of operations or statements of cash flows for any period.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">In accordance with accounting guidance found in ASC 250-10, <font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Materiality</font>, the Company assessed the materiality of the error and concluded that the error was not material to any of the Company's previously issued financial statements.&#160; In accordance with accounting guidance found in ASC 250-10, <font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Considering the Effects of Prior Year Misstatement when Quantifying Misstatements in Current Year Financial Statements</font>, the Company revised its previously issued statement of equity to correct the effect of this error. The Company will revise amounts pertaining to each of the fiscal 2014 calendar quarters from August 1, 2013 through January 31, 2014 in future quarterly filings on Form 10-Q.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">The following table presents the effect of this correction on the Company's Condensed Consolidated Statement of Equity for the period affected:</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 65.38%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 34.62%; VERTICAL-ALIGN: bottom" colspan="6">
<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(in thousands)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 65.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Three Months Ended July 31, 2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.48%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.6pt">As Previously Reported</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.62%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.6pt">Adjustment</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.52%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.6pt">As Revised</div>
</td>
</tr>

<tr>
<td style="WIDTH: 65.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Consolidated Statement of Equity</div>
</td>
<td style="WIDTH: 1.94%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 11.54%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 65.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Noncontrolling Interests</div>
</td>
<td style="WIDTH: 1.94%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 11.54%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 65.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 22.5pt; FONT-SIZE: 10pt">Balance April 30, 2013</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">148,594</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(5,937)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">142,657</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 65.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 31.5pt; FONT-SIZE: 10pt">Net income attributable to Investors Real Estate Trust and nonredeemable noncontrolling interests</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.94%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">138</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(12)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">126</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 65.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 22.5pt; FONT-SIZE: 10pt">Balance July 31, 2013</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.94%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">148,110</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(5,949)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">142,161</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 65.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Total Equity</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.94%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.54%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 65.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 22.5pt; FONT-SIZE: 10pt">Balance April 30, 2013</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.94%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">761,381</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(5,937)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">755,444</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 65.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 31.5pt; FONT-SIZE: 10pt">Net income attributable to Investors Real Estate Trust and nonredeemable noncontrolling interests</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.94%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3,216</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(12)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3,204</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 65.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 22.5pt; FONT-SIZE: 10pt">Balance July 31, 2013</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.94%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">771,306</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(5,949)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">765,357</div>
</td>
</tr>
</table>

<div style="MARGIN-BOTTOM: 6pt"><br>
</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="Note2InvoluntaryConversion"><!--Anchor--></a>INVOLUNTARY CONVERSION OF ASSETS</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">In June 2011, the Company's Chateau Apartments property, which at that time consisted of two 32-unit buildings, was extensively damaged by a flood. In February 2012, one of the buildings of the Chateau Apartments property, which had been undergoing restoration work following the flood, was completely destroyed by fire (the "2012 Fire"). During the first quarter of fiscal year 2014, the Company received $966,000 of insurance proceeds for the 2012 Fire.&#160; The total insurance proceeds for redevelopment related to the 2012 Fire exceeded the basis in the assets requiring replacement, resulting in recognition of $966,000 in gain from involuntary conversion in the first quarter of fiscal year 2014.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">In December 2013, 15-unit and 57-unit buildings at the Chateau Apartments property were destroyed by fire (the "2013 Fire"). Both buildings were under construction and were unoccupied. The Company intends to rebuild both buildings, and currently expects both buildings to be completed in the first quarter of fiscal year 2016. The Company received partial proceeds of $2.0 million for the 2013 Fire claim in the first quarter of fiscal year 2015, which reduced the accounts receivable recorded at the time of the fire for expected proceeds.</div>

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

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

<div><br>
</div>

<div><br>
</div>

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

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; 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.&#160; The balance of the liability as of July 31, 2014 is $7.9 million.</div>

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

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; 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. The first phase of the project, Landing at Southgate, was substantially completed in the second quarter of fiscal year 2014. The second phase of the project, Commons at Southgate, is expected to be completed in the second quarter of fiscal year 2015. See Development, Expansion and Renovation Projects in Note 6 for additional information on Commons at Southgate. As of July 31, 2014 IRET is the approximately 52.9% owner of the joint venture and will have management and leasing responsibilities when the project is completed; the real estate development company owns approximately 47.1% 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 more than 50% 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.<a name="Note3EPS"><!--Anchor--></a></div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTE 3 &#8226; EARNINGS PER SHARE</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; 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, 2014 and 2013:</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr style="HEIGHT: 15px">
<td style="WIDTH: 72.51%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 27.49%; VERTICAL-ALIGN: top" colspan="4">
<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(in thousands, except per share data)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 72.51%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 27.49%; VERTICAL-ALIGN: top" colspan="4">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Three Months Ended</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">July 31</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 72.51%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 14.18%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.31%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</div>
</td>
</tr>

<tr>
<td style="WIDTH: 72.51%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">NUMERATOR</div>
</td>
<td style="WIDTH: 4.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 4.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.14%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 72.51%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">(Loss) income from continuing operations &#8211; Investors Real Estate Trust</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(151)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">2,584</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 72.51%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, 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; BACKGROUND-COLOR: #ffffff; WIDTH: 4.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 4.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">494</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 72.51%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Net (loss) income attributable to Investors Real Estate Trust</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(151)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3,078</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 72.51%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Dividends to preferred shareholders</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 4.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(2,879)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 4.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(2,879)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 72.51%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Numerator for basic earnings per share &#8211; net income available to common shareholders</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(3,030)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">199</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 72.51%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Noncontrolling interests &#8211; Operating Partnership</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 4.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(402)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 4.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">50</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 72.51%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Numerator for diluted earnings per share</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 4.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(3,432)</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 4.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 9.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">249</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 72.51%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">DENOMINATOR</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 4.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 4.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.14%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 72.51%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Denominator for basic earnings per share weighted average shares</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">111,039</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">102,358</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 72.51%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Effect of convertible operating partnership units</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 4.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">20,293</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 4.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">21,821</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 72.51%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Denominator for diluted earnings per share</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 4.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">131,332</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 4.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 9.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">124,179</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 72.51%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, 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="BACKGROUND-COLOR: #ffffff; WIDTH: 4.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(.03)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 4.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">.00</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 72.51%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, 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; BACKGROUND-COLOR: #cceeff; WIDTH: 4.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">.00</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 4.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 9.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">.00</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 72.51%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">NET (LOSS) INCOME PER COMMON SHARE &#8211; BASIC &amp; DILUTED</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 4.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(.03)</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 4.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 9.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">.00</div>
</td>
</tr>
</table>

<div style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 12pt"><br>
</div>

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<div style="WIDTH: 100%" id="DSPFPageHeader"><a href="#TABLEOFCONTENTS">Table Of Contents</a></div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"></div>

<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 12pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTE 4 &#8226; EQUITY</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">During the first quarter of fiscal year 2014, 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. 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: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">During the first quarter of fiscal year 2015, the Company issued approximately 204,000 common shares, with a total grant-date value of approximately $1.9 million, under the Company's 2008 Incentive Award Plan, for executive officer and trustee share-based compensation for fiscal year 2014 performance. Of these shares, approximately 105,000 are restricted, and will vest on the one-year anniversary of the grant date (i.e., on April 30, 2015), provided the recipient is still employed with the Company, and subject to the terms and conditions of the Company's LTIP.&#160;&#160; 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 2008 Incentive Award Plan, for trustee share-based compensation for fiscal year 2013 performance.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; 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, 2014, the Company issued approximately 926,000 shares at an average price of $8.64 per share pursuant to such waivers, for total net proceeds to the Company of $8.0 million. 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.&#160; During the three months ended July 31, 2014 and 2013, 2.4 million and 2.6 million common shares with a total value of $20.9 million and $22.7 million, respectively, were issued under the DRIP plan.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">During the three months ended July 31, 2014 and 2013, respectively, 3.1 million Units and approximately 125,000 Units were converted to common shares, with a total value of $18.3 million and approximately $706,000 included in equity. Under the Company's Distribution Reinvestment and Share Purchase Plan, approximately 2.4 million common shares and 2.6 million common shares were issued during the three months ended July 31, 2014 and 2013, respectively, with a total value of $20.9 million and $22.7 million included in equity, and an average price per share of $8.64 and $8.72, respectively, after applicable discounts.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTE 5 &#8226; SEGMENT REPORTING</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, 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: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10.5pt; FONT-SIZE: 10pt">IRET measures the performance of its segments based on net operating income ("NOI"), which the Company defines as <font style="FONT-FAMILY: ''Times New Roman'', Times, 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>

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

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

<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 12pt; 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, 2014 and 2013, 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: 33.64%; VERTICAL-ALIGN: bottom" rowspan="2">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Three Months Ended July 31, 2014</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 66.36%; VERTICAL-ALIGN: bottom" colspan="12">
<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(in thousands)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.78%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Multi-Family<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><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'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Commercial-<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><br>
</font> Office</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.21%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Commercial-<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><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'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Commercial-<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><br>
</font> Industrial</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.4%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Commercial-<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><br>
</font> Retail</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'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div>
</td>
</tr>

<tr>
<td style="WIDTH: 33.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.8%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.98%; 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: 8.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 33.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Real estate revenue</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">27,727</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">18,846</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.04%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">16,298</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">1,570</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">3,396</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">67,837</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 33.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Real estate expenses</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">12,221</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">9,327</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.04%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">4,416</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">450</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 6.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">1,104</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">27,518</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 33.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Net operating income</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1.8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 7.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">15,506</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">9,519</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 3.04%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 8.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">11,882</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">1,120</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 3.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 6.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2,292</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">40,319</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 33.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">TRS senior housing revenue</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.8%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.98%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.04%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">793</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 43.42%; VERTICAL-ALIGN: bottom" colspan="3">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">TRS senior housing expenses</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.04%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(693)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 43.42%; VERTICAL-ALIGN: bottom" colspan="3">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Depreciation/amortization</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.04%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(17,056)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 43.42%; VERTICAL-ALIGN: bottom" colspan="3">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Administrative, advisory and trustee services</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.04%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(3,664)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 43.42%; VERTICAL-ALIGN: bottom" colspan="3">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Impairment of real estate investments</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.04%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(2,320)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 43.42%; VERTICAL-ALIGN: bottom" colspan="3">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Other expenses</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.04%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(612)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 33.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Interest expense</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.8%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.98%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.04%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(14,664)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 33.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Interest and other income</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1.8%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.98%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3.04%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 6.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">691</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 89.18%; VERTICAL-ALIGN: bottom" colspan="11">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Income before loss on sale of real estate and other investments</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">2,794</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 89.18%; VERTICAL-ALIGN: bottom" colspan="11">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Loss on sale of real estate and other investments</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(2,993)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 89.18%; VERTICAL-ALIGN: bottom" colspan="11">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Net (loss)</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 8.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(199)</div>
</td>
</tr>
</table>

<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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Three Months Ended July 31, 2013</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'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(in thousands)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.69%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Multi-Family<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><br>
</font> Residential</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.62%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Commercial-<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><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'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Commercial-<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><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'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Commercial-<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><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'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Commercial-<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><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'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; 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: 8.36%; 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>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Real estate revenue</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">24,373</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">19,315</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">16,073</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2,038</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.56%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">3,299</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">65,098</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Real estate expenses</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">10,846</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">9,753</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">4,284</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">454</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.56%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">1,303</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">26,640</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Gain on involuntary conversion</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1.33%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">966</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.56%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">966</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Net operating income</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">14,493</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 3.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">9,562</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">11,789</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">1,584</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 7.56%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">1,996</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">39,424</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Depreciation/amortization</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.33%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.56%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(19,000)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 43.31%; VERTICAL-ALIGN: bottom" colspan="3">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Administrative, advisory and trustee services</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.56%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(2,753)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Other expenses</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.33%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.56%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(679)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Interest expense</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.33%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.56%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(14,596)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Interest and other income</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1.33%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.56%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">210</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 46.6%; VERTICAL-ALIGN: bottom" colspan="4">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Income from continuing operations</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.56%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">2,606</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 43.31%; VERTICAL-ALIGN: bottom" colspan="3">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Income from discontinued operations</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3.3%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.56%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">610</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 89.16%; VERTICAL-ALIGN: bottom" colspan="11">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Net income</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3,216</div>
</td>
</tr>
</table>

<div><br>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div id="DSPFPageFooter"></div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">15</div>

<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; PAGE-BREAK-AFTER: always; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader"><a href="#TABLEOFCONTENTS">Table Of Contents</a></div>
</div>

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

<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 12pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Segment Assets and Accumulated Depreciation</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">Segment assets are summarized as follows as of July 31, 2014, and April 30, 2014, 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'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">As of July 31, 2014</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.48%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Multi-Family<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><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'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Commercial-<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><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'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Commercial-<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><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'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Commercial-<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><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'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Commercial-<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><br>
</font> Retail</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.08%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div>
</td>
</tr>

<tr>
<td style="WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.13%; 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: 8.58%; 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'', Times, serif; FONT-SIZE: 10pt">Segment Assets</div>
</td>
<td style="WIDTH: 1.13%; 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: 8.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Property owned</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.35%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">798,020</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">537,096</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">525,595</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">50,670</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">113,946</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">2,025,327</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Less accumulated depreciation</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.13%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.35%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(163,937)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(123,902)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(109,656)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(10,136)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(27,686)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(435,317)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Net property owned</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1.13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 8.35%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">634,083</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">413,194</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">415,939</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">40,534</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">86,260</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,590,010</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Real estate held for sale</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.13%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.35%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9.7pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">6,508</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Cash and cash equivalents</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.13%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.35%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9.7pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">60,620</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Other investments</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.13%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.35%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">329</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Receivables and other assets</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.13%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.35%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">117,666</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Development in progress</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.13%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.35%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">131,862</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Unimproved land</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1.13%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.35%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">24,772</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Total assets</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1.13%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 8.35%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 8.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,931,767</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'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">As of April 30, 2014</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'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Multi-Family<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><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'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Commercial-<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><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'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Commercial-<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><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'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Commercial-<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><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'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Commercial-<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div>
</td>
</tr>

<tr>
<td style="WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.35%; 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>
<td style="WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Segment assets</div>
</td>
<td style="WIDTH: 1.35%; 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>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Property owned</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.35%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">753,731</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.08%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">544,628</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">525,028</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">55,375</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">117,269</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,996,031</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Less accumulated depreciation</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.35%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(158,100)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.08%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(121,892)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(105,843)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(10,198)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(28,255)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(424,288)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Net property owned</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1.35%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">595,631</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 9.08%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">422,736</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">419,185</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">45,177</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 3.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 7.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">89,014</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,571,743</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Real estate held for sale</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.35%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.08%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">2,951</div>
</td>
</tr>

<tr style="HEIGHT: 16px">
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Cash and cash equivalents</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.35%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.08%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">47,267</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Other investments</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.35%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.08%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">329</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Receivables and other assets</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.35%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.08%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">119,458</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Development in progress</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.35%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.08%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">104,609</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 33.61%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Unimproved land</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1.35%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 9.2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 9.08%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.98%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">22,864</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 89.16%; VERTICAL-ALIGN: bottom" colspan="11">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Total assets</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 2.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,869,221</div>
</td>
</tr>
</table>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 12pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTE 6 &#8226; COMMITMENTS AND CONTINGENCIES</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, 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: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, 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: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, 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, 2014, the total property cost of the 15 properties subject to purchase options was $120.5 million, and the total gross rental revenue from these properties was $2.6 million for the three months ended July 31, 2014.&#160; The tenant in the Company's Nebraska Orthopaedic Hospital property has exercised its option to purchase the property. The Company and its tenant are currently engaged in an arbitration proceeding pursuant to the lease agreement to determine the purchase price. The Company currently can give no assurance that the sale of the property pursuant to the purchase option will be completed.</div>

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<div style="WIDTH: 100%" id="DSPFPageHeader"><a href="#TABLEOFCONTENTS">Table Of Contents</a></div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, 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: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Restrictions on Taxable Dispositions.&#160; </font>Approximately 110 of IRET's properties, consisting of 5.3 million square feet of the Company's combined commercial segments' properties and 5,106 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 $827.5 million at July 31, 2014. 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: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, 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, 2014 and 2013, the aggregate redemption value of the then-outstanding UPREIT Units of the operating partnership owned by limited partners was approximately $154.4 million and $197.7 million, respectively.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, 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 one joint venture, the Company's Southgate apartment project in Minot, North Dakota, in which the Company's joint venture partner can, for a four-year period beginning twelve months after the last certificate of occupancy is received for the project, compel the Company to acquire the partner's interest, for a price to be determined in accordance with the provisions of the joint venture agreement. The joint venture partner's interest is reflected as a redeemable noncontrolling interest on the condensed consolidated balance sheets.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10.5pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, 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, 2014, the Company is committed to fund $8.7 million in tenant improvements, within approximately the next 12 months.</div>

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<div style="WIDTH: 100%" id="DSPFPageHeader"><a href="#TABLEOFCONTENTS">Table Of Contents</a></div>
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<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Development, Expansion and Renovation Projects.&#160; </font>As of July 31, 2014, the Company had several development, expansion and renovation projects underway or recently completed, the costs for which have been capitalized, as follows:</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-BOTTOM-COLOR: ; WIDTH: 20.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM-COLOR: ; WIDTH: 18.54%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM-COLOR: ; WIDTH: 10.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 38.24%; VERTICAL-ALIGN: bottom" colspan="6">
<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(in thousands)</div>
</td>
<td style="BORDER-BOTTOM-COLOR: ; WIDTH: 11.76%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 20.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Project Name and Location</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 18.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Planned Segment</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Square Feet</div>

<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">or Number of Units</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Anticipated</div>

<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total Cost</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.42%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Costs as of</div>

<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">July 31, 2014<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.32%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Loans Closed or Committed</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Anticipated Construction Completion</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 20.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Commons at Southgate - Minot, ND<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 18.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Multi-Family Residential</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">233 units</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">37,201</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">33,218</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.82%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">24,480</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -10pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 11.4pt; FONT-SIZE: 10pt">FY2015 Q2</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 20.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Minot Wells Fargo Bank - Minot, ND</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 18.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Commercial Office</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">4,998 sq ft</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">3,288</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">1,550</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.82%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -10pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 11.4pt; FONT-SIZE: 10pt">FY2015 Q2</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 20.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Cypress Court II &#8211; St. Cloud, MN<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 18.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Multi-Family Residential</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">66 units</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">7,028</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">3,168</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.82%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">4,200</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -10pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 11.4pt; FONT-SIZE: 10pt">FY2015 Q3</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 20.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Arcata - Golden Valley, MN</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 18.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Multi-Family Residential</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">165 units</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">33,448</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">19,048</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.82%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">24,250</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -10pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 11.4pt; FONT-SIZE: 10pt">FY2015 Q3</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 20.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Red 20 - Minneapolis, MN<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(4)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 18.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Multi-Family Residential and Commercial</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">130 units and 10,625 sq ft</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">29,462</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">20,399</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.82%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">21,726</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -10pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 11.4pt; FONT-SIZE: 10pt">FY2015 Q3</div>
</td>
</tr>

<tr style="HEIGHT: 16px">
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 20.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Renaissance Heights I - Williston, ND<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(5)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 18.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Multi-Family Residential</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">288 units</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">62,362</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">44,251</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.82%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">43,672</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -10pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 11.4pt; FONT-SIZE: 10pt">FY2015 Q4</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 20.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Roseville 3075 Long Lake Rd - Roseville, MN</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 18.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Commercial Industrial</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">202,807 sq ft</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">13,915</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">2,578</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.82%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">11,000</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -10pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 11.4pt; FONT-SIZE: 10pt">FY2015 Q4</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 20.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Chateau II - Minot, ND<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(6)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 18.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Multi-Family Residential</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">72 units</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">14,711</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">5,681</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.82%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -10pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 11.4pt; FONT-SIZE: 10pt">FY2016 Q1</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 20.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Cardinal Point - Grand Forks, ND</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 18.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Multi-Family Residential</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">251 units</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">40,042</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">9,333</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.82%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">24,500</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -10pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 11.4pt; FONT-SIZE: 10pt">FY2016 Q1</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 20.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">71 France Phase I - Edina, MN<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(7)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 18.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Multi-Family Residential</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">109 units</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">29,660</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">4,255</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.82%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">20,365</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -10pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 11.4pt; FONT-SIZE: 10pt">FY2016 Q1</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 20.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Edina 6565 France SMC III - Edina, MN</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 18.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Commercial Medical</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">72,012 sq ft</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">34,665</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">4,204</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.82%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -10pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 11.4pt; FONT-SIZE: 10pt">FY2016 Q2</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 20.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">PrairieCare Medical - Brooklyn Park, MN</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 18.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Commercial Medical</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">75,000 sq ft</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">24,251</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">4,486</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.82%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">15,000</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -10pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 11.4pt; FONT-SIZE: 10pt">FY2016 Q2</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 20.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Deer Ridge &#8211; Jamestown, ND</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 18.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Multi-Family Residential</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">163 units</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">24,519</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">1,793</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.82%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -10pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 11.4pt; FONT-SIZE: 10pt">FY2016 Q2</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 20.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Other</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 18.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">n/a</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">n/a</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">n/a</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">874</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.82%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">n/a</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -10pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 11.4pt; FONT-SIZE: 10pt">n/a</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 20.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 18.54%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">354,552</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 9.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">154,838</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 10.82%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">189,193</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.76%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>
</table>

<div><br>
</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'', Times, serif; FONT-SIZE: 10pt">(1)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Includes costs related to development projects that are placed in service in phases (Renaissance Heights I - $23.0 million).</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'', Times, serif; FONT-SIZE: 10pt">(2)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">The Company is currently an approximately 52.9% partner in the joint venture entity constructing this project; the anticipated total cost amount given is the total cost to the joint venture entity.</div>
</td>
</tr>
</table>
</div>

<div>
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<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(3)</div>
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<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">The Company is an approximately 86.1% partner in the joint venture entity constructing this project; the anticipated total cost amount given is the total cost to the joint venture entity.</div>
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<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(4)</div>
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<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">The Company is an approximately 58.6% partner in the joint venture entity constructing this project; the anticipated total cost amount given is the total cost to the joint venture entity.</div>
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<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(5)</div>
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<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">The Company is an approximately 70% partner in the joint venture entity constructing this project; the anticipated total cost amount given is the total cost to the joint venture entity.</div>
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<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(6)</div>
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<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">On December 5, 2013, this development project was destroyed by fire. As of July 31, 2014, $4.0 million of expected insurance proceeds were included in accounts receivable on the Company's consolidated balance sheet. See Note 2 for additional information.</div>
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<div>
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<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(7)</div>
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<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">The Company is currently an approximately 55.3% partner in the joint venture entity constructing this project. The project will be constructed in three phases, and at the conclusion of construction of the third phase, the Company will have an approximately 50.5% interest in the project. The anticipated total cost amount given in the table above is the total cost to the joint venture entity of the project's first phase. The expected total project cost for all three phases is approximately $69.9 million for a total of approximately 241 residential units and approximately 21,772 square feet of commercial retail space.</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, 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: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10.5pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Construction interest capitalized for the three month periods ended </font>July 31, 2014 <font style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">and 2013, respectively, was $1.0 million and approximately $580,000 for development projects completed and in progress.</font></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Pending Acquisitions.</font> As of July 31, 2014, the Company had signed purchase agreements for the acquisition of the following properties. These pending acquisitions are subject to various closing conditions and contingencies, and no assurances can be given that the transactions will be completed on the terms currently proposed, or at all:</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">a 68-unit multi-family residential property in Bismarck, North Dakota, for a purchase price of $8.5 million, of which approximately $8.4 million is to be paid in cash with the remainder in limited partnership units of the Operating Partnership valued at approximately $100,000;</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">an approximately 12.7-acre parcel of vacant land in Monticello, Minnesota, for a purchase price of $1.7 million, to be paid in cash;</div>
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<div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">a 119-unit multi-family residential property in Bismarck, North Dakota, for a purchase price of $15.0 million, of which approximately $14.3 million is to be paid in cash with the remainder in limited partnership units of the Operating Partnership valued at approximately $700,000; and</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">a 74-unit multi-family residential property in Grand Forks, North Dakota, for a purchase price of $9.3 million, of which approximately $8.9 million is to be paid in cash with the remainder in limited partnership units of the Operating Partnership valued at approximately $400,000.</div>
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<div><br>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Pending Dispositions.</font> As of July 31, 2014, the Company had signed sales agreements for the disposition of the following properties. These pending dispositions are subject to various closing conditions and contingencies, and no assurances can be given that the transactions will be completed on the terms currently proposed, or at all:</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">a commercial office property in Maple Grove, Minnesota, for a sales price of $7.2 million;</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">a commercial retail property in Fargo, North Dakota, for a sales price of $2.8 million; and</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">a multi-family residential property in St. Cloud, Minnesota, for a sales price of $4.5 million.</div>
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<div><br>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTE 7 &#8226; DISCONTINUED OPERATIONS</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Prior to February 1,&#160; 2014, the Company reported, in discontinued operations, the results of operations and the related gains or losses of properties that had either been disposed of or classified as held for sale and otherwise met the classification of a discontinued operation. As a result of the adoption of ASU No. 2014-08, results of operations and gains or losses on sale for properties that are disposed or classified as held for sale in the ordinary course of business on or subsequent to February 1, 2014 would generally be included in continuing operations on the Company's consolidated statements of operations, to the extent such disposals did not meet the criteria for classification as a discontinued operation described above. See Note 2 for additional information.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">During the first quarter of fiscal year 2015, the Company applied ASU No. 2014-08 to the dispositions of one commercial office property, one commercial industrial property and one commercial retail property and to the classification of one commercial office property as held for sale and did not record any discontinued operations.&#160; During the first three quarters of fiscal year 2014, the Company disposed of two multi-family residential properties, three commercial office properties, twelve commercial industrial properties and three commercial retail properties that were classified as discontinued operations. During the quarter ended April 30, 2014, the Company applied ASU No. 2014-08 to one property that was classified as held for sale and did not record any discontinued operations. 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:</div>

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<div>&#160;</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 16.67%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(in thousands)</div>
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<tr>
<td style="WIDTH: 83.33%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 16.67%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Three Months Ended</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">July 31, 2013</div>
</td>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">REVENUE</div>
</td>
<td style="WIDTH: 3.32%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 13.34%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 83.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Real estate rentals</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,632</div>
</td>
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<tr>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Tenant reimbursement</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 13.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">719</div>
</td>
</tr>

<tr>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">TOTAL REVENUE</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 13.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">2,351</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 83.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">EXPENSES</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 83.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Depreciation/amortization related to real estate investments</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">537</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 83.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Utilities</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">128</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 83.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Maintenance</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">185</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 83.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Real estate taxes</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">528</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 83.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Insurance</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">49</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 83.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Property management expenses</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">118</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 83.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Amortization related to non-real estate investments</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">49</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 83.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Impairment of real estate investments</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 13.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,803</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 83.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">TOTAL EXPENSES</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 13.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3,397</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 83.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Operating loss</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(1,046)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 83.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Interest expense</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 13.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(287)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 83.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Loss from discontinued operations before gain on sale</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(1,333)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 83.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Gain on sale of discontinued operations</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 13.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,943</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 83.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">INCOME FROM DISCONTINUED OPERATIONS</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 3.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 13.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">610</div>
</td>
</tr>
</table>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div id="DSPFPageFooter"></div>

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

<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; PAGE-BREAK-AFTER: always; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader"><a href="#TABLEOFCONTENTS">Table Of Contents</a></div>
</div>

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

<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTE 8 &#8226; ACQUISITIONS, DEVELOPMENTS PLACED IN SERVICE AND DISPOSITIONS</div>

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

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10.5pt; FONT-SIZE: 10pt">The Company added approximately $26.6 million of real estate properties to its portfolio through property acquisitions during the three months ended July 31, 2014, compared to $6.4 million in the three months ended July 31, 2013. The Company expensed approximately $75,000 and $101,000 of transaction costs related to the acquisitions in three months ended July 31, 2014 and 2013, respectively. The Company's acquisitions during the three months ended July 31, 2014 and 2013 are detailed below.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Three Months Ended July 31, 2014</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr style="HEIGHT: 17px">
<td style="WIDTH: 31.65%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 57.47%; VERTICAL-ALIGN: bottom" colspan="12">
<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(in thousands)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 31.65%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.98%; VERTICAL-ALIGN: bottom" rowspan="2" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div>

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

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Cost</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 20%; VERTICAL-ALIGN: bottom" colspan="4">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Form of Consideration</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 27.49%; VERTICAL-ALIGN: bottom" colspan="6">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Investment Allocation</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 31.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Acquisitions</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Date Acquired</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Cash</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Other<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Land</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Building</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.14%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Intangible</div>

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

<tr>
<td style="WIDTH: 31.65%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.88%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.46%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.52%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: top">
<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: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 31.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Multi-Family Residential</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.88%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.46%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 31.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 16.2pt; FONT-SIZE: 10pt">152 unit &#8211; Homestead Garden - Rapid City, SD<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">2014-06-02</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">15,000</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">5,092</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">9,908</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">655</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">14,139</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">206</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 31.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 16.2pt; FONT-SIZE: 10pt">52 unit &#8211; Silver Springs - Rapid City, SD</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">2014-06-02</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3,280</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,019</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">2,261</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">215</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3,006</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">59</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 31.65%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">18,280</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">6,111</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">12,169</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">870</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">17,145</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">265</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 31.65%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 31.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Unimproved Land</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 31.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 16.2pt; FONT-SIZE: 10pt">Creekside Crossing &#8211; Bismarck, ND</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">2014-05-22</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">4,269</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">4,269</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">4,269</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
</tr>

<tr style="HEIGHT: 17px">
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 31.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 16.2pt; FONT-SIZE: 10pt">PrairieCare Medical &#8211; Brooklyn Park, MN</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">2014-06-05</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">2,616</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">2,616</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">2,616</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 31.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 16.2pt; FONT-SIZE: 10pt">71 France Phase I &#8211; Edina, MN<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">2014-06-12</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,413</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,413</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,413</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 31.65%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">8,298</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">6,885</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,413</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">8,298</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 31.65%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 31.65%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Total Property Acquisitions</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 10.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 2.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">26,578</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">12,996</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">13,582</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">9,168</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">17,145</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">265</div>
</td>
</tr>
</table>

<div>
<table style="MARGIN-TOP: 6pt; 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; MARGIN-TOP: 6pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(1)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; MARGIN-TOP: 6pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Consists of assumed debt (Homestead Garden I - $9.9 million, Silver Springs - $2.3 million) and value of land contributed by the joint venture partner (71 France - $1.4 million).</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'', Times, serif; FONT-SIZE: 10pt">(2)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">At acquisition the Company adjusted the assumed debt to fair value and recognized approximately $852,000 of goodwill.</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'', Times, serif; FONT-SIZE: 10pt">(3)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Land is owned by a joint venture in which the Company currently has an approximately 55.3% interest. The joint venture is consolidated in IRET's financial statements.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Three Months Ended July 31, 2013</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: 31.67%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 57.49%; VERTICAL-ALIGN: bottom" colspan="12">
<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(in thousands)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom" rowspan="2" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div>

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

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Cost</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 20%; VERTICAL-ALIGN: bottom" colspan="4">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Form of Consideration</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 27.49%; VERTICAL-ALIGN: bottom" colspan="6">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Investment Allocation</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Acquisitions</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Date Acquired</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Cash</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Units<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Land</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Building</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Intangible</div>

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

<tr>
<td style="WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: top">
<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: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Multi-Family Residential</div>
</td>
<td style="WIDTH: 10.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 8.34%; 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: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 7.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #cceeff; WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 16.2pt; FONT-SIZE: 10pt">71 unit - Alps Park - Rapid City, SD</div>
</td>
<td style="BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #cceeff; WIDTH: 10.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">2013-05-01</div>
</td>
<td style="BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">6,200</div>
</td>
<td style="BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">2,920</div>
</td>
<td style="BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3,280</div>
</td>
<td style="BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">287</div>
</td>
<td style="BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">5,551</div>
</td>
<td style="BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #cceeff; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #cceeff; WIDTH: 7.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">362</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Unimproved Land</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #cceeff; WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 16.2pt; FONT-SIZE: 10pt">Chateau II - Minot, ND</div>
</td>
<td style="BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #cceeff; WIDTH: 10.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">2013-05-21</div>
</td>
<td style="BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">179</div>
</td>
<td style="BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">179</div>
</td>
<td style="BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">179</div>
</td>
<td style="BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #cceeff; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #cceeff; WIDTH: 7.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 10.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 7.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 31.67%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Total Property Acquisitions</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 10.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">6,379</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3,099</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3,280</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">466</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">5,551</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 7.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">362</div>
</td>
</tr>
</table>

<div>
<table style="MARGIN-TOP: 6pt; 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; MARGIN-TOP: 6pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(1)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; MARGIN-TOP: 6pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Value of limited partnership units of the Operating Partnership at the acquisition date.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div><br>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div id="DSPFPageFooter"></div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">21</div>

<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; PAGE-BREAK-AFTER: always; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader"><a href="#TABLEOFCONTENTS">Table Of Contents</a></div>
</div>

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

<div><br>
</div>

<div style="MARGIN-BOTTOM: 12pt"><br>
</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Acquisitions in the three months ended July 31, 2014 and 2013 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, 2014 and 2013, 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'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Three Months Ended</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 75.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Total revenue</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">362</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">186</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 75.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Net (loss) income</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">20</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(108)</div>
</td>
</tr>
</table>

<div><br>
</div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 12pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">DEVELOPMENT PROJECTS PLACED IN SERVICE</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">IRET Properties placed approximately $10.3 million of development projects in service during the three months ended July 31, 2014. There were no development projects placed in service in the three months ended July 31, 2013. The development projects placed in service during the three months ended July 31, 2014 are detailed below.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Three Months Ended July 31, 2014</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 49.27%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 13.36%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 37.37%; VERTICAL-ALIGN: bottom" colspan="6">
<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(in thousands)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 49.27%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Development Projects Placed in Service<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"> (1)</sup></div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Date Placed in</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Service</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.44%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Land</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Building</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.44%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Development</div>

<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Cost</div>
</td>
</tr>

<tr>
<td style="WIDTH: 49.27%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 13.36%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.76%; 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: 10.56%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 49.27%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Multi-Family Residential</div>
</td>
<td style="WIDTH: 13.36%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 2.76%; 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: 10.56%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 49.27%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">44 unit &#8211; Dakota Commons - 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; BACKGROUND-COLOR: #cceeff; WIDTH: 13.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">2014-07-15</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.76%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">823</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 9.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">9,442</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10.56%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">10,265</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 49.27%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 13.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.76%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.56%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 49.27%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Total Development Projects Placed in Service</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 13.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">823</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 9.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">9,442</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 10.56%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">10,265</div>
</td>
</tr>
</table>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 12pt">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-STYLE: italic; WIDTH: 18pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">(1)</td>
<td style="TEXT-ALIGN: left; FONT-STYLE: italic; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Development projects that are placed in service in phases are excluded from this table until the entire project has been placed in service. See Note 6 for additional information on the Renaissance Heights I project, which was partially placed in service during the fiscal year 2014 and the three months ended July 31, 2014.</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'', Times, serif; FONT-SIZE: 10pt">(2)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Development property placed in service July 15, 2014. Costs paid in fiscal year 2014 totaled $8.1 million, including the land acquired in fiscal year 2013. Additional costs paid in fiscal year 2015 totaled $2.2 million, for a total project cost at July 31, 2014 of $10.3 million.</div>
</td>
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</table>
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<div style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 12pt"><br>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">22</div>

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

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

<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 12pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">PROPERTY DISPOSITIONS</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">During the first quarter of fiscal year 2015, the Company sold one commercial office property and one commercial industrial property for a total sales price of $6.7 million. The Company also demolished a building at a commercial retail property in Weston, Wisconsin.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, 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 for a total sales price of $21.8 million. The following table details the Company's dispositions during the three months ended July 31, 2014 and 2013:</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Three Months Ended July 31, 2014</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 50.85%; 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: 35.53%; VERTICAL-ALIGN: bottom" colspan="6">
<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(in thousands)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 50.85%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Date</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Sales Price</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.55%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Book Value</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Gain/(Loss)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50.85%; 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>
<td style="WIDTH: 50.85%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Commercial Office</div>
</td>
<td style="WIDTH: 13.62%; VERTICAL-ALIGN: bottom">
<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>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 50.85%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">73,338 sq ft Dewey Hill - Edina, MN</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">2014-05-19</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">3,100</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">3,124</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">(24)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 50.85%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.4%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 50.85%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Commercial Industrial</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.4%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 50.85%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">198,600 sq ft Eagan 2785 &amp; 2795 &#8211; Eagan, MN</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">2014-07-15</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">3,600</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">5,393</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(1,793)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 50.85%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.4%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 50.85%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Commercial Retail</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.4%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 50.85%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">25,644 sq ft Weston Retail &#8211; Weston, WI</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">2014-07-28</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">n/a</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">1,176</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(1,176)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 50.85%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 13.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.4%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 50.85%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Total Property Dispositions</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 13.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 10.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">6,700</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 11.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">9,693</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 8.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(2,993)</div>
</td>
</tr>
</table>

<div style="TEXT-ALIGN: justify; MARGIN-BOTTOM: 6pt"><a name="Note9MortgagesAndLOC"><!--Anchor--></a><br>
</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, 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: 50.85%; 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: 35.53%; VERTICAL-ALIGN: bottom" colspan="6">
<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(in thousands)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 50.85%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Date</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Sales Price</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.55%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Book Value</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Gain/(Loss)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50.85%; 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>
<td style="WIDTH: 50.85%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 13.62%; VERTICAL-ALIGN: bottom">
<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>
<td style="WIDTH: 50.85%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Commercial Industrial</div>
</td>
<td style="WIDTH: 13.62%; VERTICAL-ALIGN: bottom">
<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>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 50.85%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">41,880 sq ft Bodycote Industrial Building- Eden Prairie, MN</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">2013-05-13</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">3,150</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">1,375</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">1,775</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 50.85%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">42,244 sq ft Fargo 1320 45<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Street N - Fargo, ND</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">2013-05-13</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">4,700</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">4,100</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">600</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 50.85%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">49,620 sq ft Metal Improvement Company - New Brighton, MN</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">2013-05-13</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">2,350</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">1,949</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">401</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 50.85%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">172,057 sq ft Roseville 2929 Long Lake Road - Roseville, MN</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 13.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">2013-05-13</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">9,275</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">9,998</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(723)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 50.85%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">19,475</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">17,422</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">2,053</div>
</td>
</tr>

<tr style="HEIGHT: 16px">
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 50.85%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.4%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 50.85%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Commercial Retail</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.4%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 50.85%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">23,187 sq ft Eagan Community - Eagan, MN</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">2013-05-14</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">2,310</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">2,420</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(110)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 50.85%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 13.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 11.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.4%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 50.85%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Total Property Dispositions</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 13.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 10.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">21,785</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 11.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">19,842</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 8.4%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">1,943</div>
</td>
</tr>
</table>

<div style="MARGIN-BOTTOM: 6pt"><br>
</div>

<div style="MARGIN-TOP: 10.5pt; MARGIN-BOTTOM: 6pt"><br>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div id="DSPFPageFooter"></div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">23</div>

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<div style="WIDTH: 100%" id="DSPFPageHeader"><a href="#TABLEOFCONTENTS">Table Of Contents</a></div>
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<div><br>
</div>

<div><br>
</div>

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

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, 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: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</font>As of July 31, 2014, 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 2.40% to 8.25%, and the mortgages have varying maturity dates from the current fiscal year through July 1, 2036.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Of the mortgages payable, the balances of fixed rate mortgages totaled $971.3 million at July 31, 2014 and $977.2 million at April 30, 2014. The balances of variable rate mortgages totaled $45.4 million and $20.5 million as of July 31, 2014 and April 30, 2014, 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, 2014, the weighted average rate of interest on the Company's mortgage debt was 5.32%, compared to 5.37% on April 30, 2014. The aggregate amount of required future principal payments on mortgages payable as of July 31, 2014, is as follows:</div>

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<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 66.19%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Fiscal year ended April 30,</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 33.81%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(in thousands)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 66.19%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">2015 (remainder)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.23%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 29.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">70,760</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 66.19%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">2016</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 4.23%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 29.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">92,893</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 66.19%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">2017</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.23%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 29.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">214,722</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 66.19%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">2018</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 4.23%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 29.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">113,386</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 66.19%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">2019</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.23%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 29.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">132,793</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 66.19%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Thereafter</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 4.23%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 29.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">393,020</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 66.19%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Total payments</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 4.23%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 29.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">1,017,574</div>
</td>
</tr>
</table>

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<div style="TEXT-ALIGN: left; MARGIN-TOP: 10.5pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10.5pt; FONT-SIZE: 10pt">In the table above, included in the approximately $214.3 million (as of July 31, 2014) of future principal payments on mortgages payable in fiscal year 2017 is a non-recourse $122.6 million CMBS loan, for which nine of the Company's commercial office properties serve as collateral and under which a special-purpose subsidiary of the Company is the borrower. This loan matures in October 2016. Because the loan amount significantly exceeds the Company's current estimate of the fair value of this nine-property portfolio, the Company contacted the master servicer to initiate discussions on various alternatives with regard to the loan. During the first quarter of fiscal year 2015, the Company was notified that the loan has been transferred to the special servicer. The Company cannot predict the outcome of discussions with the special servicer regarding the loan. Cash flow from the portfolio currently covers debt service on the loan, and to date the borrower is current on all payments under the loan.</div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 10.5pt; FONT-FAMILY: ''Times New Roman'', Times, 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, 2014, lending commitments of $75.0 million. This facility is not included in the Company's mortgage indebtedness total. As of July 31, 2014, the line of credit was secured by mortgages on 14 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, 2014 included, in addition to First International Bank, the following financial institutions: The Bank of North Dakota; First Western Bank and Trust; Dacotah Bank; MidCountry Bank; Highland Bank; American State Bank &amp; Trust Company; Town &amp; Country Credit Union and United Community Bank. As of July 31, 2014, the line of credit had an interest rate of 4.75% and a minimum outstanding principal balance requirement of $12.5 million, and as of July 31, 2014 and April 30, 2014, the Company had borrowed $35.5 million and $22.5 million, respectively. The facility includes covenants and restrictions requiring the Company to achieve on a fiscal and 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, 2014, the Company believes it was in compliance with the facility covenants.</div>

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<div style="WIDTH: 100%" id="DSPFPageHeader"><a href="#TABLEOFCONTENTS">Table Of Contents</a></div>
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<div><br>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTE 10 &#8226; FAIR VALUE OF FINANCIAL INSTRUMENTS</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">ASC 820, <font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, 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'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">Level 1:&#160; Quoted prices in active markets for identical assets</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">Level 2:&#160; Significant other observable inputs</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">Level 3:&#160; Significant unobservable inputs</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">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: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">Fair Value Measurements on a Recurring Basis</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">The Company had no assets or liabilities recorded at fair value on a recurring basis at July 31, 2014 and April 30, 2014.</div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">Fair Value Measurements on a Nonrecurring Basis</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">Non-financial assets and liabilities measured at fair value on a nonrecurring basis at July 31, 2014 consisted of real estate investments that were written-down to estimated fair value during the three months ended July 31, 2014. Non-financial assets measured at fair value on a nonrecurring basis at April 30, 2014 consisted of real estate investments and real estate held for sale that was written-down to estimated fair value during fiscal year 2014. 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>

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<div>&#160;</div>
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<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'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">July 31, 2014</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'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Level 3</div>
</td>
</tr>

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<td style="WIDTH: 50.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">ASSETS:</div>
</td>
<td style="WIDTH: 12.48%; VERTICAL-ALIGN: bottom" colspan="2">
<div>&#160;</div>
</td>
<td style="WIDTH: 11.56%; VERTICAL-ALIGN: bottom" colspan="2">
<div>&#160;</div>
</td>
<td style="WIDTH: 12.5%; VERTICAL-ALIGN: bottom" colspan="2">
<div>&#160;</div>
</td>
<td style="WIDTH: 12.5%; VERTICAL-ALIGN: bottom" colspan="2">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 50.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Real estate investments</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">6,425</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">6,425</div>
</td>
</tr>
</table>

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

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<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'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">April 30, 2014</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'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Level 3</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">ASSETS:</div>
</td>
<td style="WIDTH: 12.48%; VERTICAL-ALIGN: bottom" colspan="2">
<div>&#160;</div>
</td>
<td style="WIDTH: 11.56%; VERTICAL-ALIGN: bottom" colspan="2">
<div>&#160;</div>
</td>
<td style="WIDTH: 12.5%; VERTICAL-ALIGN: bottom" colspan="2">
<div>&#160;</div>
</td>
<td style="WIDTH: 12.5%; VERTICAL-ALIGN: bottom" colspan="2">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 50.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Real estate investments</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">89,537</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">89,537</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 50.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Real estate held for sale</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">2,951</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">2,951</div>
</td>
</tr>
</table>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; MARGIN-TOP: 12pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">Financial Assets and Liabilities Not Measured at Fair Value</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, 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: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, 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: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, 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: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Other Debt.</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 relevant treasury interest rates plus credit spreads (Level 2).</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, 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: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, 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 relevant treasury interest rates plus credit spreads (Level 2).</div>

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

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

<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">The estimated fair values of the Company's financial instruments as of July 31, 2014 and April 30, 2014, 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'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">July 31, 2014</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">April 30, 2014</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'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Fair Value</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, 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>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 50.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Cash and cash equivalents</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">60,620</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">60,620</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">47,267</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">47,267</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 50.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Other investments</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">329</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">329</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">329</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">329</div>
</td>
</tr>

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

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 50.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Other debt</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">83,624</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">83,727</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">63,132</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">63,250</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 50.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Line of credit</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">35,500</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">35,500</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">22,500</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">22,500</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 50.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Mortgages payable</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">1,017,574</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">1,173,786</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">997,689</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">1,130,262</div>
</td>
</tr>
</table>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 10pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTE 11 &#8226; REDEEMABLE NONCONTROLLING INTERESTS</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">Redeemable noncontrolling interests on our Consolidated Balance Sheets represent the noncontrolling interest in a joint venture of the Company in which the Company's unaffiliated partner, at its election, could require the Company to buy its interest at a purchase price to be determined by an appraisal conducted in accordance with the terms of the agreement, or at a negotiated price. Redeemable noncontrolling interests are presented at the greater of their carrying amount or redemption value at the end of each reporting period. Changes in the value from period to period are charged to common shares of beneficial interest on our Consolidated Balance Sheets. During fiscal year 2014 the Company identified an error pertaining to the reporting for a noncontrolling interest in a consolidated real estate joint venture formed in the fourth quarter of fiscal year 2013 for which the holder of such interest has the right to require the Company to acquire the interest at fair value twelve months after the final certificate of occupancy is obtained for the joint venture's development project. This error resulted in an overstatement of equity and offsetting understatement of the line entitled "redeemable noncontrolling interests &#8211; consolidated real estate entities" in the mezzanine section of the Company's consolidated balance sheet of $5.9 million as of July 31, 2013. The Company revised its previously issued statement of equity to correct the effect of this error.&#160; See Note 2 for additional information.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">As of July 31, 2014 and 2013, the estimated redemption value of the redeemable noncontrolling interests was $6.3 million and $5.9 million, respectively. Below is a table reflecting the activity of the redeemable noncontrolling interests.</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="WIDTH: 79.18%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 20.82%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(in thousands)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 79.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Balance at April 30, 2013</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.13%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">5,937</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 79.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Net income</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 6.13%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 14.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">12</div>
</td>
</tr>

<tr>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Balance at July 31, 2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 6.13%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 14.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">5,949</div>
</td>
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<div><br>
</div>

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<tr>
<td style="WIDTH: 79.18%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 20.82%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(in thousands)</div>
</td>
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<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 79.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Balance at April 30, 2014</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.13%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">6,203</div>
</td>
</tr>

<tr>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Net income</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 6.13%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 14.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">110</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 79.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Balance at July 31, 2014</div>
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<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 6.13%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 14.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">6,313</div>
</td>
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<div style="WIDTH: 100%" id="DSPFPageHeader"><a href="#TABLEOFCONTENTS">Table Of Contents</a></div>
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<div style="TEXT-ALIGN: left; MARGIN-TOP: 10pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTE 12 &#8226; SUBSEQUENT EVENTS</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Common and Preferred Share Distributions.</font> On September<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>3, 2014, the Company's Board of Trustees declared the following distributions:</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 1.1pt">Class of shares/units</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 16.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 3.3pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 1.1pt">Quarterly Amount</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 3.3pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 1.1pt">per Share or Unit</div>
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<div>&#160;</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 16.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 3.3pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 1.1pt">Record Date</div>
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<div>&#160;</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 16.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 3.3pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 1.1pt">Payment Date</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 1.1pt">Common shares and limited partnership units</div>
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<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 16.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 3.3pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 1.1pt">$0.1300</div>
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<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 3.3pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 1.1pt">&#160;</div>
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<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 16.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 3.3pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 1.1pt">September 15, 2014</div>
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<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.06%; VERTICAL-ALIGN: bottom">
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<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 16.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 3.3pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 1.1pt">October 1, 2014</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 1.1pt">Preferred shares:</div>
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<div>&#160;</div>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.06%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 16.86%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.06%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 16.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
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<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 43.63%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 24.2pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 1.1pt">Series A</div>
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<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 16.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 3.3pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 1.1pt">$0.5156</div>
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<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 3.3pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 1.1pt">&#160;</div>
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<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 16.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 3.3pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 1.1pt">September 15, 2014</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 3.3pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 1.1pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 16.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 3.3pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 1.1pt">September 30, 2014</div>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 43.63%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 24.2pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 1.1pt">Series B</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 16.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 3.3pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 1.1pt">$0.4968</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.06%; VERTICAL-ALIGN: bottom">
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</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 16.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 3.3pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 1.1pt">September 15, 2014</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 3.3pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 1.1pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 16.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; MARGIN-LEFT: 3.3pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 1.1pt">September 30, 2014</div>
</td>
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<div style="TEXT-ALIGN: left; MARGIN-TOP: 12pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Completed Disposition</font>. On August 29, 2014, the Company sold the Wirth Corporate Center, a commercial office property in Golden Valley, Minnesota, for a sale price of $4.5 million.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Pending Disposition.</font>&#160; Subsequent to the end of the first quarter of fiscal year 2015, the Company signed a sales agreement for the disposition of a commercial retail property and adjoining parcel of unimproved land in Kalispell, Montana, for a sales price of $1.9 million. This pending disposition is subject to various closing conditions and contingencies, and no assurances can be given that this transaction will be completed on the terms currently expected, or at all.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Insurance Proceeds</font>.&#160; Subsequent to the end of the first quarter of fiscal year 2015, the Company received final proceeds of $4.0 million for the 2013 Fire loss at the Chateau Apartments property, which reduced to zero the accounts receivable recorded at the time of the fire for expected proceeds. &#160;No gain or loss on involuntary conversion was recorded due to the final settlement of the claim.</div>

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<div style="WIDTH: 100%" id="DSPFPageHeader"><a href="#TABLEOFCONTENTS">Table Of Contents</a></div>
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<div><br>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ITEM 2. MANAGEMENT'S DISCUSSION</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">AND ANALYSIS OF FINANCIAL CONDITION AND</font>&#160;<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">RESULTS OF OPERATIONS</font></div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; 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, 2014, which are included in the Company's Form 10-K filed with the SEC on June 30, 2014.</div>

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

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; 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, 2014, our real estate portfolio consisted of 96 multi-family residential properties containing 11,080 apartment units and having a total real estate investment amount net of accumulated depreciation of $634.1 million, and 163 commercial properties containing approximately 10.2 million square feet of leasable space and having a total real estate investment amount net of accumulated depreciation of $955.9 billion.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; 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>

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

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; 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, 2014, filed with the SEC on June 30, 2014, 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, 2014.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Significant Events and Transactions during the Three Months Ended July 31, 2014 and 2013</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">Summarized below are the Company's significant transactions and events during the first quarters of fiscal years 2015 and 2014:</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">Three Months Ended July 31, 2014</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">The acquisition of two parcels of vacant land for possible future development: an approximately 35-acre parcel in Bismarck, North Dakota, for a purchase price of $4.3 million, and an approximately 10.5-acre parcel in Brooklyn Park, Minnesota, for a purchase price of $2.6 million.</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">The acquisition of two multi-family residential properties in Rapid City, South Dakota for a purchase price totaling $18.3 million, adding approximately 204 units to the Company's multi-family residential portfolio.</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">The disposition of a commercial office property in Edina, Minnesota, for a sale price of $3.1 million.</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">The placement into service of the Company's 44-unit Dakota Commons multi-family residential property in Williston, North Dakota, and of 54 units of the approximately 288-unit Renaissance Heights multi-family residential property in Williston, North Dakota, in which the Company has an approximately 70% interest.</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: Symbol, serif; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#183;</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">The commencement of construction on the following development or redevelopment projects:&#160; 71 France (Phase I), an approximately 109-unit multi-family residential development in Edina, Minnesota; Edina 6565 France SMC III, an approximately 72,012 square foot medical office building in Edina, Minnesota; PrairieCare Medical, an approximately 75,000 square foot healthcare property in Brooklyn Park, Minnesota; Deer Ridge, an approximately 163-unit multi-family residential property in Jamestown, North Dakota; Minot Wells Fargo Bank, an approximately 4,998 square foot office property in Minot, North Dakota; and Roseville 3075 Long Lake Rd, an approximately 202,807 square foot industrial property in Roseville, Minnesota.</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">Three Months Ended July 31, 2013</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; 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 style="TEXT-ALIGN: left; FONT-FAMILY: Symbol, serif; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#183;</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; 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>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: Symbol, serif; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#183;</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; 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'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Market Conditions and Outlook</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">During the first quarter of fiscal year 2015, continued high occupancy levels in the Company's multi-family residential portfolio allowed the Company to implement selected rent increases, and the multi-family residential development projects placed in service (the Company's 44-unit Dakota Commons property in Williston, North Dakota, and 54 units in the approximately 288-unit Renaissance Heights property in Williston, North Dakota, in which the Company has an approximately 70% interest) experienced strong initial demand. Dakota Commons was 40.9% leased as of July 31, 2014, and 67 of the 108 completed Renaissance Heights units were leased as of July 31, 2014. The Company expects to see continued favorable results in this segment in the remainder of fiscal year 2015; however, the Company's ability to maintain occupancy levels and selectively raise rents remains dependent on continued healthy employment and wage growth. The Company also continues to observe considerable multi-family development activity in the Company's markets, and as this new construction is completed and leased, the Company will experience increased competition for tenants.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">The Company's commercial office segment, mostly concentrated in Minnesota, continued to be affected by a number of adverse macro conditions, including real wage growth that remains mostly stagnant.&#160; Although overall employment levels in the office sector are above pre-recession levels in most of the Company's markets, businesses 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 expects this erosion in demand for office space to continue, which we expect will impede increases on rental rates in our commercial office portfolio. As a result, although the Company has experienced some modest growth in occupancy levels during the first quarter of fiscal year 2015 compared to the first quarter of fiscal year 2014, the Company continues to expect a slow and uneven recovery in its office segment.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 12pt; 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. The Company's senior housing assets continue to benefit from the strengthening recovery in 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: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Both the retail and industrial property markets continue to show signs of revival. In the industrial segment, a relative lack of new supply is leading to vacant industrial space being absorbed, with industrial rents in certain markets rising slightly to reflect this lack of new supply, and tenant concessions dissipating.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">The Company plans to continue in the remainder of fiscal year 2015 its selective disposition of assets in non-core markets, particularly office and retail segment assets, and intends to use the proceeds from these dispositions to continue portfolio deleveraging and for developing and acquiring high-quality assets in the Company's multi-family and healthcare segments.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Same-store and Non-same-store Properties</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Throughout this Quarterly Report on Form 10-Q, we have provided certain information on a same-store and non-same-store properties basis. Information provided on a same-store 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: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">For the comparison of the three months ended July 31, 2014 and 2013, all or a portion of 16 properties were non-same-store, of which non-same-store properties 7 were redevelopment or in-service development properties.</div>

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<div style="WIDTH: 100%" id="DSPFPageHeader"><a href="#TABLEOFCONTENTS">Table Of Contents</a></div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10.5pt; FONT-SIZE: 10pt">While there are judgments to be made regarding changes in designation, we typically remove properties from same-store to non-same-store when redevelopment has or is expected to have a significant impact on property net operating income within the fiscal year. Acquisitions are moved to same-store 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-same-store 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-same-store to same-store 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>

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

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><u>Consolidated Results of Operations for the Three Months Ended July 31, 2014 and 2013</u></div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, 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: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2014 and </font>2013.</div>

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<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 53.41%; VERTICAL-ALIGN: bottom" colspan="8">
<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.6pt">(in thousands, except percentages)</div>
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<tr>
<td style="WIDTH: 46.59%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 29.24%; VERTICAL-ALIGN: bottom" colspan="4">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.6pt">Three Months Ended July 31</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 24.17%; VERTICAL-ALIGN: bottom" colspan="4">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.6pt">2014 vs 2013</div>
</td>
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<tr>
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<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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.6pt">2014</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 14.67%; VERTICAL-ALIGN: bottom" colspan="3">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.6pt">2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.81%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.6pt">$ Change</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.6pt">% Change</div>
</td>
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<tr>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Real estate rentals</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.31%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">57,126</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">53,623</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3,503</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">6.5%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 46.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Tenant reimbursement</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 4.31%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">10,711</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">11,475</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(764)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(6.7)%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 46.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">TRS senior housing revenue</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 4.31%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">793</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">793</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">n/a</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 46.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">TOTAL REVENUE</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 4.31%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">68,630</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">65,098</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3,532</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">5.4%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 46.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Depreciation/amortization related to real estate investments</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.31%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">16,184</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">18,056</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(1,872)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(10.4)%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 46.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Utilities</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 4.31%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">4,681</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">4,923</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(242)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(4.9)%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 46.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Maintenance</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.31%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">7,764</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">7,729</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">35</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0.5%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 46.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Real estate taxes</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 4.31%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">8,501</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">8,375</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">126</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1.5%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 46.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Insurance</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.31%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,736</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,301</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">435</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">33.4%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 46.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Property management expenses</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 4.31%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">4,630</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">4,135</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">495</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">12.0%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 46.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Other property expenses</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.31%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">206</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">177</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">29</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">16.4%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 46.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">TRS senior housing expenses</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 4.31%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">693</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">693</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">n/a</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 46.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Administrative expenses</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.31%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3,485</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">2,524</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">961</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">38.1%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 46.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Advisory and trustee services</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 4.31%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">179</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">229</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(50)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(21.8)%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 46.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Other expenses</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.31%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">612</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">679</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(67)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(9.9)%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 46.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Amortization related to non-real estate investments</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 4.31%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">872</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">944</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(72)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(7.6)%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 46.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Impairment of real estate investments</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 4.31%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">2,320</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">2,320</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">n/a</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 46.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">TOTAL EXPENSES</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 4.31%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">51,863</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">49,072</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">2,791</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">5.7%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 46.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Gain on involuntary conversion</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 4.31%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">966</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(966)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(100.0)%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 46.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Operating income</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 4.31%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">16,767</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">16,992</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(225)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(1.3)%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 46.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Interest expense</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.31%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(14,664)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(14,596)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(68)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0.5%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 46.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Interest income</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 4.31%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">560</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">188</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">372</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">197.9%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 46.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Other income</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 4.31%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">131</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">22</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">109</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">495.5%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 46.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Income before loss on sale of real estate and other investments and income from discontinued operations</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 4.31%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">2,794</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">2,606</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">188</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">7.2%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 46.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Loss on sale of real estate and other investments</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 4.31%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(2,993)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(2,993)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">n/a</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 46.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">(Loss) income from continuing operations</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 4.31%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(199)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">2,606</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(2,805)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(107.6)%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 46.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Income from discontinued operations</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 4.31%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">610</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(610)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(100.0)%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 46.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">NET (LOSS) INCOME</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 4.31%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(199)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">3,216</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(3,415)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(106.2)%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 46.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Net loss (income) attributable to noncontrolling interests &#8211; Operating Partnership</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.31%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">402</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(50)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">452</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(904.0)%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 46.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, 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; BACKGROUND-COLOR: #ffffff; WIDTH: 4.31%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(354)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(88)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(266)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">302.3%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 46.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Net (loss) income attributable to Investors Real Estate Trust</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.31%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(151)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3,078</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(3,229)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(104.9)%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 46.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Dividends to preferred shareholders</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 4.31%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(2,879)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(2,879)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0.0%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 46.59%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">NET (LOSS) INCOME AVAILABLE TO COMMON SHAREHOLDERS</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 4.31%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(3,030)</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 10.34%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">199</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 3.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 10.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(3,229)</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 10.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(1622.6)%</div>
</td>
</tr>
</table>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">30</div>

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

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

<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 6pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Revenues.</font>&#160; Revenues for the three months ended July 31, 2014 were $68.6 million compared to $65.1 million in the three months ended July 31, 2013, an increase of $3.5 million or 5.4%. The increase in revenue for the three months ended July 31, 2014 resulted both from properties acquired and development projects placed in service in Fiscal 2015 and 2014 and from same-store properties, as shown in the table below.</div>

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<tr>
<td style="WIDTH: 85%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 15%; VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(in thousands)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 85%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 15%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Increase in Total</div>

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

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

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ended July 31, 2014</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 85%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Rent in Fiscal 2015 primarily from properties acquired and development projects placed in service in Fiscal 2015</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 22.5pt">413</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 85%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Rent in Fiscal 2015 primarily from properties acquired and development projects placed in service in Fiscal 2014 in excess of that received in Fiscal 2014 from the same properties</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 22.5pt">2,569</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 85%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Decrease in rent primarily from properties disposed in Fiscal 2015</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 18pt">(490)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 85%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Increase in rent on same-store properties<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 22.3pt">247</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 85%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">TRS senior housing revenue in excess of that received in Fiscal 2014<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 22.3pt">793</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 85%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Net increase in total revenue</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 12.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 22.5pt">3,532</div>
</td>
</tr>
</table>

<div>
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<tr>
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; MARGIN-TOP: 6pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(1)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; MARGIN-TOP: 6pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">See analysis of NOI by segment on pages 35-39 of the MD&amp;A for additional information.</div>
</td>
</tr>
</table>
</div>

<div>
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<tr>
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">(2)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">See discussion in TRS Senior Housing Expenses paragraph below.</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Depreciation/Amortization Related to Real Estate Investments.</font> Depreciation/amortization related to real estate investments decreased by 10.4% to $16.2 million in the first quarter of fiscal year 2015, compared to $18.1 million in the same period of the prior fiscal year. This decrease was primarily attributable to a change in the lives of several intangible assets due to a change in lease terms in fiscal year 2014.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Utilities.</font>&#160; Utilities decreased by 4.9% to $4.7 million in the first quarter of fiscal year 2015, compared to $4.9 million in the same period of the prior fiscal year. Same-store properties realized a decrease of $345,000 which was primarily attributable to a decrease in utility rates.&#160; This decrease was offset by an increase of $103,000 attributable to the addition of new income producing real estate properties.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Maintenance.</font>&#160; Maintenance expenses increased by 0.5% to $7.8 million in the first quarter of fiscal year 2015, compared to $7.7 million in the same period of the prior fiscal year.&#160; An increase of $130,000 was attributable to the addition of new income producing real estate properties while same-store properties realized a decrease of $95,000 compared to the prior year.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Real Estate Taxes.</font>&#160; Real estate taxes increased by 1.5% to $8.5 million in the first quarter of fiscal year 2015, compared to $8.4 million in the same period of the prior fiscal year. An increase of $194,000 was attributable to the addition of new income-producing real estate properties while same-store properties realized a decrease of $67,000 compared to the prior year.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Insurance.</font>&#160; Insurance expense increased by 33.4% to $1.7 million in the first quarter of fiscal year 2015, compared to $1.3 million in the same period of the prior fiscal year. Approximately $219,000 of the increase was attributable to increased self-insurance claims at existing properties while insurance premiums increased by $70,000 when compared to the prior year.&#160; The remaining difference was attributable to the addition of new income-producing real estate properties.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Property Management Expenses.</font>&#160; Property management expenses increased by 12.0% to $4.6 million in the first quarter of fiscal year 2015, compared to $4.1 million in the same period of the prior fiscal year. An increase of $251,000 was attributable to internal property management expenses at same-store properties while the addition of new income-producing real estate properties accounted for an increase of $241,000.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Other Property Expenses.</font>&#160; Other property expense, consisting of bad debt provision expense, increased by 16.4% to approximately $206,000 in the first quarter of fiscal year 2015, compared to approximately $177,000 in the same period of the prior fiscal year.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">TRS Senior Housing Expenses</font>.&#160; The Company has one TRS, acquired during the second quarter of fiscal year 2014, which is the tenant in the Company's Legends at Heritage Place senior housing facility. Property management expenses for the Heritage Place property are paid by the TRS, as the tenant in the property, and revenue from the Heritage Place facility is shown as TRS senior housing revenue on the Condensed Consolidated Statements of Operations. TRS senior housing expense was approximately $693,000 in the first quarter of fiscal year 2015.&#160; The Company had no TRS senior housing expenses in the same period of the prior fiscal year.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Administrative Expenses.</font>&#160; Administrative expenses increased by 38.1% to $3.5 million in the first quarter of fiscal year 2015, compared to $2.5 million in the same period of the prior fiscal year. This change was primarily due to an increase of approximately $801,000 in share-based executive compensation and an increase of approximately $137,000 in salary expense related to<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>high labor costs in our energy-impacted markets.</div>

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

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

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Advisory and Trustee Services.</font>&#160; Advisory and trustee services expense decreased by 21.8% to approximately $179,000 in the first quarter of fiscal year 2015, compared to approximately $229,000 in the same period of the prior fiscal year.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Other Expenses.</font>&#160; Other expenses decreased 9.9% to approximately $612,000 in the first quarter of fiscal year 2015, compared to approximately $679,000 in the same period of the prior fiscal year.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Amortization Related to Non-Real Estate Investments.</font>&#160; Amortization related to non-real estate investments decreased 7.6% in the first quarter of fiscal year 2015 to approximately $872,000, compared to approximately $944,000 in the same period of the prior fiscal year.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Impairment of Real Estate Investments.</font>&#160; During the three months ended July 31, 2014, the Company incurred a loss of $2.3 million due to the impairment of a commercial office property and a commercial retail property with an adjacent parcel of unimproved land. No impairment from continuing operations was recognized in the three months ended July 31, 2013. See Note 2<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"> of the Notes to the Condensed Consolidated Financial Statements in this report for additional information.</font></div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, 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 $966,000. No gain on involuntary conversion was recognized in the first quarter of fiscal year 2015. See Note 2<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"> of the Notes to the Condensed Consolidated Financial Statements in this report for additional information.</font></div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Interest Expense.</font>&#160; Components of interest expense in the three months ended July 31, 2014 and 2013 were as follows.</div>

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<tr>
<td style="WIDTH: 36.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 32.66%; VERTICAL-ALIGN: bottom" colspan="4">
<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.6pt">(in thousands)</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.6pt">Three Months Ended July 31</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 30.84%; VERTICAL-ALIGN: bottom" colspan="4">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.6pt">2014 vs. 2013</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 36.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 16.92%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.6pt">2014</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 15.74%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.6pt">2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 15.28%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.6pt">$ Change</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 15.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.6pt">% Change</div>
</td>
<td style="WIDTH: 0.12%; VERTICAL-ALIGN: top">
<div></div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 36.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Mortgage debt</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">13,409</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.82%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">14,170</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.56%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(761)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 15.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(5.4%)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.12%; VERTICAL-ALIGN: top">
<div></div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 36.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Line of credit</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.8%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">422</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.82%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">132</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.56%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">290</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 15.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">219.7%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.12%; VERTICAL-ALIGN: top">
<div></div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 36.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Other</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.8%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 14.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">833</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.82%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 12.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">294</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.56%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 12.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">539</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 15.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">183.3%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 0.12%; VERTICAL-ALIGN: top">
<div></div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 36.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Total interest expense</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 2.8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 14.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">14,664</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 2.82%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 12.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">14,596</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 2.56%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 12.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">68</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 15.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0.5%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.12%; VERTICAL-ALIGN: top">
<div></div>
</td>
</tr>
</table>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 6pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">Mortgage interest decreased by 5.4% to $13.4 million in the first quarter of fiscal year 2015, compared to $14.2 million in the same period of the prior fiscal year.&#160; Mortgages on p<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">roperties newly acquired in fiscal years 2015 and 2014 added approximately $177,000 to our mortgage interest expense in the three months ended July 31, 2014, while mortgage interest on same-store properties decreased approximately $938,000 compared to the three months ended July 31, 2013, primarily due to loan payoffs and refinancings. Our overall weighted average mortgage interest rate was 5.32% and 5.54% as of July 31, 2014 and 2013, respectively.</font></div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">Interest expense on our line of credit increased by 219.7% to approximately $422,000 in the first quarter of fiscal year 2015, compared to approximately $132,000 in the same period of the prior fiscal year, primarily due to a higher average outstanding balance during the first quarter of fiscal year 2015.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">Other interest consists of interest on the Company's construction loans, a financing liability, security deposits and special assessments, as well as amortization of loan costs, offset by capitalized construction interest. Other interest increased by 183.3% to approximately $833,000 in the first quarter of fiscal year 2015, compared to approximately $294,000 in the same period of the prior fiscal year, primarily due to interest on a financing liability that was not in place for the entirety of the first quarter of fiscal year 2014.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Interest Income and Other Income.</font>&#160; The Company recorded interest income in the first quarter of fiscal years 2015 and 2014 of approximately $560,000 and $188,000, respectively. The increase was primarily due to interest earned on a contract for deed that was not in place for the entirety of the first quarter of fiscal year 2014. See the Proceeds from Financing Liability section of Note 2 <font style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">of the Notes to the Condensed Consolidated Financial Statements in this report</font> for additional information. 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 2015 and 2014 of approximately $131,000 and $22,000, respectively.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Loss on Sale of Real Estate and Other Investments.</font> The Company recorded a net loss of $3.0 million on the disposal of 3 properties in the first quarter of fiscal year 2015.&#160; Properties sold in the first quarters of fiscal years 2015 and 2014 are detailed below in the section captioned "Property Dispositions."</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Income from Discontinued Operations.</font>&#160; Prior to February 1,&#160; 2014, the Company reported, in discontinued operations, the results of operations and the related gains or losses of properties that had either been disposed of or classified as held for sale and otherwise met the classification of a discontinued operation. Effective February 1, 2014 the Company adopted ASU No. 2014-08<font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">. </font>Under this standard, a disposal (or classification as held for sale) of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity's operations and financial results. As a result of the adoption of ASU No. 2014-08, results of operations and gains or losses on sale for properties that are disposed or classified as held for sale in the ordinary course of business on or subsequent to February 1, 2014 would </div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">32</div>

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

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">generally be included in continuing operations on the Company's consolidated statements of operations, to the extent such disposals did not meet the criteria for classification as a discontinued operation described above.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">The Company recorded no income from discontinued operations in the first quarter of fiscal year 2015, compared to approximately $610,000 in the same period of the prior fiscal year. During the first three quarters of fiscal year 2014, the Company disposed of two multi-family residential properties, three commercial office properties, twelve commercial industrial properties and three commercial retail properties that were classified as discontinued operations. The Company realized a gain on sale of discontinued operations of approximately $1.9 million in the first quarter of fiscal year 2014. See Note 7 of the <font style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Notes to the Condensed Consolidated Financial Statements in this report for further information on discontinued operations.</font></div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Net Income.</font>&#160; Net loss available to common shareholders for the first quarter of fiscal year 2015 was $(3.0) million, compared to net income available to common shareholders of approximately $199,000 in the first quarter of fiscal year 2014. On a per common share basis, net income was $(.03) per common share in the first quarter of fiscal year 2015, compared to $.00 in the same period of the prior fiscal year.</div>

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

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">Occupancy as of July 31, 2014 compared to July 31, 2013 increased in four of our five reportable segments (multi-family residential, commercial healthcare, commercial industrial and commercial retail), decreasing slightly in our commercial office segment, on a same-store basis. Occupancy increased in all segments on an all-property basis. The increased occupancy in the commercial industrial segment is due to the lease-up of 90,363 square feet at the Company's Urbandale, Iowa property, which raised occupancy in that segment to 100%. The increased occupancy in the commercial retail segment is primarily due to the lease-up of an anchor location for 84,338 square feet at the Company's Jamestown Buffalo Mall property in Jamestown, North Dakota. 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>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">Occupancy Levels on a Same-store Property 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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Same-store 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'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; 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'', Times, 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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Multi-Family Residential</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">93.8%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">93.4%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">93.4%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">92.8%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Commercial Office</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">81.3%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">81.5%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">81.3%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">80.8%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Commercial Healthcare</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">96.3%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">95.4%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">96.5%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 0.4pt">95.4%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Commercial Industrial</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">100.0%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">91.0%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">100.0%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 0.4pt">79.8%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Commercial Retail</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">86.3%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">81.9%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">86.3%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 0.4pt">80.3%</div>
</td>
</tr>
</table>

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

<div style="TEXT-ALIGN: left; MARGIN-TOP: 10.5pt; FONT-FAMILY: ''Times New Roman'', Times, 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: left; MARGIN-TOP: 10.5pt; FONT-FAMILY: ''Times New Roman'', Times, 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, 2014 and 2013.&#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: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The tables also show net operating income by reportable operating segment on a same-store property and non-same-store property basis. 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 same-store 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 same-store properties, since changes from one fiscal year to another in real estate revenue and expenses from non-same-store 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 id="DSPFPageFooter"></div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">33</div>

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

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; COLOR: #000000; FONT-SIZE: 10pt"><u>Three Months Ended July 31, 2014 Compared to Three Months Ended July 31, 2013</u></div>

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

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; 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, 2014 and 2013.</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 50.88%; VERTICAL-ALIGN: bottom" rowspan="2">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 49.12%; VERTICAL-ALIGN: bottom" colspan="7">
<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(in thousands, except percentages)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 49.12%; VERTICAL-ALIGN: bottom" colspan="7">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Three Months Ended July 31</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 50.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.06%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</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'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</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'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">$ Change</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">% Change</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">All Segments</div>
</td>
<td style="WIDTH: 3.52%; 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: 10.22%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 3.52%; 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: 10.22%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Real estate revenue</div>
</td>
<td style="WIDTH: 3.52%; 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: 10.22%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 50.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Same-store</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">64,407</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">64,159</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">248</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0.4%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 50.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Non-same-store<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3,430</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">939</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">2,491</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">265.3%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 50.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Total</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">67,837</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">65,098</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">2,739</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">4.2%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 50.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.54%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 50.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Real estate expenses</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.54%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 50.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Same-store</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">26,284</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">26,137</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">147</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0.6%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 50.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Non-same-store<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 9.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,234</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 9.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">503</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">731</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">145.3%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 50.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Total</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">27,518</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">26,640</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">878</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3.3%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 50.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.54%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 50.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Gain on involuntary conversion</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.54%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 50.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Same-store</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">n/a</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 50.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Non-same-store<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">966</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">(966)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">(100.0)%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 50.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Total</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">966</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">(966)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">(100.0)%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 50.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.54%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 50.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.6pt">Net operating income</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.54%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 50.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Same-store</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">38,123</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">38,022</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">101</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0.3%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 50.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Non-same-store<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 9.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">2,196</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 3.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 9.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,402</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">794</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">56.6%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 50.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 3.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 9.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">40,319</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 3.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 9.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">39,424</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 8.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">895</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 10.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">2.3%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 50.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">TRS senior housing revenue</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">793</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 50.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">TRS senior housing expenses</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(693)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 50.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">Depreciation/amortization</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(17,056)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(19,000)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 50.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Administrative, advisory and trustee services</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(3,664)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(2,753)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 50.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Other expenses</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(612)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(679)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 50.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Impairment of real estate investments</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(2,320)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 50.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Interest expense</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(14,664)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(14,596)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 50.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Interest and other income</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">691</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">210</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 50.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Income before loss on sale of real estate and other investments and income from discontinued operations</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">2,794</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">2,606</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 50.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Loss on sale of real estate and other investments</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(2,993)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 50.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(Loss) income from continuing operations</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(199)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 3.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">2,606</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 50.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Income 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; BACKGROUND-COLOR: #ffffff; WIDTH: 3.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 3.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">610</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 50.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Net (loss) income</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 3.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 9.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(199)</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 3.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 9.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3,216</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.22%; 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: 6.04%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(1)</div>
</td>
<td style="WIDTH: 93.96%; VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Non-same-store properties consist of the following properties (re-development and in-service development properties are listed in bold type):</div>
</td>
</tr>

<tr style="HEIGHT: 55px">
<td style="WIDTH: 6.04%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">FY2015 -</div>
</td>
<td style="BORDER-BOTTOM-COLOR: ; WIDTH: 17.24%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Multi-Family Residential</font> -</div>
</td>
<td style="WIDTH: 76.72%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Colonial Villa, Burnsville, MN; Cypress Court, St. Cloud, MN;&#160; Dakota Commons, Williston, ND; <font style="FONT-WEIGHT: normal">Homestead Garden, Rapid City, SD</font>; Landing at Southgate, Minot, ND; <font style="FONT-WEIGHT: normal">Pinecone Villas, Sartell, MN;&#160;</font> Renaissance Heights I, Williston, ND;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">River Ridge, Bismarck, ND;<font style="FONT-WEIGHT: normal"> Silver Springs, Rapid City, SD and Southpoint, Grand Forks, ND.</font></font></div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total number of units, 1,102.</div>
</td>
</tr>

<tr>
<td style="WIDTH: 6.04%; VERTICAL-ALIGN: top"></td>
<td style="BORDER-BOTTOM-COLOR: ; WIDTH: 17.24%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Commercial Healthcare</font> -</div>
</td>
<td style="WIDTH: 76.72%; VERTICAL-ALIGN: top">
<div style="text-align: left; font-style: italic; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; font-weight: normal;">Spring Creek Fruitland, Fruitland, ID.</div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: normal">Total rentable square footage, 39,500.</div>
</td>
</tr>

<tr>
<td style="WIDTH: 6.04%; VERTICAL-ALIGN: top"></td>
<td style="BORDER-BOTTOM-COLOR: ; WIDTH: 17.24%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Commercial Industrial -</div>
</td>
<td style="WIDTH: 76.72%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;Roseville 3075 Long Lake Road, Roseville, MN.</div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: normal">Total rentable square footage, 17,750.</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 style="HEIGHT: 30px">
<td style="WIDTH: 6.04%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">FY2014 -</div>
</td>
<td style="BORDER-BOTTOM-COLOR: ; WIDTH: 17.24%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Multi-Family Residential</font> -</div>
</td>
<td style="WIDTH: 76.72%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;Colonial Villa, Burnsville, MN</div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: normal">Total number of units, 240.</div>
</td>
</tr>

<tr>
<td style="WIDTH: 6.04%; VERTICAL-ALIGN: top"></td>
<td style="BORDER-BOTTOM-COLOR: ; WIDTH: 17.24%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Commercial Industrial -</div>
</td>
<td style="WIDTH: 76.72%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;Roseville 3075 Long Lake Road, Roseville, MN.</div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: normal">Total rentable square footage, 17,750.</div>
</td>
</tr>
</table>

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

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

<div><br>
</div>

<div><br>
</div>

<div><br>
</div>

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<tr>
<td style="WIDTH: 6.04%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Sold -</div>
</td>
<td style="BORDER-BOTTOM-COLOR: ; WIDTH: 17.24%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Commercial Office -</div>
</td>
<td style="WIDTH: 76.72%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: normal">Dewey Hill Business Center, Edina, MN.</div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: normal">NOI for the three months ended July 31, 2014 and 2013, respectively, $2 and $(1).</div>
</td>
</tr>

<tr style="HEIGHT: 32px">
<td style="WIDTH: 6.04%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal"></td>
<td style="BORDER-BOTTOM-COLOR: ; WIDTH: 17.24%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Commercial Industrial -</div>
</td>
<td style="WIDTH: 76.72%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: normal">&#160;Eagan 2785 &amp; 2795 Hwy 55, Eagan, MN.</div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: normal">NOI for the three months ended July 31, 2014 and 2013, respectively, $5 and $(51).</div>
</td>
</tr>

<tr>
<td style="WIDTH: 6.04%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal"></td>
<td style="BORDER-BOTTOM-COLOR: ; WIDTH: 17.24%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Commercial Retail -</div>
</td>
<td style="WIDTH: 76.72%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: normal">Weston Retail, Weston, WI.</div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: normal">NOI for the three months ended July 31, 2014 and 2013, respectively, $0 and $(10).</div>
</td>
</tr>
</table>

<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: 6.74%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(2)</div>
</td>
<td style="WIDTH: 93.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">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: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">2014 Dispositions &#8211; Anoka Strip Center, API Building, Bloomington Business Plaza, Bodycote Industrial Building, Brooklyn Park 7401 Boone Ave, Burnsville 2 Strip Center, Cedar Lake Business Center, Clive 2075 NW 94<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Street, Dixon Avenue Industrial Park, Eagan Community, East Park, Fargo 1320 45<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Street N, Lighthouse, Metal Improvement Company, Minnetonka 13600 County Road 62, Nicollet VII, Pillsbury Business Center, Roseville 2929 Long Lake Road, Sycamore Village and Winsted Industrial Building.</div>
</td>
</tr>
</table>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 6pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; COLOR: #000000; FONT-SIZE: 10pt">An analysis of NOI by segment follows.</div>

<div style="BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Multi-Family Residential</div>

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

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; COLOR: #000000; FONT-SIZE: 10pt">Real estate revenue from same-store properties in our multi-family residential segment increased by $540,000 in the three months ended July 31, 2014 compared to the same period in the prior fiscal year. The increase was attributable to continued levels of high occupancy which provided the ability to raise rents.</div>

<div style="BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; COLOR: #000000; FONT-SIZE: 10pt">Real estate expenses at same-store properties increased by $612,000 in the three months ended July 31, 2014 compared to the same period in the prior fiscal year. The primary factors were increased insurance expenses of $327,000 and increased maintenance expenses of $232,000.&#160; The increase in insurance expense was primarily due to an increase in insurance claims while the increase in maintenance expense was due to increased labor and benefit costs resulting from the ability to hire additional personnel in energy impacted markets where we were previously understaffed.&#160; All other real estate expenses combined increased by $53,000.</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: 57.75%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 42.25%; VERTICAL-ALIGN: bottom" colspan="7">
<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(in thousands, except percentages)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 57.75%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 42.25%; VERTICAL-ALIGN: bottom" colspan="7">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Three Months Ended July 31,</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 57.75%; 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'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</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'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.36%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; 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'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">% Change</div>
</td>
</tr>

<tr>
<td style="WIDTH: 57.75%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">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: 57.75%; 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>
<td style="WIDTH: 57.75%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; 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>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 57.75%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Same-store</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">24,547</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">24,007</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">540</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">2.2%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 57.75%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Non-same-store</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">3,180</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">366</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">2,814</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">768.9%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 57.75%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Total</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">27,727</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">24,373</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">3,354</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">13.8%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 57.75%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 57.75%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Real estate expenses</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 57.75%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Same-store</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">11,151</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">10,539</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">612</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">5.8%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 57.75%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Non-same-store</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">1,070</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">307</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">763</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 9.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">248.5%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 57.75%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Total</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">12,221</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">10,846</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">1,375</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">12.7%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 57.75%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 57.75%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Gain on involuntary conversion</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 57.75%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Same-store</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">n/a</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 57.75%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Non-same-store</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">966</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(966)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(100.0)%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 57.75%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Total</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">966</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(966)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(100.0)%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 57.75%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 57.75%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Net operating income</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 57.75%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Same-store</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">13,396</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">13,468</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(72)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(0.5)%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 57.75%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Non-same-store</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">2,110</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">1,025</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">1,085</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 9.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">105.9%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 57.75%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Total</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">15,506</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">14,493</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,013</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">7.0%</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: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</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'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="WIDTH: 19.82%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Same-store</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">93.8%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">93.4%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 19.82%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Non-same-store</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">89.5%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">66.3%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 19.82%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">93.4%</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">92.8%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; 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: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</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'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="WIDTH: 19.82%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Same-store</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">9,978</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">9,979</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 19.82%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Non-same-store</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">1,102</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">240</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 19.82%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">11,080</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">10,219</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; 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 id="DSPFPageFooter"></div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">35</div>

<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; PAGE-BREAK-AFTER: always; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader"><a href="#TABLEOFCONTENTS">Table Of Contents</a></div>
</div>

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

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10.5pt; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Commercial Office</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 7.5pt; COLOR: #000000; FONT-SIZE: 10pt">Real estate revenue from same-store properties in our commercial office segment decreased by $425,000 in the first quarter of fiscal year 2015 compared to the first quarter of fiscal year 2014. The decrease in revenue was due to a decrease in tenant reimbursements of $585,000 which resulted from a decrease in recoverable operating expenses and a slight decrease in occupancy.&#160; This decrease was offset by an increase in rental revenue of $158,000 and an increase in other real estate revenue items of $2,000.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; COLOR: #000000; FONT-SIZE: 10pt">Real estate expenses at same-store properties decreased by $379,000 in the first quarter of fiscal year 2015 compared to the first quarter of fiscal 2014. The primary factors were decreased maintenance expenses of $307,000 and decreased utility expenses of $225,000.&#160; The decrease in maintenance expenses resulted from fewer general maintenance items being completed during the quarter while the decrease in utility expenses was primarily attributable to a decrease in utility rates. Real estate tax, insurance, property management and other property expenses increased by a combined $153,000.</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 57.75%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 42.25%; VERTICAL-ALIGN: bottom" colspan="7">
<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(in thousands, except percentages)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 57.75%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 42.25%; VERTICAL-ALIGN: bottom" colspan="7">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Three Months Ended July 31,</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 57.75%; 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'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.19%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.38%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; 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'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">% Change</div>
</td>
</tr>

<tr>
<td style="WIDTH: 57.75%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">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: 57.75%; 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: 57.75%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; 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>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 57.75%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Same-store</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">18,837</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">19,262</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(425)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(2.2)%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 57.75%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Non-same-store</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">9</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">53</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(44)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(83.0)%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 57.75%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Total</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">18,846</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">19,315</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(469)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(2.4)%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 57.75%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.78%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 57.75%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Real estate expenses</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.78%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 57.75%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Same-store</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">9,320</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">9,699</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(379)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(3.9)%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 57.75%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Non-same-store</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">7</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">54</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(47)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(87.0)%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 57.75%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Total</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">9,327</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">9,753</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(426)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(4.4)%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 57.75%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.78%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 57.75%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Net operating income</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.78%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 57.75%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Same-store</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">9,517</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">9,563</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(46)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(0.5)%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 57.75%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Non-same-store</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">2</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(1)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(300.0)%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 57.75%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Total</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">9,519</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">9,562</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(43)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(0.5)%</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: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</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'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="WIDTH: 19.82%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Same-store</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">81.3%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">81.5%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 19.82%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Non-same-store</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">n/a</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">35.7%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 19.82%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">81.3%</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">80.8%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; 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: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</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'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="WIDTH: 19.82%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Same-store</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">4,758,672</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">4,755,421</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 19.82%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Non-same-store</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">73,338</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 19.82%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">4,758,672</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">4,828,759</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; 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 id="DSPFPageFooter"></div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">36</div>

<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; PAGE-BREAK-AFTER: always; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader"><a href="#TABLEOFCONTENTS">Table Of Contents</a></div>
</div>

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

<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 7.5pt; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Commercial Healthcare</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 7.5pt; FONT-SIZE: 10pt">Real estate revenue from same-store properties in our commercial healthcare segment increased by $57,000 in the three months ended July 31, 2014 compared to the same period in the prior fiscal year. Real estate rental revenue increased by $143,000 due to increased occupancy.&#160; This increase was offset by a decrease in tenant reimbursements of $76,000 and a decrease in other real estate revenue items of $10,000.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; COLOR: #000000; FONT-SIZE: 10pt">Real estate expenses from same-store properties increased by $80,000 in the three months ended July 31, 2014 compared to the same period in the prior fiscal year. The increase in expenses was primarily attributable to an increase in property management expenses of $69,000.&#160; All other real estate expenses combined increased by $11,000.</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 57.75%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 42.25%; VERTICAL-ALIGN: bottom" colspan="7">
<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(in thousands, except percentages)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 57.75%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 42.25%; VERTICAL-ALIGN: bottom" colspan="7">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Three Months Ended July 31,</div>
</td>
</tr>

<tr>
<td style="WIDTH: 57.75%; 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'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</div>
</td>
<td style="WIDTH: 11.22%; VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="WIDTH: 10.34%; VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">$ Change</div>
</td>
<td style="WIDTH: 9.48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">% Change</div>
</td>
</tr>

<tr>
<td style="WIDTH: 57.75%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">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: 57.75%; 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: 57.75%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; 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>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 57.75%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Same-store</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">16,130</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">16,073</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">57</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">0.4%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 57.75%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Non-same-store</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">168</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">168</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">n/a</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 57.75%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Total</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">16,298</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">16,073</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">225</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">1.4%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 57.75%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 57.75%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Real estate expenses</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 57.75%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Same-store</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">4,364</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">4,284</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">80</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">1.9%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 57.75%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Non-same-store</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">52</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">52</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">n/a</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 57.75%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Total</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">4,416</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">4,284</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">132</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">3.1%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 57.75%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 57.75%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Net operating income</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 57.75%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Same-store</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">11,766</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">11,789</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(23)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(0.2)%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 57.75%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Non-same-store</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">116</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">116</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">n/a</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 57.75%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Total</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">11,882</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">11,789</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">93</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">0.8%</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: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</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'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="WIDTH: 19.82%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Same-store</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">96.3%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">95.4%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 19.82%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Non-same-store</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">100.0%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">n/a</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 19.82%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">96.5%</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">95.4%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; 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: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</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'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="WIDTH: 19.82%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Same-store</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">2,956,216</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">2,956,022</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 19.82%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Non-same-store</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">137,674</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 19.82%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">3,093,890</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">2,956,022</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; 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 id="DSPFPageFooter"></div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">37</div>

<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; PAGE-BREAK-AFTER: always; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader"><a href="#TABLEOFCONTENTS">Table Of Contents</a></div>
</div>

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

<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 7.5pt; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Commercial Industrial</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 7.5pt; COLOR: #000000; FONT-SIZE: 10pt">Real estate revenue from same-store properties in our commercial industrial segment decreased by $21,000 in the first quarter of fiscal year 2015 compared to the first quarter of fiscal year 2014. The decrease was primarily due to a decrease in tenant reimbursements of $24,000 which resulted from a refund being issued to tenants at our Urbandale, Iowa property for prior year recovered expenses.&#160; Rental revenue increased by $3,000 due to increased occupancy.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; COLOR: #000000; FONT-SIZE: 10pt">Real estate expenses from same-store properties increased by $23,000 in the first quarter of fiscal 2015 compared to the first quarter of fiscal 2014. The increase was primarily due to an increase in the bad debt provision of $11,000.&#160; All other real estate expenses combined increased by $12,000.</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 57.75%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 42.25%; VERTICAL-ALIGN: bottom" colspan="7">
<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(in thousands, except percentages)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 57.75%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 42.25%; VERTICAL-ALIGN: bottom" colspan="7">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Three Months Ended July 31,</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 57.75%; 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'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</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'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</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'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; 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'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">% Change</div>
</td>
</tr>

<tr>
<td style="WIDTH: 57.75%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">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: 57.75%; 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: 57.75%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; 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>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 57.75%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Same-store</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">1,497</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">1,518</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(21)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(1.4)%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 57.75%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Non-same-store</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">73</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">520</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(447)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(86.0)%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 57.75%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Total</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">1,570</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">2,038</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(468)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(23.0)%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 57.75%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 57.75%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Real estate expenses</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 57.75%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Same-store</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">345</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">322</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">23</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">7.1%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 57.75%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Non-same-store</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">105</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">132</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(27)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(20.5)%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 57.75%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Total</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">450</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">454</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(4)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(0.9)%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 57.75%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 57.75%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Net operating income</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 57.75%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Same-store</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">1,152</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">1,196</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(44)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(3.7)%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 57.75%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Non-same-store</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">(32)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">388</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(420)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(108.2)%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 57.75%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Total</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">1,120</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">1,584</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(464)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(29.3)%</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: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</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'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="WIDTH: 19.82%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Same-store</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">100.0%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">91.0%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 19.82%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Non-same-store</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">100.0%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">53.6%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 19.82%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">100.0%</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">79.8%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; 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: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</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'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="WIDTH: 19.82%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Same-store</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">1,002,361</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">1,002,361</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 19.82%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Non-same-store</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">17,750</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">427,672</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 19.82%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">1,020,111</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">1,430,033</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; 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 id="DSPFPageFooter"></div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">38</div>

<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; PAGE-BREAK-AFTER: always; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader"><a href="#TABLEOFCONTENTS">Table Of Contents</a></div>
</div>

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

<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 7.5pt; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Commercial Retail</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 7.5pt; COLOR: #000000; FONT-SIZE: 10pt">Real estate revenue from same-store properties in our commercial retail segment increased by $97,000 in the three months ended July 31, 2014 compared to the same period in the prior fiscal year.&#160; The increase in revenue was due primarily to increased rental revenue of $81,000 and increased tenant reimbursements of $15,000 which were the result of increased occupancy.&#160; Other real estate revenue items increased by $1,000.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; COLOR: #000000; FONT-SIZE: 10pt">Real estate expenses from same-store properties decreased by $189,000 in the three months ended July 31, 2014 compared to the same period in the prior fiscal year.&#160; The primary factors were decreased other property expenses of $96,000 and decreased maintenance expenses of $47,000.&#160; The decrease in other property expenses was due to a decrease in the bad debt provision while the decrease in maintenance expenses was due to fewer general maintenance items being completed during the quarter and a decrease in snow removal.&#160; Utility, real estate tax, insurance and property management expenses decreased by a combined $46,000.</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 57.76%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 42.24%; VERTICAL-ALIGN: bottom" colspan="7">
<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(in thousands, except percentages)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 57.76%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 42.24%; VERTICAL-ALIGN: bottom" colspan="7">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Three Months Ended July 31,</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 57.76%; 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'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</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'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</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'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; 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'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">% Change</div>
</td>
</tr>

<tr>
<td style="WIDTH: 57.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">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: 57.76%; 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: 57.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; 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>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 57.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Same-store</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">3,396</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">3,299</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">97</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">2.9%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 57.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Non-same-store</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 6.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">n/a</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 57.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Total</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">3,396</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">3,299</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">97</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">2.9%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 57.76%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 57.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Real estate expenses</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 57.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Same-store</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">1,104</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">1,293</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(189)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(14.6)%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 57.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Non-same-store</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">10</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 6.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(10)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 10.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(100.0)%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 57.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Total</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">1,104</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">1,303</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(199)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(15.3)%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 57.76%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 57.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Net operating income</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 57.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Same-store</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">2,292</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">2,006</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">286</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">14.3%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 57.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Non-same-store</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(10)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 6.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">10</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(100.0)%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 57.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">Total</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">2,292</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.64%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">1,996</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">296</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">14.8%</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: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</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'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="WIDTH: 19.82%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Same-store</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">86.3%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">81.9%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 19.82%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Non-same-store</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">n/a</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0.0%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 19.82%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 57.77%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">86.3%</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 11.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">80.3%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; 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: 57.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Rentable Square Footage</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="WIDTH: 19.36%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 57.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Same-store</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">1,282,678</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">1,282,518</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 19.36%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 57.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Non-same-store</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">25,644</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 19.36%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 57.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 11.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">1,282,678</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 11.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">1,308,162</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 19.36%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>
</table>

<div><br>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div id="DSPFPageFooter"></div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">39</div>

<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; PAGE-BREAK-AFTER: always; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader"><a href="#TABLEOFCONTENTS">Table Of Contents</a></div>
</div>

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

<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Analysis of Commercial Segments' Credit Risk and Leases</div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; MARGIN-TOP: 10.5pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10.5pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Credit Risk</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">The following table lists our top ten commercial tenants on July 31, 2014, for all commercial properties owned by us, measured by percentage of total commercial segments' minimum rents as of July 1, 2014.&#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 14.4% of our total commercial segments' minimum rents as of July 1, 2014, and they accounted for approximately 7.7% of our total real estate rentals as of July 1, 2014.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">As of July 31, 2014, 57 of our 163 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: left; FONT-FAMILY: ''Times New Roman'', Times, 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'', Times, 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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">% of Total Commercial</div>

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

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">as of July 1, 2014</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 80.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Affiliates of Edgewood Vista</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 19.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 36pt">14.4%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 80.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">St. Luke's Hospital of Duluth, Inc.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 19.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 36pt">3.7%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 80.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Fairview Health Services</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 19.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 36pt">3.7%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 80.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Applied Underwriters</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 19.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 36pt">2.4%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 80.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">HealthEast Care System</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 19.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 36pt">1.8%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 80.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Affiliates of Siemens USA (NYSE: SI)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 19.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 36pt">1.4%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 80.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Nebraska Orthopaedic Hospital<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 19.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 36pt">1.4%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 80.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Microsoft (NASDAQ: MSFT)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 19.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 36pt">1.3%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 80.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Arcadis Corporate Services, Inc.</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 19.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 36pt">1.3%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 80.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">State of Idaho Department of Health and Welfare</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 19.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 36pt">1.2%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 80.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">All Others</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 19.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 36pt">67.4%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 80.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Total Monthly Commercial Rent as of July 1, 2014</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 19.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 36pt">100.0%</div>
</td>
</tr>
</table>

<div>
<table style="MARGIN-TOP: 12pt; 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; MARGIN-TOP: 12pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">(1)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; MARGIN-TOP: 12pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">The tenant in the Company's Nebraska Orthopaedic Hospital property has exercised its option to purchase the property. The Company and its tenant are currently engaged in an arbitration proceeding pursuant to the lease agreement to determine the purchase price.</font><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</font><font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">The Company currently can give no assurance that the sale of the property pursuant to the purchase option will be completed.</font></div>
</td>
</tr>
</table>
</div>

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

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

<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; MARGIN-TOP: 12pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Commercial Leasing Activity</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">During fiscal year 2015, we have executed new and renewal commercial leases for our same-store rental properties on 289,981 square feet for the three months ended July 31, 2014.&#160; As a result of our leasing efforts, occupancy in our same-store commercial portfolio increased to 88.3% as of July 31, 2014, up from 86.6% as of July 31, 2013.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">The total leasing activity for our same-store commercial rental properties, expressed in square feet of leases signed during the period, and the resulting occupancy levels are as follows:</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Three Months Ended July 31, 2014</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Square Feet of</div>

<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; 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: 23.07%; VERTICAL-ALIGN: bottom" rowspan="2" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Square Feet of</div>

<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">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: 23.1%; VERTICAL-ALIGN: bottom" rowspan="2" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div>

<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Square Feet of</div>

<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; 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" rowspan="2" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">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>
</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'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</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'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Office</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">39,120</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">126,992</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">126,732</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">57,545</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">165,852</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">184,537</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.22%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">81.3%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">81.5%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Healthcare</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">8,947</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">21,503</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">39,016</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">13,528</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">47,963</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">35,031</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.22%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">96.3%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">95.4%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Industrial</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 12.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">50,040</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">222,077</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">272,117</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.22%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">100.0%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">91.0%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Retail</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">24,222</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">91,957</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">51,944</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">12,565</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">76,166</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">104,522</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.22%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">86.3%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">81.9%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 11.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 12.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">72,289</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 10.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">290,492</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 11.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">217,692</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 11.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">305,715</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 11.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">289,981</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 11.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">596,207</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1.22%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 10.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">88.3%</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 7.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">86.6%</div>
</td>
</tr>
</table>

<div>
<table style="MARGIN-TOP: 6pt; 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; MARGIN-TOP: 6pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">(1)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; MARGIN-TOP: 6pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">The leasing activity presented is based on leases signed or executed for our same-store rental properties during the period and is not intended to coincide with the commencement of rental revenue in accordance with GAAP.&#160; Results include properties classified in discontinued operations; prior periods reflect amounts previously reported and exclude retroactive adjustments for properties reclassified to discontinued operations in the current period.</div>
</td>
</tr>
</table>
</div>

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

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; 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 same-store commercial rental properties:</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Three Months Ended July 31, 2014</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 11.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 23.68%; VERTICAL-ALIGN: bottom" colspan="4">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Square Feet of</div>

<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; 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: 14.54%; VERTICAL-ALIGN: bottom" colspan="4">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Average Term</div>

<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">in Years</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 19.68%; VERTICAL-ALIGN: bottom" colspan="5">
<div>&#160;</div>

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

<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; 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: 16.43%; VERTICAL-ALIGN: bottom" colspan="5">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; 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: 13.79%; VERTICAL-ALIGN: bottom" colspan="3">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Leasing</div>

<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; 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: 11.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.14%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.54%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</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'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.19%; VERTICAL-ALIGN: bottom" colspan="3">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Office</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">39,120</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">126,992</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">4.9</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.98%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">4.9</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">12.90</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">13.01</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">10.98</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">15.17</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.96%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">4.18</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">4.32</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Healthcare</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">8,947</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">21,503</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">8.6</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.98%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">5.6</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">21.10</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">21.94</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">29.69</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">49.69</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.96%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">9.10</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">5.30</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Industrial</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">50,040</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0.0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.98%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">4.3</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0.00</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">4.10</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0.00</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0.00</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.96%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0.00</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0.34</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Retail</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">24,222</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">91,957</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 5.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">4.5</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 0.98%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 5.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">4.3</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 5.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">9.00</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 5.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">3.62</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 5.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">14.96</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 5.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0.57</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 5.96%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">5.47</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 5.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">4.20</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 11.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 9.92%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">72,289</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 9.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">290,492</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1.92%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 5.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">5.3</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 0.98%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 5.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">4.9</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 5.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">12.61</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 5.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">9.17</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 5.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">14.63</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 5.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">10.49</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 5.96%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">5.22</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 5.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">3.67</div>
</td>
</tr>
</table>

<div>
<table style="MARGIN-TOP: 6pt; 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; MARGIN-TOP: 6pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: -0.7pt; FONT-SIZE: 10pt">(1)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; MARGIN-TOP: 6pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">The leasing activity presented is based on leases signed or executed for our same-store rental properties during the period and is not intended to coincide with the commencement of rental revenue in accordance with GAAP.&#160; Results include properties classified in discontinued operations; prior periods reflect amounts previously reported and exclude retroactive adjustments for properties reclassified to discontinued operations in the current period. 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'', Times, serif; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: -0.7pt; FONT-SIZE: 10pt">(2)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">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'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, 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 increase in the average effective rental rates of new leases executed in the three months ended July 31, 2014 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 the prior period. 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 three months ended July 31, 2013 would have been $11.83 per square foot. The increase in the average effective rental rate of new leases executed in the total commercial portfolio for the three months ended July 31, 2014 when compared <font style="FONT-FAMILY: ''Times New Roman'', Times, 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, 2014.</font></div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div id="DSPFPageFooter"></div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">41</div>

<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; PAGE-BREAK-AFTER: always; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
<div style="WIDTH: 100%" id="DSPFPageHeader"><a href="#TABLEOFCONTENTS">Table Of Contents</a></div>
</div>

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

<div><br>
</div>

<div><br>
</div>

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

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">The following table summarizes our lease renewal activity within our same-store commercial segments (square feet data in thousands):</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Three Months Ended July 31, 2014</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'', Times, serif; FONT-SIZE: 10pt; 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: 15.36%; VERTICAL-ALIGN: bottom" colspan="4">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Average Term</div>

<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">in Years</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 15.47%; VERTICAL-ALIGN: bottom" colspan="4">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Weighted Average Growth (Decline)</div>

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

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

<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; 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: 7.59%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.62%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.58%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.71%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</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'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Office</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.54%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">126,732</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.56%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">57,545</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.54%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.08%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">52.1%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">90.5%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">3.3</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">3.5</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">23.6%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">1.7%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">6.04</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">2.20</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">1.93</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">1.79</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Healthcare</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.54%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">39,016</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.56%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">13,528</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.54%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.08%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">90.7%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">100.0%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">5.6</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">7.5</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">4.5%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">7.3%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 4.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">5.03</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.26%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 4.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">25.76</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.14%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 4.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">2.01</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 4.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">2.82</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Industrial</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.54%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.56%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">222,077</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.54%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.08%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0.0%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">47.9%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0.0</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">3.3</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0.0%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">5.7%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0.00</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.26%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0.00</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.14%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0.00</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 4.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0.30</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Retail</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 0.54%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">51,944</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 0.56%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">12,565</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 0.54%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.08%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">25.6%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 0.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">5.8%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 0.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">4.3</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 0.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">4.2</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 0.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">27.0%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 0.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">3.1%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 4.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">4.78</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.26%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 4.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0.00</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.14%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 4.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0.13</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 4.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0.00</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 11.01%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 0.54%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 7.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">217,692</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 0.56%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 7.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">305,715</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 0.54%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 7.08%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">48.9%</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 0.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 7.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">56.8%</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 0.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">4.1</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 0.7%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 7.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">4.0</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 0.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 7.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">18.0%</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 0.64%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 7.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">4.5%</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 4.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">5.56</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.26%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 4.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">1.55</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.14%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 4.7%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">1.51</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.02%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 4.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0.68</div>
</td>
</tr>
</table>

<div>
<table style="MARGIN-TOP: 6pt; 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; MARGIN-TOP: 6pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(1)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; MARGIN-TOP: 6pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">The leasing activity presented is based on leases signed or executed for our same-store rental properties during the period and is not intended to coincide with the commencement of rental revenue in accordance with GAAP.&#160; Results include properties classified in discontinued operations; prior periods reflect amounts previously reported and exclude retroactive adjustments for properties reclassified to discontinued operations in the current period. 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'', Times, serif; FONT-SIZE: 10pt">(2)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Renewal percentage of expiring leases is based on square footage of renewed leases and not the number of leases 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'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">(3)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">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><br>
</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">The increase in the weighted average growth in effective rents for the three months ended July 31, 2014 in our commercial office and commercial retail segments when compared to the same period in the prior year was due to executed lease renewals in each segment that contained significant tenant improvement allowances.&#160; These significant tenant improvement allowances negotiated by the tenants required increased rental rates to be negotiated by IRET as well.&#160; Absent these leases, the weighted average growth rate in effective rents for the commercial office and commercial retail segments for the three months ended July 31, 2014 would have been 8.9% and 4.8% respectively and the weighted average growth in effective rents for the entire commercial portfolio would have been 6.2%.</div>

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

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, 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, 2014.</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: 23.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Square Footage of</div>

<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Percentage of Total</div>

<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;Commercial Segments</div>

<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Leased Square Footage</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 14.1%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Annualized Base<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><br>
</font>Rent of Expiring<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Percentage of Total</div>

<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;Commercial Segments</div>

<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Annualized Base Rent</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 23.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">2015(remainder)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">140</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">947,360</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">10.5%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">13,122,352</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">10.7%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 23.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">2016</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">125</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">1,253,811</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">14.0%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">17,005,039</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">13.8%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 23.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">2017</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">132</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">1,199,203</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">13.4%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">19,622,750</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">15.9%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 23.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">2018</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">90</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">721,809</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">8.0%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">11,956,009</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">9.7%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 23.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">2019</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">86</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">1,321,573</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">14.7%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">16,344,306</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">13.3%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 23.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">2020</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">43</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">652,264</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">7.2%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">7,267,734</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">5.9%</div>
</td>
</tr>

<tr style="HEIGHT: 18px">
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 23.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">2021</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">43</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">359,401</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">4.0%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">5,436,404</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">4.4%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 23.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">2022</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">42</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">1,352,847</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">15.1%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">16,735,550</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">13.6%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 23.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">2023</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">11</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">468,709</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 13.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">5.2%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">2,021,818</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 14.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">1.7%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 23.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">2024</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">46</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">428,590</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">4.8%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">7,045,221</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">5.7%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 23.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Thereafter</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">16</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">276,677</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 13.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">3.1%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 11.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">6,479,584</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 14.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">5.3%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 23.07%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Totals</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">774</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">8,982,244</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 13.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">100.0%</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 2.16%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 11.94%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">123,036,767</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1.46%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 14.24%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">100.0%</div>
</td>
</tr>
</table>

<div>
<table style="MARGIN-TOP: 6pt; 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; MARGIN-TOP: 6pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(1)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; MARGIN-TOP: 6pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Includes month-to-month leases. As of July 31, 2014 month-to-month leases accounted for 455,380 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'', Times, serif; FONT-SIZE: 10pt">(2)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Annualized Base Rent is monthly scheduled rent as of July 1, 2014, multiplied by 12.</div>
</td>
</tr>
</table>
</div>

<div style="BACKGROUND-COLOR: #ffffff">
<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'', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">(3)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Assuming that none of the tenants exercise renewal or termination options, and including leases renewed prior to expiration. Also excludes 98,174 square feet of income producing real estate operated within a TRS.</div>
</td>
</tr>
</table>

<br>
</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Because of the diverse property types in the Company's commercial portfolio and the dispersed locations of a substantial portion of the portfolio's properties in secondary and tertiary markets, information on current market rents is difficult to obtain, is highly subjective, and is often not directly comparable between properties. As a result, the Company believes that the increase or decrease in effective rent on its recent leases is the most objective and meaningful information available regarding rent trends and the relationship between rents on leases expiring in the near term and current market rents across the Company's markets. The Company believes that rents on its new and renewed leases generally approximate market rents.</div>

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

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10.5pt; FONT-SIZE: 10pt">During the first quarter of fiscal year 2015, the Company closed on its acquisition of:</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: 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'', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">a 152-unit multi-family residential property in Rapid City, South Dakota, on approximately 10.0 acres of land, for a purchase price of $15.0 million, of which $9.9 million consisted of the assumption of existing debt, with the remainder paid in cash;</div>
</td>
</tr>
</table>
</div>

<div>
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<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'', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">a 52-unit multi-family residential property in Rapid City, South Dakota, on approximately 2.0 acres of land, for a purchase price of $3.3 million, of which $2.3 million consisted of the assumption of existing debt, with the remainder paid in cash;</div>
</td>
</tr>
</table>
</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: 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'', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">an approximately 35-acre parcel of vacant land in Bismarck, North Dakota, acquired for possible future development, for a purchase price of $4.3 million, paid in cash;</div>
</td>
</tr>
</table>
</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: 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'', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">an approximately 10.5-acre parcel of vacant land in Brooklyn Park, Minnesota, acquired for development as the PrairieCare Medical project, for a purchase price of $2.6 million, paid in cash; 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: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">an approximately 55.3% interest in a joint venture entity currently constructing the 71 France Phase I project in Edina, Minnesota, a 109-unit multi-family residential property.</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">During the first quarter of fiscal year 2015, the Company sold one commercial office property and one commercial industrial property for a total sales price of $11.7 million. The Company also demolished a building at a commercial retail property in Weston, Wisconsin. <font style="FONT-FAMILY: ''Times New Roman'', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">See Note 8 of the Notes to Condensed Consolidated Financial Statements in this report for a table detailing the Company's acquisitions and dispositions during the three month periods ended July 31, 2014 and 2013.</font></div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Development and Re-Development Projects</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; COLOR: #000000; FONT-SIZE: 10pt">The following tables provide additional detail, as of July 31, 2014,&#160;on the Company's in-service (completed) development and re-development&#160;projects and development and re-development projects in progress. All of&#160;these projects&#160;are excluded from the same-store pool. 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 5.0% to an estimated approximate 14.0% initial yield. The higher initial returns are for those projects that are located in certain of the Company's markets which are experiencing higher levels of economic growth due primarily to energy development. In these markets, actual initial yields upon project completion have been above our initial projections due to heightened tenant demand, low vacancy and rent growth in this region. However, the Company currently expects that elevated construction costs in these markets, combined with increased development activity in the region, may make it less likely that actual initial yields upon project completion for the Company's development projects in progress in these markets will materially exceed the estimated initial yields forecast at the project underwriting stage. The Company expects these trends of elevated construction costs and increased competition from other developers to eventually move yields on its development projects in the region to more modest levels similar to returns being achieved in other parts of the United States.</div>

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

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

<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Projects Completed in the Three Months Ended July 31, 2014</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 23.33%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.84%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.8%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.36%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 17.34%; VERTICAL-ALIGN: bottom" colspan="4">
<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(in&#160; thousands)</div>
</td>
<td style="WIDTH: 8.62%; VERTICAL-ALIGN: bottom" colspan="2">
<div>&#160;</div>
</td>
<td style="WIDTH: 9.86%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 23.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Project Name and Location</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Segment</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total Rentable</div>

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

<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">or Number of Units</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Percentage</div>

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

<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">or Committed</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.6%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Anticipated</div>

<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;Total</div>

<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Cost<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.74%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Costs as of July 31, 2014<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Cost per</div>

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

<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">or Unit<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.86%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>

<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Date Placed&#160;&#160; in Service</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Anticipated Same-Store&#160; &#160; Date</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 23.33%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Dakota Commons - Williston, ND</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 2.1pt">Multi-Family Residential</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.8%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 2.1pt">44 units</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.36%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">40.9%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">10,736</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.76%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">10,265</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">244,000</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.86%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">FY2015 Q1</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.84%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">FY2017 Q1</div>
</td>
</tr>
</table>

<div>
<table style="MARGIN-TOP: 6pt; 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; MARGIN-TOP: 6pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">(1)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; MARGIN-TOP: 6pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">Excludes tenant improvements and leasing commissions.</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 6pt"><br>
</div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; MARGIN-TOP: 6pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Projects in Progress at July 31, 2014</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 26.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 22.52%; VERTICAL-ALIGN: bottom" colspan="4">
<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(in thousands)</div>
</td>
<td style="WIDTH: 10.82%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 26.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Project Name and Location</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 20%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Planned Segment</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Square Feet</div>

<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">or Number of Units</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Percentage</div>

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

<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">or Committed</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Anticipated</div>

<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total Cost</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 11.68%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Costs as of</div>

<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">July 31, 2014<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.82%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Anticipated Construction Completion</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 26.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Commons at Southgate - Minot, ND<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 20%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Multi-Family Residential</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">233 units</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">43.0%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">37,201</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">33,218</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.82%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -10pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 11.4pt; FONT-SIZE: 10pt">FY2015 Q2</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 26.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Minot Wells Fargo Bank - Minot, ND</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Commercial Office</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">4,998 sq ft</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">100%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">3,288</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">1,550</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.82%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -10pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 11.4pt; FONT-SIZE: 10pt">FY2015 Q2</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 26.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Cypress Court II &#8211; St. Cloud, MN<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 20%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Multi-Family Residential</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">66 units</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">7,028</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">3,168</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.82%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -10pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 11.4pt; FONT-SIZE: 10pt">FY2015 Q3</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 26.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Arcata - Golden Valley, MN</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Multi-Family Residential</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">165 units</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">33,448</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">19,048</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.82%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -10pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 11.4pt; FONT-SIZE: 10pt">FY2015 Q3</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 26.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Red 20 - Minneapolis, MN<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(4)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 20%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Multi-Family Residential and Commercial</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">130 units and 10,625 sq ft</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">21.0%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">29,462</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">20,399</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.82%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -10pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 11.4pt; FONT-SIZE: 10pt">FY2015 Q3</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 26.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Renaissance Heights I - Williston, ND<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(5)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Multi-Family Residential</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">288 units</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">42.8%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">62,362</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">44,251</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.82%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -10pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 11.4pt; FONT-SIZE: 10pt">FY2015 Q4</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 26.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Roseville 3075 Long Lake Rd - Roseville, MN</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 20%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Commercial Industrial</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">202,807 sq ft</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">5.38%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">13,915</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">2,578</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.82%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -10pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 11.4pt; FONT-SIZE: 10pt">FY2015 Q4</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 26.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Chateau II - Minot, ND<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(6)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Multi-Family Residential</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">72 units</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">14,711</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">5,681</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.82%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -10pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 11.4pt; FONT-SIZE: 10pt">FY2016 Q1</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 26.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Cardinal Point - Grand Forks, ND</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 20%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Multi-Family Residential</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">251 units</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">40,042</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">9,333</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.82%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -10pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 11.4pt; FONT-SIZE: 10pt">FY2016 Q1</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 26.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">71 France Phase I - Edina, MN<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(7)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Multi-Family Residential</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">109 units</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">29,660</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">4,255</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.82%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -10pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 11.4pt; FONT-SIZE: 10pt">FY2016 Q1</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 26.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Edina 6565 France SMC III - Edina, MN</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 20%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Commercial Medical</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">72,012 sq ft</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">34,665</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">4,204</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.82%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -10pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 11.4pt; FONT-SIZE: 10pt">FY2016 Q2</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 26.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">PrairieCare Medical - Brooklyn Park, MN</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Commercial Medical</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">75,000 sq ft</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">100%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">24,251</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">4,486</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.82%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -10pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 11.4pt; FONT-SIZE: 10pt">FY2016 Q2</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 26.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Deer Ridge &#8211; Jamestown, ND</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 20%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Multi-Family Residential</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">163 units</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">0%</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">24,519</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">1,793</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.82%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -10pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 11.4pt; FONT-SIZE: 10pt">FY2016 Q2</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 26.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Other</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">n/a</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">n/a</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">n/a</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">n/a</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">874</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.82%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; TEXT-INDENT: -10pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 11.4pt; FONT-SIZE: 10pt">n/a</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 26.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 20%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 8.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">354,552</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">154,838</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.82%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>
</table>

<div><br>
</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'', Times, serif; FONT-SIZE: 10pt">(1)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Includes costs related to development projects that are placed in service in phases (Renaissance Heights I - $23.0 million).</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'', Times, serif; FONT-SIZE: 10pt">(2)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">The Company is currently an approximately 52.9% partner in the joint venture entity constructing this project; 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'', Times, serif; FONT-SIZE: 10pt">(3)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">The Company is an approximately 86.1% partner in the joint venture entity constructing this project; 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'', Times, serif; FONT-SIZE: 10pt">(4)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">The Company is an approximately 58.6% partner in the joint venture entity constructing this project; 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'', Times, serif; FONT-SIZE: 10pt">(5)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">The Company is an approximately 70% partner in the joint venture entity constructing this project; 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'', Times, serif; FONT-SIZE: 10pt">(6)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">On December 5, 2013, this development project was destroyed by fire. As of July 31, 2014, $4.0 million of expected insurance proceeds were included in accounts receivable on the Company's consolidated balance sheet. See Note 2 for additional information.</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'', Times, serif; FONT-SIZE: 10pt">(7)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">The Company is currently an approximately 55.3% partner in the joint venture entity constructing this project. The project will be constructed in three phases, and at the conclusion of construction of the third phase, the Company will have an approximately 50.5% interest in the project. The anticipated total cost amount given in the table above is the total cost to the joint venture entity of the project's first phase. The expected total project cost for all three phases is approximately $69.9 million for a total of approximately 241 residential units and approximately 21,772 square feet of commercial retail space.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

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

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

<div><br>
</div>

<div><br>
</div>

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

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, 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: left; FONT-FAMILY: ''Times New Roman'', Times, 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: left; FONT-FAMILY: ''Times New Roman'', Times, 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: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">FFO applicable to common shares and Units for the three months ended July 31, 2014 decreased to $18.9 million compared to $19.7 million for the comparable period ended July 31, 2013, a decrease of 3.8%.</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">RECONCILIATION OF NET INCOME ATTRIBUTABLE TO</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, 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: 42.23%; VERTICAL-ALIGN: bottom" rowspan="2">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Three Months Ended July 31,</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 57.77%; VERTICAL-ALIGN: bottom" colspan="10">
<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 28.43%; VERTICAL-ALIGN: bottom" colspan="5">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 42.23%; 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'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Weighted</div>

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

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; 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: 7.69%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Per</div>

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

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

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; 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: 10.81%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Weighted</div>

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

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

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

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

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Unit<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 42.23%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Net income attributable to Investors Real Estate Trust</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(151)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">3,078</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.78%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 42.23%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Less dividends to preferred shareholders</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(2,879)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(2,879)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.78%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 42.23%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Net income available to common shareholders</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(3,030)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">111,039</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">(0.03)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">199</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">102,358</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0.00</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 42.23%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Adjustments:</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.2%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.78%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 42.23%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Noncontrolling interest &#8211; Operating Partnership</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(402)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">20,293</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">50</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">21,821</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 42.23%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, 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="BACKGROUND-COLOR: #ffffff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">17,037</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 8.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">19,555</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.78%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 5.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 42.23%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Impairment of real estate investments</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">2,320</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 8.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">1,803</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 10.78%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 5.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 42.23%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Gain on depreciable property sales</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">2,993</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.44%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 6.42%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 8.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(1,943)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10.78%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 0.96%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 5.88%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 42.23%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Funds from operations applicable to common shares<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><br>
</font> and Units</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.58%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 8.62%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">18,918</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 10.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">131,332</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 6.42%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0.14</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 2.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 8.2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">19,664</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 10.78%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">124,179</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 0.96%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 5.88%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0.16</div>
</td>
</tr>
</table>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 6pt">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
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<td style="TEXT-ALIGN: left; FONT-STYLE: italic; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; 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 $17,056 and $19,000, and depreciation/amortization from Discontinued Operations of $0 and $586, less corporate-related depreciation and amortization on office equipment and other assets of $19 and $31, for the three months ended July 31, 2014 and 2013, respectively.</td>
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<td style="TEXT-ALIGN: left; FONT-STYLE: italic; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; 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>
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<td style="TEXT-ALIGN: left; FONT-STYLE: italic; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; 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>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">DISTRIBUTIONS</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, 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 2015 and 2014:</div>

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

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, 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: left; FONT-FAMILY: ''Times New Roman'', Times, 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. As of July 31, 2014, the Company had one multi-bank line of credit with a total commitment capacity of $75.0 million, secured by mortgages on 14 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: left; FONT-FAMILY: ''Times New Roman'', Times, 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: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="SourcesAndUsesOfCash"><!--Anchor--></a>SOURCES AND USES OF CASH</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10.5pt; FONT-SIZE: 10pt">While credit markets are currently stable and credit availability is relatively unconstrained, 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 debt maturing in the next twelve months without significant issues, but we also expect lenders to continue to employ relatively conservative underwriting regarding asset quality, occupancy levels and tenant creditworthiness. Accordingly, we continue to be cautious regarding our ability in the remainder of fiscal year 2015 to rely on cash-out refinancing at levels we had achieved prior to the recessionary period, 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 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. 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, 2014, approximately 6.0%, or $2.1 million, of our mortgage debt maturing in the second and third quarters of fiscal year 2015 is debt placed on multi-family residential assets, and approximately 94.0%, or $33.1 million, is debt placed on properties in our four commercial segments. Of this $35.2 million, we have extended the maturity of $8.4 million and expect to extend the maturity of $2.1 million; we expect to pay off $12.1, and we expect to refinance $12.6 million in the second and third quarters of fiscal year 2015.&#160; As of July 31, 2014, approximately 6.2%, or $4.1 million, </div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10.5pt; FONT-SIZE: 10pt">of our mortgage debt maturing in the next twelve months is debt placed on multi-family residential assets, and approximately 93.8%, or $61.5 million, is debt placed on properties in our four commercial segments.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, 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, 2014, lending commitments of $75.0 million. As of July 31, 2014, the line of credit was secured by mortgages on 14 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, 2014 included, in addition to First International Bank, the following financial institutions: The Bank of North Dakota; First Western Bank and Trust; Dacotah Bank; MidCountry Bank; Highland Bank; American State Bank &amp; Trust Company; Town &amp; Country Credit Union and United Community Bank. As of July 31, 2014, the line of credit had an interest rate of 4.75% and a minimum outstanding principal balance requirement of $12.5 million, and as of July 31, 2014 and April 30, 2014, the Company had borrowed $35.5 million and $22.5 million, respectively. The facility includes covenants and restrictions requiring the Company to achieve on a fiscal and 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, 2014, the Company believes it was in compliance with the facility covenants.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, 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, 2014, the Company's compensating balances totaled $10.0 million and consisted of the following: First International Bank, Watford City, North Dakota, deposit of $6.1 million; Private Bank, Minneapolis, Minnesota, deposit of $2.0 million; Associated Bank, Green Bay, Wisconsin, deposit of $600,000; American National Bank, Omaha, Nebraska, deposit of $400,000; Dacotah Bank, Minot, North Dakota, deposit of $350,000; United Community Bank,<font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>Minot, North Dakota, deposit of $275,000; Peoples State Bank of Velva, North Dakota, deposit of $225,000, and Commerce Bank, a Minnesota Banking Corporation, deposit of $100,000. The deposits at United Community Bank and a portion of the deposit at Dacotah Bank are held as certificates of deposit and comprise the approximately $329,000 in other investments on the Condensed Consolidated Balance Sheets. The certificates of deposit have remaining terms of six months and two years and the Company intends to hold them to maturity.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10.5pt; FONT-SIZE: 10pt">Current anticipated total project costs for development projects in progress at July 31, 2014 total approximately $354.6 million (including costs incurred by project joint venture entities), of which approximately $154.8 million has been incurred as of July 31, 2014. As of July 31, 2014, the Company's Operating Partnership (or the project joint venture entities), had entered into construction loans totaling approximately $189.2 million for development projects in progress. In addition to current planned expenditures for development projects in progress, as of July 31, 2014, the Company is committed to fund $8.7 million in tenant improvements, within approximately the next 12 months.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, 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. There were no Units issued in the three months ended July 31, 2014. 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.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, 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, 2014, the Company issued approximately 926,000 shares at an average price of $8.64 per share pursuant to such waivers, for total net proceeds to the Company of $8.0 million. 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.&#160; During the three months ended July 31, 2014 and 2013, 2.4 million and 2.6 million common shares with a total value of $20.9 million and $22.7 million, respectively, were issued under the DRIP plan.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10.5pt; FONT-SIZE: 10pt">Cash and cash equivalents at July 31, 2014 totaled $60.6 million, compared to $93.2 million at July 31, 2013, a decrease of $32.6 million. Net cash provided by operating activities for the three months ended July 31, 2014 increased by $6.1 million, primarily due to an increase in adjusted net income and collections of accounts receivable, compared to the three months ended July 31, 2013.&#160; Net cash used by investing activities increased by $38.3 million for the three months ended July 31, 2014 compared to the three months ended July 31, 2013, primarily due to an increase in payments for development and redevelopment of real estate assets and a decrease in proceeds from the sale of properties. Net cash provided by financing activities was $42.3 million for the three months ended July </div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10.5pt; FONT-SIZE: 10pt">31, 2014, compared to $4.3 million used by financing activities in the comparable period of the prior fiscal year. This change was primarily due to an increase in proceeds from mortgages payable and the Company's revolving line of credit.<font style="BACKGROUND-COLOR: #ffffff; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</font></div>

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

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Mortgage Loan Indebtedness. </font>Mortgage loan indebtedness increased by $19.9 million as of July 31, 2014, compared to April 30, 2014, due to new loans and the assumption of existing mortgages in conjunction with the acquisition of property. As of July 31, 2014, approximately 95.5% 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, 2014, the weighted average rate of interest on the Company's mortgage debt was 5.32%, compared to 5.37% on April 30, 2014.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Property Owned. </font>Property owned was $2.0 billion at July 31, 2014 and April 30, 2014. During the three months ended July 31, 2014, the Company acquired five additional investment properties and disposed of three 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: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Cash and Cash Equivalents. </font>Cash and cash equivalents on hand on July 31, 2014 were $60.6 million, compared to $47.3 million on April 30, 2014.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Other Investments. </font>Other investments, consisting of certificates of deposit held primarily for compensating balances, totaled approximately $329,000 on July 31, 2014 and on April 30, 2014.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Operating Partnership Units. </font>Outstanding units in the Operating Partnership decreased to 18.0 million Units at July 31, 2014 compared to 21.1 million Units outstanding at April 30, 2014. The decrease resulted primarily from the conversion of Units in exchange for common shares.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Common and Preferred Shares of Beneficial Interest. </font>Common shares of beneficial interest outstanding on July 31, 2014 totaled 114.8 million, compared to 109.0 million outstanding on April 30, 2014. The Company issued common shares pursuant to its Distribution Reinvestment and Share Purchase Plan, consisting of 2.4 million common shares issued during the three months ended July 31, 2014, for a total value of $20.9 million. Conversions of 3.1 million UPREIT Units to common shares, for a total of $18.3 million in IRET shareholders' equity, also increased the Company's common shares of beneficial interest outstanding during the three months ended July 31, 2014.<a name="Item3"><!--Anchor--></a></div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; 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: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Variable interest rates. </font>Because approximately 95.5% and 97.9% of our mortgage debt, as of July 31, 2014 and April 30, 2014, respectively, is at fixed interest rates, we have little exposure to interest rate fluctuation risk on our existing mortgage debt, and accordingly interest rate fluctuations during the first quarter of fiscal year 2015 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, 2014, we had the following amount of future principal and interest payments due on mortgages secured by our real estate:</div>

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</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'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Fiscal 2018</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Fiscal 2019</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'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Fair Value</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 19.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Fixed Rate</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.51%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">70,629</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">92,714</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">199,535</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">91,193</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">127,768</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.86%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">390,303</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">972,142</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.82%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">1,128,354</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 19.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, 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="BACKGROUND-COLOR: #ffffff; WIDTH: 2.51%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">5.30%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">5.17%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">4.72%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">5.10%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">4.90%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.86%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.54%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.82%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 19.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt">Variable Rate</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.51%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">131</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.34%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">179</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">15,187</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">22,193</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">5,025</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.86%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.54%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">2,717</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">45,432</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.82%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">45,432</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 19.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, 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; BACKGROUND-COLOR: #ffffff; WIDTH: 2.51%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">2.96%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 0.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.06%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">2.97%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 0.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">3.03%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 0.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">3.12%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 0.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">3.64%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 0.86%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.54%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 0.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 0.82%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 19.17%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.51%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.34%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.06%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.5%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.86%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.54%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.18%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">1,017,574</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.82%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">1,173,786</div>
</td>
</tr>
</table>

<div><br>
</div>

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

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

<div><br>
</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: 18.97%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 69.47%; VERTICAL-ALIGN: bottom" colspan="20">
<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(in thousands)</div>
</td>
<td style="WIDTH: 11.56%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 18.97%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 69.47%; VERTICAL-ALIGN: bottom" colspan="20">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; 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: 18.97%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Mortgages</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 9.41%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Remaining</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; 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: 8.33%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Fiscal 2019</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'', Times, serif; FONT-SIZE: 10pt; 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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div>
</td>
<td style="WIDTH: 11.56%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 18.97%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Fixed Rate</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.73%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">38,606</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">46,566</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">38,170</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.86%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">31,053</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.86%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">25,393</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.86%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">46,698</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.86%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.08%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">226,486</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.56%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 18.97%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Variable Rate</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2.73%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 6.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">1,010</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 0.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 6.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">1,344</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 0.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">1,315</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 0.86%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">438</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 0.86%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">252</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 0.86%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">16</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 0.86%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.08%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">4,375</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.56%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 18.97%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 2.73%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.84%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.86%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.86%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.86%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.52%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 0.86%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 9.08%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">230,861</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.56%; VERTICAL-ALIGN: top">
<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'', Times, 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'', Times, serif; FONT-SIZE: 10pt">Interest rate given is for the entire year.</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 12pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 63pt">The weighted average interest rate on our fixed rate and variable rate debt as of July 31, 2014, was 5.32%. Any fluctuations in variable interest rates could increase or decrease our interest expenses. For example, an increase of one percent per annum on our $45.4 million of variable rate mortgage indebtedness would increase our annual interest expense by approximately $454,000.</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="Item4"><!--Anchor--></a>ITEM 4. CONTROLS AND PROCEDURES</div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 4.5pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">IRET's management, with the participation of the Company's Chief&#160; 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. Such disclosure controls and procedures are designed to ensure that information required to be disclosed by the Company 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: left; MARGIN-TOP: 4.5pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Based on such evaluation, the Company's Chief Executive Officer and Chief Financial Officer have concluded that, as of July 31, 2014, such disclosure controls and procedures were not effective, due to the fact that there was a material weakness in our internal control over financial reporting, as discussed in more detail under Part II, Item 9A in our Annual Report on Form 10-K for fiscal year 2014.</div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 4.5pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">In connection with the preparation of the Company's annual financial statements as of and for the fiscal year ended April 30, 2014, management identified a material weakness relating to determining the appropriate modeling methodology and accounting treatment for share-based compensation expense related to performance-based equity awards under the Company's Long-Term Incentive Plan (the "Plan"), and to applying the accounting rules to the terms of the Plan. This material weakness did not result in any material adjustments to the Company's consolidated financial statements or notes thereto.</div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 13.5pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Remediation Plan</div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 4.5pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">In response to the material weakness, the Company has taken remedial action to strengthen its existing internal controls and processes. In the first quarter of fiscal year 2015, management has (i) engaged the assistance of third parties to evaluate accounting for provisions of share-based compensation plans, (ii) recorded compensation expense in the Company's quarterly interim financial statements based upon fair value of equity awards made under the Plan, and (iii) adjusted the cumulative compensation expense in the current and subsequent quarters.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Company management believes the foregoing efforts will effectively remediate the material weakness.&#160;As the Company continues to evaluate and work to improve its internal control over financial reporting, management may determine to take additional measures to address control deficiencies or determine to modify the remediation plan described above.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">Internal Control Over Financial Reporting: Other than the above-described remediation actions, 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 Exchange Act) 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.<a name="PartII"><!--Anchor--></a></div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">49</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">PART II &#8212; OTHER INFORMATION</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="Part2Item1"><!--Anchor--></a>Item 1. Legal Proceedings</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, 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: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="Item1A"><!--Anchor--></a>Item 1A. Risk Factors</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, 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, 2014.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt"><a name="Part2Item2"><!--Anchor--></a><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Item 2. Unregistered Sales of Equity Securities and Use of Proceeds</font></div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">During the first quarter of fiscal year 2015, the Company issued an aggregate of 7,025 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: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt"><a name="Part2Item3"><!--Anchor--></a><font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Item 3. Defaults Upon Senior Securities</font></div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">None</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="Part2Item4"><!--Anchor--></a>Item 4. Mine Safety Disclosures</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">Not Applicable</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="Part2Item5"><!--Anchor--></a>Item 5. Other Information</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10.5pt; FONT-SIZE: 10pt">None</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="Part2Item6"><!--Anchor--></a>Item 6. Exhibits</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Exhibit No.</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Description</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><a href="iretexhibit12-07312014.htm">12</a></div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Calculation of Ratio of Earnings to Fixed Charges and Earnings to Combined Fixed Charges and Preferred Share Distributions</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><a href="iretexhibit311-07312014.htm">31.1</a></div>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 90.52%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 8pt; FONT-SIZE: 10pt">Certification by Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><a href="iretexhibit312-07312014.htm">31.2</a></div>
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<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 90.52%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 8pt; FONT-SIZE: 10pt">Certification by Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><a href="iretexhibit32-07312014.htm">32</a></div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, 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>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">101</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">The following materials from our Quarterly Report on Form 10-Q for the quarter ended July 31, 2014 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>
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<div style="TEXT-ALIGN: left"><a name="Signature"><!--Anchor--></a><br>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Signatures</div>

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

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

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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">/s/ Timothy P. Mihalick</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Timothy P. Mihalick</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">President and Chief Executive Officer</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">/s/ Diane K. Bryantt</div>
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<div>&#160;</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Diane K. Bryantt</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Executive Vice President and Chief Financial Officer</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Date: September 9, 2014</div>
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<div>&#160;</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Description</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><a href="iretexhibit12-07312014.htm">12</a></div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Calculation of Ratio of Earnings to Fixed Charges and Earnings to Combined Fixed Charges and Preferred Share Distributions</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><a href="iretexhibit311-07312014.htm">31.1</a></div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Certification by Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><a href="iretexhibit312-07312014.htm">31.2</a></div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Certification by Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><a href="iretexhibit32-07312014.htm">32</a></div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, 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>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">101</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">The following materials from our Quarterly Report on Form 10-Q for the quarter ended July 31, 2014 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>
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<TYPE>EX-12
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<FILENAME>iretexhibit12-07312014.htm
<DESCRIPTION>CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES AND EARNINGS TO COMBINED FIXED
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<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Exhibit 12</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, 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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">EARNINGS TO COMBINED FIXED CHARGES</div>

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

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(In Thousands, Except Ratios; Unaudited)</div>

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

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

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">April 30,</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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">July 31, 2014</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2014</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2013</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2012</div>
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<div>&#160;</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 7.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2011</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2010</div>
</td>
</tr>

<tr>
<td style="WIDTH: 43.33%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">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>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 43.33%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(Loss) income from continuing operations</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 17.3pt">(199)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">(23,390)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">20,677</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">8,644</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">4,679</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">5,710</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 43.33%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Add:</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.21%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 37.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Combined fixed charges and preferred distributions (see below)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 20.5pt">18,573</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">73,933</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">73,657</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">68,172</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">64,954</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">71,497</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.21%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 37.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Amortization of capitalized interest</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 20.5pt">14</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">0</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.21%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Less:</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 37.12%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.21%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 37.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -10.25pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 10.25pt; FONT-SIZE: 10pt">(Income) loss noncontrolling interests &#8211; consolidated real estate entities</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 17.3pt">(354)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(910)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(809)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(135)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">180</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(22)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.21%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 37.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Interest capitalized</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 17.25pt">(1,030)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(2,856)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(742)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(571)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(57)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(19)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 6.21%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 37.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Preferred distributions</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 11.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 17.25pt">(2,879)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(11,514)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(9,229)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(2,372)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 7.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(2,372)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(2,372)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 43.33%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total earnings</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 11.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 20.5pt">14,125</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 7.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.75pt">35,263</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.75pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.75pt">83,554</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 7.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.6pt">73,738</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 7.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.6pt">67,384</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 1.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.6pt">74,794</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.21%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 37.12%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 43.33%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Fixed charges</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.21%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 37.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Interest expensed</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 20.5pt">14,664</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">59,563</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">63,686</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">65,229</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">62,525</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">69,106</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 6.21%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 37.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Interest capitalized</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 11.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 20.5pt">1,030</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">2,856</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">742</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">571</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">57</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">19</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 43.33%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total fixed charges</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 20.5pt">15,694</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.75pt">62,419</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.75pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.75pt">64,428</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.6pt">65,800</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.6pt">62,582</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.6pt">69,125</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 6.21%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 37.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Preferred distributions</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 11.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 20.5pt">2,879</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">11,514</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.75pt">9,229</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">2,372</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 7.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">2,372</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 1.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 3.6pt">2,372</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 43.33%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total combined fixed charges and preferred distributions</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 11.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 20.5pt">18,573</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1.6%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 7.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.75pt">73,933</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.75pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.75pt">73,657</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 7.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.6pt">68,172</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 7.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.6pt">64,954</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1.38%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.6pt">71,497</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.21%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 37.12%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.22%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 43.33%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ratio of earnings to fixed charges</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 11.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 20.5pt">(1)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.6pt">(2)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.6pt">1.30x</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.6pt">1.12x</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 7.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.6pt">1.08x</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.6pt">1.08x</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 43.33%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ratio of earnings to combined fixed charges and preferred distributions</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.68%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11.72%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 20.5pt">(1)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.6%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.32%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.6pt">(2)</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.72%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.48%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.6pt">1.13x</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.22%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.6pt">1.08x</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.32%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 7.28%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.6pt">1.04x</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1.38%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.66%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 3.6pt">1.05x</div>
</td>
</tr>
</table>

<div style="MARGIN-TOP: 6pt"><br>
</div>

<div>
<table style="MARGIN-TOP: 6pt; 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; MARGIN-TOP: 6pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(1)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; MARGIN-TOP: 6pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Due to non-cash asset impairment and loss on sale charges of $5.3 million, earnings were inadequate to cover fixed charges and combined fixed charges and preferred distributions by $1.6 million and $4.5 million, respectively. Excluding the asset impairment and loss on sale charges, the ratios of earnings to fixed charges and earnings to combined fixed charges and preferred distributions would have been 1.24 and 1.05, respectively, for the three months&#160; ended July 31, 2014.</div>
</td>
</tr>
</table>
</div>

<div>
<table style="MARGIN-TOP: 6pt; 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; MARGIN-TOP: 6pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(2)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; MARGIN-TOP: 6pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Due to non-cash asset impairment charges of $42.6 million, earnings were inadequate to cover fixed charges and combined fixed charges and preferred distributions by $27.2 million and $38.7 million, respectively. Excluding the asset impairment charge, the ratios of earnings to fixed charges and earnings to combined fixed charges and preferred distributions would have been 1.25 and 1.05, respectively, for the fiscal year ended April 30, 2014.</div>
</td>
</tr>
</table>
</div>
</div>
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</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>3
<FILENAME>iretexhibit311-07312014.htm
<DESCRIPTION>CERTIFICATION BY CHIEF EXECUTIVE OFFICER PURSUANT TO SECTION 302 OF THE SARBANES
<TEXT>
<html>
<head>
<title></title>
<!--Licensed to: Investors Real Estate Trust
    Document created using Disclosure Solutions PROFILE 2.6.1.0
    Copyright 1995 - 2014 Thomson Reuters Accelus.  All rights reserved.-->
</head>
<body style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" bgcolor="#ffffff" text="#000000">
<div>
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Exhibit 31.1</div>

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

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">I, Timothy P. Mihalick, certify that:</div>

<div style="TEXT-ALIGN: left; MARGIN-BOTTOM: 10pt">
<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; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">1.</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">I have reviewed this quarterly report on Form 10-Q of Investors Real Estate Trust;</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left; MARGIN-BOTTOM: 10pt">
<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; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">2.</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, 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>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left; MARGIN-BOTTOM: 10pt">
<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; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">3.</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, 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>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left; MARGIN-BOTTOM: 10pt">
<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; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">4.</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, 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>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left; MARGIN-BOTTOM: 10pt">
<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"></td>
<td style="WIDTH: 18pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">a)</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, 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>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left; MARGIN-BOTTOM: 10pt">
<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"></td>
<td style="WIDTH: 18pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">b)</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, 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>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left; MARGIN-BOTTOM: 10pt">
<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"></td>
<td style="WIDTH: 18pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">c)</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, 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>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left; MARGIN-BOTTOM: 10pt">
<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"></td>
<td style="WIDTH: 18pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">d)</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, 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>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left; MARGIN-BOTTOM: 10pt">
<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; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">5.</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, 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>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left; MARGIN-BOTTOM: 10pt">
<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"></td>
<td style="WIDTH: 18pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">a)</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, 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>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left; MARGIN-BOTTOM: 10pt">
<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"></td>
<td style="WIDTH: 18pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">b)</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, 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>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">Date: September 9, 2014</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 4.83%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">By:</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 45.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">/s/ Timothy, P. Mihalick</div>
</td>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 4.83%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 45.17%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Timothy, P. Mihalick, President &amp; CEO</div>
</td>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div>&#160;</div>
</td>
</tr>
</table>
</div>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.2
<SEQUENCE>4
<FILENAME>iretexhibit312-07312014.htm
<DESCRIPTION>CERTIFICATION BY CHIEF FINANCIAL OFFICER PURSUANT TO SECTION 302 OF THE SARBANES
<TEXT>
<html>
<head>
<title></title>
<!--Licensed to: Investors Real Estate Trust
    Document created using Disclosure Solutions PROFILE 2.6.1.0
    Copyright 1995 - 2014 Thomson Reuters Accelus.  All rights reserved.-->
</head>
<body style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" bgcolor="#ffffff" text="#000000">
<div>
<div style="TEXT-ALIGN: right; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Exhibit 31.2</div>

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

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">I, Diane K. Bryantt, certify that:</div>

<div style="TEXT-ALIGN: left; MARGIN-BOTTOM: 10pt">
<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; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">1.</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">I have reviewed this quarterly report on Form 10-Q of Investors Real Estate Trust;</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left; MARGIN-BOTTOM: 10pt">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
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<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, 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: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: ''Times New Roman'', Times, 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'', Times, 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'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Sarbanes-Oxley Act of 2002</font></div>

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  <us-gaap:BusinessCombinationDisclosureTextBlock contextRef="c20140501to20140731">&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'', Times, serif; margin-bottom: 12pt; font-size: 10pt; font-weight: bold;"&gt;NOTE 8 &amp;#8226; ACQUISITIONS, DEVELOPMENTS PLACED IN SERVICE AND DISPOSITIONS&lt;/div&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 10.5pt; font-size: 10pt; font-weight: bold;"&gt;PROPERTY ACQUISITIONS&lt;/div&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 10.5pt; font-size: 10pt;"&gt;The Company added approximately $26.6 million of real estate properties to its portfolio through property acquisitions during the three months ended July 31, 2014, compared to $6.4 million in the three months ended July 31, 2013. The Company expensed approximately $75,000 and $101,000 of transaction costs related to the acquisitions in three months ended July 31, 2014 and 2013, respectively. The Company's acquisitions during the three months ended July 31, 2014 and 2013 are detailed below.&lt;/div&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt; font-weight: bold;"&gt;Three Months Ended July 31, 2014&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 style="height: 17px;"&gt;&lt;td style="width: 31.65%; 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 colspan="12" style="border-bottom: #000000 2px solid; width: 57.47%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 31.65%; 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 colspan="2" rowspan="2" style="border-bottom: #000000 2px solid; width: 9.98%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Total&lt;/div&gt;&lt;div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Acquisition&lt;/div&gt;&lt;div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Cost&lt;/div&gt;&lt;/td&gt;&lt;td colspan="4" style="border-bottom: #000000 2px solid; width: 20%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Form of Consideration&lt;/div&gt;&lt;/td&gt;&lt;td colspan="6" style="border-bottom: #000000 2px solid; width: 27.49%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Investment Allocation&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; width: 31.65%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Acquisitions&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: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Date Acquired&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 10%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Cash&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 10%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Other&lt;sup&gt;(1)&lt;/sup&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 9.16%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Land&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 9.19%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Building&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 9.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Intangible&lt;/div&gt;&lt;div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Assets&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 31.65%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.88%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.46%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.52%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.66%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.66%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: top;"&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: 7.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.68%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.52%; 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: 7.48%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 31.65%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Multi-Family Residential&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 10.88%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.46%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 7.52%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.66%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.34%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 7.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.68%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 7.52%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 7.48%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 31.65%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; font-family: ''Times New Roman'', Times, serif; margin-left: 16.2pt; font-size: 10pt;"&gt;152 unit &amp;#8211; Homestead Garden - Rapid City, SD&lt;sup&gt;(2)&lt;/sup&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 10.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;2014-06-02&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.46%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 7.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;15,000&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;5,092&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;9,908&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 7.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;655&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.68%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 7.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;14,139&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 7.48%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;206&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 31.65%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; font-family: ''Times New Roman'', Times, serif; margin-left: 16.2pt; font-size: 10pt;"&gt;52 unit &amp;#8211; Silver Springs - Rapid City, SD&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 10.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;2014-06-02&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 2.46%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 7.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;3,280&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; 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; background-color: #cceeff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;1,019&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 1.66%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;2,261&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; 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; background-color: #cceeff; width: 7.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;215&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 1.68%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 7.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;3,006&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; 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; background-color: #cceeff; width: 7.48%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;59&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 31.65%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 10.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.46%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 7.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;18,280&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;6,111&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.66%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;12,169&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 7.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;870&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.68%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 7.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;17,145&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 7.48%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;265&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 31.65%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 10.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.46%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 7.52%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.66%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.34%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 7.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.68%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 7.52%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 7.48%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 31.65%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Unimproved Land&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 10.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.46%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 7.52%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.66%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.34%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 7.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.68%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 7.52%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 7.48%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 31.65%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; font-family: ''Times New Roman'', Times, serif; margin-left: 16.2pt; font-size: 10pt;"&gt;Creekside Crossing &amp;#8211; Bismarck, ND&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 10.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;2014-05-22&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.46%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 7.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;4,269&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;4,269&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.66%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 7.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;4,269&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.68%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 7.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 7.48%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px;"&gt;&lt;td style="background-color: #ffffff; width: 31.65%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; font-family: ''Times New Roman'', Times, serif; margin-left: 16.2pt; font-size: 10pt;"&gt;PrairieCare Medical &amp;#8211; Brooklyn Park, MN&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 10.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;2014-06-05&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.46%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 7.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;2,616&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;2,616&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.66%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 7.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;2,616&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.68%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 7.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 7.48%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 31.65%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; font-family: ''Times New Roman'', Times, serif; margin-left: 16.2pt; font-size: 10pt;"&gt;71 France Phase I &amp;#8211; Edina, MN&lt;sup&gt;(3)&lt;/sup&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 10.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;2014-06-12&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 2.46%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 7.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;1,413&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; 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; background-color: #cceeff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 1.66%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;1,413&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; 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; background-color: #cceeff; width: 7.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;1,413&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 1.68%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 7.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; 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; background-color: #cceeff; width: 7.48%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 31.65%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 10.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.46%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 7.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;8,298&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;6,885&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.66%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;1,413&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 7.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;8,298&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.68%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 7.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 7.48%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 31.65%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 10.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 2.46%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 7.52%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; 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; background-color: #cceeff; width: 1.66%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 8.34%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; 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; background-color: #cceeff; width: 1.68%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 7.52%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 7.48%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 31.65%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Total Property Acquisitions&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 10.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 2.46%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 7.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;26,578&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;12,996&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;13,582&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 7.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;9,168&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 1.68%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 7.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;17,145&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 7.48%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;265&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="margin-top: 6pt; 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; margin-top: 6pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;(1)&lt;/div&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top;"&gt;&lt;div style="text-align: left; font-style: italic; margin-top: 6pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Consists of assumed debt (Homestead Garden I - $9.9 million, Silver Springs - $2.3 million) and value of land contributed by the joint venture partner (71 France - $1.4 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; 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'', Times, serif; font-size: 10pt;"&gt;(2)&lt;/div&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top;"&gt;&lt;div style="text-align: left; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;At acquisition the Company adjusted the assumed debt to fair value and recognized approximately $852,000 of goodwill.&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; 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'', Times, serif; font-size: 10pt;"&gt;(3)&lt;/div&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top;"&gt;&lt;div style="text-align: left; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Land is owned by a joint venture in which the Company currently has an approximately 55.3% interest. The joint venture is consolidated in IRET's financial statements.&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: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Three Months Ended July 31, 2013&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: 31.67%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.84%; 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: 57.49%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 31.67%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.84%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" rowspan="2" style="border-bottom: #000000 2px solid; width: 10%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Total&lt;/div&gt;&lt;div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Acquisition&lt;/div&gt;&lt;div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Cost&lt;/div&gt;&lt;/td&gt;&lt;td colspan="4" style="border-bottom: #000000 2px solid; width: 20%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Form of Consideration&lt;/div&gt;&lt;/td&gt;&lt;td colspan="6" style="border-bottom: #000000 2px solid; width: 27.49%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Investment Allocation&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; width: 31.67%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Acquisitions&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 10.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Date Acquired&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 10%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Cash&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 10%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Units&lt;sup&gt;(1)&lt;/sup&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 9.16%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Land&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 9.18%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Building&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 9.16%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Intangible&lt;/div&gt;&lt;div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Assets&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 31.67%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.84%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.5%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.5%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.66%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.66%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: top;"&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: 7.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.68%; 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: 1.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.66%; 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: 31.67%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Multi-Family Residential&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.84%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.5%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.5%; vertical-align: top;"&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: 8.34%; 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: 8.34%; 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: 7.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.68%; 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: 1.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 31.67%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; font-family: ''Times New Roman'', Times, serif; margin-left: 16.2pt; font-size: 10pt;"&gt;71 unit - Alps Park - Rapid City, SD&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 10.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;2013-05-01&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 7.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;6,200&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;2,920&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;3,280&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 7.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;287&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.68%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 7.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;5,551&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 7.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;362&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 31.67%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 10.84%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 7.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 7.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.68%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 7.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 7.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 31.67%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 10.84%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 7.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 7.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.68%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 7.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 7.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 31.67%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Unimproved Land&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 10.84%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 7.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 7.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.68%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 7.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 7.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 31.67%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; font-family: ''Times New Roman'', Times, serif; margin-left: 16.2pt; font-size: 10pt;"&gt;Chateau II - Minot, ND&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 10.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;2013-05-21&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 7.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;179&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;179&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 7.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;179&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.68%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 7.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 7.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 31.67%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 10.84%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 7.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 7.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.68%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 7.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 7.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 31.67%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 10.84%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; 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; background-color: #cceeff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; 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; background-color: #cceeff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; 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; background-color: #cceeff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; 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; background-color: #cceeff; width: 1.68%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; 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; background-color: #cceeff; width: 1.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 7.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 31.67%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Total Property Acquisitions&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 10.84%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 2.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 7.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;6,379&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;3,099&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;3,280&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 7.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;466&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 1.68%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 7.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;5,551&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 1.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 7.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;362&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="margin-top: 6pt; 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; margin-top: 6pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;(1)&lt;/div&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top;"&gt;&lt;div style="text-align: left; font-style: italic; margin-top: 6pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Value of limited partnership units of the Operating Partnership at the acquisition date.&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 style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="margin-bottom: 12pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 12pt; font-size: 10pt;"&gt;Acquisitions in the three months ended July 31, 2014 and 2013 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, 2014 and 2013, 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'', Times, serif; font-size: 10pt; 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'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Three Months Ended&lt;/div&gt;&lt;div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; 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'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;2014&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'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;2013&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 75.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Total revenue&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 10.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;362&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 9.96%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;186&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 75.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Net (loss) income&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 10.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;20&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 9.96%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;(108)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: left; margin-top: 12pt; font-family: ''Times New Roman'', Times, serif; margin-bottom: 10pt; font-size: 10pt; font-weight: bold;"&gt;DEVELOPMENT PROJECTS PLACED IN SERVICE&lt;/div&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 12pt; font-size: 10pt;"&gt;IRET Properties placed approximately $10.3 million of development projects in service during the three months ended July 31, 2014. There were no development projects placed in service in the three months ended July 31, 2013. The development projects placed in service during the three months ended July 31, 2014 are detailed below.&lt;/div&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt; font-weight: bold;"&gt;Three Months Ended July 31, 2014&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: 49.27%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 13.36%; 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: 37.37%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; 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: 49.27%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Development Projects Placed in Service&lt;sup&gt; (1)&lt;/sup&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 13.36%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Date Placed in&lt;/div&gt;&lt;div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Service&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 11.44%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Land&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'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Building&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 13.44%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Development&lt;/div&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Cost&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 49.27%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 13.36%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.76%; 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: 10.56%; 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: 49.27%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Multi-Family Residential&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 13.36%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.76%; 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: 10.56%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 49.27%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 18pt; font-size: 10pt;"&gt;44 unit &amp;#8211; Dakota Commons - Williston, ND&lt;sup&gt;(2)&lt;/sup&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 13.36%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;2014-07-15&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 2.76%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 8.68%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;823&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;9,442&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 10.56%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;10,265&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 49.27%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 13.36%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 2.76%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 8.68%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 2.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; margin-left: 18pt; font-size: 10pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 9.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 2.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; margin-left: 18pt; font-size: 10pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 10.56%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 49.27%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, 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; background-color: #cceeff; width: 13.36%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 2.76%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 8.68%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;823&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 2.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;9,442&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 2.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 10.56%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;10,265&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="text-align: left; margin-top: 12pt;"&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="font-style: italic; width: 18pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; vertical-align: top; align: right;"&gt;(1)&lt;/td&gt;&lt;td style="text-align: left; font-style: italic; width: auto; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; vertical-align: top;"&gt;Development projects that are placed in service in phases are excluded from this table until the entire project has been placed in service. See Note 6 for additional information on the Renaissance Heights I project, which was partially placed in service during the fiscal year 2014 and the three months ended July 31, 2014.&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; 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'', Times, serif; font-size: 10pt;"&gt;(2)&lt;/div&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top;"&gt;&lt;div style="text-align: left; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Development property placed in service July 15, 2014. Costs paid in fiscal year 2014 totaled $8.1 million, including the land acquired in fiscal year 2013. Additional costs paid in fiscal year 2015 totaled $2.2 million, for a total project cost at July 31, 2014 of $10.3 million.&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div style="margin-top: 12pt; margin-bottom: 12pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: left; margin-top: 12pt; font-family: ''Times New Roman'', Times, serif; margin-bottom: 12pt; font-size: 10pt; font-weight: bold;"&gt;PROPERTY DISPOSITIONS&lt;/div&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 10pt; font-size: 10pt;"&gt;During the first quarter of fiscal year 2015, the Company sold one commercial office property and one commercial industrial property for a total sales price of $6.7 million. The Company also demolished a building at a commercial retail property in Weston, Wisconsin.&lt;/div&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, 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 for a total sales price of $21.8 million. The following table details the Company's dispositions during the three months ended July 31, 2014 and 2013:&lt;/div&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt; font-weight: bold;"&gt;Three Months Ended July 31, 2014&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: 50.85%; 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: 35.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; 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: 50.85%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; 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'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Date&lt;/div&gt;&lt;div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; 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'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Sales Price&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 13.55%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Book Value&lt;/div&gt;&lt;div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; 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'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Gain/(Loss)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 50.85%; 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&gt;&lt;td style="width: 50.85%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Commercial Office&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 13.62%; 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: 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&gt;&lt;td style="background-color: #cceeff; width: 50.85%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 18pt; font-size: 10pt;"&gt;73,338 sq ft Dewey Hill - Edina, MN&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 13.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;2014-05-19&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 10.16%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;3,100&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 11.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;3,124&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.4%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;(24)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 50.85%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 13.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 10.16%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 11.84%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.4%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 50.85%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Commercial Industrial&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 13.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 10.16%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 11.84%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.4%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 50.85%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 18pt; font-size: 10pt;"&gt;198,600 sq ft Eagan 2785 &amp;amp; 2795 &amp;#8211; Eagan, MN&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 13.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; margin-left: 18pt; font-size: 10pt; margin-right: 3.75pt;"&gt;2014-07-15&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 10.16%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;3,600&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 11.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;5,393&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.4%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;(1,793)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 50.85%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 13.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 10.16%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 11.84%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.4%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 50.85%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Commercial Retail&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 13.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 10.16%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 11.84%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.4%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 50.85%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 18pt; font-size: 10pt;"&gt;25,644 sq ft Weston Retail &amp;#8211; Weston, WI&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 13.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; margin-left: 18pt; font-size: 10pt; margin-right: 3.75pt;"&gt;2014-07-28&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 10.16%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;n/a&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 11.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;1,176&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.4%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;(1,176)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 50.85%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 13.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; 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; background-color: #ffffff; 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; background-color: #ffffff; 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; background-color: #ffffff; 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; background-color: #ffffff; 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; background-color: #ffffff; width: 8.4%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 50.85%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Total Property Dispositions&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 13.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 1.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 10.16%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;6,700&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 1.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 11.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;9,693&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 1.72%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 8.4%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;(2,993)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="text-align: justify; margin-bottom: 6pt;"&gt;&lt;!--Anchor--&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, 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: 50.85%; 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: 35.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; 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: 50.85%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; 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'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Date&lt;/div&gt;&lt;div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; 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'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Sales Price&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 13.55%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Book Value&lt;/div&gt;&lt;div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; 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'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Gain/(Loss)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 50.85%; 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&gt;&lt;td style="width: 50.85%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 13.62%; 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: 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&gt;&lt;td style="width: 50.85%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Commercial Industrial&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 13.62%; 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: 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&gt;&lt;td style="background-color: #cceeff; width: 50.85%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 18pt; font-size: 10pt;"&gt;41,880 sq ft Bodycote Industrial Building- Eden Prairie, MN&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 13.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; margin-left: 18pt; font-size: 10pt; margin-right: 3.75pt;"&gt;2013-05-13&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 10.16%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;3,150&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 11.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;1,375&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.4%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;1,775&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 50.85%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 18pt; font-size: 10pt;"&gt;42,244 sq ft Fargo 1320 45&lt;sup&gt;th&lt;/sup&gt; Street N - Fargo, ND&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 13.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; margin-left: 18pt; font-size: 10pt; margin-right: 3.75pt;"&gt;2013-05-13&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 10.16%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;4,700&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 11.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;4,100&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.4%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;600&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 50.85%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 18pt; font-size: 10pt;"&gt;49,620 sq ft Metal Improvement Company - New Brighton, MN&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 13.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; margin-left: 18pt; font-size: 10pt; margin-right: 3.75pt;"&gt;2013-05-13&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 10.16%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;2,350&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 11.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;1,949&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.4%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;401&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 50.85%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 18pt; 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; background-color: #ffffff; width: 13.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, 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; background-color: #ffffff; 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; background-color: #ffffff; width: 10.16%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, 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; background-color: #ffffff; 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; background-color: #ffffff; width: 11.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, 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; background-color: #ffffff; 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; background-color: #ffffff; width: 8.4%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;(723)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 50.85%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 13.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 10.16%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;19,475&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 11.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;17,422&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.4%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;2,053&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 16px;"&gt;&lt;td style="background-color: #ffffff; width: 50.85%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 13.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 10.16%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 11.84%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.4%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 50.85%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Commercial Retail&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 13.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 10.16%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 11.84%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.4%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 50.85%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 18pt; font-size: 10pt;"&gt;23,187 sq ft Eagan Community - Eagan, MN&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 13.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; margin-left: 18pt; font-size: 10pt; margin-right: 3.75pt;"&gt;2013-05-14&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 10.16%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;2,310&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 11.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;2,420&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.4%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;(110)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 50.85%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 13.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; 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; background-color: #cceeff; 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; background-color: #cceeff; 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; background-color: #cceeff; 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; background-color: #cceeff; 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; background-color: #cceeff; width: 8.4%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 50.85%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Total Property Dispositions&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 13.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 1.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 10.16%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;21,785&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 1.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 11.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, 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; background-color: #ffffff; width: 1.72%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 8.4%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, 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="margin-bottom: 6pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;/div&gt;</us-gaap:BusinessCombinationDisclosureTextBlock>
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  <us-gaap:CommitmentsAndContingencies contextRef="c20140430" unitRef="U001" xsi:nil="true" />
  <!--COMMITMENTS AND CONTINGENCIES (NOTE 6)-->
  <us-gaap:CommitmentsAndContingencies contextRef="c20140731" unitRef="U001" xsi:nil="true" />
  <!--Commitments and Contingencies Disclosure [Text Block]-->
  <us-gaap:CommitmentsAndContingenciesDisclosureTextBlock contextRef="c20140501to20140731">&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'', Times, serif; margin-bottom: 6pt; font-size: 10pt; font-weight: bold;"&gt;NOTE 6 &amp;#8226; COMMITMENTS AND CONTINGENCIES&lt;/div&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 10pt; font-size: 10pt;"&gt;&lt;font style="font-style: italic; font-family: ''Times New Roman'', Times, 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: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 10pt; font-size: 10pt;"&gt;&lt;font style="font-style: italic; font-family: ''Times New Roman'', Times, 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: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 10pt; font-size: 10pt;"&gt;&lt;font style="font-style: italic; font-family: ''Times New Roman'', Times, 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, 2014, the total property cost of the 15 properties subject to purchase options was $120.5 million, and the total gross rental revenue from these properties was $2.6 million for the three months ended July 31, 2014.&amp;#160; The tenant in the Company's Nebraska Orthopaedic Hospital property has exercised its option to purchase the property. The Company and its tenant are currently engaged in an arbitration proceeding pursuant to the lease agreement to determine the purchase price. The Company currently can give no assurance that the sale of the property pursuant to the purchase option will be completed.&lt;/div&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 12pt; font-size: 10pt;"&gt;&lt;font style="font-style: italic; font-family: ''Times New Roman'', Times, 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: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 10pt; font-size: 10pt;"&gt;&lt;font style="font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Restrictions on Taxable Dispositions.&amp;#160; &lt;/font&gt;Approximately 110 of IRET's properties, consisting of 5.3 million square feet of the Company's combined commercial segments' properties and 5,106 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 $827.5 million at July 31, 2014. 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: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 10pt; font-size: 10pt;"&gt;&lt;font style="font-style: italic; font-family: ''Times New Roman'', Times, 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, 2014 and 2013, the aggregate redemption value of the then-outstanding UPREIT Units of the operating partnership owned by limited partners was approximately $154.4 million and $197.7 million, respectively.&lt;/div&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 10pt; font-size: 10pt;"&gt;&lt;font style="font-style: italic; font-family: ''Times New Roman'', Times, 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 one joint venture, the Company's Southgate apartment project in Minot, North Dakota, in which the Company's joint venture partner can, for a four-year period beginning twelve months after the last certificate of occupancy is received for the project, compel the Company to acquire the partner's interest, for a price to be determined in accordance with the provisions of the joint venture agreement. The joint venture partner's interest is reflected as a redeemable noncontrolling interest on the condensed consolidated balance sheets.&lt;/div&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 10.5pt; font-size: 10pt;"&gt;&lt;font style="font-style: italic; font-family: ''Times New Roman'', Times, 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, 2014, the Company is committed to fund $8.7 million in tenant improvements, within approximately the next 12 months.&lt;/div&gt;&lt;div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;&lt;/div&gt;&lt;div&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'', Times, serif; margin-bottom: 12pt; font-size: 10pt;"&gt;&lt;font style="font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Development, Expansion and Renovation Projects.&amp;#160; &lt;/font&gt;As of July 31, 2014, 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;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: 20.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 18.54%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.84%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="6" style="border-bottom: #000000 2px solid; width: 38.24%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 11.76%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; width: 20.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Project Name and Location&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 18.54%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Planned Segment&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 10.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Square Feet&lt;/div&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;or Number of Units&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'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Anticipated&lt;/div&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Total Cost&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 12.42%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Costs as of&lt;/div&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;July 31, 2014&lt;sup&gt;(1)&lt;/sup&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 13.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Loans Closed or Committed&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 11.76%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Anticipated Construction Completion&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 20.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Commons at Southgate - Minot, ND&lt;sup&gt;(2)&lt;/sup&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 18.54%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Multi-Family Residential&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 10.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;233 units&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 10%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;37,201&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 9.9%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;33,218&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 10.82%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;24,480&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 11.76%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; text-indent: -10pt; font-family: ''Times New Roman'', Times, serif; margin-left: 11.4pt; font-size: 10pt;"&gt;FY2015 Q2&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 20.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Minot Wells Fargo Bank - Minot, ND&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 18.54%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Commercial Office&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 10.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;4,998 sq ft&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 10%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;3,288&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.52%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 9.9%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;1,550&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.5%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 10.82%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 11.76%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; text-indent: -10pt; font-family: ''Times New Roman'', Times, serif; margin-left: 11.4pt; font-size: 10pt;"&gt;FY2015 Q2&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 20.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Cypress Court II &amp;#8211; St. Cloud, MN&lt;sup&gt;(3)&lt;/sup&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 18.54%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Multi-Family Residential&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 10.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;66 units&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 10%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;7,028&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.52%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 9.9%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;3,168&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.5%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 10.82%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;4,200&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 11.76%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; text-indent: -10pt; font-family: ''Times New Roman'', Times, serif; margin-left: 11.4pt; font-size: 10pt;"&gt;FY2015 Q3&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 20.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Arcata - Golden Valley, MN&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 18.54%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Multi-Family Residential&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 10.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;165 units&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 10%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;33,448&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.52%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 9.9%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;19,048&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.5%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 10.82%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;24,250&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 11.76%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; text-indent: -10pt; font-family: ''Times New Roman'', Times, serif; margin-left: 11.4pt; font-size: 10pt;"&gt;FY2015 Q3&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 20.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Red 20 - Minneapolis, MN&lt;sup&gt;(4)&lt;/sup&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 18.54%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Multi-Family Residential and Commercial&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 10.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;130 units and 10,625 sq ft&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 10%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;29,462&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.52%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 9.9%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;20,399&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.5%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 10.82%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;21,726&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 11.76%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; text-indent: -10pt; font-family: ''Times New Roman'', Times, serif; margin-left: 11.4pt; font-size: 10pt;"&gt;FY2015 Q3&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 16px;"&gt;&lt;td style="background-color: #ffffff; width: 20.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Renaissance Heights I - Williston, ND&lt;sup&gt;(5)&lt;/sup&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 18.54%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Multi-Family Residential&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 10.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;288 units&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 10%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;62,362&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.52%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 9.9%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;44,251&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.5%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 10.82%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;43,672&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 11.76%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; text-indent: -10pt; font-family: ''Times New Roman'', Times, serif; margin-left: 11.4pt; font-size: 10pt;"&gt;FY2015 Q4&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 20.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Roseville 3075 Long Lake Rd - Roseville, MN&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 18.54%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Commercial Industrial&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 10.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;202,807 sq ft&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 10%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;13,915&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.52%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 9.9%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;2,578&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.5%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 10.82%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;11,000&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 11.76%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; text-indent: -10pt; font-family: ''Times New Roman'', Times, serif; margin-left: 11.4pt; font-size: 10pt;"&gt;FY2015 Q4&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 20.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Chateau II - Minot, ND&lt;sup&gt;(6)&lt;/sup&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 18.54%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Multi-Family Residential&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 10.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;72 units&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 10%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;14,711&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.52%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 9.9%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;5,681&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.5%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 10.82%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 11.76%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; text-indent: -10pt; font-family: ''Times New Roman'', Times, serif; margin-left: 11.4pt; font-size: 10pt;"&gt;FY2016 Q1&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 20.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Cardinal Point - Grand Forks, ND&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 18.54%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Multi-Family Residential&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 10.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;251 units&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 10%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;40,042&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.52%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 9.9%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;9,333&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.5%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 10.82%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;24,500&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 11.76%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; text-indent: -10pt; font-family: ''Times New Roman'', Times, serif; margin-left: 11.4pt; font-size: 10pt;"&gt;FY2016 Q1&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 20.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;71 France Phase I - Edina, MN&lt;sup&gt;(7)&lt;/sup&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 18.54%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Multi-Family Residential&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 10.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;109 units&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 10%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;29,660&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.52%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 9.9%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;4,255&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.5%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 10.82%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;20,365&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 11.76%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; text-indent: -10pt; font-family: ''Times New Roman'', Times, serif; margin-left: 11.4pt; font-size: 10pt;"&gt;FY2016 Q1&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 20.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Edina 6565 France SMC III - Edina, MN&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 18.54%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Commercial Medical&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 10.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;72,012 sq ft&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 10%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;34,665&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.52%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 9.9%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;4,204&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.5%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 10.82%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 11.76%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; text-indent: -10pt; font-family: ''Times New Roman'', Times, serif; margin-left: 11.4pt; font-size: 10pt;"&gt;FY2016 Q2&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 20.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;PrairieCare Medical - Brooklyn Park, MN&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 18.54%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Commercial Medical&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 10.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;75,000 sq ft&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 10%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;24,251&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.52%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 9.9%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;4,486&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.5%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 10.82%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;15,000&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 11.76%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; text-indent: -10pt; font-family: ''Times New Roman'', Times, serif; margin-left: 11.4pt; font-size: 10pt;"&gt;FY2016 Q2&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 20.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Deer Ridge &amp;#8211; Jamestown, ND&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 18.54%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Multi-Family Residential&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 10.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;163 units&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 10%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;24,519&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.52%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 9.9%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;1,793&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.5%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 10.82%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 11.76%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; text-indent: -10pt; font-family: ''Times New Roman'', Times, serif; margin-left: 11.4pt; font-size: 10pt;"&gt;FY2016 Q2&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 20.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Other&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 18.54%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;n/a&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 10.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;n/a&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; 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; background-color: #ffffff; width: 10%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;n/a&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 2.52%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 9.9%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;874&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 2.5%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 10.82%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;n/a&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 11.76%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; text-indent: -10pt; font-family: ''Times New Roman'', Times, serif; margin-left: 11.4pt; font-size: 10pt;"&gt;n/a&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 20.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 18.54%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 10.84%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 2.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 10%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;354,552&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 2.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 9.9%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;154,838&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 2.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 10.82%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;189,193&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 11.76%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&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;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'', Times, serif; font-size: 10pt;"&gt;(1)&lt;/div&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top;"&gt;&lt;div style="text-align: left; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Includes costs related to development projects that are placed in service in phases (Renaissance Heights I - $23.0 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; 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'', Times, serif; font-size: 10pt;"&gt;(2)&lt;/div&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top;"&gt;&lt;div style="text-align: left; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;The Company is currently an approximately 52.9% partner in the joint venture entity constructing this project; the anticipated total cost amount given is the total cost to the joint venture entity.&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; 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'', Times, serif; font-size: 10pt;"&gt;(3)&lt;/div&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top;"&gt;&lt;div style="text-align: left; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;The Company is an approximately 86.1% partner in the joint venture entity constructing this project; the anticipated total cost amount given is the total cost to the joint venture entity.&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; 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'', Times, serif; font-size: 10pt;"&gt;(4)&lt;/div&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top;"&gt;&lt;div style="text-align: left; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;The Company is an approximately 58.6% partner in the joint venture entity constructing this project; the anticipated total cost amount given is the total cost to the joint venture entity.&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; 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'', Times, serif; font-size: 10pt;"&gt;(5)&lt;/div&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top;"&gt;&lt;div style="text-align: left; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;The Company is an approximately 70% partner in the joint venture entity constructing this project; the anticipated total cost amount given is the total cost to the joint venture entity.&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; 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'', Times, serif; font-size: 10pt;"&gt;(6)&lt;/div&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top;"&gt;&lt;div style="text-align: left; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;On December 5, 2013, this development project was destroyed by fire. As of July 31, 2014, $4.0 million of expected insurance proceeds were included in accounts receivable on the Company's consolidated balance sheet. See Note 2 for additional information.&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; 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'', Times, serif; font-size: 10pt;"&gt;(7)&lt;/div&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top;"&gt;&lt;div style="text-align: left; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;The Company is currently an approximately 55.3% partner in the joint venture entity constructing this project. The project will be constructed in three phases, and at the conclusion of construction of the third phase, the Company will have an approximately 50.5% interest in the project. The anticipated total cost amount given in the table above is the total cost to the joint venture entity of the project's first phase. The expected total project cost for all three phases is approximately $69.9 million for a total of approximately 241 residential units and approximately 21,772 square feet of commercial retail space.&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: left; font-family: ''Times New Roman'', Times, 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: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 10.5pt; font-size: 10pt;"&gt;&lt;font style="font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;Construction interest capitalized for the three month periods ended &lt;/font&gt;July 31, 2014 &lt;font style="font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;and 2013, respectively, was $1.0 million and approximately $580,000 for development projects completed and in progress.&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;&lt;/div&gt;&lt;div&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'', Times, serif; margin-bottom: 10pt; font-size: 10pt;"&gt;&lt;font style="font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Pending Acquisitions.&lt;/font&gt; As of July 31, 2014, the Company had signed purchase agreements for the acquisition of the following properties. These pending acquisitions are subject to various closing conditions and contingencies, and no assurances can be given that the transactions 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'', Times, serif; margin-bottom: 6pt; font-size: 10pt;"&gt;a 68-unit multi-family residential property in Bismarck, North Dakota, for a purchase price of $8.5 million, of which approximately $8.4 million is to be paid in cash with the remainder in limited partnership units of the Operating Partnership valued at approximately $100,000;&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'', Times, serif; margin-bottom: 6pt; font-size: 10pt;"&gt;an approximately 12.7-acre parcel of vacant land in Monticello, Minnesota, for a purchase price of $1.7 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: 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'', Times, serif; margin-bottom: 6pt; font-size: 10pt;"&gt;a 119-unit multi-family residential property in Bismarck, North Dakota, for a purchase price of $15.0 million, of which approximately $14.3 million is to be paid in cash with the remainder in limited partnership units of the Operating Partnership valued at approximately $700,000; 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'', Times, serif; margin-bottom: 6pt; font-size: 10pt;"&gt;a 74-unit multi-family residential property in Grand Forks, North Dakota, for a purchase price of $9.3 million, of which approximately $8.9 million is to be paid in cash with the remainder in limited partnership units of the Operating Partnership valued at approximately $400,000.&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: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 10pt; font-size: 10pt;"&gt;&lt;font style="font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Pending Dispositions.&lt;/font&gt; As of July 31, 2014, the Company had signed sales agreements for the disposition of the following properties. These pending dispositions are subject to various closing conditions and contingencies, and no assurances can be given that the transactions 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'', Times, serif; margin-bottom: 6pt; font-size: 10pt;"&gt;a commercial office property in Maple Grove, Minnesota, for a sales price of $7.2 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'', Times, serif; margin-bottom: 6pt; font-size: 10pt;"&gt;a commercial retail property in Fargo, North Dakota, for a sales price of $2.8 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'', Times, serif; margin-bottom: 12pt; font-size: 10pt;"&gt;a multi-family residential property in St. Cloud, Minnesota, for a sales 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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  <!--Compensating balances-Associated Bank, Green Bay, Wisconsin [Member]-->
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  <!--Compensating balances-American National Bank, Omaha, Nebraska [Member]-->
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  <us-gaap:ConsolidationVariableInterestEntityPolicy contextRef="c20140501to20140731">&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'', Times, serif; margin-bottom: 6pt; font-size: 10pt; font-weight: bold;"&gt;VARIABLE INTEREST ENTITY&lt;/div&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; 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. The first phase of the project, Landing at Southgate, was substantially completed in the second quarter of fiscal year 2014. The second phase of the project, Commons at Southgate, is expected to be completed in the second quarter of fiscal year 2015. See Development, Expansion and Renovation Projects in Note 6 for additional information on Commons at Southgate. As of July 31, 2014 IRET is the approximately 52.9% owner of the joint venture and will have management and leasing responsibilities when the project is completed; the real estate development company owns approximately 47.1% 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 more than 50% 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;!--Anchor--&gt;&lt;/div&gt;&lt;/div&gt;</us-gaap:ConsolidationVariableInterestEntityPolicy>
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  <us-gaap:ConversionOfStockAmountConverted1 contextRef="c20140501to20140731" unitRef="U001" decimals="-5">18300000</us-gaap:ConversionOfStockAmountConverted1>
  <!--Units converted to common shares-->
  <us-gaap:ConversionOfStockAmountConverted1 contextRef="c20130501to20130731" unitRef="U001" decimals="0">706000</us-gaap:ConversionOfStockAmountConverted1>
  <!--Units converted to common shares (in shares)-->
  <us-gaap:ConversionOfStockSharesConverted1 contextRef="c20140501to20140731" unitRef="U002" decimals="-5">3100000</us-gaap:ConversionOfStockSharesConverted1>
  <!--Units converted to common shares (in shares)-->
  <us-gaap:ConversionOfStockSharesConverted1 contextRef="c20130501to20130731" unitRef="U002" decimals="0">125000</us-gaap:ConversionOfStockSharesConverted1>
  <!--Maintenance-->
  <us-gaap:CostOfPropertyRepairsAndMaintenance contextRef="c20140501to20140731" unitRef="U001" decimals="-3">7764000</us-gaap:CostOfPropertyRepairsAndMaintenance>
  <!--Maintenance-->
  <us-gaap:CostOfPropertyRepairsAndMaintenance contextRef="c20130501to20130731" unitRef="U001" decimals="-3">7729000</us-gaap:CostOfPropertyRepairsAndMaintenance>
  <!--Maintenance-Discontinued Operations [Member]-->
  <us-gaap:CostOfPropertyRepairsAndMaintenance contextRef="c20130501to20130731_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis_SegmentDiscontinuedOperationsMember" unitRef="U001" decimals="-3">185000</us-gaap:CostOfPropertyRepairsAndMaintenance>
  <!--Real estate expenses-Operating Segments [Member]-Commercial Office [Member]-->
  <us-gaap:CostOfRealEstateRevenue contextRef="c20140501to20140731_ConsolidationItemsAxis_OperatingSegmentsMember_StatementBusinessSegmentsAxis_CommercialOfficeMember" unitRef="U001" decimals="-3">9327000</us-gaap:CostOfRealEstateRevenue>
  <!--Real estate expenses-Operating Segments [Member]-Multi Family Residential [Member]-->
  <us-gaap:CostOfRealEstateRevenue contextRef="c20140501to20140731_ConsolidationItemsAxis_OperatingSegmentsMember_StatementBusinessSegmentsAxis_MultiFamilyResidentialMember" unitRef="U001" decimals="-3">12221000</us-gaap:CostOfRealEstateRevenue>
  <!--Real estate expenses-Operating Segments [Member]-Commercial Retail [Member]-->
  <us-gaap:CostOfRealEstateRevenue contextRef="c20130501to20130731_ConsolidationItemsAxis_OperatingSegmentsMember_StatementBusinessSegmentsAxis_CommercialRetailMember" unitRef="U001" decimals="-3">1303000</us-gaap:CostOfRealEstateRevenue>
  <!--Real estate expenses-Operating Segments [Member]-->
  <us-gaap:CostOfRealEstateRevenue contextRef="c20130501to20130731_ConsolidationItemsAxis_OperatingSegmentsMember" unitRef="U001" decimals="-3">26640000</us-gaap:CostOfRealEstateRevenue>
  <!--Real estate expenses-Operating Segments [Member]-Multi Family Residential [Member]-->
  <us-gaap:CostOfRealEstateRevenue contextRef="c20130501to20130731_ConsolidationItemsAxis_OperatingSegmentsMember_StatementBusinessSegmentsAxis_MultiFamilyResidentialMember" unitRef="U001" decimals="-3">10845000</us-gaap:CostOfRealEstateRevenue>
  <!--Real estate expenses-Operating Segments [Member]-Commercial Industrial [Member]-->
  <us-gaap:CostOfRealEstateRevenue contextRef="c20140501to20140731_ConsolidationItemsAxis_OperatingSegmentsMember_StatementBusinessSegmentsAxis_CommercialIndustrialMember" unitRef="U001" decimals="-3">450000</us-gaap:CostOfRealEstateRevenue>
  <!--Real estate expenses-Operating Segments [Member]-Commercial Industrial [Member]-->
  <us-gaap:CostOfRealEstateRevenue contextRef="c20130501to20130731_ConsolidationItemsAxis_OperatingSegmentsMember_StatementBusinessSegmentsAxis_CommercialIndustrialMember" unitRef="U001" decimals="-3">455000</us-gaap:CostOfRealEstateRevenue>
  <!--Real estate expenses-Operating Segments [Member]-Commercial Healthcare [Member]-->
  <us-gaap:CostOfRealEstateRevenue contextRef="c20130501to20130731_ConsolidationItemsAxis_OperatingSegmentsMember_StatementBusinessSegmentsAxis_CommercialHealthcareMember" unitRef="U001" decimals="-3">4284000</us-gaap:CostOfRealEstateRevenue>
  <!--Real estate expenses-Commercial Healthcare [Member]-Operating Segments [Member]-->
  <us-gaap:CostOfRealEstateRevenue contextRef="c20140501to20140731_ConsolidationItemsAxis_OperatingSegmentsMember_StatementBusinessSegmentsAxis_CommercialHealthcareMember" unitRef="U001" decimals="-3">4416000</us-gaap:CostOfRealEstateRevenue>
  <!--Real estate expenses-Operating Segments [Member]-->
  <us-gaap:CostOfRealEstateRevenue contextRef="c20140501to20140731_ConsolidationItemsAxis_OperatingSegmentsMember" unitRef="U001" decimals="-3">27518000</us-gaap:CostOfRealEstateRevenue>
  <!--Real estate expenses-Operating Segments [Member]-Commercial Office [Member]-->
  <us-gaap:CostOfRealEstateRevenue contextRef="c20130501to20130731_ConsolidationItemsAxis_OperatingSegmentsMember_StatementBusinessSegmentsAxis_CommercialOfficeMember" unitRef="U001" decimals="-3">9753000</us-gaap:CostOfRealEstateRevenue>
  <!--Real estate expenses-Operating Segments [Member]-Commercial Retail [Member]-->
  <us-gaap:CostOfRealEstateRevenue contextRef="c20140501to20140731_ConsolidationItemsAxis_OperatingSegmentsMember_StatementBusinessSegmentsAxis_CommercialRetailMember" unitRef="U001" decimals="-3">1104000</us-gaap:CostOfRealEstateRevenue>
  <!--Book value and sales cost-Dispositions [Member]-Commercial Industrial [Member]-->
  <us-gaap:CostOfRealEstateSales contextRef="c20140501to20140731_BusinessAcquisitionByStatusOfPropertyAcquiredAxis_DispositionsMember_StatementBusinessSegmentsAxis_CommercialIndustrialMember" unitRef="U001" decimals="-3">5393000</us-gaap:CostOfRealEstateSales>
  <!--Book value and sales cost-Eagan 2785 & 2795 - Eagan, MN [Member]-Dispositions [Member]-Commercial Industrial [Member]-->
  <us-gaap:CostOfRealEstateSales contextRef="c20140501to20140731_BusinessAcquisitionByStatusOfPropertyAcquiredAxis_DispositionsMember_SignificantAcquisitionsAndDisposalsByTransactionAxis_Eagan27852795EaganMnMember_StatementBusinessSegmentsAxis_CommercialIndustrialMember" unitRef="U001" decimals="-3">5393000</us-gaap:CostOfRealEstateSales>
  <!--Book value and sales cost-Dispositions [Member]-Commercial Retail [Member]-->
  <us-gaap:CostOfRealEstateSales contextRef="c20140501to20140731_BusinessAcquisitionByStatusOfPropertyAcquiredAxis_DispositionsMember_StatementBusinessSegmentsAxis_CommercialRetailMember" unitRef="U001" decimals="-3">1176000</us-gaap:CostOfRealEstateSales>
  <!--Book value and sales cost-Weston Retail Weston WI [Member]-Dispositions [Member]-Commercial Retail [Member]-->
  <us-gaap:CostOfRealEstateSales contextRef="c20140501to20140731_BusinessAcquisitionByStatusOfPropertyAcquiredAxis_DispositionsMember_SignificantAcquisitionsAndDisposalsByTransactionAxis_WestonRetailWestonWiMember_StatementBusinessSegmentsAxis_CommercialRetailMember" unitRef="U001" decimals="-3">1176000</us-gaap:CostOfRealEstateSales>
  <!--Book value and sales cost-Dewey Hill - Edina, MN [Member]-Commercial Office [Member]-Dispositions [Member]-->
  <us-gaap:CostOfRealEstateSales contextRef="c20140501to20140731_BusinessAcquisitionByStatusOfPropertyAcquiredAxis_DispositionsMember_SignificantAcquisitionsAndDisposalsByTransactionAxis_DeweyHillEdinaMnMember_StatementBusinessSegmentsAxis_CommercialOfficeMember" unitRef="U001" decimals="-3">3124000</us-gaap:CostOfRealEstateSales>
  <!--Book value and sales cost-Dispositions [Member]-Commercial Office [Member]-->
  <us-gaap:CostOfRealEstateSales contextRef="c20140501to20140731_BusinessAcquisitionByStatusOfPropertyAcquiredAxis_DispositionsMember_StatementBusinessSegmentsAxis_CommercialOfficeMember" unitRef="U001" decimals="-3">3124000</us-gaap:CostOfRealEstateSales>
  <!--Book value and sales cost-Dispositions [Member]-->
  <us-gaap:CostOfRealEstateSales contextRef="c20140501to20140731_BusinessAcquisitionByStatusOfPropertyAcquiredAxis_DispositionsMember" unitRef="U001" decimals="-3">9693000</us-gaap:CostOfRealEstateSales>
  <!--Costs and Expenses-->
  <us-gaap:CostsAndExpenses contextRef="c20140501to20140731" unitRef="U001" decimals="-3">51863000</us-gaap:CostsAndExpenses>
  <!--Costs and Expenses-->
  <us-gaap:CostsAndExpenses contextRef="c20130501to20130731" unitRef="U001" decimals="-3">49072000</us-gaap:CostsAndExpenses>
  <!--Costs and Expenses-Discontinued Operations [Member]-->
  <us-gaap:CostsAndExpenses contextRef="c20130501to20130731_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis_SegmentDiscontinuedOperationsMember" unitRef="U001" decimals="-3">3397000</us-gaap:CostsAndExpenses>
  <!--MORTGAGES PAYABLE AND LINE OF CREDIT-->
  <us-gaap:DebtDisclosureTextBlock contextRef="c20140501to20140731">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="text-align: left; margin-top: 10.5pt; font-family: ''Times New Roman'', Times, 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: left; font-family: ''Times New Roman'', Times, 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: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;As of July 31, 2014, 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 2.40% 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: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 12pt; font-size: 10pt;"&gt;Of the mortgages payable, the balances of fixed rate mortgages totaled $971.3 million at July 31, 2014 and $977.2 million at April 30, 2014. The balances of variable rate mortgages totaled $45.4 million and $20.5 million as of July 31, 2014 and April 30, 2014, respectively. The Company does not utilize derivative financial instruments to mitigate its exposure to changes in market interest rates. Most of the fixed rate mortgages have substantial pre-payment penalties. As of July 31, 2014, the weighted average rate of interest on the Company's mortgage debt was 5.32%, compared to 5.37% on April 30, 2014. The aggregate amount of required future principal payments on mortgages payable as of July 31, 2014, is as follows:&lt;/div&gt;&lt;table align="center" border="0" cellpadding="0" cellspacing="0" style="width: 50%; font-family: 'Times New Roman', Times, Serif; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; width: 66.19%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Fiscal year ended April 30,&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 33.81%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 66.19%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;2015 (remainder)&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 4.23%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 29.58%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;70,760&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 66.19%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;2016&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 4.23%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 29.58%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;92,893&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 66.19%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;2017&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 4.23%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 29.58%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;214,722&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 66.19%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;2018&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 4.23%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 29.58%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;113,386&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 66.19%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;2019&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 4.23%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 29.58%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;132,793&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 66.19%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Thereafter&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; 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; background-color: #ffffff; width: 29.58%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;393,020&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 66.19%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Total payments&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 4.23%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 29.58%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;1,017,574&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="text-align: justify; font-style: italic; font-family: ''Times New Roman'', Times, serif; margin-bottom: 12pt; font-size: 10pt; margin-right: 135.35pt;"&gt;.&lt;/div&gt;&lt;div style="text-align: left; margin-top: 10.5pt; font-family: ''Times New Roman'', Times, serif; margin-bottom: 10.5pt; font-size: 10pt;"&gt;In the table above, included in the approximately $214.3 million (as of July 31, 2014) of future principal payments on mortgages payable in fiscal year 2017 is a non-recourse $122.6 million CMBS loan, for which nine of the Company's commercial office properties serve as collateral and under which a special-purpose subsidiary of the Company is the borrower. This loan matures in October 2016. Because the loan amount significantly exceeds the Company's current estimate of the fair value of this nine-property portfolio, the Company contacted the master servicer to initiate discussions on various alternatives with regard to the loan. During the first quarter of fiscal year 2015, the Company was notified that the loan has been transferred to the special servicer. The Company cannot predict the outcome of discussions with the special servicer regarding the loan. Cash flow from the portfolio currently covers debt service on the loan, and to date the borrower is current on all payments under the loan.&lt;/div&gt;&lt;div style="text-align: left; margin-top: 10.5pt; font-family: ''Times New Roman'', Times, 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, 2014, lending commitments of $75.0 million. This facility is not included in the Company's mortgage indebtedness total. As of July 31, 2014, the line of credit was secured by mortgages on 14 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, 2014 included, in addition to First International Bank, the following financial institutions: The Bank of North Dakota; First Western Bank and Trust; Dacotah Bank; MidCountry Bank; Highland Bank; American State Bank &amp;amp; Trust Company; Town &amp;amp; Country Credit Union and United Community Bank. As of July 31, 2014, the line of credit had an interest rate of 4.75% and a minimum outstanding principal balance requirement of $12.5 million, and as of July 31, 2014 and April 30, 2014, the Company had borrowed $35.5 million and $22.5 million, respectively. The facility includes covenants and restrictions requiring the Company to achieve on a fiscal and 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, 2014, the Company believes it was in compliance with the facility covenants.&lt;/div&gt;&lt;/div&gt;</us-gaap:DebtDisclosureTextBlock>
  <!--Mortgages maturity date range, end-->
  <us-gaap:DebtInstrumentMaturityDateRangeEnd1 contextRef="c20140501to20140731">2036-07-01</us-gaap:DebtInstrumentMaturityDateRangeEnd1>
  <!--Debt Instrument, Fair Value Disclosure-Fair Value [Member]-->
  <us-gaap:DebtInstrumentFairValue contextRef="c20140731_FairValueByMeasurementBasisAxis_EstimateOfFairValueFairValueDisclosureMember" unitRef="U001" decimals="-3">1173786000</us-gaap:DebtInstrumentFairValue>
  <!--Debt Instrument, Fair Value Disclosure-Fair Value [Member]-->
  <us-gaap:DebtInstrumentFairValue contextRef="c20140430_FairValueByMeasurementBasisAxis_EstimateOfFairValueFairValueDisclosureMember" unitRef="U001" decimals="-3">1130262000</us-gaap:DebtInstrumentFairValue>
  <!--Debt Instrument, Fair Value Disclosure-Carrying Amount [Member]-->
  <us-gaap:DebtInstrumentFairValue contextRef="c20140430_FairValueByMeasurementBasisAxis_CarryingReportedAmountFairValueDisclosureMember" unitRef="U001" decimals="-3">997689000</us-gaap:DebtInstrumentFairValue>
  <!--Debt Instrument, Fair Value Disclosure-Carrying Amount [Member]-->
  <us-gaap:DebtInstrumentFairValue contextRef="c20140731_FairValueByMeasurementBasisAxis_CarryingReportedAmountFairValueDisclosureMember" unitRef="U001" decimals="-3">1017574000</us-gaap:DebtInstrumentFairValue>
  <!--Deferred charges and leasing costs, net of accumulated amortization of $22,237 and $21,068, respectively-->
  <us-gaap:DeferredCostsLeasingNet contextRef="c20140430" unitRef="U001" decimals="-3">21072000</us-gaap:DeferredCostsLeasingNet>
  <!--Deferred charges and leasing costs, net of accumulated amortization of $22,237 and $21,068, respectively-->
  <us-gaap:DeferredCostsLeasingNet contextRef="c20140731" unitRef="U001" decimals="-3">20677000</us-gaap:DeferredCostsLeasingNet>
  <!--Deferred charges and leasing costs, accumulated amortization-->
  <us-gaap:DeferredCostsLeasingAccumulatedAmortization contextRef="c20140731" unitRef="U001" decimals="-3">22237000</us-gaap:DeferredCostsLeasingAccumulatedAmortization>
  <!--Deferred charges and leasing costs, accumulated amortization-->
  <us-gaap:DeferredCostsLeasingAccumulatedAmortization contextRef="c20140430" unitRef="U001" decimals="-3">21068000</us-gaap:DeferredCostsLeasingAccumulatedAmortization>
  <!--Receivable arising from straight-lining of rents, net of allowance of $717 and $796, respectively-->
  <us-gaap:DeferredRentReceivablesNet contextRef="c20140430" unitRef="U001" decimals="-3">27096000</us-gaap:DeferredRentReceivablesNet>
  <!--Receivable arising from straight-lining of rents, net of allowance of $717 and $796, respectively-->
  <us-gaap:DeferredRentReceivablesNet contextRef="c20140731" unitRef="U001" decimals="-3">27286000</us-gaap:DeferredRentReceivablesNet>
  <!--Depreciation, Depletion and Amortization, Nonproduction-->
  <us-gaap:DepreciationAndAmortization contextRef="c20140501to20140731" unitRef="U001" decimals="-3">16184000</us-gaap:DepreciationAndAmortization>
  <!--Depreciation, Depletion and Amortization, Nonproduction-->
  <us-gaap:DepreciationAndAmortization contextRef="c20130501to20130731" unitRef="U001" decimals="-3">18056000</us-gaap:DepreciationAndAmortization>
  <!--Depreciation, Depletion and Amortization, Nonproduction-Discontinued Operations [Member]-->
  <us-gaap:DepreciationAndAmortization contextRef="c20130501to20130731_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis_SegmentDiscontinuedOperationsMember" unitRef="U001" decimals="-3">537000</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="c20140501to20140731" unitRef="U001" decimals="-3">17463000</us-gaap:DepreciationDepletionAndAmortization>
  <!--Development in progress-->
  <us-gaap:DevelopmentInProcess contextRef="c20140731" unitRef="U001" decimals="-3">131862000</us-gaap:DevelopmentInProcess>
  <!--Development in progress-->
  <us-gaap:DevelopmentInProcess contextRef="c20140430" unitRef="U001" decimals="-3">104609000</us-gaap:DevelopmentInProcess>
  <!--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">-1333000</us-gaap:DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax>
  <!--Gain on sale of discontinued operations-->
  <us-gaap:DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax contextRef="c20130501to20130731" unitRef="U001" decimals="-3">1943000</us-gaap:DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax>
  <!--Gain on sale of discontinued operations-->
  <us-gaap:DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax contextRef="c20140501to20140731" unitRef="U001" decimals="-3">-2993000</us-gaap:DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax>
  <!--Gain on sale of discontinued operations-Discontinued Operations [Member]-->
  <us-gaap:DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax contextRef="c20130501to20130731_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis_SegmentDiscontinuedOperationsMember" unitRef="U001" decimals="-3">1943000</us-gaap:DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax>
  <!--Disposal Group, Including Discontinued Operation, Operating Income (Loss)-Discontinued Operations [Member]-->
  <us-gaap:DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss contextRef="c20130501to20130731_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis_SegmentDiscontinuedOperationsMember" unitRef="U001" decimals="-3">-1046000</us-gaap:DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss>
  <!--DISCONTINUED OPERATIONS-->
  <us-gaap:DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock contextRef="c20140501to20140731">&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'', Times, 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: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 12pt; font-size: 10pt;"&gt;Prior to February 1,&amp;#160; 2014, the Company reported, in discontinued operations, the results of operations and the related gains or losses of properties that had either been disposed of or classified as held for sale and otherwise met the classification of a discontinued operation. As a result of the adoption of ASU No. 2014-08, results of operations and gains or losses on sale for properties that are disposed or classified as held for sale in the ordinary course of business on or subsequent to February 1, 2014 would generally be included in continuing operations on the Company's consolidated statements of operations, to the extent such disposals did not meet the criteria for classification as a discontinued operation described above. See Note 2 for additional information.&lt;/div&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 10pt; font-size: 10pt;"&gt;During the first quarter of fiscal year 2015, the Company applied ASU No. 2014-08 to the dispositions of one commercial office property, one commercial industrial property and one commercial retail property and to the classification of one commercial office property as held for sale and did not record any discontinued operations.&amp;#160; During the first three quarters of fiscal year 2014, the Company disposed of two multi-family residential properties, three commercial office properties, twelve commercial industrial properties and three commercial retail properties that were classified as discontinued operations. During the quarter ended April 30, 2014, the Company applied ASU No. 2014-08 to one property that was classified as held for sale and did not record any discontinued operations. 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:&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: 83.33%; 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: 16.67%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 83.33%; 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: 16.67%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Three Months Ended&lt;/div&gt;&lt;div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;July 31, 2013&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 83.33%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;REVENUE&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 13.34%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 83.33%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Real estate rentals&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 3.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 13.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;1,632&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 83.33%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Tenant reimbursement&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; 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; background-color: #ffffff; width: 13.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;719&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 83.33%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;TOTAL REVENUE&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; 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; background-color: #cceeff; width: 13.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;2,351&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 83.33%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;EXPENSES&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 13.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 83.33%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Depreciation/amortization related to real estate investments&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 13.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;537&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 83.33%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Utilities&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 13.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;128&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 83.33%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Maintenance&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 13.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;185&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 83.33%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Real estate taxes&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 13.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;528&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 83.33%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Insurance&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 13.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;49&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 83.33%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Property management expenses&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 13.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;118&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 83.33%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Amortization related to non-real estate investments&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 13.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;49&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 83.33%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, 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; background-color: #ffffff; 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; background-color: #ffffff; width: 13.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;1,803&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 83.33%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;TOTAL EXPENSES&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; 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; background-color: #cceeff; width: 13.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;3,397&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 83.33%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Operating loss&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 13.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;(1,046)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 83.33%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Interest expense&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; 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; background-color: #cceeff; width: 13.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;(287)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 83.33%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Loss from discontinued operations before gain on sale&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 13.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;(1,333)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 83.33%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Gain on sale of discontinued operations&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; 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; background-color: #cceeff; width: 13.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;1,943&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 83.33%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, 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; background-color: #ffffff; width: 3.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 13.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;610&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock>
  <!--Payment date-Preferred Series B [Member]-->
  <us-gaap:DividendPayableDateToBePaidDayMonthAndYear contextRef="c20140801to20140903_StatementClassOfStockAxis_PreferredClassBMember">2014-09-30</us-gaap:DividendPayableDateToBePaidDayMonthAndYear>
  <!--Payment date-Common Shares and Limited Partnership Units [Member]-->
  <us-gaap:DividendPayableDateToBePaidDayMonthAndYear contextRef="c20140801to20140903_StatementClassOfStockAxis_CommonSharesAndLimitedPartnershipUnitsMember">2014-10-01</us-gaap:DividendPayableDateToBePaidDayMonthAndYear>
  <!--Payment date-Preferred Series A [Member]-->
  <us-gaap:DividendPayableDateToBePaidDayMonthAndYear contextRef="c20140801to20140903_StatementClassOfStockAxis_PreferredClassAMember">2014-09-30</us-gaap:DividendPayableDateToBePaidDayMonthAndYear>
  <!--Dividends, Common Stock-Noncontrolling Interests [Member]-->
  <us-gaap:DividendsCommonStock contextRef="c20130501to20130731_StatementEquityComponentsAxis_NoncontrollingInterestMember" unitRef="U001" decimals="-3">2829000</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-ACCUMULATED DISTRIBUTIONS IN EXCESS OF NET INCOME [Member]-->
  <us-gaap:DividendsCommonStock contextRef="c20140501to20140731_StatementEquityComponentsAxis_RetainedEarningsMember" unitRef="U001" decimals="-3">14264000</us-gaap:DividendsCommonStock>
  <!--Dividends, Common Stock-->
  <us-gaap:DividendsCommonStock contextRef="c20130501to20130731" unitRef="U001" decimals="-3">16093000</us-gaap:DividendsCommonStock>
  <!--Dividends, Common Stock-->
  <us-gaap:DividendsCommonStock contextRef="c20140501to20140731" unitRef="U001" decimals="-3">17004000</us-gaap:DividendsCommonStock>
  <!--Dividends, Common Stock-Noncontrolling Interests [Member]-->
  <us-gaap:DividendsCommonStock contextRef="c20140501to20140731_StatementEquityComponentsAxis_NoncontrollingInterestMember" unitRef="U001" decimals="-3">2740000</us-gaap:DividendsCommonStock>
  <!--Quarterly amount per share or unit (in dollars per share)-Preferred Series B [Member]-->
  <us-gaap:DividendsPayableAmountPerShare contextRef="c20140903_StatementClassOfStockAxis_PreferredClassBMember" unitRef="U003" decimals="INF">0.4968</us-gaap:DividendsPayableAmountPerShare>
  <!--Quarterly amount per share or unit (in dollars per share)-Common Shares and Limited Partnership Units [Member]-->
  <us-gaap:DividendsPayableAmountPerShare contextRef="c20140903_StatementClassOfStockAxis_CommonSharesAndLimitedPartnershipUnitsMember" unitRef="U003" decimals="INF">0.1300</us-gaap:DividendsPayableAmountPerShare>
  <!--Quarterly amount per share or unit (in dollars per share)-Preferred Series A [Member]-->
  <us-gaap:DividendsPayableAmountPerShare contextRef="c20140903_StatementClassOfStockAxis_PreferredClassAMember" unitRef="U003" decimals="INF">0.5156</us-gaap:DividendsPayableAmountPerShare>
  <!--Dividends Declared [Table Text Block]-->
  <us-gaap:DividendsDeclaredTableTextBlock contextRef="c20140501to20140731">&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'', Times, serif; margin-bottom: 10pt; font-size: 10pt;"&gt;&lt;font style="font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Common and Preferred Share Distributions.&lt;/font&gt; On September&lt;font style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;&amp;#160;&lt;/font&gt;3, 2014, the Company's Board of Trustees declared the following distributions:&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="border-bottom: #000000 2px solid; width: 43.63%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; font-weight: bold; margin-right: 1.1pt;"&gt;Class of shares/units&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 16.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 3.3pt; font-size: 10pt; font-weight: bold; margin-right: 1.1pt;"&gt;Quarterly Amount&lt;/div&gt;&lt;div style="text-align: center; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 3.3pt; font-size: 10pt; font-weight: bold; margin-right: 1.1pt;"&gt;per Share or Unit&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.06%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 16.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 3.3pt; font-size: 10pt; font-weight: bold; margin-right: 1.1pt;"&gt;Record Date&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.06%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 16.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 3.3pt; font-size: 10pt; font-weight: bold; margin-right: 1.1pt;"&gt;Payment Date&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 43.63%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; margin-right: 1.1pt;"&gt;Common shares and limited partnership units&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 16.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 3.3pt; font-size: 10pt; margin-right: 1.1pt;"&gt;$0.1300&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 3.06%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 3.3pt; font-size: 10pt; margin-right: 1.1pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 16.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 3.3pt; font-size: 10pt; margin-right: 1.1pt;"&gt;September 15, 2014&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 3.06%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 3.3pt; font-size: 10pt; margin-right: 1.1pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 16.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 3.3pt; font-size: 10pt; margin-right: 1.1pt;"&gt;October 1, 2014&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 43.63%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; margin-right: 1.1pt;"&gt;Preferred shares:&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 16.52%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 3.06%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 16.86%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 3.06%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 16.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 43.63%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 24.2pt; font-size: 10pt; margin-right: 1.1pt;"&gt;Series A&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 16.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 3.3pt; font-size: 10pt; margin-right: 1.1pt;"&gt;$0.5156&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 3.06%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 3.3pt; font-size: 10pt; margin-right: 1.1pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 16.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 3.3pt; font-size: 10pt; margin-right: 1.1pt;"&gt;September 15, 2014&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 3.06%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 3.3pt; font-size: 10pt; margin-right: 1.1pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 16.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 3.3pt; font-size: 10pt; margin-right: 1.1pt;"&gt;September 30, 2014&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 43.63%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 24.2pt; font-size: 10pt; margin-right: 1.1pt;"&gt;Series B&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 16.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 3.3pt; font-size: 10pt; margin-right: 1.1pt;"&gt;$0.4968&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 3.06%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 3.3pt; font-size: 10pt; margin-right: 1.1pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 16.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 3.3pt; font-size: 10pt; margin-right: 1.1pt;"&gt;September 15, 2014&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 3.06%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 3.3pt; font-size: 10pt; margin-right: 1.1pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 16.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 3.3pt; font-size: 10pt; margin-right: 1.1pt;"&gt;September 30, 2014&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:DividendsDeclaredTableTextBlock>
  <!--Record date-Preferred Series B [Member]-->
  <us-gaap:DividendsPayableDateOfRecordDayMonthAndYear contextRef="c20140801to20140903_StatementClassOfStockAxis_PreferredClassBMember">2014-09-15</us-gaap:DividendsPayableDateOfRecordDayMonthAndYear>
  <!--Record date-Common Shares and Limited Partnership Units [Member]-->
  <us-gaap:DividendsPayableDateOfRecordDayMonthAndYear contextRef="c20140801to20140903_StatementClassOfStockAxis_CommonSharesAndLimitedPartnershipUnitsMember">2014-09-15</us-gaap:DividendsPayableDateOfRecordDayMonthAndYear>
  <!--Record date-Preferred Series A [Member]-->
  <us-gaap:DividendsPayableDateOfRecordDayMonthAndYear contextRef="c20140801to20140903_StatementClassOfStockAxis_PreferredClassAMember">2014-09-15</us-gaap:DividendsPayableDateOfRecordDayMonthAndYear>
  <!--Dividends, Preferred Stock-ACCUMULATED DISTRIBUTIONS IN EXCESS OF NET INCOME [Member]-Preferred Series B [Member]-->
  <us-gaap:DividendsPreferredStock contextRef="c20130501to20130731_StatementClassOfStockAxis_PreferredClassBMember_StatementEquityComponentsAxis_RetainedEarningsMember" unitRef="U001" decimals="-3">2286000</us-gaap:DividendsPreferredStock>
  <!--Dividends, Preferred Stock-Preferred Series A [Member]-ACCUMULATED DISTRIBUTIONS IN EXCESS OF NET INCOME [Member]-->
  <us-gaap:DividendsPreferredStock contextRef="c20140501to20140731_StatementClassOfStockAxis_PreferredClassAMember_StatementEquityComponentsAxis_RetainedEarningsMember" unitRef="U001" decimals="-3">593000</us-gaap:DividendsPreferredStock>
  <!--Dividends, Preferred Stock-Preferred Series A [Member]-ACCUMULATED DISTRIBUTIONS IN EXCESS OF NET INCOME [Member]-->
  <us-gaap:DividendsPreferredStock contextRef="c20130501to20130731_StatementClassOfStockAxis_PreferredClassAMember_StatementEquityComponentsAxis_RetainedEarningsMember" unitRef="U001" decimals="-3">593000</us-gaap:DividendsPreferredStock>
  <!--Dividends, Preferred Stock-Preferred Series B [Member]-->
  <us-gaap:DividendsPreferredStock contextRef="c20140501to20140731_StatementClassOfStockAxis_PreferredClassBMember" unitRef="U001" decimals="-3">2286000</us-gaap:DividendsPreferredStock>
  <!--Dividends, Preferred Stock-Preferred Series A [Member]-->
  <us-gaap:DividendsPreferredStock contextRef="c20130501to20130731_StatementClassOfStockAxis_PreferredClassAMember" unitRef="U001" decimals="-3">593000</us-gaap:DividendsPreferredStock>
  <!--Dividends, Preferred Stock-Preferred Series B [Member]-->
  <us-gaap:DividendsPreferredStock contextRef="c20130501to20130731_StatementClassOfStockAxis_PreferredClassBMember" unitRef="U001" decimals="-3">2286000</us-gaap:DividendsPreferredStock>
  <!--Dividends, Preferred Stock-Preferred Series A [Member]-->
  <us-gaap:DividendsPreferredStock contextRef="c20140501to20140731_StatementClassOfStockAxis_PreferredClassAMember" unitRef="U001" decimals="-3">593000</us-gaap:DividendsPreferredStock>
  <!--Dividends, Preferred Stock-Preferred Series B [Member]-ACCUMULATED DISTRIBUTIONS IN EXCESS OF NET INCOME [Member]-->
  <us-gaap:DividendsPreferredStock contextRef="c20140501to20140731_StatementClassOfStockAxis_PreferredClassBMember_StatementEquityComponentsAxis_RetainedEarningsMember" 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="c20140501to20140731" unitRef="U001" decimals="-3">2879000</us-gaap:DividendsPreferredStock>
  <!--Real estate deposits-->
  <us-gaap:EarnestMoneyDeposits contextRef="c20140731" unitRef="U001" decimals="-3">3741000</us-gaap:EarnestMoneyDeposits>
  <!--Real estate deposits-->
  <us-gaap:EarnestMoneyDeposits contextRef="c20140430" unitRef="U001" decimals="-3">145000</us-gaap:EarnestMoneyDeposits>
  <!--Earnings Per Share, Basic and Diluted-->
  <us-gaap:EarningsPerShareBasicAndDiluted contextRef="c20130501to20130731" unitRef="U003" decimals="0">0</us-gaap:EarningsPerShareBasicAndDiluted>
  <!--Earnings Per Share, Basic and Diluted-->
  <us-gaap:EarningsPerShareBasicAndDiluted contextRef="c20140501to20140731" unitRef="U003" decimals="2">-0.03</us-gaap:EarningsPerShareBasicAndDiluted>
  <!--EARNINGS PER SHARE-->
  <us-gaap:EarningsPerShareTextBlock contextRef="c20140501to20140731">&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'', Times, serif; margin-bottom: 6pt; font-size: 10pt; font-weight: bold;"&gt;NOTE 3 &amp;#8226; EARNINGS PER SHARE&lt;/div&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; 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, 2014 and 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 style="height: 15px;"&gt;&lt;td style="width: 72.51%; 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: 27.49%; vertical-align: top;"&gt;&lt;div style="text-align: center; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; 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: 72.51%; 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: 27.49%; vertical-align: top;"&gt;&lt;div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Three Months Ended&lt;/div&gt;&lt;div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; 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: 72.51%; 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: 14.18%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;2014&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 13.31%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;2013&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 72.51%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;NUMERATOR&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.18%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.18%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.14%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 72.51%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;(Loss) income from continuing operations &amp;#8211; Investors Real Estate Trust&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 4.18%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 10%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;(151)&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 4.18%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 9.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;2,584&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 72.51%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, 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; background-color: #ffffff; width: 4.18%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 10%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 4.18%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 9.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;494&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 72.51%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Net (loss) income attributable to Investors Real Estate Trust&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 4.18%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 10%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;(151)&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 4.18%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 9.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;3,078&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 72.51%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, 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; background-color: #ffffff; width: 4.18%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 10%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;(2,879)&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 4.18%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 9.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;(2,879)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 72.51%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, 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="background-color: #cceeff; width: 4.18%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 10%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;(3,030)&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 4.18%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 9.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;199&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 72.51%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, 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; background-color: #ffffff; width: 4.18%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 10%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;(402)&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 4.18%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 9.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;50&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 72.51%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, 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; background-color: #cceeff; width: 4.18%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 10%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;(3,432)&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 4.18%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 9.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;249&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 72.51%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;DENOMINATOR&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 4.18%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 10%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 4.18%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 9.14%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 72.51%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, 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="background-color: #cceeff; width: 4.18%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 10%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;111,039&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 4.18%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 9.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;102,358&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 72.51%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, 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; background-color: #ffffff; width: 4.18%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 10%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;20,293&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 4.18%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 9.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;21,821&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 72.51%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, 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; background-color: #cceeff; width: 4.18%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 10%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;131,332&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 4.18%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 9.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;124,179&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 72.51%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, 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="background-color: #ffffff; width: 4.18%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 10%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;(.03)&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 4.18%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 9.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;.00&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 72.51%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, 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; background-color: #cceeff; width: 4.18%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 10%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;.00&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 4.18%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 9.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;.00&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 72.51%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;NET (LOSS) INCOME PER COMMON SHARE &amp;#8211; BASIC &amp;amp; DILUTED&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 4.18%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 10%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;(.03)&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 4.18%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 9.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;.00&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="margin-top: 12pt; margin-bottom: 12pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;/div&gt;</us-gaap:EarningsPerShareTextBlock>
  <!--Interest in joint venture (in hundredths)-Renaissance Heights I Apartments, Williston, North Dakota [Member]-->
  <us-gaap:EquityMethodInvestmentOwnershipPercentage contextRef="c20140731_RealEstatePropertiesAxis_RenaissanceHeightsIApartmentsWillistonNorthDakotaMember" unitRef="U004" decimals="INF" id="Item-19">0.7</us-gaap:EquityMethodInvestmentOwnershipPercentage>
  <!--Interest in joint venture (in hundredths)-Footnote (7) [Member]-71 France Phase I - Edina, MN [Member]-->
  <us-gaap:EquityMethodInvestmentOwnershipPercentage contextRef="c20140731_AdditionalProjectInformationAxis_Footnote7Member_RealEstatePropertiesAxis_FrancePhaseIEdinaMnMember" unitRef="U004" decimals="INF" id="Item-20">0.51</us-gaap:EquityMethodInvestmentOwnershipPercentage>
  <!--Interest in joint venture (in hundredths)-71 France Phase I - Edina, MN [Member]-->
  <us-gaap:EquityMethodInvestmentOwnershipPercentage contextRef="c20140731_RealEstatePropertiesAxis_FrancePhaseIEdinaMnMember" unitRef="U004" decimals="INF">0.553</us-gaap:EquityMethodInvestmentOwnershipPercentage>
  <!--Interest in joint venture (in hundredths)-Commons at Southgate, Minot, North Dakota [Member]-->
  <us-gaap:EquityMethodInvestmentOwnershipPercentage contextRef="c20140731_RealEstatePropertiesAxis_CommonsAtSouthgateMinotNorthDakotaMember" unitRef="U004" decimals="INF" id="Item-21">0.529</us-gaap:EquityMethodInvestmentOwnershipPercentage>
  <!--Interest in joint venture (in hundredths)-Cypress Court - St. Cloud, MN [Member]-->
  <us-gaap:EquityMethodInvestmentOwnershipPercentage contextRef="c20140731_RealEstatePropertiesAxis_CypressCourtStCloudMnMember" unitRef="U004" decimals="INF" id="Item-22">0.861</us-gaap:EquityMethodInvestmentOwnershipPercentage>
  <!--Interest in joint venture (in hundredths)-RED 20 - Minneapolis, MN [Member]-->
  <us-gaap:EquityMethodInvestmentOwnershipPercentage contextRef="c20140731_RealEstatePropertiesAxis_Red20MinneapolisMnMember" unitRef="U004" decimals="INF" id="Item-23">0.586</us-gaap:EquityMethodInvestmentOwnershipPercentage>
  <!--Interest in joint venture (in hundredths)-71 France Phase I - Edina, MN [Member]-Acquisitions [Member]-Unimproved Land [Member]-->
  <us-gaap:EquityMethodInvestmentOwnershipPercentage contextRef="c20140731_BusinessAcquisitionByStatusOfPropertyAcquiredAxis_AcquisitionsMember_SignificantAcquisitionsAndDisposalsByTransactionAxis_FrancePhaseIEdinaMnMember_StatementBusinessSegmentsAxis_UnimprovedLandMember" unitRef="U004" decimals="INF" id="Item-24">55.3</us-gaap:EquityMethodInvestmentOwnershipPercentage>
  <!--New intangible assets-->
  <us-gaap:FinitelivedIntangibleAssetsAcquired1 contextRef="c20140501to20140731" unitRef="U001" decimals="0">265000</us-gaap:FinitelivedIntangibleAssetsAcquired1>
  <!--New intangible assets-->
  <us-gaap:FinitelivedIntangibleAssetsAcquired1 contextRef="c20130501to20130731" unitRef="U001" decimals="0">362000</us-gaap:FinitelivedIntangibleAssetsAcquired1>
  <!--Fair Value Measurements, Nonrecurring [Table Text Block]-->
  <us-gaap:FairValueAssetsMeasuredOnNonrecurringBasisTextBlock contextRef="c20140501to20140731">&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'', Times, serif; margin-bottom: 6pt; font-size: 10pt;"&gt;Non-financial assets and liabilities measured at fair value on a nonrecurring basis at July 31, 2014 consisted of real estate investments that were written-down to estimated fair value during the three months ended July 31, 2014. Non-financial assets measured at fair value on a nonrecurring basis at April 30, 2014 consisted of real estate investments and real estate held for sale that was written-down to estimated fair value during fiscal year 2014. 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'', Times, serif; font-size: 10pt; 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'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;July 31, 2014&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'', Times, serif; font-size: 10pt; 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'', Times, serif; font-size: 10pt; 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'', Times, serif; font-size: 10pt; 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'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Level 3&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 50.96%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;ASSETS:&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="width: 12.48%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="width: 11.56%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="width: 12.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="width: 12.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 50.96%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Real estate investments&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 9.6%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;6,425&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.68%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;6,425&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'', Times, serif; font-size: 10pt; 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'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;April 30, 2014&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'', Times, serif; font-size: 10pt; 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'', Times, serif; font-size: 10pt; 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'', Times, serif; font-size: 10pt; 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'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Level 3&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 50.96%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;ASSETS:&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="width: 12.48%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="width: 11.56%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="width: 12.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="width: 12.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 50.96%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Real estate investments&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 9.6%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;89,537&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.68%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;89,537&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 50.96%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Real estate held for sale&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 9.6%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;2,951&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.68%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;2,951&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:FairValueAssetsMeasuredOnNonrecurringBasisTextBlock>
  <!--FAIR VALUE OF FINANCIAL INSTRUMENTS-->
  <us-gaap:FairValueDisclosuresTextBlock contextRef="c20140501to20140731">&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'', Times, serif; margin-bottom: 6pt; font-size: 10pt; font-weight: bold;"&gt;NOTE 10 &amp;#8226; FAIR VALUE OF FINANCIAL INSTRUMENTS&lt;/div&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt;"&gt;ASC 820, &lt;font style="font-style: italic; font-family: ''Times New Roman'', Times, 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'', Times, serif; margin-bottom: 6pt; font-size: 10pt;"&gt;Level 1:&amp;#160; Quoted prices in active markets for identical assets&lt;/div&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt;"&gt;Level 2:&amp;#160; Significant other observable inputs&lt;/div&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt;"&gt;Level 3:&amp;#160; Significant unobservable inputs&lt;/div&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt;"&gt;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: left; font-style: italic; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt;"&gt;Fair Value Measurements on a Recurring Basis&lt;/div&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt;"&gt;The Company had no assets or liabilities recorded at fair value on a recurring basis at July 31, 2014 and April 30, 2014.&lt;/div&gt;&lt;div style="text-align: left; font-style: italic; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt;"&gt;Fair Value Measurements on a Nonrecurring Basis&lt;/div&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt;"&gt;Non-financial assets and liabilities measured at fair value on a nonrecurring basis at July 31, 2014 consisted of real estate investments that were written-down to estimated fair value during the three months ended July 31, 2014. Non-financial assets measured at fair value on a nonrecurring basis at April 30, 2014 consisted of real estate investments and real estate held for sale that was written-down to estimated fair value during fiscal year 2014. 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'', Times, serif; font-size: 10pt; 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'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;July 31, 2014&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'', Times, serif; font-size: 10pt; 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'', Times, serif; font-size: 10pt; 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'', Times, serif; font-size: 10pt; 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'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Level 3&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 50.96%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;ASSETS:&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="width: 12.48%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="width: 11.56%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="width: 12.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="width: 12.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 50.96%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Real estate investments&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 9.6%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;6,425&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.68%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;6,425&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'', Times, serif; font-size: 10pt; 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'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;April 30, 2014&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'', Times, serif; font-size: 10pt; 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'', Times, serif; font-size: 10pt; 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'', Times, serif; font-size: 10pt; 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'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Level 3&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 50.96%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;ASSETS:&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="width: 12.48%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="width: 11.56%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="width: 12.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="width: 12.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 50.96%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Real estate investments&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 9.6%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;89,537&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.68%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;89,537&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 50.96%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Real estate held for sale&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 9.6%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;2,951&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.68%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;2,951&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="text-align: left; font-style: italic; margin-top: 12pt; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt;"&gt;Financial Assets and Liabilities Not Measured at Fair Value&lt;/div&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt;"&gt;&lt;font style="font-family: ''Times New Roman'', Times, 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: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt;"&gt;&lt;font style="font-style: italic; font-family: ''Times New Roman'', Times, 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: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt;"&gt;&lt;font style="font-style: italic; font-family: ''Times New Roman'', Times, 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: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt;"&gt;&lt;font style="font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Other Debt.&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 relevant treasury interest rates plus credit spreads (Level 2).&lt;/div&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt;"&gt;&lt;font style="font-style: italic; font-family: ''Times New Roman'', Times, 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: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt;"&gt;&lt;font style="font-style: italic; font-family: ''Times New Roman'', Times, 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 relevant treasury interest rates plus credit spreads (Level 2).&lt;/div&gt;&lt;div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;&lt;/div&gt;&lt;div&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'', Times, serif; margin-bottom: 6pt; font-size: 10pt;"&gt;The estimated fair values of the Company's financial instruments as of July 31, 2014 and April 30, 2014, 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'', Times, serif; font-size: 10pt; 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'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;July 31, 2014&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'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;April 30, 2014&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'', Times, serif; font-size: 10pt; 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'', Times, serif; font-size: 10pt; 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'', Times, serif; font-size: 10pt; 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'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Fair Value&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 50.96%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: ''Times New Roman'', Times, 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&gt;&lt;td style="background-color: #cceeff; width: 50.96%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Cash and cash equivalents&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 9.6%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;60,620&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.68%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;60,620&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;47,267&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;47,267&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 50.96%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Other investments&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 9.6%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;329&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.68%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;329&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;329&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;329&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 50.96%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;FINANCIAL LIABILITIES&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 9.6%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.68%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 9.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 9.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 50.96%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Other debt&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 9.6%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;83,624&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.68%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;83,727&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;63,132&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;63,250&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 50.96%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Line of credit&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 9.6%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;35,500&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.68%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;35,500&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;22,500&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;22,500&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 50.96%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Mortgages payable&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 9.6%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;1,017,574&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.68%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;1,173,786&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;997,689&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;1,130,262&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:FairValueDisclosuresTextBlock>
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  <us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearFour contextRef="c20140430_FiniteLivedIntangibleAssetsByMajorClassAxis_OtherIntangibleAssetsMember" unitRef="U001" decimals="-3">3543000</us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearFour>
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  <us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearFour contextRef="c20140430_FiniteLivedIntangibleAssetsByMajorClassAxis_LeasesAcquiredInPlaceMember" unitRef="U001" decimals="-3">-3000</us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearFour>
  <!--Finite-Lived Intangible Assets, Gross-->
  <us-gaap:FiniteLivedIntangibleAssetsGross contextRef="c20140731" unitRef="U001" decimals="-3">56975000</us-gaap:FiniteLivedIntangibleAssetsGross>
  <!--Finite-Lived Intangible Assets, Gross-->
  <us-gaap:FiniteLivedIntangibleAssetsGross contextRef="c20140430" unitRef="U001" decimals="-3">56710000</us-gaap:FiniteLivedIntangibleAssetsGross>
  <!--Finite-Lived Intangible Assets, Accumulated Amortization-->
  <us-gaap:FiniteLivedIntangibleAssetsAccumulatedAmortization contextRef="c20140430" unitRef="U001" decimals="-3">24071000</us-gaap:FiniteLivedIntangibleAssetsAccumulatedAmortization>
  <!--Finite-Lived Intangible Assets, Accumulated Amortization-->
  <us-gaap:FiniteLivedIntangibleAssetsAccumulatedAmortization contextRef="c20140731" unitRef="U001" decimals="-3">25497000</us-gaap:FiniteLivedIntangibleAssetsAccumulatedAmortization>
  <!--Finite-Lived Intangible Assets, Net-->
  <us-gaap:FiniteLivedIntangibleAssetsNet contextRef="c20140430" unitRef="U001" decimals="-3">32639000</us-gaap:FiniteLivedIntangibleAssetsNet>
  <!--Finite-Lived Intangible Assets, Net-->
  <us-gaap:FiniteLivedIntangibleAssetsNet contextRef="c20140731" unitRef="U001" decimals="-3">31478000</us-gaap:FiniteLivedIntangibleAssetsNet>
  <!--Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months-Leases, Acquired-in-Place [Member]-->
  <us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths contextRef="c20140430_FiniteLivedIntangibleAssetsByMajorClassAxis_LeasesAcquiredInPlaceMember" unitRef="U001" decimals="-3">19000</us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths>
  <!--Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months-Other identified intangible assets [Member]-->
  <us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths contextRef="c20140430_FiniteLivedIntangibleAssetsByMajorClassAxis_OtherIntangibleAssetsMember" unitRef="U001" decimals="-3">4567000</us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths>
  <!--2019-Other identified intangible assets [Member]-->
  <us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearFive contextRef="c20140430_FiniteLivedIntangibleAssetsByMajorClassAxis_OtherIntangibleAssetsMember" unitRef="U001" decimals="-3">3457000</us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearFive>
  <!--2019-Leases, Acquired-in-Place [Member]-->
  <us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearFive contextRef="c20140430_FiniteLivedIntangibleAssetsByMajorClassAxis_LeasesAcquiredInPlaceMember" unitRef="U001" decimals="-3">-2000</us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearFive>
  <!--Finite-Lived Intangible Assets, Amortization Expense, Year Two-Other identified intangible assets [Member]-->
  <us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo contextRef="c20140430_FiniteLivedIntangibleAssetsByMajorClassAxis_OtherIntangibleAssetsMember" unitRef="U001" decimals="-3">4099000</us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo>
  <!--Finite-Lived Intangible Assets, Amortization Expense, Year Two-Leases, Acquired-in-Place [Member]-->
  <us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo contextRef="c20140430_FiniteLivedIntangibleAssetsByMajorClassAxis_LeasesAcquiredInPlaceMember" unitRef="U001" decimals="-3">11000</us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo>
  <!--Finite-Lived Intangible Assets, Amortization Expense, Year Three-Leases, Acquired-in-Place [Member]-->
  <us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearThree contextRef="c20140430_FiniteLivedIntangibleAssetsByMajorClassAxis_LeasesAcquiredInPlaceMember" unitRef="U001" decimals="-3">-2000</us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearThree>
  <!--Finite-Lived Intangible Assets, Amortization Expense, Year Three-Other identified intangible assets [Member]-->
  <us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearThree contextRef="c20140430_FiniteLivedIntangibleAssetsByMajorClassAxis_OtherIntangibleAssetsMember" unitRef="U001" decimals="-3">3667000</us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearThree>
  <!--Gain/(Loss)-Eagan 2785 & 2795 - Eagan, MN [Member]-Dispositions [Member]-Commercial Industrial [Member]-->
  <us-gaap:GainLossOnDispositionOfAssets contextRef="c20140501to20140731_BusinessAcquisitionByStatusOfPropertyAcquiredAxis_DispositionsMember_SignificantAcquisitionsAndDisposalsByTransactionAxis_Eagan27852795EaganMnMember_StatementBusinessSegmentsAxis_CommercialIndustrialMember" unitRef="U001" decimals="-3">-1793000</us-gaap:GainLossOnDispositionOfAssets>
  <!--Gain/(Loss)-Dispositions [Member]-Commercial Retail [Member]-->
  <us-gaap:GainLossOnDispositionOfAssets contextRef="c20140501to20140731_BusinessAcquisitionByStatusOfPropertyAcquiredAxis_DispositionsMember_StatementBusinessSegmentsAxis_CommercialRetailMember" unitRef="U001" decimals="-3">-1176000</us-gaap:GainLossOnDispositionOfAssets>
  <!--Gain/(Loss)-Weston Retail Weston WI [Member]-Dispositions [Member]-Commercial Retail [Member]-->
  <us-gaap:GainLossOnDispositionOfAssets contextRef="c20140501to20140731_BusinessAcquisitionByStatusOfPropertyAcquiredAxis_DispositionsMember_SignificantAcquisitionsAndDisposalsByTransactionAxis_WestonRetailWestonWiMember_StatementBusinessSegmentsAxis_CommercialRetailMember" unitRef="U001" decimals="-3">-1176000</us-gaap:GainLossOnDispositionOfAssets>
  <!--Gain/(Loss)-Dewey Hill - Edina, MN [Member]-Commercial Office [Member]-Dispositions [Member]-->
  <us-gaap:GainLossOnDispositionOfAssets contextRef="c20140501to20140731_BusinessAcquisitionByStatusOfPropertyAcquiredAxis_DispositionsMember_SignificantAcquisitionsAndDisposalsByTransactionAxis_DeweyHillEdinaMnMember_StatementBusinessSegmentsAxis_CommercialOfficeMember" unitRef="U001" decimals="-3">-24000</us-gaap:GainLossOnDispositionOfAssets>
  <!--Gain/(Loss)-Dispositions [Member]-Commercial Office [Member]-->
  <us-gaap:GainLossOnDispositionOfAssets contextRef="c20140501to20140731_BusinessAcquisitionByStatusOfPropertyAcquiredAxis_DispositionsMember_StatementBusinessSegmentsAxis_CommercialOfficeMember" unitRef="U001" decimals="-3">-24000</us-gaap:GainLossOnDispositionOfAssets>
  <!--Gain/(Loss)-Dispositions [Member]-->
  <us-gaap:GainLossOnDispositionOfAssets contextRef="c20140501to20140731_BusinessAcquisitionByStatusOfPropertyAcquiredAxis_DispositionsMember" unitRef="U001" decimals="-3">-2993000</us-gaap:GainLossOnDispositionOfAssets>
  <!--Gain/(Loss)-Dispositions [Member]-Commercial Industrial [Member]-->
  <us-gaap:GainLossOnDispositionOfAssets contextRef="c20140501to20140731_BusinessAcquisitionByStatusOfPropertyAcquiredAxis_DispositionsMember_StatementBusinessSegmentsAxis_CommercialIndustrialMember" unitRef="U001" decimals="-3">-1793000</us-gaap:GainLossOnDispositionOfAssets>
  <!--Gain (Loss) on Sale of Assets and Asset Impairment Charges-Chateau Apartment Conversion, Fire [Member]-->
  <us-gaap:GainLossOnSalesOfAssetsAndAssetImpairmentCharges contextRef="c20130501to20130731_InvoluntarilyLongLivedAssetsHeldAndUsedByTypeAxis_ChateauApartmentConversionFireMember" unitRef="U001" decimals="0">966000</us-gaap:GainLossOnSalesOfAssetsAndAssetImpairmentCharges>
  <!--Loss on sale of real estate and other investments-->
  <us-gaap:GainLossOnSaleOfPropertiesBeforeApplicableIncomeTaxes contextRef="c20130501to20130731" unitRef="U001" decimals="-3">0</us-gaap:GainLossOnSaleOfPropertiesBeforeApplicableIncomeTaxes>
  <!--Loss on sale of real estate and other investments-->
  <us-gaap:GainLossOnSaleOfPropertiesBeforeApplicableIncomeTaxes contextRef="c20140501to20140731" unitRef="U001" decimals="-3">-2993000</us-gaap:GainLossOnSaleOfPropertiesBeforeApplicableIncomeTaxes>
  <!--Gain on involuntary conversion-->
  <us-gaap:GainOnBusinessInterruptionInsuranceRecovery contextRef="c20140501to20140731" unitRef="U001" decimals="-3">0</us-gaap:GainOnBusinessInterruptionInsuranceRecovery>
  <!--Gain on involuntary conversion-->
  <us-gaap:GainOnBusinessInterruptionInsuranceRecovery contextRef="c20130501to20130731" unitRef="U001" decimals="-3">966000</us-gaap:GainOnBusinessInterruptionInsuranceRecovery>
  <!--Gain on involuntary conversion-Operating Segments [Member]-Multi Family Residential [Member]-->
  <us-gaap:GainOnBusinessInterruptionInsuranceRecovery contextRef="c20130501to20130731_ConsolidationItemsAxis_OperatingSegmentsMember_StatementBusinessSegmentsAxis_MultiFamilyResidentialMember" unitRef="U001" decimals="-3">966000</us-gaap:GainOnBusinessInterruptionInsuranceRecovery>
  <!--Gain on involuntary conversion-Operating Segments [Member]-->
  <us-gaap:GainOnBusinessInterruptionInsuranceRecovery contextRef="c20130501to20130731_ConsolidationItemsAxis_OperatingSegmentsMember" unitRef="U001" decimals="-3">966000</us-gaap:GainOnBusinessInterruptionInsuranceRecovery>
  <!--Gain on involuntary conversion-Operating Segments [Member]-Commercial Office [Member]-->
  <us-gaap:GainOnBusinessInterruptionInsuranceRecovery contextRef="c20130501to20130731_ConsolidationItemsAxis_OperatingSegmentsMember_StatementBusinessSegmentsAxis_CommercialOfficeMember" unitRef="U001" decimals="-3">0</us-gaap:GainOnBusinessInterruptionInsuranceRecovery>
  <!--Gain on involuntary conversion-Operating Segments [Member]-Commercial Healthcare [Member]-->
  <us-gaap:GainOnBusinessInterruptionInsuranceRecovery contextRef="c20130501to20130731_ConsolidationItemsAxis_OperatingSegmentsMember_StatementBusinessSegmentsAxis_CommercialHealthcareMember" unitRef="U001" decimals="-3">0</us-gaap:GainOnBusinessInterruptionInsuranceRecovery>
  <!--Gain on involuntary conversion-Operating Segments [Member]-Commercial Industrial [Member]-->
  <us-gaap:GainOnBusinessInterruptionInsuranceRecovery contextRef="c20130501to20130731_ConsolidationItemsAxis_OperatingSegmentsMember_StatementBusinessSegmentsAxis_CommercialIndustrialMember" unitRef="U001" decimals="-3">0</us-gaap:GainOnBusinessInterruptionInsuranceRecovery>
  <!--Gain on involuntary conversion-Operating Segments [Member]-Commercial Retail [Member]-->
  <us-gaap:GainOnBusinessInterruptionInsuranceRecovery contextRef="c20130501to20130731_ConsolidationItemsAxis_OperatingSegmentsMember_StatementBusinessSegmentsAxis_CommercialRetailMember" unitRef="U001" decimals="-3">0</us-gaap:GainOnBusinessInterruptionInsuranceRecovery>
  <!--Administrative expenses-->
  <us-gaap:GeneralAndAdministrativeExpense contextRef="c20140501to20140731" unitRef="U001" decimals="-3">3485000</us-gaap:GeneralAndAdministrativeExpense>
  <!--Administrative expenses-->
  <us-gaap:GeneralAndAdministrativeExpense contextRef="c20130501to20130731" unitRef="U001" decimals="-3">2524000</us-gaap:GeneralAndAdministrativeExpense>
  <!--Goodwill impairment-->
  <us-gaap:GoodwillImpairmentLoss contextRef="c20140501to20140731" unitRef="U001" decimals="-6">0</us-gaap:GoodwillImpairmentLoss>
  <!--Goodwill impairment-->
  <us-gaap:GoodwillImpairmentLoss contextRef="c20130501to20140430" unitRef="U001" decimals="-6">0</us-gaap:GoodwillImpairmentLoss>
  <!--Goodwill-->
  <us-gaap:Goodwill contextRef="c20140731" unitRef="U001" decimals="-3">1951000</us-gaap:Goodwill>
  <!--Goodwill-->
  <us-gaap:Goodwill contextRef="c20140430" unitRef="U001" decimals="-3">1100000</us-gaap:Goodwill>
  <!--IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES AND GOODWILL-->
  <us-gaap:GoodwillAndIntangibleAssetsPolicyTextBlock contextRef="c20140501to20140731">&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'', Times, serif; margin-bottom: 3pt; font-size: 10pt; font-weight: bold;"&gt;IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES AND GOODWILL&lt;/div&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; 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, 2014 and 2013, respectively, the Company added approximately $265,000 and $362,000 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, 2014 and 2013 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 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: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;&lt;/div&gt;&lt;div&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'', Times, 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'', Times, serif; color: #000000; font-size: 10pt;"&gt;at&lt;/font&gt;&amp;#160;&lt;font style="font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;July&lt;/font&gt; 31, 2014 and April 30, 2014 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'', Times, serif; font-size: 10pt; 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'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;July 31, 2014&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'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;April 30, 2014&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'', Times, 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&gt;&lt;td style="background-color: #cceeff; width: 75.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Gross carrying amount&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 10.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;56,975&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 9.98%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;56,710&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 75.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Accumulated amortization&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 10.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 0.15pt;"&gt;(25,497)&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 9.98%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;(24,071)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 75.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Net carrying amount&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 10.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;31,478&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 9.98%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;32,639&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 75.84%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 10.86%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 9.98%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 75.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Identified intangible liabilities (included in other liabilities):&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 10.86%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 9.98%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 75.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Gross carrying amount&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 10.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;173&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 9.98%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;173&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 75.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Accumulated amortization&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 10.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 0.15pt;"&gt;(131)&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 9.98%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;(127)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 75.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Net carrying amount&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 10.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;42&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 9.98%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;46&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="text-align: left; margin-top: 6pt; font-family: ''Times New Roman'', Times, 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 $(6,000) and $(11,000) for the three months ended July 31, 2014 and 2013, respectively. The estimated annual amortization of acquired below-market leases, net of acquired above-market leases, for each of the five succeeding fiscal years is as follows:&lt;/div&gt;&lt;table align="center" border="0" cellpadding="0" cellspacing="0" style="width: 50%; font-family: 'Times New Roman', Times, Serif; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; width: 61.51%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold; margin-right: 5.05pt;"&gt;Year Ended April 30,&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 38.49%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 61.51%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 5.05pt;"&gt;2016&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 15.13%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 23.36%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;19&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 61.51%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 5.05pt;"&gt;2017&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 15.13%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 23.36%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;11&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 61.51%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 5.05pt;"&gt;2018&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 15.13%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 23.36%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;(2)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 61.51%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 5.05pt;"&gt;2019&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 15.13%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 23.36%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;(3)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 61.51%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 5.05pt;"&gt;2020&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 15.13%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 23.36%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;(2)&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'', Times, serif; margin-bottom: 12pt; font-size: 10pt;"&gt;Amortization of all other identified intangible assets (a component of depreciation and amortization expense) was $1.4 million and $3.6 million for the three months ended July 31, 2014 and 2013, respectively. The estimated annual amortization of all other identified intangible assets for each of the five succeeding fiscal years is as follows:&lt;/div&gt;&lt;table align="center" border="0" cellpadding="0" cellspacing="0" style="width: 50%; font-family: 'Times New Roman', Times, Serif; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; width: 61.51%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold; margin-right: 5.05pt;"&gt;Year Ended April 30,&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 38.49%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 61.51%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 5.05pt;"&gt;2016&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 15.13%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 23.36%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;4,567&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 61.51%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 5.05pt;"&gt;2017&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 15.13%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 23.36%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;4,099&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 61.51%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 5.05pt;"&gt;2018&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 15.13%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 23.36%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;3,667&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 61.51%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 5.05pt;"&gt;2019&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 15.13%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 23.36%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;3,543&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 61.51%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 5.05pt;"&gt;2020&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 15.13%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 23.36%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;3,457&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="text-align: left; margin-top: 6pt; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; 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, 2014 and April 30, 2014 was $2.0 million and $1.1 million, respectively. The annual review at April 30, 2014 indicated no impairment to goodwill and there was no indication of impairment at July 31, 2014.&amp;#160; During the three months ended July 31, 2014, the Company recognized approximately $852,000 of goodwill from the acquisition of the Homestead Garden residential property. 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>
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  <us-gaap:IncomeLossFromContinuingOperations contextRef="c20130501to20130731" unitRef="U001" decimals="-3">2584000</us-gaap:IncomeLossFromContinuingOperations>
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  <!--Income from discontinued operations-Operating Segments [Member]-->
  <us-gaap:IncomeLossFromDiscontinuedOperationsNetOfTax contextRef="c20140501to20140731_ConsolidationItemsAxis_OperatingSegmentsMember" unitRef="U001" decimals="-3">-2993000</us-gaap:IncomeLossFromDiscontinuedOperationsNetOfTax>
  <!--Income from discontinued operations-Operating Segments [Member]-->
  <us-gaap:IncomeLossFromDiscontinuedOperationsNetOfTax contextRef="c20130501to20130731_ConsolidationItemsAxis_OperatingSegmentsMember" unitRef="U001" decimals="-3">610000</us-gaap:IncomeLossFromDiscontinuedOperationsNetOfTax>
  <!--Income from discontinued operations-Discontinued Operations [Member]-->
  <us-gaap:IncomeLossFromDiscontinuedOperationsNetOfTax contextRef="c20130501to20130731_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis_SegmentDiscontinuedOperationsMember" unitRef="U001" decimals="-3">610000</us-gaap:IncomeLossFromDiscontinuedOperationsNetOfTax>
  <!--Earnings per common share from discontinued operations - Investors Real Estate Trust - basic and diluted (in dollars per share)-->
  <us-gaap:IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare contextRef="c20130501to20130731" unitRef="U003" decimals="0">0</us-gaap:IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare>
  <!--Earnings per common share from discontinued operations - Investors Real Estate Trust - basic and diluted (in dollars per share)-->
  <us-gaap:IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare contextRef="c20140501to20140731" unitRef="U003" decimals="0">0</us-gaap:IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare>
  <!--Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest-->
  <us-gaap:IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest contextRef="c20140501to20140731" unitRef="U001" decimals="-3">-199000</us-gaap:IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest>
  <!--Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest-->
  <us-gaap:IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest contextRef="c20130501to20130731" unitRef="U001" decimals="-3">2606000</us-gaap:IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest>
  <!--Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest-Operating Segments [Member]-->
  <us-gaap:IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest contextRef="c20140501to20140731_ConsolidationItemsAxis_OperatingSegmentsMember" unitRef="U001" decimals="-3">2794000</us-gaap:IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest>
  <!--Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest-Operating Segments [Member]-->
  <us-gaap:IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest contextRef="c20130501to20130731_ConsolidationItemsAxis_OperatingSegmentsMember" unitRef="U001" decimals="-3">2606000</us-gaap:IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest>
  <!--Income from discontinued operations - Investors Real Estate Trust-->
  <us-gaap:IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity contextRef="c20140501to20140731" unitRef="U001" decimals="-3">0</us-gaap:IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity>
  <!--Income from discontinued operations - Investors Real Estate Trust-->
  <us-gaap:IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity contextRef="c20130501to20130731" unitRef="U001" decimals="-3">494000</us-gaap:IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity>
  <!--Increase (Decrease) in Accounts Receivable-->
  <us-gaap:IncreaseDecreaseInAccountsReceivable contextRef="c20140501to20140731" unitRef="U001" decimals="-3">1229000</us-gaap:IncreaseDecreaseInAccountsReceivable>
  <!--Increase (Decrease) in Accounts Receivable-->
  <us-gaap:IncreaseDecreaseInAccountsReceivable contextRef="c20130501to20130731" unitRef="U001" decimals="-3">-811000</us-gaap:IncreaseDecreaseInAccountsReceivable>
  <!--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="c20140501to20140731" unitRef="U001" decimals="-3">926000</us-gaap:IncreaseDecreaseInDeferredLeasingFees>
  <!--Increase (Decrease) in Accounts Payable and Accrued Liabilities-->
  <us-gaap:IncreaseDecreaseInAccountsPayableAndAccruedLiabilities contextRef="c20130501to20130731" unitRef="U001" decimals="-3">2685000</us-gaap:IncreaseDecreaseInAccountsPayableAndAccruedLiabilities>
  <!--Increase (Decrease) in Accounts Payable and Accrued Liabilities-->
  <us-gaap:IncreaseDecreaseInAccountsPayableAndAccruedLiabilities contextRef="c20140501to20140731" unitRef="U001" decimals="-3">2594000</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="c20140501to20140731" unitRef="U001" decimals="-3">146000</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="c20140501to20140731" unitRef="U001" decimals="-3">-1197000</us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets>
  <!--Insurance proceeds receivable-Chateau II, Minot, North Dakota [Member]-->
  <us-gaap:InsuranceSettlementsReceivableCurrent contextRef="c20140430_RealEstatePropertiesAxis_ChateauIiMinotNorthDakotaMember" unitRef="U001" decimals="-5" id="Item-26">4000000</us-gaap:InsuranceSettlementsReceivableCurrent>
  <!--Intangible assets, net of accumulated amortization of $25,497 and $24,071, respectively-->
  <us-gaap:IntangibleAssetsNetExcludingGoodwill contextRef="c20140430" unitRef="U001" decimals="-3">32639000</us-gaap:IntangibleAssetsNetExcludingGoodwill>
  <!--Intangible assets, net of accumulated amortization of $25,497 and $24,071, respectively-->
  <us-gaap:IntangibleAssetsNetExcludingGoodwill contextRef="c20140731" unitRef="U001" decimals="-3">31478000</us-gaap:IntangibleAssetsNetExcludingGoodwill>
  <!--Interest Expense-->
  <us-gaap:InterestExpense contextRef="c20140501to20140731" unitRef="U001" decimals="-3">14664000</us-gaap:InterestExpense>
  <!--Interest Expense-->
  <us-gaap:InterestExpense contextRef="c20130501to20130731" unitRef="U001" decimals="-3">14596000</us-gaap:InterestExpense>
  <!--Interest Expense-Operating Segments [Member]-->
  <us-gaap:InterestExpense contextRef="c20140501to20140731_ConsolidationItemsAxis_OperatingSegmentsMember" unitRef="U001" decimals="-3">14664000</us-gaap:InterestExpense>
  <!--Interest Expense-Operating Segments [Member]-->
  <us-gaap:InterestExpense contextRef="c20130501to20130731_ConsolidationItemsAxis_OperatingSegmentsMember" unitRef="U001" decimals="-3">14596000</us-gaap:InterestExpense>
  <!--Interest Expense-Discontinued Operations [Member]-->
  <us-gaap:InterestExpense contextRef="c20130501to20130731_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis_SegmentDiscontinuedOperationsMember" unitRef="U001" decimals="-3">287000</us-gaap:InterestExpense>
  <!--Interest and other income-Operating Segments [Member]-->
  <us-gaap:InterestAndOtherIncome contextRef="c20140501to20140731_ConsolidationItemsAxis_OperatingSegmentsMember" unitRef="U001" decimals="-3">691000</us-gaap:InterestAndOtherIncome>
  <!--Interest and other income-Operating Segments [Member]-->
  <us-gaap:InterestAndOtherIncome contextRef="c20130501to20130731_ConsolidationItemsAxis_OperatingSegmentsMember" unitRef="U001" decimals="-3">210000</us-gaap:InterestAndOtherIncome>
  <!--Cash paid for interest, amounts capitalized-->
  <us-gaap:InterestPaidCapitalized contextRef="c20140501to20140731" unitRef="U001" decimals="-3">1030000</us-gaap:InterestPaidCapitalized>
  <!--Cash paid for interest, amounts capitalized-->
  <us-gaap:InterestPaidCapitalized contextRef="c20130501to20130731" unitRef="U001" decimals="-3">580000</us-gaap:InterestPaidCapitalized>
  <!--Cash paid for interest, net of amounts capitalized of $1,030 and $580, respectively-->
  <us-gaap:InterestPaid contextRef="c20130501to20130731" unitRef="U001" decimals="-3">14220000</us-gaap:InterestPaid>
  <!--Cash paid for interest, net of amounts capitalized of $1,030 and $580, respectively-->
  <us-gaap:InterestPaid contextRef="c20140501to20140731" unitRef="U001" decimals="-3">13099000</us-gaap:InterestPaid>
  <!--Interest income-->
  <us-gaap:InvestmentIncomeInterest contextRef="c20140501to20140731" unitRef="U001" decimals="-3">560000</us-gaap:InvestmentIncomeInterest>
  <!--Interest income-->
  <us-gaap:InvestmentIncomeInterest contextRef="c20130501to20130731" unitRef="U001" decimals="-3">188000</us-gaap:InvestmentIncomeInterest>
  <!--Investments-->
  <us-gaap:Investments contextRef="c20140430" unitRef="U001" decimals="-3">1699216000</us-gaap:Investments>
  <!--Investments-->
  <us-gaap:Investments contextRef="c20140731" unitRef="U001" decimals="-3">1746644000</us-gaap:Investments>
  <!--Investments, Fair Value Disclosure-Fair Value [Member]-->
  <us-gaap:InvestmentsFairValueDisclosure contextRef="c20140430_FairValueByMeasurementBasisAxis_EstimateOfFairValueFairValueDisclosureMember" unitRef="U001" decimals="-3">329000</us-gaap:InvestmentsFairValueDisclosure>
  <!--Investments, Fair Value Disclosure-Carrying Amount [Member]-->
  <us-gaap:InvestmentsFairValueDisclosure contextRef="c20140430_FairValueByMeasurementBasisAxis_CarryingReportedAmountFairValueDisclosureMember" unitRef="U001" decimals="-3">329000</us-gaap:InvestmentsFairValueDisclosure>
  <!--Investments, Fair Value Disclosure-Carrying Amount [Member]-->
  <us-gaap:InvestmentsFairValueDisclosure contextRef="c20140731_FairValueByMeasurementBasisAxis_CarryingReportedAmountFairValueDisclosureMember" unitRef="U001" decimals="-3">329000</us-gaap:InvestmentsFairValueDisclosure>
  <!--Investments, Fair Value Disclosure-Fair Value [Member]-->
  <us-gaap:InvestmentsFairValueDisclosure contextRef="c20140731_FairValueByMeasurementBasisAxis_EstimateOfFairValueFairValueDisclosureMember" unitRef="U001" decimals="-3">329000</us-gaap:InvestmentsFairValueDisclosure>
  <!--Fixed rate mortgages-->
  <us-gaap:LongtermDebtPercentageBearingFixedInterestAmount contextRef="c20140430" unitRef="U001" decimals="-5">977200000</us-gaap:LongtermDebtPercentageBearingFixedInterestAmount>
  <!--Fixed rate mortgages-->
  <us-gaap:LongtermDebtPercentageBearingFixedInterestAmount contextRef="c20140731" unitRef="U001" decimals="-5">971300000</us-gaap:LongtermDebtPercentageBearingFixedInterestAmount>
  <!--Long-term Debt, Percentage Bearing Variable Interest, Amount-->
  <us-gaap:LongtermDebtPercentageBearingVariableInterestAmount contextRef="c20140731" unitRef="U001" decimals="-5">45400000</us-gaap:LongtermDebtPercentageBearingVariableInterestAmount>
  <!--Long-term Debt, Percentage Bearing Variable Interest, Amount-->
  <us-gaap:LongtermDebtPercentageBearingVariableInterestAmount contextRef="c20140430" unitRef="U001" decimals="-5">20500000</us-gaap:LongtermDebtPercentageBearingVariableInterestAmount>
  <!--Weighted average rate of interest on mortgage debt (in hundredths)-->
  <us-gaap:LongtermDebtWeightedAverageInterestRate contextRef="c20140430" unitRef="U004" decimals="4">0.0537</us-gaap:LongtermDebtWeightedAverageInterestRate>
  <!--Weighted average rate of interest on mortgage debt (in hundredths)-->
  <us-gaap:LongtermDebtWeightedAverageInterestRate contextRef="c20140731" unitRef="U004" decimals="4">0.0532</us-gaap:LongtermDebtWeightedAverageInterestRate>
  <!--Unimproved land-->
  <us-gaap:LandAvailableForDevelopment contextRef="c20140731" unitRef="U001" decimals="-3">24772000</us-gaap:LandAvailableForDevelopment>
  <!--Unimproved land-->
  <us-gaap:LandAvailableForDevelopment contextRef="c20140430" unitRef="U001" decimals="-3">22864000</us-gaap:LandAvailableForDevelopment>
  <!--Liabilities and Equity-->
  <us-gaap:LiabilitiesAndStockholdersEquity contextRef="c20140731" unitRef="U001" decimals="-3">1931767000</us-gaap:LiabilitiesAndStockholdersEquity>
  <!--Liabilities and Equity-->
  <us-gaap:LiabilitiesAndStockholdersEquity contextRef="c20140430" unitRef="U001" decimals="-3">1869221000</us-gaap:LiabilitiesAndStockholdersEquity>
  <!--Liabilities-->
  <us-gaap:Liabilities contextRef="c20140430" unitRef="U001" decimals="-3">1142472000</us-gaap:Liabilities>
  <!--Liabilities-->
  <us-gaap:Liabilities contextRef="c20140731" unitRef="U001" decimals="-3">1199257000</us-gaap:Liabilities>
  <!--Borrowed amount-->
  <us-gaap:LineOfCredit contextRef="c20140731" unitRef="U001" decimals="-5">35500000</us-gaap:LineOfCredit>
  <!--Borrowed amount-->
  <us-gaap:LineOfCredit contextRef="c20140430" unitRef="U001" decimals="-5">25500000</us-gaap:LineOfCredit>
  <!--Lending commitments-->
  <us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity contextRef="c20140731" unitRef="U001" decimals="-5">75000000</us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity>
  <!--Line of credit, current interest rate (in hundredths)-->
  <us-gaap:LineOfCreditFacilityInterestRateDuringPeriod contextRef="c20140501to20140731" unitRef="U004" decimals="INF">0.0475</us-gaap:LineOfCreditFacilityInterestRateDuringPeriod>
  <!--Lines of Credit, Fair Value Disclosure-Fair Value [Member]-->
  <us-gaap:LinesOfCreditFairValueDisclosure contextRef="c20140430_FairValueByMeasurementBasisAxis_EstimateOfFairValueFairValueDisclosureMember" unitRef="U001" decimals="-3">22500000</us-gaap:LinesOfCreditFairValueDisclosure>
  <!--Lines of Credit, Fair Value Disclosure-Carrying Amount [Member]-->
  <us-gaap:LinesOfCreditFairValueDisclosure contextRef="c20140430_FairValueByMeasurementBasisAxis_CarryingReportedAmountFairValueDisclosureMember" unitRef="U001" decimals="-3">22500000</us-gaap:LinesOfCreditFairValueDisclosure>
  <!--Lines of Credit, Fair Value Disclosure-Carrying Amount [Member]-->
  <us-gaap:LinesOfCreditFairValueDisclosure contextRef="c20140731_FairValueByMeasurementBasisAxis_CarryingReportedAmountFairValueDisclosureMember" unitRef="U001" decimals="-3">35500000</us-gaap:LinesOfCreditFairValueDisclosure>
  <!--Lines of Credit, Fair Value Disclosure-Fair Value [Member]-->
  <us-gaap:LinesOfCreditFairValueDisclosure contextRef="c20140731_FairValueByMeasurementBasisAxis_EstimateOfFairValueFairValueDisclosureMember" unitRef="U001" decimals="-3">35500000</us-gaap:LinesOfCreditFairValueDisclosure>
  <!--Revolving line of credit-->
  <us-gaap:LinesOfCreditCurrent contextRef="c20140430" unitRef="U001" decimals="-3">22500000</us-gaap:LinesOfCreditCurrent>
  <!--Revolving line of credit-->
  <us-gaap:LinesOfCreditCurrent contextRef="c20140731" unitRef="U001" decimals="-3">35500000</us-gaap:LinesOfCreditCurrent>
  <!--Other debt-Carrying Amount [Member]-->
  <us-gaap:LoansPayableFairValueDisclosure contextRef="c20140731_FairValueByMeasurementBasisAxis_CarryingReportedAmountFairValueDisclosureMember" unitRef="U001" decimals="-3">83624000</us-gaap:LoansPayableFairValueDisclosure>
  <!--Other debt-Carrying Amount [Member]-->
  <us-gaap:LoansPayableFairValueDisclosure contextRef="c20140430_FairValueByMeasurementBasisAxis_CarryingReportedAmountFairValueDisclosureMember" unitRef="U001" decimals="-3">63132000</us-gaap:LoansPayableFairValueDisclosure>
  <!--Other debt-Fair Value [Member]-->
  <us-gaap:LoansPayableFairValueDisclosure contextRef="c20140430_FairValueByMeasurementBasisAxis_EstimateOfFairValueFairValueDisclosureMember" unitRef="U001" decimals="-3">63250000</us-gaap:LoansPayableFairValueDisclosure>
  <!--Other debt-Fair Value [Member]-->
  <us-gaap:LoansPayableFairValueDisclosure contextRef="c20140731_FairValueByMeasurementBasisAxis_EstimateOfFairValueFairValueDisclosureMember" unitRef="U001" decimals="-3">83727000</us-gaap:LoansPayableFairValueDisclosure>
  <!--Receivable arising from straight-lining of rents, allowance-->
  <us-gaap:LoansAndLeasesReceivableOtherAllowance contextRef="c20140430" unitRef="U001" decimals="-3">796000</us-gaap:LoansAndLeasesReceivableOtherAllowance>
  <!--Receivable arising from straight-lining of rents, allowance-->
  <us-gaap:LoansAndLeasesReceivableOtherAllowance contextRef="c20140731" unitRef="U001" decimals="-3">717000</us-gaap:LoansAndLeasesReceivableOtherAllowance>
  <!--Mortgages payable-->
  <us-gaap:LongTermDebt contextRef="c20140731" unitRef="U001" decimals="-3">1017574000</us-gaap:LongTermDebt>
  <!--Mortgages payable-->
  <us-gaap:LongTermDebt contextRef="c20140430" unitRef="U001" decimals="-3">997689000</us-gaap:LongTermDebt>
  <!--2015 (remainder)-->
  <us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths contextRef="c20140731" unitRef="U001" decimals="-3">70760000</us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths>
  <!--2017-->
  <us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree contextRef="c20140731" unitRef="U001" decimals="-3">214722000</us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree>
  <!--2016-->
  <us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo contextRef="c20140731" unitRef="U001" decimals="-3">92893000</us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo>
  <!--2018-->
  <us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour contextRef="c20140731" unitRef="U001" decimals="-3">113386000</us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour>
  <!--Thereafter-->
  <us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive contextRef="c20140731" unitRef="U001" decimals="-3">393020000</us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive>
  <!--Long-term Debt, Maturities, Repayments of Principal in Year Five-->
  <us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive contextRef="c20140731" unitRef="U001" decimals="-3">132793000</us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive>
  <!--Noncontrolling interests - consolidated real estate entities-->
  <us-gaap:MinorityInterestInOperatingPartnerships contextRef="c20140731" unitRef="U001" decimals="-3">25910000</us-gaap:MinorityInterestInOperatingPartnerships>
  <!--Noncontrolling interests - consolidated real estate entities-->
  <us-gaap:MinorityInterestInOperatingPartnerships contextRef="c20140430" unitRef="U001" decimals="-3">22638000</us-gaap:MinorityInterestInOperatingPartnerships>
  <!--Noncontrolling interests - Operating Partnership (17,975,440 units at July 31, 2014 and 21,093,445 units at April 30, 2014)-->
  <us-gaap:MinorityInterestInPreferredUnitHolders contextRef="c20140430" unitRef="U001" decimals="-3">105724000</us-gaap:MinorityInterestInPreferredUnitHolders>
  <!--Noncontrolling interests - Operating Partnership (17,975,440 units at July 31, 2014 and 21,093,445 units at April 30, 2014)-->
  <us-gaap:MinorityInterestInPreferredUnitHolders contextRef="c20140731" unitRef="U001" decimals="-3">84250000</us-gaap:MinorityInterestInPreferredUnitHolders>
  <!--Interest rates on mortgages payable range, maximum (in hundredths)-->
  <us-gaap:MortgageLoansOnRealEstateMaximumInterestRateInRange contextRef="c20140501to20140731" unitRef="U004" decimals="INF">0.0825</us-gaap:MortgageLoansOnRealEstateMaximumInterestRateInRange>
  <!--Interest rates on mortgages payable range, minimum (in hundredths)-->
  <us-gaap:MortgageLoansOnRealEstateMinimumInterestRateInRange contextRef="c20140501to20140731" unitRef="U004" decimals="INF">0.024</us-gaap:MortgageLoansOnRealEstateMinimumInterestRateInRange>
  <!--Net (loss) income attributable to Investors Real Estate Trust-->
  <us-gaap:NetIncomeLoss contextRef="c20130501to20130731" unitRef="U001" decimals="-3">3078000</us-gaap:NetIncomeLoss>
  <!--Net (loss) income attributable to Investors Real Estate Trust-->
  <us-gaap:NetIncomeLoss contextRef="c20140501to20140731" unitRef="U001" decimals="-3">-151000</us-gaap:NetIncomeLoss>
  <!--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="c20140501to20140731" unitRef="U001" decimals="-3">-3030000</us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic>
  <!--Net Income (Loss) Attributable to Redeemable Noncontrolling Interest-->
  <us-gaap:NetIncomeLossAttributableToRedeemableNoncontrollingInterest contextRef="c20130501to20130731" unitRef="U001" decimals="-3">12000</us-gaap:NetIncomeLossAttributableToRedeemableNoncontrollingInterest>
  <!--Net Income (Loss) Attributable to Redeemable Noncontrolling Interest-->
  <us-gaap:NetIncomeLossAttributableToRedeemableNoncontrollingInterest contextRef="c20140501to20140731" unitRef="U001" decimals="-3">110000</us-gaap:NetIncomeLossAttributableToRedeemableNoncontrollingInterest>
  <!--Net Income (Loss) Available to Common Stockholders, Diluted-->
  <us-gaap:NetIncomeLossAvailableToCommonStockholdersDiluted contextRef="c20140501to20140731" unitRef="U001" decimals="-3">-3432000</us-gaap:NetIncomeLossAvailableToCommonStockholdersDiluted>
  <!--Net Income (Loss) Available to Common Stockholders, Diluted-->
  <us-gaap:NetIncomeLossAvailableToCommonStockholdersDiluted contextRef="c20130501to20130731" unitRef="U001" decimals="-3">249000</us-gaap:NetIncomeLossAvailableToCommonStockholdersDiluted>
  <!--Net rentable area (in square feet)-->
  <us-gaap:NetRentableArea contextRef="c20140731" unitRef="U007" decimals="INF">10.3</us-gaap:NetRentableArea>
  <!--Net Cash Provided by (Used in) Investing Activities-->
  <us-gaap:NetCashProvidedByUsedInInvestingActivities contextRef="c20140501to20140731" unitRef="U001" decimals="-3">-52299000</us-gaap:NetCashProvidedByUsedInInvestingActivities>
  <!--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) Financing Activities-->
  <us-gaap:NetCashProvidedByUsedInFinancingActivities contextRef="c20140501to20140731" unitRef="U001" decimals="-3">42267000</us-gaap:NetCashProvidedByUsedInFinancingActivities>
  <!--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) 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="c20140501to20140731" unitRef="U001" decimals="-3">23385000</us-gaap:NetCashProvidedByUsedInOperatingActivities>
  <!--Net income attributable to noncontrolling interests - consolidated real estate entities-->
  <us-gaap:NetIncomeLossAttributableToNoncontrollingInterest contextRef="c20140501to20140731" unitRef="U001" decimals="-3">-354000</us-gaap:NetIncomeLossAttributableToNoncontrollingInterest>
  <!--Net income attributable to noncontrolling interests - consolidated real estate entities-->
  <us-gaap:NetIncomeLossAttributableToNoncontrollingInterest contextRef="c20130501to20130731" unitRef="U001" decimals="-3">-88000</us-gaap:NetIncomeLossAttributableToNoncontrollingInterest>
  <!--RECENT ACCOUNTING PRONOUNCEMENTS-->
  <us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock contextRef="c20140501to20140731">&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'', Times, serif; margin-bottom: 10pt; font-size: 10pt; font-weight: bold;"&gt;RECENT ACCOUNTING PRONOUNCEMENTS&lt;/div&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt;"&gt;In April 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-08, &lt;font style="font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360):&amp;#160; Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. &lt;/font&gt;Under this standard, a disposal (or classification as held for sale) of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity's operations and financial results. Examples include a disposal of a major geographic area, a major line of business, or a major equity method investment. In addition, the new guidance requires expanded disclosures about the assets, liabilities, income and expenses of discontinued operations. The ASU is effective for all disposals (or classifications as held for sale) of components of an entity that occur within annual periods beginning on or after December 15, 2014, and interim periods within those years. Early adoption is permitted, but only for disposals (or classifications as held for sale) that have not been reported in financial statements previously issued or available for issuance. The Company adopted this update effective February 1, 2014 and determined that the adoption did not have a material impact on the Company's consolidated results of operations or financial condition.&lt;/div&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt;"&gt;As a result of the adoption of ASU No. 2014-08, results of operations and gains or losses on sale for properties that are disposed or classified as held for sale in the ordinary course of business on or subsequent to February 1, 2014 would generally be included in continuing operations on the Company's consolidated statements of operations, to the extent such disposals did not meet the criteria for classification as a discontinued operation described above. During the quarter ended April 30, 2014, the Company applied the new standard to one property that was classified as held for sale.&amp;#160; The Company applied the new standard to three property dispositions and one property classified as held for sale during the quarter ended July 31, 2014.&lt;/div&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 10.5pt; font-size: 10pt;"&gt;In May 2014, the FASB issued ASU No. 2014-09, &lt;font style="font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Revenue from Contracts with Customers&lt;/font&gt;. The standard will eliminate the transaction- and industry-specific revenue recognition guidance under current U.S. GAAP and replace it with a principle based approach for determining revenue recognition. ASU No. 2014-09 does not apply to lease contracts accounted for under ASC 840, &lt;font style="font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Leases.&lt;/font&gt; The ASU is effective for annual and interim periods beginning after December 15, 2016. The Company does not expect adoption of this update to have a material impact on the Company's operating results or financial position.&lt;/div&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 10.5pt; font-size: 10pt;"&gt;In June 2014, the FASB issued ASU No. 2014-12, &lt;font style="font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Compensation &amp;#8211; Stock Compensation (Topic 718):&amp;#160; Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period&lt;/font&gt;. ASU 2014-12 requires an entity to treat performance targets that can be met after the requisite service period of a share-based award has ended, as a performance condition that affects vesting. The ASU is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2015. The Company does not expect the adoption of this update to have a material impact on the Company's operating results or financial position.&lt;/div&gt;&lt;/div&gt;</us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock>
  <!--Noncash or Part Noncash Acquisition, Debt Assumed-Silver Springs - Rapid City, SD [Member]-Acquisitions [Member]-Multi Family Residential [Member]-->
  <us-gaap:NoncashOrPartNoncashAcquisitionDebtAssumed1 contextRef="c20140501to20140731_BusinessAcquisitionByStatusOfPropertyAcquiredAxis_AcquisitionsMember_SignificantAcquisitionsAndDisposalsByTransactionAxis_SilverSpringsRapidCitySdMember_StatementBusinessSegmentsAxis_MultiFamilyResidentialMember" unitRef="U001" decimals="-5">2300000</us-gaap:NoncashOrPartNoncashAcquisitionDebtAssumed1>
  <!--Noncash or Part Noncash Acquisition, Debt Assumed-Homestead Garden - Rapid City, SD [Member]-Acquisitions [Member]-Multi Family Residential [Member]-->
  <us-gaap:NoncashOrPartNoncashAcquisitionDebtAssumed1 contextRef="c20140501to20140731_BusinessAcquisitionByStatusOfPropertyAcquiredAxis_AcquisitionsMember_SignificantAcquisitionsAndDisposalsByTransactionAxis_HomesteadGardenRapidCitySdMember_StatementBusinessSegmentsAxis_MultiFamilyResidentialMember" unitRef="U001" decimals="-5" id="Item-27">9900000</us-gaap:NoncashOrPartNoncashAcquisitionDebtAssumed1>
  <!--Number of real estate properties-Commercial properties [Member]-->
  <us-gaap:NumberOfRealEstateProperties contextRef="c20140731_RealEstatePropertiesAxis_CommercialRealEstateMember" unitRef="U005" decimals="INF">163</us-gaap:NumberOfRealEstateProperties>
  <!--Number of real estate properties-Multi-family residential properties [Member]-->
  <us-gaap:NumberOfRealEstateProperties contextRef="c20140731_RealEstatePropertiesAxis_ResidentialRealEstateMember" unitRef="U005" decimals="INF">96</us-gaap:NumberOfRealEstateProperties>
  <!--Number of reportable segments-->
  <us-gaap:NumberOfReportableSegments contextRef="c20140501to20140731" unitRef="U010" decimals="INF">5</us-gaap:NumberOfReportableSegments>
  <!--Noncontrolling Interest in Net Income (Loss) Operating Partnerships, Nonredeemable-->
  <us-gaap:NoncontrollingInterestInNetIncomeLossOperatingPartnershipsNonredeemable contextRef="c20140501to20140731" unitRef="U001" decimals="-3">402000</us-gaap:NoncontrollingInterestInNetIncomeLossOperatingPartnershipsNonredeemable>
  <!--Noncontrolling Interest in Net Income (Loss) Operating Partnerships, Nonredeemable-->
  <us-gaap:NoncontrollingInterestInNetIncomeLossOperatingPartnershipsNonredeemable contextRef="c20130501to20130731" unitRef="U001" decimals="-3">-50000</us-gaap:NoncontrollingInterestInNetIncomeLossOperatingPartnershipsNonredeemable>
  <!--Contributions from nonredeemable noncontrolling interests - consolidated real estate entities-Noncontrolling Interests [Member]-->
  <us-gaap:NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance contextRef="c20140501to20140731_StatementEquityComponentsAxis_NoncontrollingInterestMember" unitRef="U001" decimals="-3">3212000</us-gaap:NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance>
  <!--Contributions from nonredeemable noncontrolling interests - consolidated real estate entities-->
  <us-gaap:NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance contextRef="c20140501to20140731" unitRef="U001" decimals="-3" id="Item-28">3212000</us-gaap:NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance>
  <!--Contributions from nonredeemable noncontrolling interests - consolidated real estate entities-Acquisitions [Member]-->
  <us-gaap:NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance contextRef="c20140501to20140731_BusinessAcquisitionByStatusOfPropertyAcquiredAxis_AcquisitionsMember" unitRef="U001" decimals="-3" id="Item-29">13582000</us-gaap:NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance>
  <!--Contributions from nonredeemable noncontrolling interests - consolidated real estate entities-Silver Springs - Rapid City, SD [Member]-Acquisitions [Member]-Multi Family Residential [Member]-->
  <us-gaap:NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance contextRef="c20140501to20140731_BusinessAcquisitionByStatusOfPropertyAcquiredAxis_AcquisitionsMember_SignificantAcquisitionsAndDisposalsByTransactionAxis_SilverSpringsRapidCitySdMember_StatementBusinessSegmentsAxis_MultiFamilyResidentialMember" unitRef="U001" decimals="-3" id="Item-30">2261000</us-gaap:NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance>
  <!--Contributions from nonredeemable noncontrolling interests - consolidated real estate entities-71 France Phase I - Edina, MN [Member]-Acquisitions [Member]-Unimproved Land [Member]-->
  <us-gaap:NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance contextRef="c20140501to20140731_BusinessAcquisitionByStatusOfPropertyAcquiredAxis_AcquisitionsMember_SignificantAcquisitionsAndDisposalsByTransactionAxis_FrancePhaseIEdinaMnMember_StatementBusinessSegmentsAxis_UnimprovedLandMember" unitRef="U001" decimals="-3" id="Item-31">1413000</us-gaap:NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance>
  <!--Contributions from nonredeemable noncontrolling interests - consolidated real estate entities-Homestead Garden - Rapid City, SD [Member]-Acquisitions [Member]-Multi Family Residential [Member]-->
  <us-gaap:NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance contextRef="c20140501to20140731_BusinessAcquisitionByStatusOfPropertyAcquiredAxis_AcquisitionsMember_SignificantAcquisitionsAndDisposalsByTransactionAxis_HomesteadGardenRapidCitySdMember_StatementBusinessSegmentsAxis_MultiFamilyResidentialMember" unitRef="U001" decimals="-3" id="Item-32">9908000</us-gaap:NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance>
  <!--Contributions from nonredeemable noncontrolling interests - consolidated real estate entities-Creekside Crossing - Bismarck, ND [Member]-Acquisitions [Member]-Unimproved Land [Member]-->
  <us-gaap:NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance contextRef="c20140501to20140731_BusinessAcquisitionByStatusOfPropertyAcquiredAxis_AcquisitionsMember_SignificantAcquisitionsAndDisposalsByTransactionAxis_CreeksideCrossingBismarckNdMember_StatementBusinessSegmentsAxis_UnimprovedLandMember" unitRef="U001" decimals="-3" id="Item-33">0</us-gaap:NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance>
  <!--Contributions from nonredeemable noncontrolling interests - consolidated real estate entities-PrairieCare Medical - Brooklyn Park, MN [Member]-Acquisitions [Member]-Unimproved Land [Member]-->
  <us-gaap:NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance contextRef="c20140501to20140731_BusinessAcquisitionByStatusOfPropertyAcquiredAxis_AcquisitionsMember_SignificantAcquisitionsAndDisposalsByTransactionAxis_PrairiecareMedicalBrooklynParkMnMember_StatementBusinessSegmentsAxis_UnimprovedLandMember" unitRef="U001" decimals="-3" id="Item-34">0</us-gaap:NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance>
  <!--Contributions from nonredeemable noncontrolling interests - consolidated real estate entities-Acquisitions [Member]-Multi Family Residential [Member]-->
  <us-gaap:NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance contextRef="c20140501to20140731_BusinessAcquisitionByStatusOfPropertyAcquiredAxis_AcquisitionsMember_StatementBusinessSegmentsAxis_MultiFamilyResidentialMember" unitRef="U001" decimals="-3" id="Item-35">12169000</us-gaap:NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance>
  <!--Contributions from nonredeemable noncontrolling interests - consolidated real estate entities-Acquisitions [Member]-Unimproved Land [Member]-->
  <us-gaap:NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance contextRef="c20140501to20140731_BusinessAcquisitionByStatusOfPropertyAcquiredAxis_AcquisitionsMember_StatementBusinessSegmentsAxis_UnimprovedLandMember" unitRef="U001" decimals="-3" id="Item-36">1413000</us-gaap:NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance>
  <!--Real estate rentals-->
  <us-gaap:OperatingLeasesIncomeStatementLeaseRevenue contextRef="c20130501to20130731" unitRef="U001" decimals="-3">53623000</us-gaap:OperatingLeasesIncomeStatementLeaseRevenue>
  <!--Real estate rentals-->
  <us-gaap:OperatingLeasesIncomeStatementLeaseRevenue contextRef="c20140501to20140731" unitRef="U001" decimals="-3">57126000</us-gaap:OperatingLeasesIncomeStatementLeaseRevenue>
  <!--Real estate rentals-Discontinued Operations [Member]-->
  <us-gaap:OperatingLeasesIncomeStatementLeaseRevenue contextRef="c20130501to20130731_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis_SegmentDiscontinuedOperationsMember" unitRef="U001" decimals="-3">1632000</us-gaap:OperatingLeasesIncomeStatementLeaseRevenue>
  <!--Operating Income (Loss)-->
  <us-gaap:OperatingIncomeLoss contextRef="c20140501to20140731" unitRef="U001" decimals="-3">16767000</us-gaap:OperatingIncomeLoss>
  <!--Operating Income (Loss)-->
  <us-gaap:OperatingIncomeLoss contextRef="c20130501to20130731" unitRef="U001" decimals="-3">16992000</us-gaap:OperatingIncomeLoss>
  <!--ORGANIZATION-->
  <us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock contextRef="c20140501to20140731">&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'', Times, serif; margin-bottom: 10pt; font-size: 10pt; font-weight: bold;"&gt;NOTE 1 &amp;#8226; ORGANIZATION&lt;/div&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, 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 and taxes on the income generated by our taxable REIT subsidiary ("TRS"). Our TRS is subject to corporate federal and state income tax on its taxable income at regular statutory rates. We have considered estimated future taxable income and have determined that there were no material income tax provisions or material net deferred income tax items for our TRS for the quarters ended July 31, 2014 and 2013. 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, 2014, IRET owned 96 multi-family residential properties with 11,080 apartment units and 163 commercial properties, consisting of office, healthcare, industrial and retail properties, totaling 10.2 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: left; font-family: ''Times New Roman'', Times, 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="c20140731" unitRef="U001" decimals="-3">20451000</us-gaap:OtherAssets>
  <!--Tax, insurance, and other escrow-->
  <us-gaap:OtherAssets contextRef="c20140430" unitRef="U001" decimals="-3">20880000</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="c20140501to20140731" unitRef="U001" decimals="-3">136000</us-gaap:OtherNoncashIncomeExpense>
  <!--Increase in accounts receivable from sale of common shares under distribution reinvestment and share purchase program-->
  <us-gaap:OtherSignificantNoncashTransactionValueOfConsiderationReceived1 contextRef="c20140501to20140731" unitRef="U001" decimals="-3">0</us-gaap:OtherSignificantNoncashTransactionValueOfConsiderationReceived1>
  <!--Increase in accounts receivable from sale of common shares under distribution reinvestment and share purchase program-->
  <us-gaap:OtherSignificantNoncashTransactionValueOfConsiderationReceived1 contextRef="c20130501to20130731" unitRef="U001" decimals="-3">3000000</us-gaap:OtherSignificantNoncashTransactionValueOfConsiderationReceived1>
  <!--Other property expenses-->
  <us-gaap:OtherGeneralExpense contextRef="c20130501to20130731" unitRef="U001" decimals="-3">679000</us-gaap:OtherGeneralExpense>
  <!--Other property expenses-->
  <us-gaap:OtherGeneralExpense contextRef="c20140501to20140731" unitRef="U001" decimals="-3">612000</us-gaap:OtherGeneralExpense>
  <!--Other property expenses-Operating Segments [Member]-->
  <us-gaap:OtherGeneralExpense contextRef="c20140501to20140731_ConsolidationItemsAxis_OperatingSegmentsMember" unitRef="U001" decimals="-3">612000</us-gaap:OtherGeneralExpense>
  <!--Other property expenses-Operating Segments [Member]-->
  <us-gaap:OtherGeneralExpense contextRef="c20130501to20130731_ConsolidationItemsAxis_OperatingSegmentsMember" unitRef="U001" decimals="-3">679000</us-gaap:OtherGeneralExpense>
  <!--Other property expenses-Discontinued Operations [Member]-->
  <us-gaap:OtherGeneralExpense contextRef="c20130501to20130731_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis_SegmentDiscontinuedOperationsMember" unitRef="U001" decimals="-3">0</us-gaap:OtherGeneralExpense>
  <!--Other investments-->
  <us-gaap:OtherLongTermInvestments contextRef="c20140430" unitRef="U001" decimals="-3">329000</us-gaap:OtherLongTermInvestments>
  <!--Other investments-->
  <us-gaap:OtherLongTermInvestments contextRef="c20140731" unitRef="U001" decimals="-3">329000</us-gaap:OtherLongTermInvestments>
  <!--Other income-->
  <us-gaap:OtherNonoperatingIncomeExpense contextRef="c20140501to20140731" unitRef="U001" decimals="-3">131000</us-gaap:OtherNonoperatingIncomeExpense>
  <!--Other income-->
  <us-gaap:OtherNonoperatingIncomeExpense contextRef="c20130501to20130731" unitRef="U001" decimals="-3">22000</us-gaap:OtherNonoperatingIncomeExpense>
  <!--Other income-Discontinued Operations [Member]-->
  <us-gaap:OtherNonoperatingIncomeExpense contextRef="c20130501to20130731_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis_SegmentDiscontinuedOperationsMember" unitRef="U001" decimals="-3">0</us-gaap:OtherNonoperatingIncomeExpense>
  <!--Other-->
  <us-gaap:OtherLiabilities contextRef="c20140430" unitRef="U001" decimals="-3">63178000</us-gaap:OtherLiabilities>
  <!--Other-->
  <us-gaap:OtherLiabilities contextRef="c20140731" unitRef="U001" decimals="-3">83666000</us-gaap:OtherLiabilities>
  <!--Other-->
  <us-gaap:OtherLiabilities contextRef="c20130731" unitRef="U001" decimals="-5">7900000</us-gaap:OtherLiabilities>
  <!--TRS senior housing revenue-->
  <us-gaap:OtherRealEstateRevenue contextRef="c20130501to20130731" unitRef="U001" decimals="-3">0</us-gaap:OtherRealEstateRevenue>
  <!--TRS senior housing revenue-->
  <us-gaap:OtherRealEstateRevenue contextRef="c20140501to20140731" unitRef="U001" decimals="-3">793000</us-gaap:OtherRealEstateRevenue>
  <!--TRS senior housing revenue-Operating Segments [Member]-->
  <us-gaap:OtherRealEstateRevenue contextRef="c20140501to20140731_ConsolidationItemsAxis_OperatingSegmentsMember" unitRef="U001" decimals="-3">793000</us-gaap:OtherRealEstateRevenue>
  <!--Property management expenses-->
  <us-gaap:OwnedPropertyManagementCosts contextRef="c20130501to20130731" unitRef="U001" decimals="-3">4135000</us-gaap:OwnedPropertyManagementCosts>
  <!--Property management expenses-->
  <us-gaap:OwnedPropertyManagementCosts contextRef="c20140501to20140731" unitRef="U001" decimals="-3">4630000</us-gaap:OwnedPropertyManagementCosts>
  <!--Property management expenses-Discontinued Operations [Member]-->
  <us-gaap:OwnedPropertyManagementCosts contextRef="c20130501to20130731_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis_SegmentDiscontinuedOperationsMember" unitRef="U001" decimals="-3">118000</us-gaap:OwnedPropertyManagementCosts>
  <!--Partners' Capital Account, Redemptions-->
  <us-gaap:PartnersCapitalAccountRedemptions contextRef="c20130501to20130731" unitRef="U001" decimals="-3">0</us-gaap:PartnersCapitalAccountRedemptions>
  <!--Partners' Capital Account, Redemptions-COMMON SHARES [Member]-->
  <us-gaap:PartnersCapitalAccountRedemptions contextRef="c20140501to20140731_StatementEquityComponentsAxis_CommonStockMember" unitRef="U001" decimals="-3">-18332000</us-gaap:PartnersCapitalAccountRedemptions>
  <!--Partners' Capital Account, Redemptions-Noncontrolling Interests [Member]-->
  <us-gaap:PartnersCapitalAccountRedemptions contextRef="c20140501to20140731_StatementEquityComponentsAxis_NoncontrollingInterestMember" unitRef="U001" decimals="-3">18332000</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="c20140501to20140731" 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>
  <!--Redemption of units for common shares, shares (in shares)-COMMON SHARES [Member]-->
  <us-gaap:PartnersCapitalAccountUnitsRedeemed contextRef="c20140501to20140731_StatementEquityComponentsAxis_CommonStockMember" unitRef="U002" decimals="-3">3118000</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 Construction in Process-->
  <us-gaap:PaymentsForConstructionInProcess contextRef="c20140501to20140731" unitRef="U001" decimals="-3">36892000</us-gaap:PaymentsForConstructionInProcess>
  <!--Payments for Construction in Process-->
  <us-gaap:PaymentsForConstructionInProcess contextRef="c20130501to20130731" unitRef="U001" decimals="-3">26476000</us-gaap:PaymentsForConstructionInProcess>
  <!--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="c20140501to20140731" unitRef="U001" decimals="-3">7556000</us-gaap:PaymentsForCapitalImprovements>
  <!--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="c20140501to20140731" unitRef="U001" decimals="-3">185000</us-gaap:PaymentsOfDividendsMinorityInterest>
  <!--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="c20140501to20140731" unitRef="U001" decimals="-3">2879000</us-gaap:PaymentsOfDividendsPreferredStockAndPreferenceStock>
  <!--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="c20140501to20140731" unitRef="U001" decimals="-3">13008000</us-gaap:PaymentsToAcquireRealEstate>
  <!--Payments to Acquire Businesses, Gross-Grand Forks, ND [Member]-->
  <us-gaap:PaymentsToAcquireBusinessesGross contextRef="c20140501to20140731_RealEstatePropertiesAxis_GrandForksNdMember" unitRef="U001" decimals="-5">8900000</us-gaap:PaymentsToAcquireBusinessesGross>
  <!--Payments to Acquire Businesses, Gross-Property One [Member]-Bismarck, North Dakota [Member]-->
  <us-gaap:PaymentsToAcquireBusinessesGross contextRef="c20140501to20140731_AdditionalProjectInformationAxis_PropertyOneMember_RealEstatePropertiesAxis_BismarckNorthDakotaMember" unitRef="U001" decimals="-5">8400000</us-gaap:PaymentsToAcquireBusinessesGross>
  <!--Payments to Acquire Businesses, Gross-Property Two [Member]-Bismarck, North Dakota [Member]-->
  <us-gaap:PaymentsToAcquireBusinessesGross contextRef="c20140501to20140731_AdditionalProjectInformationAxis_PropertyTwoMember_RealEstatePropertiesAxis_BismarckNorthDakotaMember" unitRef="U001" decimals="-5">14300000</us-gaap:PaymentsToAcquireBusinessesGross>
  <!--Payments to Acquire Businesses, Gross-Vacant land in Monticello, MN [Member]-->
  <us-gaap:PaymentsToAcquireBusinessesGross contextRef="c20140501to20140731_RealEstatePropertiesAxis_VacantLandInMonticelloMnMember" unitRef="U001" decimals="-5">1700000</us-gaap:PaymentsToAcquireBusinessesGross>
  <!--Payments to Acquire Businesses, Gross-71 France Phase I - Edina, MN [Member]-Acquisitions [Member]-Unimproved Land [Member]-->
  <us-gaap:PaymentsToAcquireBusinessesGross contextRef="c20140501to20140731_BusinessAcquisitionByStatusOfPropertyAcquiredAxis_AcquisitionsMember_SignificantAcquisitionsAndDisposalsByTransactionAxis_FrancePhaseIEdinaMnMember_StatementBusinessSegmentsAxis_UnimprovedLandMember" unitRef="U001" decimals="-3" id="Item-37">0</us-gaap:PaymentsToAcquireBusinessesGross>
  <!--Payments to Acquire Businesses, Gross-Acquisitions [Member]-Multi Family Residential [Member]-->
  <us-gaap:PaymentsToAcquireBusinessesGross contextRef="c20130501to20130731_BusinessAcquisitionByStatusOfPropertyAcquiredAxis_AcquisitionsMember_StatementBusinessSegmentsAxis_MultiFamilyResidentialMember" unitRef="U001" decimals="-3">2920000</us-gaap:PaymentsToAcquireBusinessesGross>
  <!--Payments to Acquire Businesses, Gross-Creekside Crossing - Bismarck, ND [Member]-Acquisitions [Member]-Unimproved Land [Member]-->
  <us-gaap:PaymentsToAcquireBusinessesGross contextRef="c20140501to20140731_BusinessAcquisitionByStatusOfPropertyAcquiredAxis_AcquisitionsMember_SignificantAcquisitionsAndDisposalsByTransactionAxis_CreeksideCrossingBismarckNdMember_StatementBusinessSegmentsAxis_UnimprovedLandMember" unitRef="U001" decimals="-3">4269000</us-gaap:PaymentsToAcquireBusinessesGross>
  <!--Payments to Acquire Businesses, Gross-Acquisitions [Member]-Unimproved Land [Member]-->
  <us-gaap:PaymentsToAcquireBusinessesGross contextRef="c20140501to20140731_BusinessAcquisitionByStatusOfPropertyAcquiredAxis_AcquisitionsMember_StatementBusinessSegmentsAxis_UnimprovedLandMember" unitRef="U001" decimals="-3">6885000</us-gaap:PaymentsToAcquireBusinessesGross>
  <!--Payments to Acquire Businesses, Gross-PrairieCare Medical - Brooklyn Park, MN [Member]-Acquisitions [Member]-Unimproved Land [Member]-->
  <us-gaap:PaymentsToAcquireBusinessesGross contextRef="c20140501to20140731_BusinessAcquisitionByStatusOfPropertyAcquiredAxis_AcquisitionsMember_SignificantAcquisitionsAndDisposalsByTransactionAxis_PrairiecareMedicalBrooklynParkMnMember_StatementBusinessSegmentsAxis_UnimprovedLandMember" unitRef="U001" decimals="-3">2616000</us-gaap:PaymentsToAcquireBusinessesGross>
  <!--Payments to Acquire Businesses, Gross-Acquisitions [Member]-->
  <us-gaap:PaymentsToAcquireBusinessesGross contextRef="c20140501to20140731_BusinessAcquisitionByStatusOfPropertyAcquiredAxis_AcquisitionsMember" unitRef="U001" decimals="-3">12996000</us-gaap:PaymentsToAcquireBusinessesGross>
  <!--Payments to Acquire Businesses, Gross-Acquisitions [Member]-Multi Family Residential [Member]-->
  <us-gaap:PaymentsToAcquireBusinessesGross contextRef="c20140501to20140731_BusinessAcquisitionByStatusOfPropertyAcquiredAxis_AcquisitionsMember_StatementBusinessSegmentsAxis_MultiFamilyResidentialMember" unitRef="U001" decimals="-3">6111000</us-gaap:PaymentsToAcquireBusinessesGross>
  <!--Payments to Acquire Businesses, Gross-Unimproved Land [Member]-Acquisitions [Member]-->
  <us-gaap:PaymentsToAcquireBusinessesGross contextRef="c20130501to20130731_BusinessAcquisitionByStatusOfPropertyAcquiredAxis_AcquisitionsMember_StatementBusinessSegmentsAxis_UnimprovedLandMember" unitRef="U001" decimals="-3">179000</us-gaap:PaymentsToAcquireBusinessesGross>
  <!--Payments to Acquire Businesses, Gross-Acquisitions [Member]-->
  <us-gaap:PaymentsToAcquireBusinessesGross contextRef="c20130501to20130731_BusinessAcquisitionByStatusOfPropertyAcquiredAxis_AcquisitionsMember" unitRef="U001" decimals="-3">3099000</us-gaap:PaymentsToAcquireBusinessesGross>
  <!--Payments to Acquire Businesses, Gross-Silver Springs - Rapid City, SD [Member]-Acquisitions [Member]-Multi Family Residential [Member]-->
  <us-gaap:PaymentsToAcquireBusinessesGross contextRef="c20140501to20140731_BusinessAcquisitionByStatusOfPropertyAcquiredAxis_AcquisitionsMember_SignificantAcquisitionsAndDisposalsByTransactionAxis_SilverSpringsRapidCitySdMember_StatementBusinessSegmentsAxis_MultiFamilyResidentialMember" unitRef="U001" decimals="-3">1019000</us-gaap:PaymentsToAcquireBusinessesGross>
  <!--Payments to Acquire Businesses, Gross-Homestead Garden - Rapid City, SD [Member]-Acquisitions [Member]-Multi Family Residential [Member]-->
  <us-gaap:PaymentsToAcquireBusinessesGross contextRef="c20140501to20140731_BusinessAcquisitionByStatusOfPropertyAcquiredAxis_AcquisitionsMember_SignificantAcquisitionsAndDisposalsByTransactionAxis_HomesteadGardenRapidCitySdMember_StatementBusinessSegmentsAxis_MultiFamilyResidentialMember" unitRef="U001" decimals="-3" id="Item-38">5092000</us-gaap:PaymentsToAcquireBusinessesGross>
  <!--Payments to Acquire Businesses, Gross-Acquisitions [Member]-Alps Park - Rapid City, SD [Member]-Multi Family Residential [Member]-->
  <us-gaap:PaymentsToAcquireBusinessesGross contextRef="c20130501to20130731_BusinessAcquisitionByStatusOfPropertyAcquiredAxis_AcquisitionsMember_SignificantAcquisitionsAndDisposalsByTransactionAxis_AlpsParkRapidCitySdMember_StatementBusinessSegmentsAxis_MultiFamilyResidentialMember" unitRef="U001" decimals="-3">2920000</us-gaap:PaymentsToAcquireBusinessesGross>
  <!--Payments to Acquire Businesses, Gross-Acquisitions [Member]-Chateau II - Minot, ND [Member]-Unimproved Land [Member]-->
  <us-gaap:PaymentsToAcquireBusinessesGross contextRef="c20130501to20130731_BusinessAcquisitionByStatusOfPropertyAcquiredAxis_AcquisitionsMember_SignificantAcquisitionsAndDisposalsByTransactionAxis_ChateauIiMinotNdMember_StatementBusinessSegmentsAxis_UnimprovedLandMember" unitRef="U001" decimals="-3">179000</us-gaap:PaymentsToAcquireBusinessesGross>
  <!--Payments of Ordinary Dividends, Common Stock-->
  <us-gaap:PaymentsOfDividendsCommonStock contextRef="c20140501to20140731" unitRef="U001" decimals="-3">10463000</us-gaap:PaymentsOfDividendsCommonStock>
  <!--Payments of Ordinary Dividends, Common Stock-->
  <us-gaap:PaymentsOfDividendsCommonStock contextRef="c20130501to20130731" unitRef="U001" decimals="-3">9715000</us-gaap:PaymentsOfDividendsCommonStock>
  <!--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="c20140501to20140731" unitRef="U001" decimals="-3">2555000</us-gaap:PaymentsOfDistributionsToAffiliates>
  <!--Preferred Shares of Beneficial Interest, no par value (in dollars per share)-Preferred Series A [Member]-->
  <us-gaap:PreferredStockParOrStatedValuePerShare contextRef="c20140430_StatementClassOfStockAxis_PreferredClassAMember" unitRef="U003" decimals="INF">0</us-gaap:PreferredStockParOrStatedValuePerShare>
  <!--Preferred Shares of Beneficial Interest, no par value (in dollars per share)-Preferred Series B [Member]-->
  <us-gaap:PreferredStockParOrStatedValuePerShare contextRef="c20140430_StatementClassOfStockAxis_PreferredClassBMember" unitRef="U003" decimals="INF">0</us-gaap:PreferredStockParOrStatedValuePerShare>
  <!--Preferred Shares of Beneficial Interest, no par value (in dollars per share)-Preferred Series B [Member]-->
  <us-gaap:PreferredStockParOrStatedValuePerShare contextRef="c20140731_StatementClassOfStockAxis_PreferredClassBMember" unitRef="U003" decimals="INF">0</us-gaap:PreferredStockParOrStatedValuePerShare>
  <!--Preferred Shares of Beneficial Interest, no par value (in dollars per share)-Preferred Series A [Member]-->
  <us-gaap:PreferredStockParOrStatedValuePerShare contextRef="c20140731_StatementClassOfStockAxis_PreferredClassAMember" unitRef="U003" decimals="INF">0</us-gaap:PreferredStockParOrStatedValuePerShare>
  <!--Preferred Stock, Value, Issued-Preferred Series A [Member]-->
  <us-gaap:PreferredStockValue contextRef="c20140430_StatementClassOfStockAxis_PreferredClassAMember" unitRef="U001" decimals="-3">27317000</us-gaap:PreferredStockValue>
  <!--Preferred Stock, Value, Issued-Preferred Series A [Member]-->
  <us-gaap:PreferredStockValue contextRef="c20140731_StatementClassOfStockAxis_PreferredClassAMember" unitRef="U001" decimals="-3">27317000</us-gaap:PreferredStockValue>
  <!--Preferred Stock, Value, Issued-Preferred Series B [Member]-->
  <us-gaap:PreferredStockValue contextRef="c20140430_StatementClassOfStockAxis_PreferredClassBMember" unitRef="U001" decimals="-3">111357000</us-gaap:PreferredStockValue>
  <!--Preferred Stock, Value, Issued-Preferred Series B [Member]-->
  <us-gaap:PreferredStockValue contextRef="c20140731_StatementClassOfStockAxis_PreferredClassBMember" unitRef="U001" decimals="-3">111357000</us-gaap:PreferredStockValue>
  <!--Preferred Shares of Beneficial Interest, shares issued (in shares)-Preferred Series A [Member]-->
  <us-gaap:PreferredStockSharesIssued contextRef="c20140430_StatementClassOfStockAxis_PreferredClassAMember" unitRef="U002" decimals="0">1150000</us-gaap:PreferredStockSharesIssued>
  <!--Preferred Shares of Beneficial Interest, shares issued (in shares)-Preferred Series A [Member]-->
  <us-gaap:PreferredStockSharesIssued contextRef="c20140731_StatementClassOfStockAxis_PreferredClassAMember" unitRef="U002" decimals="0">1150000</us-gaap:PreferredStockSharesIssued>
  <!--Preferred Shares of Beneficial Interest, shares issued (in shares)-Preferred Series B [Member]-->
  <us-gaap:PreferredStockSharesIssued contextRef="c20140731_StatementClassOfStockAxis_PreferredClassBMember" unitRef="U002" decimals="0">4600000</us-gaap:PreferredStockSharesIssued>
  <!--Preferred Shares of Beneficial Interest, shares issued (in shares)-Preferred Series B [Member]-->
  <us-gaap:PreferredStockSharesIssued contextRef="c20140430_StatementClassOfStockAxis_PreferredClassBMember" unitRef="U002" decimals="0">4600000</us-gaap:PreferredStockSharesIssued>
  <!--Preferred Shares of Beneficial Interest, shares outstanding (in shares)-Preferred Series A [Member]-->
  <us-gaap:PreferredStockSharesOutstanding contextRef="c20140430_StatementClassOfStockAxis_PreferredClassAMember" unitRef="U002" decimals="0">1150000</us-gaap:PreferredStockSharesOutstanding>
  <!--Preferred Shares of Beneficial Interest, shares outstanding (in shares)-Preferred Series B [Member]-->
  <us-gaap:PreferredStockSharesOutstanding contextRef="c20140731_StatementClassOfStockAxis_PreferredClassBMember" unitRef="U002" decimals="0">4600000</us-gaap:PreferredStockSharesOutstanding>
  <!--Preferred Shares of Beneficial Interest, shares outstanding (in shares)-Preferred Series A [Member]-->
  <us-gaap:PreferredStockSharesOutstanding contextRef="c20140731_StatementClassOfStockAxis_PreferredClassAMember" unitRef="U002" decimals="0">1150000</us-gaap:PreferredStockSharesOutstanding>
  <!--Preferred Shares of Beneficial Interest, shares outstanding (in shares)-Preferred Series B [Member]-->
  <us-gaap:PreferredStockSharesOutstanding contextRef="c20140430_StatementClassOfStockAxis_PreferredClassBMember" unitRef="U002" decimals="0">4600000</us-gaap:PreferredStockSharesOutstanding>
  <!--Prepaid and other assets-->
  <us-gaap:PrepaidExpenseAndOtherAssets contextRef="c20140430" unitRef="U001" decimals="-3">4639000</us-gaap:PrepaidExpenseAndOtherAssets>
  <!--Prepaid and other assets-->
  <us-gaap:PrepaidExpenseAndOtherAssets contextRef="c20140731" unitRef="U001" decimals="-3">3428000</us-gaap:PrepaidExpenseAndOtherAssets>
  <!--RECLASSIFICATIONS-->
  <us-gaap:PriorPeriodReclassificationAdjustmentDescription contextRef="c20140501to20140731">&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'', Times, serif; margin-bottom: 6pt; font-size: 10pt; font-weight: bold;"&gt;RECLASSIFICATIONS&lt;/div&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt;"&gt;Certain previously reported amounts have been reclassified to conform to the current financial statement presentation. Prior to February 1,&amp;#160; 2014, the Company reported, in discontinued operations, the results of operations and the related gains or losses of properties that had either been disposed of or classified as held for sale and otherwise met the classification of a discontinued operation. As a result of the adoption of ASU No. 2014-08, results of operations and gains or losses on sale for properties that are disposed or classified as held for sale in the ordinary course of business on or subsequent to February 1, 2014 would generally be included in continuing operations on the Company's consolidated statements of operations, to the extent such disposals did not meet &lt;/div&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt;"&gt;the criteria for classification as a discontinued operation described above. See Recent Accounting Pronouncements above for additional information.&lt;/div&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt;"&gt;As a result of discontinued operations recognized prior to February 1, 2014, retroactive reclassifications that change prior period numbers have been made. See Note 7 for additional information. During fiscal year 2014, the Company classified as discontinued operations two multi-family residential properties, three commercial office properties, twelve commercial industrial properties and three commercial retail properties.&lt;/div&gt;&lt;/div&gt;</us-gaap:PriorPeriodReclassificationAdjustmentDescription>
  <!--Distributions paid to noncontrolling interests - Unitholders of the Operating Partnership, reinvestment-->
  <us-gaap:ProceedsFromContributionsFromAffiliates contextRef="c20130501to20130731" unitRef="U001" decimals="-3">183000</us-gaap:ProceedsFromContributionsFromAffiliates>
  <!--Distributions paid to noncontrolling interests - Unitholders of the Operating Partnership, reinvestment-->
  <us-gaap:ProceedsFromContributionsFromAffiliates contextRef="c20140501to20140731" unitRef="U001" decimals="-3">185000</us-gaap:ProceedsFromContributionsFromAffiliates>
  <!--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="c20140501to20140731" 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="c20140501to20140731" unitRef="U001" decimals="-3">2054000</us-gaap:ProceedsFromCollectionOfOtherReceivables>
  <!--Proceeds from noncontrolling partner - consolidated real estate entities-->
  <us-gaap:ProceedsFromMinorityShareholders contextRef="c20140501to20140731" unitRef="U001" decimals="-3">1006000</us-gaap:ProceedsFromMinorityShareholders>
  <!--Proceeds from noncontrolling partner - consolidated real estate entities-->
  <us-gaap:ProceedsFromMinorityShareholders contextRef="c20130501to20130731" unitRef="U001" decimals="-3">0</us-gaap:ProceedsFromMinorityShareholders>
  <!--Proceeds from revolving lines of credit and other debt-->
  <us-gaap:ProceedsFromLinesOfCredit contextRef="c20140501to20140731" unitRef="U001" decimals="-3">50492000</us-gaap:ProceedsFromLinesOfCredit>
  <!--Proceeds from revolving lines of credit and other debt-->
  <us-gaap:ProceedsFromLinesOfCredit contextRef="c20130501to20130731" unitRef="U001" decimals="-3">6313000</us-gaap:ProceedsFromLinesOfCredit>
  <!--Insurance proceeds received for redevelopment-Subsequent Event [Member]-Multi Family Residential [Member]-Chateau Apartment Conversion, Fire [Member]-->
  <us-gaap:ProceedsFromInsuranceSettlementInvestingActivities contextRef="c20140501to20140731_BusinessAcquisitionAxis_ChateauApartmentConversionFireMember_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_MultiFamilyResidentialMember_SubsequentEventTypeAxis_SubsequentEventMember" unitRef="U001" decimals="-5">4000000</us-gaap:ProceedsFromInsuranceSettlementInvestingActivities>
  <!--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="c20140501to20140731" unitRef="U001" decimals="-3">16941000</us-gaap:ProceedsFromOtherEquity>
  <!--Proceeds from mortgages payable-->
  <us-gaap:ProceedsFromIssuanceOfLongTermDebt contextRef="c20140501to20140731" unitRef="U001" decimals="-3">25000000</us-gaap:ProceedsFromIssuanceOfLongTermDebt>
  <!--Proceeds from mortgages payable-->
  <us-gaap:ProceedsFromIssuanceOfLongTermDebt contextRef="c20130501to20130731" unitRef="U001" decimals="-3">4100000</us-gaap:ProceedsFromIssuanceOfLongTermDebt>
  <!--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="c20140501to20140731" unitRef="U001" decimals="-3">0</us-gaap:ProceedsFromSaleOfRealEstate>
  <!--Proceeds from Sale of Productive Assets-Subsequent Event [Member]-Wirth Corporate Center Golden Valley MN [Member]-Commercial Office [Member]-->
  <us-gaap:ProceedsFromSaleOfProductiveAssets contextRef="c20140828to20140829_BusinessAcquisitionAxis_WirthCorporateCenterGoldenValleyMnMember_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_CommercialOfficeMember_SubsequentEventTypeAxis_SubsequentEventMember" unitRef="U001" decimals="-5">4500000</us-gaap:ProceedsFromSaleOfProductiveAssets>
  <!--Net income-->
  <us-gaap:ProfitLoss contextRef="c20130501to20130731" unitRef="U001" decimals="-3">3216000</us-gaap:ProfitLoss>
  <!--Net income-->
  <us-gaap:ProfitLoss contextRef="c20140501to20140731" unitRef="U001" decimals="-3">-199000</us-gaap:ProfitLoss>
  <!--Net income-Operating Segments [Member]-->
  <us-gaap:ProfitLoss contextRef="c20140501to20140731_ConsolidationItemsAxis_OperatingSegmentsMember" unitRef="U001" decimals="-3">-199000</us-gaap:ProfitLoss>
  <!--Net income-Operating Segments [Member]-->
  <us-gaap:ProfitLoss contextRef="c20130501to20130731_ConsolidationItemsAxis_OperatingSegmentsMember" unitRef="U001" decimals="-3">3216000</us-gaap:ProfitLoss>
  <!--Total acquisition cost-PrairieCare Medical - Brooklyn Park, MN [Member]-Acquisitions [Member]-Unimproved Land [Member]-->
  <us-gaap:PropertyPlantAndEquipmentGross contextRef="c20140731_BusinessAcquisitionByStatusOfPropertyAcquiredAxis_AcquisitionsMember_SignificantAcquisitionsAndDisposalsByTransactionAxis_PrairiecareMedicalBrooklynParkMnMember_StatementBusinessSegmentsAxis_UnimprovedLandMember" unitRef="U001" decimals="-3">2616000</us-gaap:PropertyPlantAndEquipmentGross>
  <!--Total acquisition cost-Creekside Crossing - Bismarck, ND [Member]-Acquisitions [Member]-Unimproved Land [Member]-->
  <us-gaap:PropertyPlantAndEquipmentGross contextRef="c20140731_BusinessAcquisitionByStatusOfPropertyAcquiredAxis_AcquisitionsMember_SignificantAcquisitionsAndDisposalsByTransactionAxis_CreeksideCrossingBismarckNdMember_StatementBusinessSegmentsAxis_UnimprovedLandMember" unitRef="U001" decimals="-3">4269000</us-gaap:PropertyPlantAndEquipmentGross>
  <!--Total acquisition cost-Multi Family Residential [Member]-Acquisitions [Member]-->
  <us-gaap:PropertyPlantAndEquipmentGross contextRef="c20130731_BusinessAcquisitionByStatusOfPropertyAcquiredAxis_AcquisitionsMember_StatementBusinessSegmentsAxis_MultiFamilyResidentialMember" unitRef="U001" decimals="-3">6200000</us-gaap:PropertyPlantAndEquipmentGross>
  <!--Total acquisition cost-Acquisitions [Member]-Unimproved Land [Member]-Chateau II - Minot, ND [Member]-->
  <us-gaap:PropertyPlantAndEquipmentGross contextRef="c20130731_BusinessAcquisitionByStatusOfPropertyAcquiredAxis_AcquisitionsMember_SignificantAcquisitionsAndDisposalsByTransactionAxis_ChateauIiMinotNdMember_StatementBusinessSegmentsAxis_UnimprovedLandMember" unitRef="U001" decimals="-3">179000</us-gaap:PropertyPlantAndEquipmentGross>
  <!--Total acquisition cost-Multi Family Residential [Member]-Acquisitions [Member]-Alps Park - Rapid City, SD [Member]-->
  <us-gaap:PropertyPlantAndEquipmentGross contextRef="c20130731_BusinessAcquisitionByStatusOfPropertyAcquiredAxis_AcquisitionsMember_SignificantAcquisitionsAndDisposalsByTransactionAxis_AlpsParkRapidCitySdMember_StatementBusinessSegmentsAxis_MultiFamilyResidentialMember" unitRef="U001" decimals="-3">6200000</us-gaap:PropertyPlantAndEquipmentGross>
  <!--Total acquisition cost-71 France Phase I - Edina, MN [Member]-Unimproved Land [Member]-Acquisitions [Member]-->
  <us-gaap:PropertyPlantAndEquipmentGross contextRef="c20140731_BusinessAcquisitionByStatusOfPropertyAcquiredAxis_AcquisitionsMember_SignificantAcquisitionsAndDisposalsByTransactionAxis_FrancePhaseIEdinaMnMember_StatementBusinessSegmentsAxis_UnimprovedLandMember" unitRef="U001" decimals="-3" id="Item-39">1413000</us-gaap:PropertyPlantAndEquipmentGross>
  <!--Total acquisition cost-Acquisitions [Member]-->
  <us-gaap:PropertyPlantAndEquipmentGross contextRef="c20140731_BusinessAcquisitionByStatusOfPropertyAcquiredAxis_AcquisitionsMember" unitRef="U001" decimals="-3">26578000</us-gaap:PropertyPlantAndEquipmentGross>
  <!--Total acquisition cost-Acquisitions [Member]-->
  <us-gaap:PropertyPlantAndEquipmentGross contextRef="c20130731_BusinessAcquisitionByStatusOfPropertyAcquiredAxis_AcquisitionsMember" unitRef="U001" decimals="-3">6379000</us-gaap:PropertyPlantAndEquipmentGross>
  <!--Total acquisition cost-Acquisitions [Member]-Unimproved Land [Member]-->
  <us-gaap:PropertyPlantAndEquipmentGross contextRef="c20130731_BusinessAcquisitionByStatusOfPropertyAcquiredAxis_AcquisitionsMember_StatementBusinessSegmentsAxis_UnimprovedLandMember" unitRef="U001" decimals="-3">179000</us-gaap:PropertyPlantAndEquipmentGross>
  <!--Total acquisition cost-Acquisitions [Member]-Unimproved Land [Member]-->
  <us-gaap:PropertyPlantAndEquipmentGross contextRef="c20140731_BusinessAcquisitionByStatusOfPropertyAcquiredAxis_AcquisitionsMember_StatementBusinessSegmentsAxis_UnimprovedLandMember" unitRef="U001" decimals="-3">8298000</us-gaap:PropertyPlantAndEquipmentGross>
  <!--Total acquisition cost-Homestead Garden - Rapid City, SD [Member]-Acquisitions [Member]-Multi Family Residential [Member]-->
  <us-gaap:PropertyPlantAndEquipmentGross contextRef="c20140731_BusinessAcquisitionByStatusOfPropertyAcquiredAxis_AcquisitionsMember_SignificantAcquisitionsAndDisposalsByTransactionAxis_HomesteadGardenRapidCitySdMember_StatementBusinessSegmentsAxis_MultiFamilyResidentialMember" unitRef="U001" decimals="-3" id="Item-40">15000000</us-gaap:PropertyPlantAndEquipmentGross>
  <!--Total acquisition cost-Silver Springs - Rapid City, SD [Member]-Acquisitions [Member]-Multi Family Residential [Member]-->
  <us-gaap:PropertyPlantAndEquipmentGross contextRef="c20140731_BusinessAcquisitionByStatusOfPropertyAcquiredAxis_AcquisitionsMember_SignificantAcquisitionsAndDisposalsByTransactionAxis_SilverSpringsRapidCitySdMember_StatementBusinessSegmentsAxis_MultiFamilyResidentialMember" unitRef="U001" decimals="-3">3280000</us-gaap:PropertyPlantAndEquipmentGross>
  <!--Total acquisition cost-Acquisitions [Member]-Multi Family Residential [Member]-->
  <us-gaap:PropertyPlantAndEquipmentGross contextRef="c20140731_BusinessAcquisitionByStatusOfPropertyAcquiredAxis_AcquisitionsMember_StatementBusinessSegmentsAxis_MultiFamilyResidentialMember" unitRef="U001" decimals="-3">18280000</us-gaap:PropertyPlantAndEquipmentGross>
  <!--Property and equipment, net of accumulated depreciation of $2,140 and $2,041, respectively-->
  <us-gaap:PropertyPlantAndEquipmentNet contextRef="c20140731" unitRef="U001" decimals="-3">1641000</us-gaap:PropertyPlantAndEquipmentNet>
  <!--Property and equipment, net of accumulated depreciation of $2,140 and $2,041, respectively-->
  <us-gaap:PropertyPlantAndEquipmentNet contextRef="c20140430" unitRef="U001" decimals="-3">1681000</us-gaap:PropertyPlantAndEquipmentNet>
  <!--Development projects placed in service-->
  <us-gaap:PropertyPlantAndEquipmentScheduleOfSignificantAcquisitionsAndDisposalsTextBlock contextRef="c20140501to20140731">&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'', Times, serif; margin-bottom: 12pt; font-size: 10pt;"&gt;IRET Properties placed approximately $10.3 million of development projects in service during the three months ended July 31, 2014. There were no development projects placed in service in the three months ended July 31, 2013. The development projects placed in service during the three months ended July 31, 2014 are detailed below.&lt;/div&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt; font-weight: bold;"&gt;Three Months Ended July 31, 2014&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: 49.27%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 13.36%; 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: 37.37%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; 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: 49.27%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Development Projects Placed in Service&lt;sup&gt; (1)&lt;/sup&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 13.36%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Date Placed in&lt;/div&gt;&lt;div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Service&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 11.44%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Land&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'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Building&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 13.44%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Development&lt;/div&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Cost&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 49.27%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 13.36%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.76%; 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: 10.56%; 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: 49.27%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Multi-Family Residential&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 13.36%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.76%; 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: 10.56%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 49.27%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 18pt; font-size: 10pt;"&gt;44 unit &amp;#8211; Dakota Commons - Williston, ND&lt;sup&gt;(2)&lt;/sup&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 13.36%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;2014-07-15&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 2.76%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 8.68%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;823&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;9,442&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 10.56%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;10,265&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 49.27%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 13.36%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 2.76%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 8.68%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 2.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; margin-left: 18pt; font-size: 10pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 9.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 2.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; margin-left: 18pt; font-size: 10pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 10.56%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 49.27%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, 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; background-color: #cceeff; width: 13.36%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 2.76%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 8.68%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;823&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 2.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;9,442&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 2.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 10.56%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;10,265&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="text-align: left; margin-top: 12pt;"&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="font-style: italic; width: 18pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; vertical-align: top; align: right;"&gt;(1)&lt;/td&gt;&lt;td style="text-align: left; font-style: italic; width: auto; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; vertical-align: top;"&gt;Development projects that are placed in service in phases are excluded from this table until the entire project has been placed in service. See Note 6 for additional information on the Renaissance Heights I project, which was partially placed in service during the fiscal year 2014 and the three months ended July 31, 2014.&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; 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'', Times, serif; font-size: 10pt;"&gt;(2)&lt;/div&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top;"&gt;&lt;div style="text-align: left; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Development property placed in service July 15, 2014. Costs paid in fiscal year 2014 totaled $8.1 million, including the land acquired in fiscal year 2013. Additional costs paid in fiscal year 2015 totaled $2.2 million, for a total project cost at July 31, 2014 of $10.3 million.&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div style="margin-top: 12pt; margin-bottom: 12pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;/div&gt;</us-gaap:PropertyPlantAndEquipmentScheduleOfSignificantAcquisitionsAndDisposalsTextBlock>
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  <us-gaap:RealEstateInvestmentPropertyAccumulatedDepreciation contextRef="c20140731_StatementBusinessSegmentsAxis_CommercialOfficeMember" unitRef="U001" decimals="-3">123902000</us-gaap:RealEstateInvestmentPropertyAccumulatedDepreciation>
  <!--Real Estate Investment Property, Accumulated Depreciation-Multi Family Residential [Member]-->
  <us-gaap:RealEstateInvestmentPropertyAccumulatedDepreciation contextRef="c20140731_StatementBusinessSegmentsAxis_MultiFamilyResidentialMember" unitRef="U001" decimals="-3">163937000</us-gaap:RealEstateInvestmentPropertyAccumulatedDepreciation>
  <!--Joint ventures partner's interest acquired-->
  <us-gaap:RealEstateInvestmentsJointVentures contextRef="c20140731" unitRef="U001" decimals="-6">0</us-gaap:RealEstateInvestmentsJointVentures>
  <!--Real estate taxes-->
  <us-gaap:RealEstateTaxExpense contextRef="c20140501to20140731" unitRef="U001" decimals="-3">8501000</us-gaap:RealEstateTaxExpense>
  <!--Real estate taxes-->
  <us-gaap:RealEstateTaxExpense contextRef="c20130501to20130731" unitRef="U001" decimals="-3">8375000</us-gaap:RealEstateTaxExpense>
  <!--Real estate taxes-Discontinued Operations [Member]-->
  <us-gaap:RealEstateTaxExpense contextRef="c20130501to20130731_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis_SegmentDiscontinuedOperationsMember" unitRef="U001" decimals="-3">528000</us-gaap:RealEstateTaxExpense>
  <!--Real Estate Held-for-sale-->
  <us-gaap:RealEstateHeldforsale contextRef="c20140731" unitRef="U001" decimals="-3">6508000</us-gaap:RealEstateHeldforsale>
  <!--Real Estate Held-for-sale-->
  <us-gaap:RealEstateHeldforsale contextRef="c20140430" unitRef="U001" decimals="-3">2951000</us-gaap:RealEstateHeldforsale>
  <!--Real Estate Revenue, Net-->
  <us-gaap:RealEstateRevenueNet contextRef="c20130501to20130731" unitRef="U001" decimals="-3">65098000</us-gaap:RealEstateRevenueNet>
  <!--Real Estate Revenue, Net-->
  <us-gaap:RealEstateRevenueNet contextRef="c20140501to20140731" unitRef="U001" decimals="-3">68630000</us-gaap:RealEstateRevenueNet>
  <!--Real Estate Revenue, Net-Operating Segments [Member]-->
  <us-gaap:RealEstateRevenueNet contextRef="c20140501to20140731_ConsolidationItemsAxis_OperatingSegmentsMember" unitRef="U001" decimals="-3">67837000</us-gaap:RealEstateRevenueNet>
  <!--Real Estate Revenue, Net-Operating Segments [Member]-->
  <us-gaap:RealEstateRevenueNet contextRef="c20130501to20130731_ConsolidationItemsAxis_OperatingSegmentsMember" unitRef="U001" decimals="-3">65098000</us-gaap:RealEstateRevenueNet>
  <!--Real Estate Revenue, Net-Operating Segments [Member]-Commercial Industrial [Member]-->
  <us-gaap:RealEstateRevenueNet contextRef="c20130501to20130731_ConsolidationItemsAxis_OperatingSegmentsMember_StatementBusinessSegmentsAxis_CommercialIndustrialMember" unitRef="U001" decimals="-3">2038000</us-gaap:RealEstateRevenueNet>
  <!--Real Estate Revenue, Net-Commercial Healthcare [Member]-Operating Segments [Member]-->
  <us-gaap:RealEstateRevenueNet contextRef="c20140501to20140731_ConsolidationItemsAxis_OperatingSegmentsMember_StatementBusinessSegmentsAxis_CommercialHealthcareMember" unitRef="U001" decimals="-3">16298000</us-gaap:RealEstateRevenueNet>
  <!--Real Estate Revenue, Net-Operating Segments [Member]-Commercial Office [Member]-->
  <us-gaap:RealEstateRevenueNet contextRef="c20140501to20140731_ConsolidationItemsAxis_OperatingSegmentsMember_StatementBusinessSegmentsAxis_CommercialOfficeMember" unitRef="U001" decimals="-3">18846000</us-gaap:RealEstateRevenueNet>
  <!--Real Estate Revenue, Net-Operating Segments [Member]-Commercial Healthcare [Member]-->
  <us-gaap:RealEstateRevenueNet contextRef="c20130501to20130731_ConsolidationItemsAxis_OperatingSegmentsMember_StatementBusinessSegmentsAxis_CommercialHealthcareMember" unitRef="U001" decimals="-3">16073000</us-gaap:RealEstateRevenueNet>
  <!--Real Estate Revenue, Net-Operating Segments [Member]-Multi Family Residential [Member]-->
  <us-gaap:RealEstateRevenueNet contextRef="c20140501to20140731_ConsolidationItemsAxis_OperatingSegmentsMember_StatementBusinessSegmentsAxis_MultiFamilyResidentialMember" unitRef="U001" decimals="-3">27727000</us-gaap:RealEstateRevenueNet>
  <!--Real Estate Revenue, Net-Operating Segments [Member]-Commercial Industrial [Member]-->
  <us-gaap:RealEstateRevenueNet contextRef="c20140501to20140731_ConsolidationItemsAxis_OperatingSegmentsMember_StatementBusinessSegmentsAxis_CommercialIndustrialMember" unitRef="U001" decimals="-3">1570000</us-gaap:RealEstateRevenueNet>
  <!--Real Estate Revenue, Net-Operating Segments [Member]-Commercial Retail [Member]-->
  <us-gaap:RealEstateRevenueNet contextRef="c20130501to20130731_ConsolidationItemsAxis_OperatingSegmentsMember_StatementBusinessSegmentsAxis_CommercialRetailMember" unitRef="U001" decimals="-3">3299000</us-gaap:RealEstateRevenueNet>
  <!--Real Estate Revenue, Net-Operating Segments [Member]-Multi Family Residential [Member]-->
  <us-gaap:RealEstateRevenueNet contextRef="c20130501to20130731_ConsolidationItemsAxis_OperatingSegmentsMember_StatementBusinessSegmentsAxis_MultiFamilyResidentialMember" unitRef="U001" decimals="-3">24373000</us-gaap:RealEstateRevenueNet>
  <!--Real Estate Revenue, Net-Operating Segments [Member]-Commercial Office [Member]-->
  <us-gaap:RealEstateRevenueNet contextRef="c20130501to20130731_ConsolidationItemsAxis_OperatingSegmentsMember_StatementBusinessSegmentsAxis_CommercialOfficeMember" unitRef="U001" decimals="-3">19315000</us-gaap:RealEstateRevenueNet>
  <!--Real Estate Revenue, Net-Operating Segments [Member]-Commercial Retail [Member]-->
  <us-gaap:RealEstateRevenueNet contextRef="c20140501to20140731_ConsolidationItemsAxis_OperatingSegmentsMember_StatementBusinessSegmentsAxis_CommercialRetailMember" unitRef="U001" decimals="-3">3396000</us-gaap:RealEstateRevenueNet>
  <!--Real Estate Revenue, Net-Discontinued Operations [Member]-->
  <us-gaap:RealEstateRevenueNet contextRef="c20130501to20130731_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis_SegmentDiscontinuedOperationsMember" unitRef="U001" decimals="-3">2351000</us-gaap:RealEstateRevenueNet>
  <!--Segment Assets and Accumulated Depreciation-->
  <us-gaap:ReconciliationOfAssetsFromSegmentToConsolidatedTextBlock contextRef="c20140501to20140731">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; text-align: justify;"&gt;Segment assets are summarized as follows as of July 31, 2014, and April 30, 2014, along with reconciliations to the condensed consolidated financial statements:&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; text-align: justify;"&gt;&amp;#160;&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; text-align: left;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="22" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; font-weight: bold; font-style: italic; text-align: center;"&gt;(in thousands)&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; font-weight: bold; text-align: justify;"&gt;As of July 31, 2014&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; font-weight: bold; text-align: right;"&gt;Multi-Family&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; font-weight: bold; text-align: right;"&gt;Residential&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; font-weight: bold; text-align: right;"&gt;Commercial-&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; font-weight: bold; text-align: right;"&gt;Office&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; font-weight: bold; text-align: right;"&gt;Commercial-&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; font-weight: bold; text-align: right;"&gt;Healthcare&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; font-weight: bold; text-align: right;"&gt;Commercial-&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; font-weight: bold; text-align: right;"&gt;Industrial&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; font-weight: bold; text-align: right;"&gt;Commercial-&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; font-weight: bold; text-align: right;"&gt;Retail&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; font-weight: bold; text-align: right;"&gt;Total&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; text-align: left;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" valign="bottom" style="vertical-align: bottom;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; text-align: left;"&gt;&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" valign="bottom" style="vertical-align: bottom;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; text-align: left;"&gt;&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" valign="bottom" style="vertical-align: bottom;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; text-align: left;"&gt;&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" valign="bottom" style="vertical-align: bottom;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; text-align: left;"&gt;&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" valign="bottom" style="vertical-align: bottom;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; text-align: left;"&gt;&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" valign="bottom" style="vertical-align: bottom;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; text-align: left;"&gt;&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; text-align: left; margin-left: 9pt; text-indent: -9pt;"&gt;Segment Assets&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" valign="bottom" style="vertical-align: bottom;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; text-align: left;"&gt;&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" valign="bottom" style="vertical-align: bottom;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; text-align: left;"&gt;&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" valign="bottom" style="vertical-align: bottom;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; text-align: left;"&gt;&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" valign="bottom" style="vertical-align: bottom;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; text-align: left;"&gt;&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" valign="bottom" style="vertical-align: bottom;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; text-align: left;"&gt;&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" valign="bottom" style="vertical-align: bottom;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; text-align: left;"&gt;&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 28%; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; text-align: left; margin-left: 18pt; text-indent: -9pt;"&gt;Property owned&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;"&gt;738,948&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;"&gt;613,663&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;"&gt;517,441&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;"&gt;55,268&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;"&gt;116,970&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;"&gt;2,042,290&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 28%; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; text-align: left; margin-left: 18pt; text-indent: -9pt;"&gt;Less accumulated depreciation&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; width: 9%; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;"&gt;(152,447&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left; width: 1%; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; width: 9%; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;"&gt;(147,392&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left; width: 1%; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; width: 9%; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;"&gt;(102,027&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left; width: 1%; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; width: 9%; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;"&gt;(9,848&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left; width: 1%; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; width: 9%; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;"&gt;(27,519&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left; width: 1%; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; width: 9%; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;"&gt;(439,233&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left; width: 1%; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; width: 28%; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; text-align: left; margin-left: 9pt; text-indent: -9pt;"&gt;Net property owned&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; width: 1%; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; width: 9%; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;"&gt;586,501&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; width: 1%; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; width: 9%; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;"&gt;466,271&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; width: 1%; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; width: 9%; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;"&gt;415,414&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; width: 1%; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; width: 9%; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;"&gt;45,420&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; width: 1%; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; width: 9%; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;"&gt;89,451&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; width: 9%; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;"&gt;1,603,057&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 28%; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; text-align: left; margin-left: 18pt; text-indent: -9pt;"&gt;Real estate held for sale&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 28%; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; text-align: left; margin-left: 18pt; text-indent: -9pt;"&gt;Cash and cash equivalents&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;"&gt;53,494&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 28%; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; text-align: left; margin-left: 18pt; text-indent: -9pt;"&gt;Other investments&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;"&gt;643&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 28%; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; text-align: left; margin-left: 18pt; text-indent: -9pt;"&gt;Receivables and other assets&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;"&gt;136,780&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 28%; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; text-align: left; margin-left: 18pt; text-indent: -9pt;"&gt;Development in progress&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;"&gt;89,086&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 28%; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; text-align: left; margin-left: 18pt; text-indent: -9pt;"&gt;Unimproved land&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; width: 9%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; width: 9%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; width: 9%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; width: 9%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; width: 9%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; width: 9%; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;"&gt;21,498&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; width: 28%; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; text-align: left; margin-left: 9pt; text-indent: -9pt;"&gt;Total assets&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; width: 9%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; width: 9%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; width: 9%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; width: 9%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; width: 9%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; width: 1%; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; width: 9%; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;"&gt;1,904,558&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&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="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; text-align: left;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="22" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; font-weight: bold; font-style: italic; text-align: center;"&gt;(in thousands)&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; font-weight: bold; text-align: left;"&gt;As of April 30, 2014&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; font-weight: bold; text-align: right;"&gt;Multi-Family&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; font-weight: bold; text-align: right;"&gt;Residential&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; font-weight: bold; text-align: right;"&gt;Commercial-&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; font-weight: bold; text-align: right;"&gt;Office&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; font-weight: bold; text-align: right;"&gt;Commercial-&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; font-weight: bold; text-align: right;"&gt;Healthcare&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; font-weight: bold; text-align: right;"&gt;Commercial-&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; font-weight: bold; text-align: right;"&gt;Industrial&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; font-weight: bold; text-align: right;"&gt;Commercial-&lt;/div&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; font-weight: bold; text-align: right;"&gt;Retail&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; font-weight: bold; text-align: right;"&gt;Total&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; text-align: left;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" valign="bottom" style="vertical-align: bottom;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; text-align: left;"&gt;&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" valign="bottom" style="vertical-align: bottom;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; text-align: left;"&gt;&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" valign="bottom" style="vertical-align: bottom;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; text-align: left;"&gt;&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" valign="bottom" style="vertical-align: bottom;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; text-align: left;"&gt;&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" valign="bottom" style="vertical-align: bottom;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; text-align: left;"&gt;&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" valign="bottom" style="vertical-align: bottom;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; text-align: left;"&gt;&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; text-align: left; margin-left: 9pt; text-indent: -9pt;"&gt;Segment assets&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" valign="bottom" style="vertical-align: bottom;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; text-align: left;"&gt;&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" valign="bottom" style="vertical-align: bottom;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; text-align: left;"&gt;&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" valign="bottom" style="vertical-align: bottom;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; text-align: left;"&gt;&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" valign="bottom" style="vertical-align: bottom;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; text-align: left;"&gt;&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" valign="bottom" style="vertical-align: bottom;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; text-align: left;"&gt;&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" valign="bottom" style="vertical-align: bottom;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; text-align: left;"&gt;&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 28%; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; text-align: left; margin-left: 18pt; text-indent: -9pt;"&gt;Property owned&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;"&gt;753,731&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;"&gt;544,628&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;"&gt;525,028&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;"&gt;55,375&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;"&gt;117,269&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;"&gt;1,996,031&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 28%; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; text-align: left; margin-left: 18pt; text-indent: -9pt;"&gt;Less accumulated depreciation&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; width: 9%; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;"&gt;(158,100&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left; width: 1%; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; width: 9%; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;"&gt;(121,892&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left; width: 1%; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; width: 9%; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;"&gt;(105,843&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left; width: 1%; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; width: 9%; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;"&gt;(10,198&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left; width: 1%; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; width: 9%; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;"&gt;(28,255&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left; width: 1%; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; width: 9%; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;"&gt;(424,288&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left; width: 1%; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;"&gt;)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; width: 28%; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; text-align: left; margin-left: 9pt; text-indent: -9pt;"&gt;Net property owned&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; width: 1%; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; width: 9%; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;"&gt;595,631&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; width: 1%; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; width: 9%; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;"&gt;422,736&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; width: 1%; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; width: 9%; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;"&gt;419,185&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; width: 1%; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; width: 9%; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;"&gt;45,177&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; width: 1%; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; width: 9%; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;"&gt;89,014&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; width: 9%; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;"&gt;1,571,743&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 28%; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; text-align: left; margin-left: 18pt; text-indent: -9pt;"&gt;Real estate held for sale&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;"&gt;2,951&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 28%; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; text-align: left; margin-left: 18pt; text-indent: -9pt;"&gt;Cash and cash equivalents&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;"&gt;47,267&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 28%; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; text-align: left; margin-left: 18pt; text-indent: -9pt;"&gt;Other investments&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;"&gt;329&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 28%; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; text-align: left; margin-left: 18pt; text-indent: -9pt;"&gt;Receivables and other assets&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;"&gt;119,458&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 28%; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; text-align: left; margin-left: 18pt; text-indent: -9pt;"&gt;Development in progress&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;"&gt;104,609&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 28%; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; text-align: left; margin-left: 18pt; text-indent: -9pt;"&gt;Unimproved land&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; width: 9%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; width: 9%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; width: 9%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; width: 9%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; width: 9%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; width: 9%; background-color: #cceeff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;"&gt;22,864&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; width: 28%; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; text-align: left; margin-left: 9pt; text-indent: -9pt;"&gt;Total assets&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; width: 9%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; width: 9%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; width: 9%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; width: 9%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; width: 9%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; width: 1%; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; width: 9%; background-color: #ffffff;"&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;"&gt;1,869,221&lt;/div&gt;&lt;/td&gt;&lt;td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; text-align: left; width: 1%; background-color: #ffffff;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; text-align: justify;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;</us-gaap:ReconciliationOfAssetsFromSegmentToConsolidatedTextBlock>
  <!--Revenues and net operating income for reportable segments-->
  <us-gaap:ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedTextBlock contextRef="c20140501to20140731">&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'', Times, serif; margin-bottom: 12pt; 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, 2014 and 2013, 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: 33.64%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Three Months Ended July 31, 2014&lt;/div&gt;&lt;/td&gt;&lt;td colspan="12" style="border-bottom: #000000 2px solid; width: 66.36%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-style: italic; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; 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: 9.78%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; font-weight: bold;"&gt;Multi-Family&lt;font style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&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'', Times, serif; color: #000000; font-size: 10pt; font-weight: bold;"&gt;Commercial-&lt;font style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&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: 11.21%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; font-weight: bold;"&gt;Commercial-&lt;font style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&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'', Times, serif; color: #000000; font-size: 10pt; font-weight: bold;"&gt;Commercial-&lt;font style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&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: 10.4%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; font-weight: bold;"&gt;Commercial-&lt;font style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&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: 10.82%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; font-weight: bold;"&gt;Total&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 33.64%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.8%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.98%; 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: 8.22%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 33.64%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;Real estate revenue&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.8%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 7.98%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;27,727&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 3.44%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;18,846&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 3.04%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.18%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;16,298&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 3.44%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.64%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;1,570&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 3.48%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 6.92%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;3,396&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.6%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.22%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; margin-right: 3.6pt;"&gt;67,837&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 33.64%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;Real estate expenses&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 1.8%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 7.98%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;12,221&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 3.44%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;9,327&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 3.04%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 8.18%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;4,416&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 3.44%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 8.64%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;450&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 3.48%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 6.92%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;1,104&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 2.6%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 8.22%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; margin-right: 3.6pt;"&gt;27,518&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 33.64%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;Net operating income&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 1.8%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 7.98%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;15,506&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 3.44%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;9,519&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 3.04%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 8.18%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;11,882&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 3.44%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 8.64%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;1,120&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 3.48%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 6.92%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;2,292&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; 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; background-color: #cceeff; width: 8.22%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; margin-right: 3.6pt;"&gt;40,319&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 33.64%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 9pt; font-size: 10pt;"&gt;TRS senior housing revenue&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.8%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 7.98%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 3.04%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.18%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.64%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 3.48%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 6.92%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.6%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.22%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; margin-right: 3.75pt;"&gt;793&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color: #cceeff; width: 43.42%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 9pt; font-size: 10pt;"&gt;TRS senior housing expenses&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 3.04%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.18%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.64%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 3.48%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 6.92%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.6%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.22%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;(693)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color: #ffffff; width: 43.42%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 9pt; font-size: 10pt;"&gt;Depreciation/amortization&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 3.04%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.18%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.64%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 3.48%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 6.92%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.6%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.22%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;(17,056)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color: #cceeff; width: 43.42%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 9pt; font-size: 10pt;"&gt;Administrative, advisory and trustee services&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 3.04%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.18%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.64%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 3.48%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 6.92%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.6%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.22%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;(3,664)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color: #ffffff; width: 43.42%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 9pt; font-size: 10pt;"&gt;Impairment of real estate investments&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 3.04%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.18%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.64%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 3.48%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 6.92%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.6%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.22%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;(2,320)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color: #cceeff; width: 43.42%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 9pt; font-size: 10pt;"&gt;Other expenses&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 3.04%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.18%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.64%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 3.48%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 6.92%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.6%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.22%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;(612)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 33.64%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 9pt; font-size: 10pt;"&gt;Interest expense&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.8%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 7.98%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 3.04%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.18%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.64%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 3.48%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 6.92%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.6%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.22%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;(14,664)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 33.64%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 9pt; font-size: 10pt;"&gt;Interest and other income&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 1.8%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 7.98%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; 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; background-color: #cceeff; 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; background-color: #cceeff; 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; background-color: #cceeff; 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; background-color: #cceeff; 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; background-color: #cceeff; 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; background-color: #cceeff; 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; background-color: #cceeff; 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; background-color: #cceeff; 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; background-color: #cceeff; width: 8.22%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; margin-right: 3.75pt;"&gt;691&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="11" style="background-color: #ffffff; width: 89.18%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Income before loss on sale of real estate and other investments&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.6%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.22%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; margin-right: 3.75pt;"&gt;2,794&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="11" style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 89.18%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Loss on sale of real estate and other investments&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; 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; background-color: #cceeff; width: 8.22%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;(2,993)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="11" style="border-bottom: #000000 4px double; background-color: #ffffff; width: 89.18%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Net (loss)&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 2.6%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 8.22%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;(199)&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;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'', Times, serif; font-size: 10pt; 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: 66.39%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-style: italic; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; 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: 9.69%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; font-weight: bold;"&gt;Multi-Family&lt;font style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&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: 11.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; font-weight: bold;"&gt;Commercial-&lt;font style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&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'', Times, serif; color: #000000; font-size: 10pt; font-weight: bold;"&gt;Commercial-&lt;font style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&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'', Times, serif; color: #000000; font-size: 10pt; font-weight: bold;"&gt;Commercial-&lt;font style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&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'', Times, serif; color: #000000; font-size: 10pt; font-weight: bold;"&gt;Commercial-&lt;font style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&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'', Times, serif; color: #000000; font-size: 10pt; 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: 8.36%; 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&gt;&lt;td style="background-color: #cceeff; width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;Real estate revenue&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.33%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.36%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;24,373&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 3.3%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;19,315&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 3.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;16,073&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 3.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;2,038&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 3.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 7.56%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;3,299&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; margin-right: 3.6pt;"&gt;65,098&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;Real estate expenses&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 1.33%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 8.36%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;10,846&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 3.3%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 8.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;9,753&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 3.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;4,284&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 3.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;454&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 3.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 7.56%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;1,303&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 2.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; margin-right: 3.6pt;"&gt;26,640&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;Gain on involuntary conversion&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; 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; background-color: #cceeff; width: 8.36%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;966&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; 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; background-color: #cceeff; width: 8.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; 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; background-color: #cceeff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; 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; background-color: #cceeff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; 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; background-color: #cceeff; width: 7.56%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; 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; background-color: #cceeff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; margin-right: 3.6pt;"&gt;966&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;Net operating income&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 1.33%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 8.36%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;14,493&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 3.3%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 8.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;9,562&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 3.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;11,789&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 3.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;1,584&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 3.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 7.56%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;1,996&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; 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; background-color: #ffffff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; margin-right: 3.6pt;"&gt;39,424&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 9pt; font-size: 10pt;"&gt;Depreciation/amortization&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.33%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.36%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 3.3%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 3.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 7.56%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;(19,000)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color: #ffffff; width: 43.31%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 9pt; font-size: 10pt;"&gt;Administrative, advisory and trustee services&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 3.3%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 3.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 7.56%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;(2,753)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 9pt; font-size: 10pt;"&gt;Other expenses&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.33%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.36%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 3.3%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 3.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 7.56%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;(679)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 9pt; font-size: 10pt;"&gt;Interest expense&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.33%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.36%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 3.3%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 3.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 7.56%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;(14,596)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 9pt; font-size: 10pt;"&gt;Interest and other income&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; 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; background-color: #cceeff; width: 8.36%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; 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; background-color: #cceeff; 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; background-color: #cceeff; 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; background-color: #cceeff; 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; background-color: #cceeff; 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; background-color: #cceeff; 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; background-color: #cceeff; 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; background-color: #cceeff; 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; background-color: #cceeff; 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; background-color: #cceeff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; margin-right: 3.6pt;"&gt;210&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="4" style="background-color: #ffffff; width: 46.6%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 9pt; font-size: 10pt;"&gt;Income from continuing operations&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 3.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 7.56%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;2,606&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 43.31%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 9pt; font-size: 10pt;"&gt;Income from discontinued operations&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; 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; background-color: #cceeff; 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; background-color: #cceeff; 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; background-color: #cceeff; 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; background-color: #cceeff; 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; background-color: #cceeff; 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; background-color: #cceeff; 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; background-color: #cceeff; 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; background-color: #cceeff; 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; background-color: #cceeff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; margin-right: 3.6pt;"&gt;610&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="11" style="border-bottom: #000000 4px double; background-color: #ffffff; width: 89.16%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;Net income&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 2.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; margin-right: 3.6pt;"&gt;3,216&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedTextBlock>
  <!--Redeemable Noncontrolling Interest [Table Text Block]-->
  <us-gaap:RedeemableNoncontrollingInterestTableTextBlock contextRef="c20140501to20140731">&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'', Times, serif; margin-bottom: 6pt; font-size: 10pt;"&gt;As of July 31, 2014 and 2013, the estimated redemption value of the redeemable noncontrolling interests was $6.3 million and $5.9 million, respectively. Below is a table reflecting the activity of the redeemable noncontrolling interests.&lt;/div&gt;&lt;table align="center" border="0" cellpadding="0" cellspacing="0" style="width: 50%; font-family: 'Times New Roman', Times, Serif; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 79.18%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 20.82%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 79.18%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Balance at April 30, 2013&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 6.13%; vertical-align: top;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 14.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;5,937&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 79.18%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Net income&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 6.13%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 14.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;12&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 79.18%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Balance at July 31, 2013&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 6.13%; vertical-align: top;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 14.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;5,949&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;table align="center" border="0" cellpadding="0" cellspacing="0" style="width: 50%; font-family: 'Times New Roman', Times, Serif; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 79.18%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 20.82%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 79.18%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Balance at April 30, 2014&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 6.13%; vertical-align: top;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 14.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;6,203&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 79.18%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Net income&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 6.13%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 14.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;110&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 79.18%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Balance at July 31, 2014&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 6.13%; vertical-align: top;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 14.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;6,313&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:RedeemableNoncontrollingInterestTableTextBlock>
  <!--Repayments of Other Short-term Debt-->
  <us-gaap:RepaymentsOfOtherShortTermDebt contextRef="c20140501to20140731" unitRef="U001" decimals="-3">17000000</us-gaap:RepaymentsOfOtherShortTermDebt>
  <!--Repayments of Other Short-term Debt-->
  <us-gaap:RepaymentsOfOtherShortTermDebt contextRef="c20130501to20130731" unitRef="U001" decimals="-3">0</us-gaap:RepaymentsOfOtherShortTermDebt>
  <!--Repayments of Long-term Debt-->
  <us-gaap:RepaymentsOfLongTermDebt contextRef="c20140501to20140731" unitRef="U001" decimals="-3">18090000</us-gaap:RepaymentsOfLongTermDebt>
  <!--Repayments of Long-term Debt-->
  <us-gaap:RepaymentsOfLongTermDebt contextRef="c20130501to20130731" unitRef="U001" decimals="-3">22916000</us-gaap:RepaymentsOfLongTermDebt>
  <!--Retained Earnings (Accumulated Deficit)-->
  <us-gaap:RetainedEarningsAccumulatedDeficit contextRef="c20140731" unitRef="U001" decimals="-3">407052000</us-gaap:RetainedEarningsAccumulatedDeficit>
  <!--Retained Earnings (Accumulated Deficit)-->
  <us-gaap:RetainedEarningsAccumulatedDeficit contextRef="c20140430" unitRef="U001" decimals="-3">389758000</us-gaap:RetainedEarningsAccumulatedDeficit>
  <!--Sales price-Dewey Hill - Edina, MN [Member]-Commercial Office [Member]-Dispositions [Member]-->
  <us-gaap:Revenues contextRef="c20140501to20140731_BusinessAcquisitionByStatusOfPropertyAcquiredAxis_DispositionsMember_SignificantAcquisitionsAndDisposalsByTransactionAxis_DeweyHillEdinaMnMember_StatementBusinessSegmentsAxis_CommercialOfficeMember" unitRef="U001" decimals="-3">3100000</us-gaap:Revenues>
  <!--Sales price-Weston Retail Weston WI [Member]-Dispositions [Member]-Commercial Retail [Member]-->
  <us-gaap:Revenues contextRef="c20140501to20140731_BusinessAcquisitionByStatusOfPropertyAcquiredAxis_DispositionsMember_SignificantAcquisitionsAndDisposalsByTransactionAxis_WestonRetailWestonWiMember_StatementBusinessSegmentsAxis_CommercialRetailMember" unitRef="U001" decimals="-3">0</us-gaap:Revenues>
  <!--Sales price-Dispositions [Member]-Commercial Office [Member]-->
  <us-gaap:Revenues contextRef="c20140501to20140731_BusinessAcquisitionByStatusOfPropertyAcquiredAxis_DispositionsMember_StatementBusinessSegmentsAxis_CommercialOfficeMember" unitRef="U001" decimals="-3">3100000</us-gaap:Revenues>
  <!--Sales price-Dispositions [Member]-Commercial Industrial [Member]-->
  <us-gaap:Revenues contextRef="c20140501to20140731_BusinessAcquisitionByStatusOfPropertyAcquiredAxis_DispositionsMember_StatementBusinessSegmentsAxis_CommercialIndustrialMember" unitRef="U001" decimals="-3">3600000</us-gaap:Revenues>
  <!--Sales price-Eagan 2785 & 2795 - Eagan, MN [Member]-Dispositions [Member]-Commercial Industrial [Member]-->
  <us-gaap:Revenues contextRef="c20140501to20140731_BusinessAcquisitionByStatusOfPropertyAcquiredAxis_DispositionsMember_SignificantAcquisitionsAndDisposalsByTransactionAxis_Eagan27852795EaganMnMember_StatementBusinessSegmentsAxis_CommercialIndustrialMember" unitRef="U001" decimals="-3">3600000</us-gaap:Revenues>
  <!--Sales price-Dispositions [Member]-Commercial Retail [Member]-->
  <us-gaap:Revenues contextRef="c20140501to20140731_BusinessAcquisitionByStatusOfPropertyAcquiredAxis_DispositionsMember_StatementBusinessSegmentsAxis_CommercialRetailMember" unitRef="U001" decimals="-3">0</us-gaap:Revenues>
  <!--Sales price-Dispositions [Member]-->
  <us-gaap:Revenues contextRef="c20140501to20140731_BusinessAcquisitionByStatusOfPropertyAcquiredAxis_DispositionsMember" unitRef="U001" decimals="-3">6700000</us-gaap:Revenues>
  <!--Straight Line Rent-->
  <us-gaap:StraightLineRent contextRef="c20140501to20140731" unitRef="U001" decimals="-3">143000</us-gaap:StraightLineRent>
  <!--Straight Line Rent-->
  <us-gaap:StraightLineRent contextRef="c20130501to20130731" unitRef="U001" decimals="-3">654000</us-gaap:StraightLineRent>
  <!--Estimated annual amortization of all other identified intangible assets-->
  <us-gaap:ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock contextRef="c20140501to20140731">&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'', Times, serif; margin-bottom: 12pt; font-size: 10pt;"&gt;Amortization of all other identified intangible assets (a component of depreciation and amortization expense) was $1.4 million and $3.6 million for the three months ended July 31, 2014 and 2013, respectively. The estimated annual amortization of all other identified intangible assets for each of the five succeeding fiscal years is as follows:&lt;/div&gt;&lt;table align="center" border="0" cellpadding="0" cellspacing="0" style="width: 50%; font-family: 'Times New Roman', Times, Serif; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; width: 61.51%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold; margin-right: 5.05pt;"&gt;Year Ended April 30,&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 38.49%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 61.51%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 5.05pt;"&gt;2016&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 15.13%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 23.36%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;4,567&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 61.51%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 5.05pt;"&gt;2017&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 15.13%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 23.36%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;4,099&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 61.51%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 5.05pt;"&gt;2018&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 15.13%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 23.36%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;3,667&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 61.51%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 5.05pt;"&gt;2019&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 15.13%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 23.36%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;3,543&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 61.51%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 5.05pt;"&gt;2020&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 15.13%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 23.36%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;3,457&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock>
  <!--Sale of Stock, Price Per Share-Distribution Reinvestment and Share Purchase Plan [Member]-->
  <us-gaap:SaleOfStockPricePerShare contextRef="c20130731_DefinedBenefitPlansDisclosuresDefinedBenefitPlansAxis_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="c20140731_DefinedBenefitPlansDisclosuresDefinedBenefitPlansAxis_DistributionReinvestmentAndSharePurchasePlanMember" unitRef="U003" decimals="2">8.64</us-gaap:SaleOfStockPricePerShare>
  <!--Sale Leaseback Transactions, Policy [Policy Text Block]-->
  <us-gaap:SaleLeasebackTransactionsPolicy contextRef="c20140501to20140731">&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'', Times, serif; margin-bottom: 6pt; font-size: 10pt; font-weight: bold;"&gt;PROCEEDS FROM FINANCING LIABILITY&lt;/div&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; 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.&amp;#160; The balance of the liability as of July 31, 2014 is $7.9 million.&lt;/div&gt;&lt;/div&gt;</us-gaap:SaleLeasebackTransactionsPolicy>
  <!--Sale Leaseback Transaction, Gross Proceeds, Financing Activities-->
  <us-gaap:SaleLeasebackTransactionGrossProceedsFinancingActivities contextRef="c20130501to20130731" unitRef="U001" decimals="-5">7900000</us-gaap:SaleLeasebackTransactionGrossProceedsFinancingActivities>
  <!--Sale lease-back recorded in other liabilities-->
  <us-gaap:SaleLeasebackTransactionAmountDueUnderFinancingArrangement contextRef="c20130731" unitRef="U001" decimals="-5">7900000</us-gaap:SaleLeasebackTransactionAmountDueUnderFinancingArrangement>
  <!--Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]-->
  <us-gaap:ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock contextRef="c20140501to20140731">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt;"&gt;The estimated fair values of the Company's financial instruments as of July 31, 2014 and April 30, 2014, 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'', Times, serif; font-size: 10pt; 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'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;July 31, 2014&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'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;April 30, 2014&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'', Times, serif; font-size: 10pt; 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'', Times, serif; font-size: 10pt; 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'', Times, serif; font-size: 10pt; 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'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Fair Value&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 50.96%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: ''Times New Roman'', Times, 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&gt;&lt;td style="background-color: #cceeff; width: 50.96%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Cash and cash equivalents&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 9.6%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;60,620&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.68%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;60,620&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;47,267&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;47,267&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 50.96%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Other investments&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 9.6%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;329&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.68%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;329&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;329&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;329&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 50.96%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;FINANCIAL LIABILITIES&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 9.6%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.68%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 9.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 9.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 50.96%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Other debt&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 9.6%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;83,624&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.68%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;83,727&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;63,132&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;63,250&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 50.96%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Line of credit&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 9.6%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;35,500&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.68%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;35,500&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;22,500&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;22,500&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 50.96%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Mortgages payable&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 9.6%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;1,017,574&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.68%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;1,173,786&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;997,689&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;1,130,262&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock>
  <!--Acquisitions-->
  <us-gaap:ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock contextRef="c20140501to20140731">&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'', Times, serif; margin-bottom: 10.5pt; font-size: 10pt;"&gt;The Company added approximately $26.6 million of real estate properties to its portfolio through property acquisitions during the three months ended July 31, 2014, compared to $6.4 million in the three months ended July 31, 2013. The Company expensed approximately $75,000 and $101,000 of transaction costs related to the acquisitions in three months ended July 31, 2014 and 2013, respectively. The Company's acquisitions during the three months ended July 31, 2014 and 2013 are detailed below.&lt;/div&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt; font-weight: bold;"&gt;Three Months Ended July 31, 2014&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 style="height: 17px;"&gt;&lt;td style="width: 31.65%; 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 colspan="12" style="border-bottom: #000000 2px solid; width: 57.47%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 31.65%; 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 colspan="2" rowspan="2" style="border-bottom: #000000 2px solid; width: 9.98%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Total&lt;/div&gt;&lt;div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Acquisition&lt;/div&gt;&lt;div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Cost&lt;/div&gt;&lt;/td&gt;&lt;td colspan="4" style="border-bottom: #000000 2px solid; width: 20%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Form of Consideration&lt;/div&gt;&lt;/td&gt;&lt;td colspan="6" style="border-bottom: #000000 2px solid; width: 27.49%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Investment Allocation&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; width: 31.65%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Acquisitions&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: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Date Acquired&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 10%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Cash&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 10%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Other&lt;sup&gt;(1)&lt;/sup&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 9.16%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Land&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 9.19%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Building&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 9.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Intangible&lt;/div&gt;&lt;div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Assets&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 31.65%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.88%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.46%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.52%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.66%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.66%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: top;"&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: 7.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.68%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.52%; 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: 7.48%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 31.65%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Multi-Family Residential&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 10.88%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.46%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 7.52%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.66%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.34%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 7.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.68%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 7.52%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 7.48%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 31.65%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; font-family: ''Times New Roman'', Times, serif; margin-left: 16.2pt; font-size: 10pt;"&gt;152 unit &amp;#8211; Homestead Garden - Rapid City, SD&lt;sup&gt;(2)&lt;/sup&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 10.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;2014-06-02&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.46%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 7.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;15,000&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;5,092&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;9,908&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 7.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;655&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.68%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 7.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;14,139&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 7.48%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;206&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 31.65%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; font-family: ''Times New Roman'', Times, serif; margin-left: 16.2pt; font-size: 10pt;"&gt;52 unit &amp;#8211; Silver Springs - Rapid City, SD&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 10.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;2014-06-02&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 2.46%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 7.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;3,280&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; 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; background-color: #cceeff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;1,019&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 1.66%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;2,261&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; 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; background-color: #cceeff; width: 7.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;215&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 1.68%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 7.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;3,006&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; 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; background-color: #cceeff; width: 7.48%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;59&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 31.65%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 10.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.46%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 7.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;18,280&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;6,111&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.66%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;12,169&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 7.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;870&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.68%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 7.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;17,145&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 7.48%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;265&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 31.65%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 10.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.46%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 7.52%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.66%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.34%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 7.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.68%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 7.52%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 7.48%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 31.65%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Unimproved Land&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 10.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.46%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 7.52%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.66%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.34%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 7.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.68%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 7.52%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 7.48%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 31.65%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; font-family: ''Times New Roman'', Times, serif; margin-left: 16.2pt; font-size: 10pt;"&gt;Creekside Crossing &amp;#8211; Bismarck, ND&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 10.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;2014-05-22&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.46%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 7.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;4,269&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;4,269&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.66%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 7.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;4,269&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.68%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 7.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 7.48%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 17px;"&gt;&lt;td style="background-color: #ffffff; width: 31.65%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; font-family: ''Times New Roman'', Times, serif; margin-left: 16.2pt; font-size: 10pt;"&gt;PrairieCare Medical &amp;#8211; Brooklyn Park, MN&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 10.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;2014-06-05&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.46%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 7.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;2,616&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;2,616&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.66%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 7.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;2,616&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.68%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 7.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 7.48%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 31.65%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; font-family: ''Times New Roman'', Times, serif; margin-left: 16.2pt; font-size: 10pt;"&gt;71 France Phase I &amp;#8211; Edina, MN&lt;sup&gt;(3)&lt;/sup&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 10.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;2014-06-12&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 2.46%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 7.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;1,413&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; 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; background-color: #cceeff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 1.66%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;1,413&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; 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; background-color: #cceeff; width: 7.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;1,413&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 1.68%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 7.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; 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; background-color: #cceeff; width: 7.48%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 31.65%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 10.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.46%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 7.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;8,298&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;6,885&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.66%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;1,413&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 7.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;8,298&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.68%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 7.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 7.48%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 31.65%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 10.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 2.46%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 7.52%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; 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; background-color: #cceeff; width: 1.66%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 8.34%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; 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; background-color: #cceeff; width: 1.68%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 7.52%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 7.48%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 31.65%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Total Property Acquisitions&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 10.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 2.46%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 7.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;26,578&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;12,996&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;13,582&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 7.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;9,168&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 1.68%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 7.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;17,145&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 7.48%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;265&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="margin-top: 6pt; 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; margin-top: 6pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;(1)&lt;/div&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top;"&gt;&lt;div style="text-align: left; font-style: italic; margin-top: 6pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Consists of assumed debt (Homestead Garden I - $9.9 million, Silver Springs - $2.3 million) and value of land contributed by the joint venture partner (71 France - $1.4 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; 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'', Times, serif; font-size: 10pt;"&gt;(2)&lt;/div&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top;"&gt;&lt;div style="text-align: left; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;At acquisition the Company adjusted the assumed debt to fair value and recognized approximately $852,000 of goodwill.&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; 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'', Times, serif; font-size: 10pt;"&gt;(3)&lt;/div&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top;"&gt;&lt;div style="text-align: left; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Land is owned by a joint venture in which the Company currently has an approximately 55.3% interest. The joint venture is consolidated in IRET's financial statements.&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: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Three Months Ended July 31, 2013&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: 31.67%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.84%; 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: 57.49%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 31.67%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.84%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" rowspan="2" style="border-bottom: #000000 2px solid; width: 10%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Total&lt;/div&gt;&lt;div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Acquisition&lt;/div&gt;&lt;div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Cost&lt;/div&gt;&lt;/td&gt;&lt;td colspan="4" style="border-bottom: #000000 2px solid; width: 20%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Form of Consideration&lt;/div&gt;&lt;/td&gt;&lt;td colspan="6" style="border-bottom: #000000 2px solid; width: 27.49%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Investment Allocation&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; width: 31.67%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Acquisitions&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 10.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Date Acquired&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 10%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Cash&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 10%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Units&lt;sup&gt;(1)&lt;/sup&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 9.16%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Land&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 9.18%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Building&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 9.16%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Intangible&lt;/div&gt;&lt;div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Assets&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 31.67%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.84%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.5%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.5%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.66%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.66%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 8.34%; vertical-align: top;"&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: 7.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.68%; 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: 1.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.66%; 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: 31.67%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Multi-Family Residential&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.84%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 2.5%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.5%; vertical-align: top;"&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: 8.34%; 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: 8.34%; 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: 7.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.68%; 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: 1.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 31.67%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; font-family: ''Times New Roman'', Times, serif; margin-left: 16.2pt; font-size: 10pt;"&gt;71 unit - Alps Park - Rapid City, SD&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 10.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;2013-05-01&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 7.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;6,200&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;2,920&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;3,280&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 7.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;287&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.68%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 7.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;5,551&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 7.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;362&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 31.67%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 10.84%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 7.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 7.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.68%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 7.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 7.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 31.67%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 10.84%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 7.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 7.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.68%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 7.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 7.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 31.67%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Unimproved Land&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 10.84%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 7.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 7.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.68%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 7.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 7.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 31.67%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; font-family: ''Times New Roman'', Times, serif; margin-left: 16.2pt; font-size: 10pt;"&gt;Chateau II - Minot, ND&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 10.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;2013-05-21&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 7.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;179&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;179&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 7.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;179&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.68%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 7.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 7.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 31.67%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 10.84%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 7.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 7.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.68%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 7.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 7.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 31.67%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 10.84%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; 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; background-color: #cceeff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; 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; background-color: #cceeff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; 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; background-color: #cceeff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; 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; background-color: #cceeff; width: 1.68%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; 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; background-color: #cceeff; width: 1.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 7.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 31.67%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Total Property Acquisitions&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 10.84%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 2.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 7.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;6,379&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;3,099&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;3,280&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 7.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;466&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 1.68%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 7.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;5,551&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 1.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 7.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;362&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="margin-top: 6pt; 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; margin-top: 6pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;(1)&lt;/div&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top;"&gt;&lt;div style="text-align: left; font-style: italic; margin-top: 6pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Value of limited partnership units of the Operating Partnership at the acquisition date.&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;/div&gt;</us-gaap:ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock>
  <!--Aggregate amount of required future principal payments on mortgages payable-->
  <us-gaap:ScheduleOfMaturitiesOfLongTermDebtTableTextBlock contextRef="c20140501to20140731">&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'', Times, serif; margin-bottom: 12pt; font-size: 10pt;"&gt;Of the mortgages payable, the balances of fixed rate mortgages totaled $971.3 million at July 31, 2014 and $977.2 million at April 30, 2014. The balances of variable rate mortgages totaled $45.4 million and $20.5 million as of July 31, 2014 and April 30, 2014, respectively. The Company does not utilize derivative financial instruments to mitigate its exposure to changes in market interest rates. Most of the fixed rate mortgages have substantial pre-payment penalties. As of July 31, 2014, the weighted average rate of interest on the Company's mortgage debt was 5.32%, compared to 5.37% on April 30, 2014. The aggregate amount of required future principal payments on mortgages payable as of July 31, 2014, is as follows:&lt;/div&gt;&lt;table align="center" border="0" cellpadding="0" cellspacing="0" style="width: 50%; font-family: 'Times New Roman', Times, Serif; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; width: 66.19%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Fiscal year ended April 30,&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 33.81%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 66.19%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;2015 (remainder)&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 4.23%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 29.58%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;70,760&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 66.19%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;2016&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 4.23%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 29.58%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;92,893&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 66.19%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;2017&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 4.23%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 29.58%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;214,722&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 66.19%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;2018&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 4.23%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 29.58%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;113,386&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 66.19%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;2019&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 4.23%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 29.58%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;132,793&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 66.19%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Thereafter&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; 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; background-color: #ffffff; width: 29.58%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;393,020&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 66.19%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Total payments&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 4.23%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 29.58%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;1,017,574&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:ScheduleOfMaturitiesOfLongTermDebtTableTextBlock>
  <!--Reconciliation of numerator and denominator used to calculate basic and diluted earnings per share-->
  <us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock contextRef="c20140501to20140731">&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'', Times, serif; margin-bottom: 6pt; 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, 2014 and 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 style="height: 15px;"&gt;&lt;td style="width: 72.51%; 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: 27.49%; vertical-align: top;"&gt;&lt;div style="text-align: center; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; 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: 72.51%; 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: 27.49%; vertical-align: top;"&gt;&lt;div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Three Months Ended&lt;/div&gt;&lt;div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; 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: 72.51%; 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: 14.18%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;2014&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 13.31%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;2013&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 72.51%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;NUMERATOR&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.18%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 4.18%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 9.14%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 72.51%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;(Loss) income from continuing operations &amp;#8211; Investors Real Estate Trust&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 4.18%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 10%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;(151)&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 4.18%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 9.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;2,584&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 72.51%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, 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; background-color: #ffffff; width: 4.18%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 10%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 4.18%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 9.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;494&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 72.51%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Net (loss) income attributable to Investors Real Estate Trust&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 4.18%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 10%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;(151)&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 4.18%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 9.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;3,078&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 72.51%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, 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; background-color: #ffffff; width: 4.18%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 10%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;(2,879)&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 4.18%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 9.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;(2,879)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 72.51%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, 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="background-color: #cceeff; width: 4.18%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 10%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;(3,030)&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 4.18%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 9.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;199&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 72.51%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, 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; background-color: #ffffff; width: 4.18%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 10%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;(402)&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 4.18%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 9.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;50&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 72.51%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, 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; background-color: #cceeff; width: 4.18%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 10%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;(3,432)&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 4.18%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 9.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;249&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 72.51%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;DENOMINATOR&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 4.18%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 10%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 4.18%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 9.14%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 72.51%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, 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="background-color: #cceeff; width: 4.18%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 10%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;111,039&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 4.18%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 9.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;102,358&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 72.51%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, 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; background-color: #ffffff; width: 4.18%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 10%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;20,293&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 4.18%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 9.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;21,821&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 72.51%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, 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; background-color: #cceeff; width: 4.18%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 10%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;131,332&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 4.18%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 9.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;124,179&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 72.51%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, 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="background-color: #ffffff; width: 4.18%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 10%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;(.03)&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 4.18%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 9.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;.00&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 72.51%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, 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; background-color: #cceeff; width: 4.18%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 10%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;.00&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 4.18%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 9.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;.00&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 72.51%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;NET (LOSS) INCOME PER COMMON SHARE &amp;#8211; BASIC &amp;amp; DILUTED&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 4.18%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 10%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;(.03)&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 4.18%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 9.14%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;.00&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="margin-top: 12pt; margin-bottom: 12pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;/div&gt;</us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock>
  <!--Effect on net income and the gains or losses from the sale of properties classified as discontinued operations-->
  <us-gaap:ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock contextRef="c20140501to20140731">&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'', Times, serif; margin-bottom: 10pt; font-size: 10pt;"&gt;During the first quarter of fiscal year 2015, the Company applied ASU No. 2014-08 to the dispositions of one commercial office property, one commercial industrial property and one commercial retail property and to the classification of one commercial office property as held for sale and did not record any discontinued operations.&amp;#160; During the first three quarters of fiscal year 2014, the Company disposed of two multi-family residential properties, three commercial office properties, twelve commercial industrial properties and three commercial retail properties that were classified as discontinued operations. During the quarter ended April 30, 2014, the Company applied ASU No. 2014-08 to one property that was classified as held for sale and did not record any discontinued operations. 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:&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: 83.33%; 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: 16.67%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 83.33%; 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: 16.67%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Three Months Ended&lt;/div&gt;&lt;div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;July 31, 2013&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 83.33%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;REVENUE&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 3.32%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 13.34%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 83.33%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Real estate rentals&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 3.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 13.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;1,632&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 83.33%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Tenant reimbursement&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; 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; background-color: #ffffff; width: 13.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;719&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 83.33%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;TOTAL REVENUE&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; 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; background-color: #cceeff; width: 13.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;2,351&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 83.33%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;EXPENSES&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 13.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 83.33%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Depreciation/amortization related to real estate investments&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 13.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;537&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 83.33%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Utilities&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 13.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;128&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 83.33%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Maintenance&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 13.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;185&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 83.33%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Real estate taxes&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 13.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;528&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 83.33%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Insurance&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 13.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;49&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 83.33%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Property management expenses&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 13.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;118&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 83.33%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Amortization related to non-real estate investments&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 13.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;49&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 83.33%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, 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; background-color: #ffffff; 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; background-color: #ffffff; width: 13.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;1,803&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 83.33%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;TOTAL EXPENSES&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; 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; background-color: #cceeff; width: 13.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;3,397&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 83.33%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Operating loss&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 13.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;(1,046)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 83.33%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Interest expense&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; 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; background-color: #cceeff; width: 13.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;(287)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 83.33%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Loss from discontinued operations before gain on sale&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 13.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;(1,333)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 83.33%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Gain on sale of discontinued operations&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; 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; background-color: #cceeff; width: 13.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;1,943&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 83.33%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, 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; background-color: #ffffff; width: 3.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 13.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;610&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock>
  <!--Schedule of Error Corrections and Prior Period Adjustments [Table Text Block]-->
  <us-gaap:ScheduleOfErrorCorrectionsAndPriorPeriodAdjustmentsTextBlock contextRef="c20140501to20140731">&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'', Times, serif; margin-bottom: 10pt; font-size: 10pt;"&gt;The following table presents the effect of this correction on the Company's Condensed Consolidated Statement of Equity for the period affected:&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: 65.38%; 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: 34.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; 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: 65.38%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Three Months Ended July 31, 2013&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 13.48%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold; margin-right: 3.6pt;"&gt;As Previously Reported&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold; margin-right: 3.6pt;"&gt;Adjustment&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 11.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold; margin-right: 3.6pt;"&gt;As Revised&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 65.38%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Consolidated Statement of Equity&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.94%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 11.54%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.92%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.92%; 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;/tr&gt;&lt;tr&gt;&lt;td style="width: 65.38%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; text-indent: 9pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Noncontrolling Interests&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.94%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 11.54%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.92%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.92%; 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;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 65.38%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 22.5pt; font-size: 10pt;"&gt;Balance April 30, 2013&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.94%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 11.54%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;148,594&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.92%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 7.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;(5,937)&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.92%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 9.6%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;142,657&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 65.38%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 31.5pt; font-size: 10pt;"&gt;Net income attributable to Investors Real Estate Trust and nonredeemable noncontrolling interests&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.94%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 11.54%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;138&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.92%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 7.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;(12)&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.92%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 9.6%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;126&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 65.38%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 22.5pt; font-size: 10pt;"&gt;Balance July 31, 2013&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.94%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 11.54%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;148,110&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.92%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 7.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;(5,949)&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.92%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 9.6%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;142,161&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 65.38%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; text-indent: 9pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Total Equity&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.94%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 11.54%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.92%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 7.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.92%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 9.6%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 65.38%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 22.5pt; font-size: 10pt;"&gt;Balance April 30, 2013&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.94%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 11.54%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;761,381&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.92%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 7.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;(5,937)&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.92%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 9.6%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;755,444&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 65.38%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 31.5pt; font-size: 10pt;"&gt;Net income attributable to Investors Real Estate Trust and nonredeemable noncontrolling interests&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.94%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 11.54%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;3,216&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.92%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 7.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;(12)&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.92%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 9.6%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;3,204&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 65.38%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 22.5pt; font-size: 10pt;"&gt;Balance July 31, 2013&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.94%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 11.54%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;771,306&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.92%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 7.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;(5,949)&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.92%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 9.6%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;765,357&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="margin-bottom: 6pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;/div&gt;</us-gaap:ScheduleOfErrorCorrectionsAndPriorPeriodAdjustmentsTextBlock>
  <!--SEGMENT REPORTING-->
  <us-gaap:SegmentReportingDisclosureTextBlock contextRef="c20140501to20140731">&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'', Times, serif; margin-bottom: 12pt; font-size: 10pt; font-weight: bold;"&gt;NOTE 5 &amp;#8226; SEGMENT REPORTING&lt;/div&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, 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: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 10.5pt; font-size: 10pt;"&gt;IRET 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'', Times, 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 style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;&lt;/div&gt;&lt;div&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'', Times, serif; margin-bottom: 12pt; 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, 2014 and 2013, 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: 33.64%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Three Months Ended July 31, 2014&lt;/div&gt;&lt;/td&gt;&lt;td colspan="12" style="border-bottom: #000000 2px solid; width: 66.36%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-style: italic; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; 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: 9.78%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; font-weight: bold;"&gt;Multi-Family&lt;font style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&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'', Times, serif; color: #000000; font-size: 10pt; font-weight: bold;"&gt;Commercial-&lt;font style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&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: 11.21%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; font-weight: bold;"&gt;Commercial-&lt;font style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&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'', Times, serif; color: #000000; font-size: 10pt; font-weight: bold;"&gt;Commercial-&lt;font style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&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: 10.4%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; font-weight: bold;"&gt;Commercial-&lt;font style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&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: 10.82%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; font-weight: bold;"&gt;Total&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 33.64%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.8%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.98%; 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: 8.22%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 33.64%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;Real estate revenue&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.8%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 7.98%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;27,727&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 3.44%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;18,846&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 3.04%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.18%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;16,298&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 3.44%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.64%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;1,570&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 3.48%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 6.92%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;3,396&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.6%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.22%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; margin-right: 3.6pt;"&gt;67,837&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 33.64%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;Real estate expenses&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 1.8%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 7.98%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;12,221&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 3.44%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;9,327&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 3.04%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 8.18%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;4,416&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 3.44%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 8.64%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;450&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 3.48%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 6.92%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;1,104&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 2.6%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 8.22%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; margin-right: 3.6pt;"&gt;27,518&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 33.64%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;Net operating income&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 1.8%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 7.98%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;15,506&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 3.44%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 8.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;9,519&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 3.04%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 8.18%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;11,882&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 3.44%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 8.64%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;1,120&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 3.48%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 6.92%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;2,292&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; 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; background-color: #cceeff; width: 8.22%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; margin-right: 3.6pt;"&gt;40,319&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 33.64%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 9pt; font-size: 10pt;"&gt;TRS senior housing revenue&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.8%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 7.98%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 3.04%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.18%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.64%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 3.48%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 6.92%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.6%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.22%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; margin-right: 3.75pt;"&gt;793&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color: #cceeff; width: 43.42%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 9pt; font-size: 10pt;"&gt;TRS senior housing expenses&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 3.04%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.18%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.64%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 3.48%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 6.92%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.6%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.22%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;(693)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color: #ffffff; width: 43.42%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 9pt; font-size: 10pt;"&gt;Depreciation/amortization&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 3.04%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.18%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.64%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 3.48%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 6.92%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.6%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.22%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;(17,056)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color: #cceeff; width: 43.42%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 9pt; font-size: 10pt;"&gt;Administrative, advisory and trustee services&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 3.04%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.18%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.64%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 3.48%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 6.92%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.6%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.22%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;(3,664)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color: #ffffff; width: 43.42%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 9pt; font-size: 10pt;"&gt;Impairment of real estate investments&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 3.04%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.18%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.64%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 3.48%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 6.92%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.6%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.22%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;(2,320)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color: #cceeff; width: 43.42%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 9pt; font-size: 10pt;"&gt;Other expenses&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 3.04%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.18%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.64%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 3.48%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 6.92%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.6%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.22%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;(612)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 33.64%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 9pt; font-size: 10pt;"&gt;Interest expense&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.8%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 7.98%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 3.04%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.18%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 3.44%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.64%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 3.48%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 6.92%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.6%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.22%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;(14,664)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 33.64%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 9pt; font-size: 10pt;"&gt;Interest and other income&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 1.8%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 7.98%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; 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; background-color: #cceeff; 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; background-color: #cceeff; 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; background-color: #cceeff; 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; background-color: #cceeff; 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; background-color: #cceeff; 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; background-color: #cceeff; 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; background-color: #cceeff; 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; background-color: #cceeff; 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; background-color: #cceeff; width: 8.22%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; margin-right: 3.75pt;"&gt;691&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="11" style="background-color: #ffffff; width: 89.18%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Income before loss on sale of real estate and other investments&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.6%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.22%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; margin-right: 3.75pt;"&gt;2,794&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="11" style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 89.18%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Loss on sale of real estate and other investments&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; 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; background-color: #cceeff; width: 8.22%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;(2,993)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="11" style="border-bottom: #000000 4px double; background-color: #ffffff; width: 89.18%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Net (loss)&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 2.6%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 8.22%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;(199)&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;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'', Times, serif; font-size: 10pt; 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: 66.39%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-style: italic; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; 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: 9.69%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; font-weight: bold;"&gt;Multi-Family&lt;font style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&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: 11.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; font-weight: bold;"&gt;Commercial-&lt;font style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&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'', Times, serif; color: #000000; font-size: 10pt; font-weight: bold;"&gt;Commercial-&lt;font style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&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'', Times, serif; color: #000000; font-size: 10pt; font-weight: bold;"&gt;Commercial-&lt;font style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&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'', Times, serif; color: #000000; font-size: 10pt; font-weight: bold;"&gt;Commercial-&lt;font style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&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'', Times, serif; color: #000000; font-size: 10pt; 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: 8.36%; 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&gt;&lt;td style="background-color: #cceeff; width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;Real estate revenue&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.33%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.36%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;24,373&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 3.3%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;19,315&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 3.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;16,073&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 3.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;2,038&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 3.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 7.56%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;3,299&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; margin-right: 3.6pt;"&gt;65,098&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;Real estate expenses&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 1.33%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 8.36%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;10,846&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 3.3%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 8.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;9,753&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 3.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;4,284&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 3.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;454&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 3.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 7.56%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;1,303&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 2.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; margin-right: 3.6pt;"&gt;26,640&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;Gain on involuntary conversion&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; 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; background-color: #cceeff; width: 8.36%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;966&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; 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; background-color: #cceeff; width: 8.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; 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; background-color: #cceeff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; 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; background-color: #cceeff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; 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; background-color: #cceeff; width: 7.56%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; 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; background-color: #cceeff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; margin-right: 3.6pt;"&gt;966&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;Net operating income&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 1.33%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 8.36%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;14,493&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 3.3%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 8.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;9,562&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 3.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;11,789&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 3.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;1,584&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 3.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 7.56%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;1,996&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; 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; background-color: #ffffff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; margin-right: 3.6pt;"&gt;39,424&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 9pt; font-size: 10pt;"&gt;Depreciation/amortization&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.33%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.36%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 3.3%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 3.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 7.56%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;(19,000)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="background-color: #ffffff; width: 43.31%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 9pt; font-size: 10pt;"&gt;Administrative, advisory and trustee services&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 3.3%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 3.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 7.56%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;(2,753)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 9pt; font-size: 10pt;"&gt;Other expenses&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.33%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.36%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 3.3%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 3.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 7.56%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;(679)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 9pt; font-size: 10pt;"&gt;Interest expense&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.33%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.36%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 3.3%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 3.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 7.56%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;(14,596)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 9pt; font-size: 10pt;"&gt;Interest and other income&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; 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; background-color: #cceeff; width: 8.36%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; 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; background-color: #cceeff; 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; background-color: #cceeff; 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; background-color: #cceeff; 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; background-color: #cceeff; 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; background-color: #cceeff; 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; background-color: #cceeff; 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; background-color: #cceeff; 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; background-color: #cceeff; 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; background-color: #cceeff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; margin-right: 3.6pt;"&gt;210&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="4" style="background-color: #ffffff; width: 46.6%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 9pt; font-size: 10pt;"&gt;Income from continuing operations&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 3.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 7.56%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;2,606&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="3" style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 43.31%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 9pt; font-size: 10pt;"&gt;Income from discontinued operations&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; 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; background-color: #cceeff; 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; background-color: #cceeff; 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; background-color: #cceeff; 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; background-color: #cceeff; 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; background-color: #cceeff; 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; background-color: #cceeff; 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; background-color: #cceeff; 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; background-color: #cceeff; 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; background-color: #cceeff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; margin-right: 3.6pt;"&gt;610&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="11" style="border-bottom: #000000 4px double; background-color: #ffffff; width: 89.16%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;Net income&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 2.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; margin-right: 3.6pt;"&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 style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: left; margin-top: 12pt; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt; font-weight: bold;"&gt;Segment Assets and Accumulated Depreciation&lt;/div&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 10pt; font-size: 10pt;"&gt;Segment assets are summarized as follows as of July 31, 2014, and April 30, 2014, 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'', Times, serif; font-size: 10pt; 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'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;As of July 31, 2014&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: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; font-weight: bold;"&gt;Multi-Family&lt;font style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&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'', Times, serif; color: #000000; font-size: 10pt; font-weight: bold;"&gt;Commercial-&lt;font style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&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'', Times, serif; color: #000000; font-size: 10pt; font-weight: bold;"&gt;Commercial-&lt;font style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&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'', Times, serif; color: #000000; font-size: 10pt; font-weight: bold;"&gt;Commercial-&lt;font style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&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'', Times, serif; color: #000000; font-size: 10pt; font-weight: bold;"&gt;Commercial-&lt;font style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&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: 11.08%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; 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: 1.13%; 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: 8.58%; 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'', Times, serif; font-size: 10pt;"&gt;Segment Assets&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.13%; 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: 8.58%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Property owned&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.13%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.35%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;798,020&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 3.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;537,096&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 3.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;525,595&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 3.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;50,670&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 3.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 7.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;113,946&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.58%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;2,025,327&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Less accumulated depreciation&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 1.13%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 8.35%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;(163,937)&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; 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; background-color: #ffffff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;(123,902)&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; 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; background-color: #ffffff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;(109,656)&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; 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; background-color: #ffffff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;(10,136)&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; 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; background-color: #ffffff; width: 7.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;(27,686)&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; 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; background-color: #ffffff; width: 8.58%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;(435,317)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Net property owned&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 1.13%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 8.35%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;634,083&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 3.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;413,194&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 3.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;415,939&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 3.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;40,534&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 3.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 7.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;86,260&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; 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; background-color: #cceeff; width: 8.58%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;1,590,010&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Real estate held for sale&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.13%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.35%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 7.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.58%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 9.7pt; font-size: 10pt; margin-right: 3.6pt;"&gt;6,508&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Cash and cash equivalents&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.13%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.35%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 7.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.58%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 9.7pt; font-size: 10pt; margin-right: 3.6pt;"&gt;60,620&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Other investments&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.13%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.35%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 7.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.58%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 18pt; font-size: 10pt; margin-right: 3.6pt;"&gt;329&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Receivables and other assets&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.13%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.35%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 7.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.58%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;117,666&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Development in progress&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.13%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.35%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 3.32%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 7.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.58%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;131,862&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Unimproved land&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 1.13%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; 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; background-color: #cceeff; 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; background-color: #cceeff; 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; background-color: #cceeff; 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; background-color: #cceeff; 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; background-color: #cceeff; 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; background-color: #cceeff; 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; background-color: #cceeff; 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; background-color: #cceeff; 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; background-color: #cceeff; 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; background-color: #cceeff; width: 8.58%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;24,772&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Total assets&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 1.13%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; 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; background-color: #ffffff; 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; background-color: #ffffff; 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; background-color: #ffffff; 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; background-color: #ffffff; 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; background-color: #ffffff; 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; background-color: #ffffff; 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; background-color: #ffffff; 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; background-color: #ffffff; 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; background-color: #ffffff; width: 2.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 8.58%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;1,931,767&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'', Times, serif; font-size: 10pt; 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'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;As of April 30, 2014&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'', Times, serif; color: #000000; font-size: 10pt; font-weight: bold;"&gt;Multi-Family&lt;font style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&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'', Times, serif; color: #000000; font-size: 10pt; font-weight: bold;"&gt;Commercial-&lt;font style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&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'', Times, serif; color: #000000; font-size: 10pt; font-weight: bold;"&gt;Commercial-&lt;font style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&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'', Times, serif; color: #000000; font-size: 10pt; font-weight: bold;"&gt;Commercial-&lt;font style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&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'', Times, serif; color: #000000; font-size: 10pt; font-weight: bold;"&gt;Commercial-&lt;font style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&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'', Times, serif; font-size: 10pt; 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: 1.35%; 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&gt;&lt;td style="width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Segment assets&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.35%; 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&gt;&lt;td style="background-color: #cceeff; width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Property owned&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.35%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 9.2%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;753,731&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.48%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 9.08%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;544,628&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.58%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.98%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;525,028&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.68%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;55,375&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 3.38%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 7.46%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;117,269&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.2%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.64%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;1,996,031&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Less accumulated depreciation&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 1.35%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 9.2%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;(158,100)&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; 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; background-color: #ffffff; width: 9.08%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;(121,892)&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; 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; background-color: #ffffff; width: 8.98%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;(105,843)&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; 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; background-color: #ffffff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;(10,198)&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; 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; background-color: #ffffff; width: 7.46%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;(28,255)&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; 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; background-color: #ffffff; width: 8.64%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;(424,288)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Net property owned&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 1.35%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 9.2%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;595,631&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 2.48%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 9.08%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;422,736&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 2.58%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 8.98%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;419,185&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 2.68%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;45,177&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 3.38%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 7.46%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;89,014&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; 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; background-color: #cceeff; width: 8.64%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;1,571,743&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Real estate held for sale&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.35%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 9.2%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.48%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 9.08%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.58%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.98%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.68%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 3.38%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 7.46%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.2%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.64%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;2,951&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 16px;"&gt;&lt;td style="background-color: #cceeff; width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Cash and cash equivalents&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.35%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 9.2%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.48%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 9.08%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.58%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.98%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.68%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 3.38%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 7.46%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.2%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.64%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;47,267&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Other investments&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.35%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 9.2%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.48%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 9.08%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.58%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.98%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.68%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 3.38%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 7.46%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.2%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.64%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;329&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Receivables and other assets&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.35%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 9.2%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.48%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 9.08%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.58%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.98%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.68%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 3.38%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 7.46%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.2%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.64%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;119,458&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Development in progress&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.35%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 9.2%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.48%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 9.08%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.58%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.98%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.68%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.34%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 3.38%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 7.46%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.2%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.64%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;104,609&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 33.61%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Unimproved land&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 1.35%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; 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; background-color: #cceeff; 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; background-color: #cceeff; 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; background-color: #cceeff; 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; background-color: #cceeff; 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; background-color: #cceeff; 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; background-color: #cceeff; 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; background-color: #cceeff; 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; background-color: #cceeff; 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; background-color: #cceeff; 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; background-color: #cceeff; width: 8.64%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;22,864&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td colspan="11" style="border-bottom: #000000 4px double; background-color: #ffffff; width: 89.16%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Total assets&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 2.2%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 8.64%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;1,869,221&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:SegmentReportingDisclosureTextBlock>
  <!--Share-based compensation expense-->
  <us-gaap:ShareBasedCompensation contextRef="c20140501to20140731" unitRef="U001" decimals="-3">1763000</us-gaap:ShareBasedCompensation>
  <!--Share-based compensation expense-->
  <us-gaap:ShareBasedCompensation contextRef="c20130501to20130731" unitRef="U001" decimals="-3">229000</us-gaap:ShareBasedCompensation>
  <!--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="c20140430_StatementEquityComponentsAxis_CommonStockMember" unitRef="U002" decimals="-3">109019000</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="c20140430_StatementEquityComponentsAxis_PreferredStockMember" unitRef="U002" decimals="-3">5750000</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-PREFERRED SHARES [Member]-->
  <us-gaap:SharesIssued contextRef="c20140731_StatementEquityComponentsAxis_PreferredStockMember" unitRef="U002" decimals="-3">5750000</us-gaap:SharesIssued>
  <!--Shares, Issued-COMMON SHARES [Member]-->
  <us-gaap:SharesIssued contextRef="c20140731_StatementEquityComponentsAxis_CommonStockMember" unitRef="U002" decimals="-3">114763000</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="c20140501to20140731">&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'', Times, 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 style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 10pt; font-size: 10pt; font-weight: bold;"&gt;BASIS OF PRESENTATION&lt;/div&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, 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: left; font-family: ''Times New Roman'', Times, 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'', Times, serif; font-size: 10pt;"&gt;86.5%&lt;/font&gt; of the common units of the Operating Partnership as of July 31, 2014 and 83.8% as of April 30, 2014. 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: left; font-family: ''Times New Roman'', Times, 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'', Times, serif; margin-bottom: 10pt; font-size: 10pt; font-weight: bold;"&gt;UNAUDITED INTERIM FINANCIAL STATEMENTS&lt;/div&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, 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 style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;&lt;/div&gt;&lt;div&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'', Times, 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, 2014, as filed with the SEC on June 30, 2014.&lt;/div&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 10pt; font-size: 10pt; font-weight: bold;"&gt;RECENT ACCOUNTING PRONOUNCEMENTS&lt;/div&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt;"&gt;In April 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-08, &lt;font style="font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360):&amp;#160; Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. &lt;/font&gt;Under this standard, a disposal (or classification as held for sale) of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity's operations and financial results. Examples include a disposal of a major geographic area, a major line of business, or a major equity method investment. In addition, the new guidance requires expanded disclosures about the assets, liabilities, income and expenses of discontinued operations. The ASU is effective for all disposals (or classifications as held for sale) of components of an entity that occur within annual periods beginning on or after December 15, 2014, and interim periods within those years. Early adoption is permitted, but only for disposals (or classifications as held for sale) that have not been reported in financial statements previously issued or available for issuance. The Company adopted this update effective February 1, 2014 and determined that the adoption did not have a material impact on the Company's consolidated results of operations or financial condition.&lt;/div&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt;"&gt;As a result of the adoption of ASU No. 2014-08, results of operations and gains or losses on sale for properties that are disposed or classified as held for sale in the ordinary course of business on or subsequent to February 1, 2014 would generally be included in continuing operations on the Company's consolidated statements of operations, to the extent such disposals did not meet the criteria for classification as a discontinued operation described above. During the quarter ended April 30, 2014, the Company applied the new standard to one property that was classified as held for sale.&amp;#160; The Company applied the new standard to three property dispositions and one property classified as held for sale during the quarter ended July 31, 2014.&lt;/div&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 10.5pt; font-size: 10pt;"&gt;In May 2014, the FASB issued ASU No. 2014-09, &lt;font style="font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Revenue from Contracts with Customers&lt;/font&gt;. The standard will eliminate the transaction- and industry-specific revenue recognition guidance under current U.S. GAAP and replace it with a principle based approach for determining revenue recognition. ASU No. 2014-09 does not apply to lease contracts accounted for under ASC 840, &lt;font style="font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Leases.&lt;/font&gt; The ASU is effective for annual and interim periods beginning after December 15, 2016. The Company does not expect adoption of this update to have a material impact on the Company's operating results or financial position.&lt;/div&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 10.5pt; font-size: 10pt;"&gt;In June 2014, the FASB issued ASU No. 2014-12, &lt;font style="font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Compensation &amp;#8211; Stock Compensation (Topic 718):&amp;#160; Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period&lt;/font&gt;. ASU 2014-12 requires an entity to treat performance targets that can be met after the requisite service period of a share-based award has ended, as a performance condition that affects vesting. The ASU is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2015. The Company does not expect the adoption of this update to have a material impact on the Company's operating results or financial position.&lt;/div&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, 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: left; font-family: ''Times New Roman'', Times, 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.&lt;/div&gt;&lt;div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;&lt;/div&gt;&lt;div&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'', Times, serif; margin-bottom: 10.5pt; font-size: 10pt;"&gt;During the three months ended July 31, 2014, the Company incurred a loss of $2.3 million due to impairment of two commercial properties. The Company recognized impairments of approximately $2.1 million on a commercial retail property in Kalispell, Montana and approximately $183,000 on a commercial office property in Golden Valley, Minnesota. These properties were written-down to estimated fair value during the first quarter of fiscal year 2015 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, 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. The impairment loss for the first quarter of fiscal year 2014 is reported in discontinued operations.&amp;#160; See Note 7 for additional information.&lt;/div&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt; font-weight: bold;"&gt;&lt;!--Anchor--&gt;COMPENSATING BALANCES AND OTHER INVESTMENTS; HOLDBACKS&lt;/div&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, 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, 2014, the Company's compensating balances totaled $10.0 million and consisted of the following: First International Bank, Watford City, North Dakota, deposit of $6.1 million; Private Bank, Minneapolis, Minnesota, deposit of $2.0 million; Associated Bank, Green Bay, Wisconsin, deposit of $600,000; American National Bank, Omaha, Nebraska, deposit of $400,000; Dacotah Bank, Minot, North Dakota, deposit of $350,000; United Community Bank,&lt;font style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;&amp;#160;&lt;/font&gt;Minot, North Dakota, deposit of $275,000; Peoples State Bank of Velva, North Dakota, deposit of $225,000, and Commerce Bank, a Minnesota Banking Corporation, deposit of $100,000. The deposits at United Community Bank and a portion of the deposit at Dacotah Bank are held as certificates of deposit and comprise the approximately $329,000 in other investments on the Condensed Consolidated Balance Sheets. The certificates of deposit have remaining terms of six months and two years and the Company intends to hold them to maturity.&lt;/div&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, 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 or requires a deposit for the payment of construction costs or tenant improvements. The decrease of approximately $609,000 in holdbacks for improvements reflected in the Condensed Consolidated Statements of Cash Flows for the three months ended July 31, 2014 is due primarily to the release of loan proceeds to the Company upon completion of construction and tenant improvement projects, while the increase of approximately $326,000 represents additional amounts retained by lenders for new projects.&lt;/div&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 3pt; font-size: 10pt; font-weight: bold;"&gt;IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES AND GOODWILL&lt;/div&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; 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, 2014 and 2013, respectively, the Company added approximately $265,000 and $362,000 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, 2014 and 2013 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 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: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;&lt;/div&gt;&lt;div&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'', Times, 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'', Times, serif; color: #000000; font-size: 10pt;"&gt;at&lt;/font&gt;&amp;#160;&lt;font style="font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;July&lt;/font&gt; 31, 2014 and April 30, 2014 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'', Times, serif; font-size: 10pt; 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'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;July 31, 2014&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'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;April 30, 2014&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'', Times, 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&gt;&lt;td style="background-color: #cceeff; width: 75.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Gross carrying amount&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 10.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;56,975&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 9.98%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;56,710&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 75.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Accumulated amortization&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 10.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 0.15pt;"&gt;(25,497)&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 9.98%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;(24,071)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 75.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Net carrying amount&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 10.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;31,478&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 9.98%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;32,639&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 75.84%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 10.86%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 9.98%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 75.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Identified intangible liabilities (included in other liabilities):&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 10.86%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 9.98%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 75.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Gross carrying amount&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 10.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;173&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 9.98%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;173&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 75.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Accumulated amortization&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 10.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 0.15pt;"&gt;(131)&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 9.98%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;(127)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 75.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Net carrying amount&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 10.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;42&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 9.98%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;46&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="text-align: left; margin-top: 6pt; font-family: ''Times New Roman'', Times, 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 $(6,000) and $(11,000) for the three months ended July 31, 2014 and 2013, respectively. The estimated annual amortization of acquired below-market leases, net of acquired above-market leases, for each of the five succeeding fiscal years is as follows:&lt;/div&gt;&lt;table align="center" border="0" cellpadding="0" cellspacing="0" style="width: 50%; font-family: 'Times New Roman', Times, Serif; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; width: 61.51%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold; margin-right: 5.05pt;"&gt;Year Ended April 30,&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 38.49%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 61.51%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 5.05pt;"&gt;2016&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 15.13%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 23.36%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;19&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 61.51%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 5.05pt;"&gt;2017&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 15.13%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 23.36%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;11&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 61.51%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 5.05pt;"&gt;2018&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 15.13%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 23.36%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;(2)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 61.51%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 5.05pt;"&gt;2019&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 15.13%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 23.36%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;(3)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 61.51%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 5.05pt;"&gt;2020&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 15.13%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 23.36%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;(2)&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'', Times, serif; margin-bottom: 12pt; font-size: 10pt;"&gt;Amortization of all other identified intangible assets (a component of depreciation and amortization expense) was $1.4 million and $3.6 million for the three months ended July 31, 2014 and 2013, respectively. The estimated annual amortization of all other identified intangible assets for each of the five succeeding fiscal years is as follows:&lt;/div&gt;&lt;table align="center" border="0" cellpadding="0" cellspacing="0" style="width: 50%; font-family: 'Times New Roman', Times, Serif; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; width: 61.51%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold; margin-right: 5.05pt;"&gt;Year Ended April 30,&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 38.49%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 61.51%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 5.05pt;"&gt;2016&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 15.13%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 23.36%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;4,567&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 61.51%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 5.05pt;"&gt;2017&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 15.13%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 23.36%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;4,099&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 61.51%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 5.05pt;"&gt;2018&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 15.13%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 23.36%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;3,667&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 61.51%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 5.05pt;"&gt;2019&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 15.13%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 23.36%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;3,543&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 61.51%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 5.05pt;"&gt;2020&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 15.13%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 23.36%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;3,457&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="text-align: left; margin-top: 6pt; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; 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, 2014 and April 30, 2014 was $2.0 million and $1.1 million, respectively. The annual review at April 30, 2014 indicated no impairment to goodwill and there was no indication of impairment at July 31, 2014.&amp;#160; During the three months ended July 31, 2014, the Company recognized approximately $852,000 of goodwill from the acquisition of the Homestead Garden residential property. 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 style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt; font-weight: bold;"&gt;USE OF ESTIMATES&lt;/div&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; 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 style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt; font-weight: bold;"&gt;RECLASSIFICATIONS&lt;/div&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt;"&gt;Certain previously reported amounts have been reclassified to conform to the current financial statement presentation. Prior to February 1,&amp;#160; 2014, the Company reported, in discontinued operations, the results of operations and the related gains or losses of properties that had either been disposed of or classified as held for sale and otherwise met the classification of a discontinued operation. As a result of the adoption of ASU No. 2014-08, results of operations and gains or losses on sale for properties that are disposed or classified as held for sale in the ordinary course of business on or subsequent to February 1, 2014 would generally be included in continuing operations on the Company's consolidated statements of operations, to the extent such disposals did not meet &lt;/div&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt;"&gt;the criteria for classification as a discontinued operation described above. See Recent Accounting Pronouncements above for additional information.&lt;/div&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt;"&gt;As a result of discontinued operations recognized prior to February 1, 2014, retroactive reclassifications that change prior period numbers have been made. See Note 7 for additional information. During fiscal year 2014, the Company classified as discontinued operations two multi-family residential properties, three commercial office properties, twelve commercial industrial properties and three commercial retail properties.&lt;/div&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt; font-weight: bold;"&gt;REVISION&lt;/div&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt;"&gt;During fiscal year 2014 the Company identified an error pertaining to the reporting for a noncontrolling interest in a consolidated real estate joint venture formed in the fourth quarter of fiscal year 2013 for which the holder of such interest has the right to require the Company to acquire the interest at fair value twelve months after the final certificate of occupancy is obtained for the joint venture's development project. Accounting guidance in ASC 480-10, &lt;font style="font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;CFRR 211:&amp;#160; Redeemable Preferred Stocks,&lt;/font&gt; requires that this noncontrolling interest be classified outside of permanent equity because it is redeemable at the option of the joint venture partner. This error resulted in an overstatement of noncontrolling interests and equity in the Company's consolidated statement of equity. This non-cash revision did not impact the Company's consolidated statements of operations or statements of cash flows for any period.&lt;/div&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 10pt; font-size: 10pt;"&gt;In accordance with accounting guidance found in ASC 250-10, &lt;font style="font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Materiality&lt;/font&gt;, the Company assessed the materiality of the error and concluded that the error was not material to any of the Company's previously issued financial statements.&amp;#160; In accordance with accounting guidance found in ASC 250-10, &lt;font style="font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Considering the Effects of Prior Year Misstatement when Quantifying Misstatements in Current Year Financial Statements&lt;/font&gt;, the Company revised its previously issued statement of equity to correct the effect of this error. The Company will revise amounts pertaining to each of the fiscal 2014 calendar quarters from August 1, 2013 through January 31, 2014 in future quarterly filings on Form 10-Q.&lt;/div&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 10pt; font-size: 10pt;"&gt;The following table presents the effect of this correction on the Company's Condensed Consolidated Statement of Equity for the period affected:&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: 65.38%; 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: 34.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; 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: 65.38%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Three Months Ended July 31, 2013&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 13.48%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold; margin-right: 3.6pt;"&gt;As Previously Reported&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold; margin-right: 3.6pt;"&gt;Adjustment&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 11.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold; margin-right: 3.6pt;"&gt;As Revised&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 65.38%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Consolidated Statement of Equity&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.94%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 11.54%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.92%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.92%; 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;/tr&gt;&lt;tr&gt;&lt;td style="width: 65.38%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; text-indent: 9pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Noncontrolling Interests&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.94%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 11.54%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.92%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.92%; 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;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 65.38%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 22.5pt; font-size: 10pt;"&gt;Balance April 30, 2013&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.94%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 11.54%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;148,594&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.92%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 7.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;(5,937)&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.92%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 9.6%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;142,657&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 65.38%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 31.5pt; font-size: 10pt;"&gt;Net income attributable to Investors Real Estate Trust and nonredeemable noncontrolling interests&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.94%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 11.54%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;138&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.92%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 7.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;(12)&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.92%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 9.6%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;126&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 65.38%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 22.5pt; font-size: 10pt;"&gt;Balance July 31, 2013&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.94%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 11.54%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;148,110&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.92%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 7.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;(5,949)&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.92%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 9.6%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;142,161&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 65.38%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; text-indent: 9pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Total Equity&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.94%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 11.54%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.92%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 7.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.92%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 9.6%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 65.38%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 22.5pt; font-size: 10pt;"&gt;Balance April 30, 2013&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.94%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 11.54%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;761,381&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.92%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 7.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;(5,937)&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.92%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 9.6%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;755,444&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 65.38%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 31.5pt; font-size: 10pt;"&gt;Net income attributable to Investors Real Estate Trust and nonredeemable noncontrolling interests&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.94%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 11.54%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;3,216&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.92%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 7.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;(12)&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.92%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 9.6%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;3,204&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 65.38%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 22.5pt; font-size: 10pt;"&gt;Balance July 31, 2013&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.94%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 11.54%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;771,306&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.92%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 7.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;(5,949)&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.92%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 9.6%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;765,357&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="margin-bottom: 6pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt; font-weight: bold;"&gt;&lt;!--Anchor--&gt;INVOLUNTARY CONVERSION OF ASSETS&lt;/div&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt;"&gt;In June 2011, the Company's Chateau Apartments property, which at that time consisted of two 32-unit buildings, was extensively damaged by a flood. In February 2012, one of the buildings of the Chateau Apartments property, which had been undergoing restoration work following the flood, was completely destroyed by fire (the "2012 Fire"). During the first quarter of fiscal year 2014, the Company received $966,000 of insurance proceeds for the 2012 Fire.&amp;#160; The total insurance proceeds for redevelopment related to the 2012 Fire exceeded the basis in the assets requiring replacement, resulting in recognition of $966,000 in gain from involuntary conversion in the first quarter of fiscal year 2014.&lt;/div&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt;"&gt;In December 2013, 15-unit and 57-unit buildings at the Chateau Apartments property were destroyed by fire (the "2013 Fire"). Both buildings were under construction and were unoccupied. The Company intends to rebuild both buildings, and currently expects both buildings to be completed in the first quarter of fiscal year 2016. The Company received partial proceeds of $2.0 million for the 2013 Fire claim in the first quarter of fiscal year 2015, which reduced the accounts receivable recorded at the time of the fire for expected proceeds.&lt;/div&gt;&lt;div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;&lt;/div&gt;&lt;div&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'', Times, serif; margin-bottom: 6pt; font-size: 10pt; font-weight: bold;"&gt;PROCEEDS FROM FINANCING LIABILITY&lt;/div&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; 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.&amp;#160; The balance of the liability as of July 31, 2014 is $7.9 million.&lt;/div&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt; font-weight: bold;"&gt;VARIABLE INTEREST ENTITY&lt;/div&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; 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. The first phase of the project, Landing at Southgate, was substantially completed in the second quarter of fiscal year 2014. The second phase of the project, Commons at Southgate, is expected to be completed in the second quarter of fiscal year 2015. See Development, Expansion and Renovation Projects in Note 6 for additional information on Commons at Southgate. As of July 31, 2014 IRET is the approximately 52.9% owner of the joint venture and will have management and leasing responsibilities when the project is completed; the real estate development company owns approximately 47.1% 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 more than 50% 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;!--Anchor--&gt;&lt;/div&gt;&lt;/div&gt;</us-gaap:SignificantAccountingPoliciesTextBlock>
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  <us-gaap:StockholdersEquityNoteDisclosureTextBlock contextRef="c20140501to20140731">&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'', Times, serif; margin-bottom: 12pt; font-size: 10pt; font-weight: bold;"&gt;NOTE 4 &amp;#8226; EQUITY&lt;/div&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 12pt; font-size: 10pt;"&gt;During the first quarter of fiscal year 2014, 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. On August 30, 2013, the Company entered into an 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 style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 10pt; font-size: 10pt;"&gt;During the first quarter of fiscal year 2015, the Company issued approximately 204,000 common shares, with a total grant-date value of approximately $1.9 million, under the Company's 2008 Incentive Award Plan, for executive officer and trustee share-based compensation for fiscal year 2014 performance. Of these shares, approximately 105,000 are restricted, and will vest on the one-year anniversary of the grant date (i.e., on April 30, 2015), provided the recipient is still employed with the Company, and subject to the terms and conditions of the Company's LTIP.&amp;#160;&amp;#160; 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 2008 Incentive Award Plan, for trustee share-based compensation for fiscal year 2013 performance.&lt;/div&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 10pt; font-size: 10pt;"&gt;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, 2014, the Company issued approximately 926,000 shares at an average price of $8.64 per share pursuant to such waivers, for total net proceeds to the Company of $8.0 million. 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.&amp;#160; During the three months ended July 31, 2014 and 2013, 2.4 million and 2.6 million common shares with a total value of $20.9 million and $22.7 million, respectively, were issued under the DRIP plan.&lt;/div&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 10pt; font-size: 10pt;"&gt;During the three months ended July 31, 2014 and 2013, respectively, 3.1 million Units and approximately 125,000 Units were converted to common shares, with a total value of $18.3 million and approximately $706,000 included in equity. Under the Company's Distribution Reinvestment and Share Purchase Plan, approximately 2.4 million common shares and 2.6 million common shares were issued during the three months ended July 31, 2014 and 2013, respectively, with a total value of $20.9 million and $22.7 million included in equity, and an average price per share of $8.64 and $8.72, respectively, after applicable discounts.&lt;/div&gt;&lt;/div&gt;</us-gaap:StockholdersEquityNoteDisclosureTextBlock>
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  <us-gaap:SubsequentEventsTextBlock contextRef="c20140501to20140731">&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'', Times, serif; margin-bottom: 10pt; font-size: 10pt; font-weight: bold;"&gt;NOTE 12 &amp;#8226; SUBSEQUENT EVENTS&lt;/div&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 10pt; font-size: 10pt;"&gt;&lt;font style="font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Common and Preferred Share Distributions.&lt;/font&gt; On September&lt;font style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;&amp;#160;&lt;/font&gt;3, 2014, the Company's Board of Trustees declared the following distributions:&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="border-bottom: #000000 2px solid; width: 43.63%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; font-weight: bold; margin-right: 1.1pt;"&gt;Class of shares/units&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 16.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 3.3pt; font-size: 10pt; font-weight: bold; margin-right: 1.1pt;"&gt;Quarterly Amount&lt;/div&gt;&lt;div style="text-align: center; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 3.3pt; font-size: 10pt; font-weight: bold; margin-right: 1.1pt;"&gt;per Share or Unit&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.06%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 16.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 3.3pt; font-size: 10pt; font-weight: bold; margin-right: 1.1pt;"&gt;Record Date&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 3.06%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 16.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 3.3pt; font-size: 10pt; font-weight: bold; margin-right: 1.1pt;"&gt;Payment Date&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 43.63%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; margin-right: 1.1pt;"&gt;Common shares and limited partnership units&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 16.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 3.3pt; font-size: 10pt; margin-right: 1.1pt;"&gt;$0.1300&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 3.06%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 3.3pt; font-size: 10pt; margin-right: 1.1pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 16.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 3.3pt; font-size: 10pt; margin-right: 1.1pt;"&gt;September 15, 2014&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 3.06%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 3.3pt; font-size: 10pt; margin-right: 1.1pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 16.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 3.3pt; font-size: 10pt; margin-right: 1.1pt;"&gt;October 1, 2014&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 43.63%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; margin-right: 1.1pt;"&gt;Preferred shares:&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 16.52%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 3.06%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 16.86%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 3.06%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 16.88%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 43.63%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 24.2pt; font-size: 10pt; margin-right: 1.1pt;"&gt;Series A&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 16.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 3.3pt; font-size: 10pt; margin-right: 1.1pt;"&gt;$0.5156&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 3.06%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 3.3pt; font-size: 10pt; margin-right: 1.1pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 16.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 3.3pt; font-size: 10pt; margin-right: 1.1pt;"&gt;September 15, 2014&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 3.06%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 3.3pt; font-size: 10pt; margin-right: 1.1pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 16.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 3.3pt; font-size: 10pt; margin-right: 1.1pt;"&gt;September 30, 2014&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 43.63%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 24.2pt; font-size: 10pt; margin-right: 1.1pt;"&gt;Series B&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 16.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 3.3pt; font-size: 10pt; margin-right: 1.1pt;"&gt;$0.4968&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 3.06%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 3.3pt; font-size: 10pt; margin-right: 1.1pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 16.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 3.3pt; font-size: 10pt; margin-right: 1.1pt;"&gt;September 15, 2014&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 3.06%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 3.3pt; font-size: 10pt; margin-right: 1.1pt;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 16.88%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 3.3pt; font-size: 10pt; margin-right: 1.1pt;"&gt;September 30, 2014&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'', Times, serif; margin-bottom: 10pt; font-size: 10pt;"&gt;&lt;font style="font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Completed Disposition&lt;/font&gt;. On August 29, 2014, the Company sold the Wirth Corporate Center, a commercial office property in Golden Valley, Minnesota, for a sale price of $4.5 million.&lt;/div&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 10pt; font-size: 10pt;"&gt;&lt;font style="font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Pending Disposition.&lt;/font&gt;&amp;#160; Subsequent to the end of the first quarter of fiscal year 2015, the Company signed a sales agreement for the disposition of a commercial retail property and adjoining parcel of unimproved land in Kalispell, Montana, for a sales price of $1.9 million. This pending disposition is subject to various closing conditions and contingencies, and no assurances can be given that this transaction will be completed on the terms currently expected, or at all.&lt;/div&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 12pt; font-size: 10pt;"&gt;&lt;font style="font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Insurance Proceeds&lt;/font&gt;.&amp;#160; Subsequent to the end of the first quarter of fiscal year 2015, the Company received final proceeds of $4.0 million for the 2013 Fire loss at the Chateau Apartments property, which reduced to zero the accounts receivable recorded at the time of the fire for expected proceeds. &amp;#160;No gain or loss on involuntary conversion was recorded due to the final settlement of the claim.&lt;/div&gt;&lt;/div&gt;</us-gaap:SubsequentEventsTextBlock>
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  <!--Tenant reimbursement-->
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  <!--Tenant Improvements-->
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  <!--Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage-IRET - Minot Apartments, LLC [Member]-->
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  <!--Weighted Average Number Diluted Shares Outstanding Adjustment-->
  <us-gaap:WeightedAverageNumberDilutedSharesOutstandingAdjustment contextRef="c20130501to20130731" unitRef="U002" decimals="-3">21821000</us-gaap:WeightedAverageNumberDilutedSharesOutstandingAdjustment>
  <!--Weighted Average Number Diluted Shares Outstanding Adjustment-->
  <us-gaap:WeightedAverageNumberDilutedSharesOutstandingAdjustment contextRef="c20140501to20140731" unitRef="U002" decimals="-3">20293000</us-gaap:WeightedAverageNumberDilutedSharesOutstandingAdjustment>
  <!--Weighted Average Number of Shares Outstanding, Basic-->
  <us-gaap:WeightedAverageNumberOfSharesOutstandingBasic contextRef="c20130501to20130731" unitRef="U002" decimals="-3">102358000</us-gaap:WeightedAverageNumberOfSharesOutstandingBasic>
  <!--Weighted Average Number of Shares Outstanding, Basic-->
  <us-gaap:WeightedAverageNumberOfSharesOutstandingBasic contextRef="c20140501to20140731" unitRef="U002" decimals="-3">111039000</us-gaap:WeightedAverageNumberOfSharesOutstandingBasic>
  <!--Weighted Average Number of Shares Outstanding, Diluted-->
  <us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding contextRef="c20130501to20130731" unitRef="U002" decimals="-3">124179000</us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding>
  <!--Weighted Average Number of Shares Outstanding, Diluted-->
  <us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding contextRef="c20140501to20140731" unitRef="U002" decimals="-3">131332000</us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding>
  <!--Redeemable Noncontrolling Interests [Text Block]-->
  <iret:RedeemableNoncontrollingInterestsTextBlock contextRef="c20140501to20140731">&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'', Times, serif; margin-bottom: 6pt; font-size: 10pt; font-weight: bold;"&gt;NOTE 11 &amp;#8226; REDEEMABLE NONCONTROLLING INTERESTS&lt;/div&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt;"&gt;Redeemable noncontrolling interests on our Consolidated Balance Sheets represent the noncontrolling interest in a joint venture of the Company in which the Company's unaffiliated partner, at its election, could require the Company to buy its interest at a purchase price to be determined by an appraisal conducted in accordance with the terms of the agreement, or at a negotiated price. Redeemable noncontrolling interests are presented at the greater of their carrying amount or redemption value at the end of each reporting period. Changes in the value from period to period are charged to common shares of beneficial interest on our Consolidated Balance Sheets. During fiscal year 2014 the Company identified an error pertaining to the reporting for a noncontrolling interest in a consolidated real estate joint venture formed in the fourth quarter of fiscal year 2013 for which the holder of such interest has the right to require the Company to acquire the interest at fair value twelve months after the final certificate of occupancy is obtained for the joint venture's development project. This error resulted in an overstatement of equity and offsetting understatement of the line entitled "redeemable noncontrolling interests &amp;#8211; consolidated real estate entities" in the mezzanine section of the Company's consolidated balance sheet of $5.9 million as of July 31, 2013. The Company revised its previously issued statement of equity to correct the effect of this error.&amp;#160; See Note 2 for additional information.&lt;/div&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt;"&gt;As of July 31, 2014 and 2013, the estimated redemption value of the redeemable noncontrolling interests was $6.3 million and $5.9 million, respectively. Below is a table reflecting the activity of the redeemable noncontrolling interests.&lt;/div&gt;&lt;table align="center" border="0" cellpadding="0" cellspacing="0" style="width: 50%; font-family: 'Times New Roman', Times, Serif; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 79.18%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 20.82%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 79.18%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Balance at April 30, 2013&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 6.13%; vertical-align: top;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 14.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;5,937&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 79.18%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Net income&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 6.13%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 14.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;12&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 79.18%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Balance at July 31, 2013&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 6.13%; vertical-align: top;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 14.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;5,949&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;table align="center" border="0" cellpadding="0" cellspacing="0" style="width: 50%; font-family: 'Times New Roman', Times, Serif; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="width: 79.18%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 20.82%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 79.18%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Balance at April 30, 2014&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 6.13%; vertical-align: top;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 14.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;6,203&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 79.18%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Net income&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 6.13%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 14.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;110&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 79.18%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Balance at July 31, 2014&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 6.13%; vertical-align: top;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 14.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;6,313&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;/div&gt;</iret:RedeemableNoncontrollingInterestsTextBlock>
  <!--Number of buildings destroyed-->
  <iret:NumberOfBuildingsDestroyed contextRef="c20140430" unitRef="U009" decimals="INF">1</iret:NumberOfBuildingsDestroyed>
  <!--Number of 32 unit buildings-->
  <iret:NumberOf32UnitBuildings contextRef="c20130501to20140430" unitRef="U009" decimals="INF">2</iret:NumberOf32UnitBuildings>
  <!--Estimated total costs of joint venture project-IRET - Minot Apartments, LLC [Member]-->
  <iret:EstimatedTotalCostsOfJointVentureProject contextRef="c20140430_RealEstatePropertiesAxis_IretMinotApartmentsLlcMember" unitRef="U001" decimals="-5">52200000</iret:EstimatedTotalCostsOfJointVentureProject>
  <!--Percentage of project financed-Third Party Debt [Member]-IRET - Minot Apartments, LLC [Member]-->
  <iret:PercentageOfProjectFinanced contextRef="c20130501to20140430_LongtermDebtTypeAxis_ThirdPartyDebtMember_RealEstatePropertiesAxis_IretMinotApartmentsLlcMember" unitRef="U004" decimals="INF">0.69</iret:PercentageOfProjectFinanced>
  <!--Percentage of project financed-IRET - Minot Apartments, LLC [Member]-Debt from IRET [Member]-->
  <iret:PercentageOfProjectFinanced contextRef="c20130501to20140430_LongtermDebtTypeAxis_DebtFromIretMember_RealEstatePropertiesAxis_IretMinotApartmentsLlcMember" unitRef="U004" decimals="INF">0.07</iret:PercentageOfProjectFinanced>
  <!--Number of units in building-Building One [Member]-Chateau Apartment Conversion, Second Fire [Member]-->
  <iret:NumberOfUnitsInBuilding contextRef="c20140501to20140731_ImpairedLongLivedAssetsHeldAndUsedByTypeAxis_BuildingOneMember_InvoluntarilyLongLivedAssetsHeldAndUsedByTypeAxis_ChateauApartmentConversionSecondFireMember" unitRef="U006" decimals="INF">15</iret:NumberOfUnitsInBuilding>
  <!--Number of units in building-->
  <iret:NumberOfUnitsInBuilding contextRef="c20130501to20140430" unitRef="U006" decimals="INF">32</iret:NumberOfUnitsInBuilding>
  <!--Number of units in building-Chateau Apartment Conversion, Second Fire [Member]-Building Two [Member]-->
  <iret:NumberOfUnitsInBuilding contextRef="c20140501to20140731_ImpairedLongLivedAssetsHeldAndUsedByTypeAxis_BuildingTwoMember_InvoluntarilyLongLivedAssetsHeldAndUsedByTypeAxis_ChateauApartmentConversionSecondFireMember" unitRef="U006" decimals="INF">57</iret:NumberOfUnitsInBuilding>
  <!--Insurance proceeds received for total business interruption proceeds-Chateau Apartment Conversion, Fire [Member]-->
  <iret:InsuranceProceedsReceivedForTotalBusinessInterruptionProceeds contextRef="c20130731_InvoluntarilyLongLivedAssetsHeldAndUsedByTypeAxis_ChateauApartmentConversionFireMember" unitRef="U001" decimals="0">966000</iret:InsuranceProceedsReceivedForTotalBusinessInterruptionProceeds>
  <!--Insurance proceeds received for total business interruption proceeds-->
  <iret:InsuranceProceedsReceivedForTotalBusinessInterruptionProceeds contextRef="c20140731" unitRef="U001" decimals="-5">2000000</iret:InsuranceProceedsReceivedForTotalBusinessInterruptionProceeds>
  <!--Sale Leaseback Transaction Amount Of Deed Contract-->
  <iret:SaleLeasebackTransactionAmountOfDeedContract contextRef="c20130731" unitRef="U001" decimals="-5">29000000</iret:SaleLeasebackTransactionAmountOfDeedContract>
  <!--Debt service coverage on individual assets-->
  <iret:DebtServiceCoverageOnIndividualAssets contextRef="c20140501to20140731" unitRef="U004" decimals="INF">1.00</iret:DebtServiceCoverageOnIndividualAssets>
  <!--Debt service coverage on aggregate assets-->
  <iret:DebtServiceCoverageOnAggregateAssets contextRef="c20140501to20140731" unitRef="U004" decimals="INF">1.25</iret:DebtServiceCoverageOnAggregateAssets>
  <!--Number of properties securing line of credit-->
  <iret:NumberOfPropertiesSecuringLineOfCredit contextRef="c20140731" unitRef="U005" decimals="INF">14</iret:NumberOfPropertiesSecuringLineOfCredit>
  <!--Non interest bearing account-->
  <iret:NonInterestBearingAccount contextRef="c20140731" unitRef="U001" decimals="-5">1500000</iret:NonInterestBearingAccount>
  <!--Line of credit, minimum outstanding principal balance-->
  <iret:LineOfCreditMinimumOutstandingPrincipalBalance contextRef="c20140501to20140731" unitRef="U001" decimals="-5">12500000</iret:LineOfCreditMinimumOutstandingPrincipalBalance>
  <!--Minimum depository accounts-->
  <iret:MinimumDepositoryAccounts contextRef="c20140731" unitRef="U001" decimals="-5">6000000</iret:MinimumDepositoryAccounts>
  <!--Utilities-->
  <iret:Utilities contextRef="c20140501to20140731" unitRef="U001" decimals="-3">4681000</iret:Utilities>
  <!--Utilities-->
  <iret:Utilities contextRef="c20130501to20130731" unitRef="U001" decimals="-3">4923000</iret:Utilities>
  <!--Utilities-Discontinued Operations [Member]-->
  <iret:Utilities contextRef="c20130501to20130731_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis_SegmentDiscontinuedOperationsMember" unitRef="U001" decimals="-3">128000</iret:Utilities>
  <!--Impairment of Real Estate, Continuing Operations-->
  <iret:ImpairmentOfRealEstateContinuingOperations contextRef="c20130501to20130731" unitRef="U001" decimals="-3">0</iret:ImpairmentOfRealEstateContinuingOperations>
  <!--Impairment of Real Estate, Continuing Operations-->
  <iret:ImpairmentOfRealEstateContinuingOperations contextRef="c20140501to20140731" unitRef="U001" decimals="-3">2320000</iret:ImpairmentOfRealEstateContinuingOperations>
  <!--Dividends, Preferred Stock2-->
  <iret:DividendsPreferredStock2 contextRef="c20140501to20140731" unitRef="U001" decimals="-3">2879000</iret:DividendsPreferredStock2>
  <!--Dividends, Preferred Stock2-->
  <iret:DividendsPreferredStock2 contextRef="c20130501to20130731" unitRef="U001" decimals="-3">2879000</iret:DividendsPreferredStock2>
  <!--Income (loss) before gain (loss) on sale of real estate and other investments and income (loss) from discontinued operations-->
  <iret:IncomeLossBeforeGainLossOnSaleOfRealEstateAndOtherInvestmentsAndIncomeLossFromDiscontinuedOperations contextRef="c20130501to20130731" unitRef="U001" decimals="-3">2606000</iret:IncomeLossBeforeGainLossOnSaleOfRealEstateAndOtherInvestmentsAndIncomeLossFromDiscontinuedOperations>
  <!--Income (loss) before gain (loss) on sale of real estate and other investments and income (loss) from discontinued operations-->
  <iret:IncomeLossBeforeGainLossOnSaleOfRealEstateAndOtherInvestmentsAndIncomeLossFromDiscontinuedOperations contextRef="c20140501to20140731" unitRef="U001" decimals="-3">2794000</iret:IncomeLossBeforeGainLossOnSaleOfRealEstateAndOtherInvestmentsAndIncomeLossFromDiscontinuedOperations>
  <!--Shares registered under Distribution Reinvestment and Share Purchase Plan-Distribution Reinvestment and Share Purchase Plan [Member]-->
  <iret:SharesRegisteredUnderDistributionReinvestmentAndSharePurchasePlan contextRef="c20140501to20140731_DefinedBenefitPlansDisclosuresDefinedBenefitPlansAxis_DistributionReinvestmentAndSharePurchasePlanMember" unitRef="U002" decimals="-6">10000000</iret:SharesRegisteredUnderDistributionReinvestmentAndSharePurchasePlan>
  <!--Aggregate gross sales price of common shares of beneficial interest allowed to be sold-->
  <iret:AggregateGrossSalesPriceOfCommonSharesOfBeneficialInterestAllowedToBeSold contextRef="c20140501to20140731" unitRef="U001" decimals="-5">75000000</iret:AggregateGrossSalesPriceOfCommonSharesOfBeneficialInterestAllowedToBeSold>
  <!--Noncontrolling Interests Operating Partnership Units-->
  <iret:NoncontrollingInterestsOperatingPartnershipUnits contextRef="c20140430" unitRef="U002" decimals="0">21093445</iret:NoncontrollingInterestsOperatingPartnershipUnits>
  <!--Noncontrolling Interests Operating Partnership Units-->
  <iret:NoncontrollingInterestsOperatingPartnershipUnits contextRef="c20140731" unitRef="U002" decimals="0">17975440</iret:NoncontrollingInterestsOperatingPartnershipUnits>
  <!--Development, Construction Commitments and Contracts Disclosure [Table Text Block]-->
  <iret:DevelopmentConstructionCommitmentsAndContractsDisclosureTableTextBlock contextRef="c20140501to20140731">&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'', Times, serif; margin-bottom: 12pt; font-size: 10pt;"&gt;&lt;font style="font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Development, Expansion and Renovation Projects.&amp;#160; &lt;/font&gt;As of July 31, 2014, 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;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: 20.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 18.54%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 10.84%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="6" style="border-bottom: #000000 2px solid; width: 38.24%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 11.76%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; width: 20.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Project Name and Location&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 18.54%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Planned Segment&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 10.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Square Feet&lt;/div&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;or Number of Units&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'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Anticipated&lt;/div&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Total Cost&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 12.42%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Costs as of&lt;/div&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;July 31, 2014&lt;sup&gt;(1)&lt;/sup&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 13.32%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Loans Closed or Committed&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; width: 11.76%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Anticipated Construction Completion&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 20.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Commons at Southgate - Minot, ND&lt;sup&gt;(2)&lt;/sup&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 18.54%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Multi-Family Residential&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 10.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;233 units&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 10%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;37,201&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 9.9%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;33,218&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 10.82%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;24,480&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 11.76%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; text-indent: -10pt; font-family: ''Times New Roman'', Times, serif; margin-left: 11.4pt; font-size: 10pt;"&gt;FY2015 Q2&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 20.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Minot Wells Fargo Bank - Minot, ND&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 18.54%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Commercial Office&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 10.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;4,998 sq ft&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 10%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;3,288&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.52%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 9.9%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;1,550&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.5%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 10.82%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 11.76%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; text-indent: -10pt; font-family: ''Times New Roman'', Times, serif; margin-left: 11.4pt; font-size: 10pt;"&gt;FY2015 Q2&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 20.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Cypress Court II &amp;#8211; St. Cloud, MN&lt;sup&gt;(3)&lt;/sup&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 18.54%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Multi-Family Residential&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 10.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;66 units&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 10%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;7,028&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.52%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 9.9%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;3,168&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.5%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 10.82%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;4,200&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 11.76%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; text-indent: -10pt; font-family: ''Times New Roman'', Times, serif; margin-left: 11.4pt; font-size: 10pt;"&gt;FY2015 Q3&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 20.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Arcata - Golden Valley, MN&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 18.54%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Multi-Family Residential&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 10.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;165 units&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 10%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;33,448&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.52%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 9.9%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;19,048&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.5%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 10.82%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;24,250&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 11.76%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; text-indent: -10pt; font-family: ''Times New Roman'', Times, serif; margin-left: 11.4pt; font-size: 10pt;"&gt;FY2015 Q3&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 20.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Red 20 - Minneapolis, MN&lt;sup&gt;(4)&lt;/sup&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 18.54%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Multi-Family Residential and Commercial&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 10.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;130 units and 10,625 sq ft&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 10%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;29,462&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.52%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 9.9%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;20,399&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.5%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 10.82%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;21,726&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 11.76%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; text-indent: -10pt; font-family: ''Times New Roman'', Times, serif; margin-left: 11.4pt; font-size: 10pt;"&gt;FY2015 Q3&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 16px;"&gt;&lt;td style="background-color: #ffffff; width: 20.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Renaissance Heights I - Williston, ND&lt;sup&gt;(5)&lt;/sup&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 18.54%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Multi-Family Residential&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 10.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;288 units&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 10%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;62,362&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.52%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 9.9%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;44,251&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.5%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 10.82%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;43,672&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 11.76%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; text-indent: -10pt; font-family: ''Times New Roman'', Times, serif; margin-left: 11.4pt; font-size: 10pt;"&gt;FY2015 Q4&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 20.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Roseville 3075 Long Lake Rd - Roseville, MN&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 18.54%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Commercial Industrial&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 10.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;202,807 sq ft&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 10%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;13,915&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.52%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 9.9%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;2,578&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.5%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 10.82%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;11,000&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 11.76%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; text-indent: -10pt; font-family: ''Times New Roman'', Times, serif; margin-left: 11.4pt; font-size: 10pt;"&gt;FY2015 Q4&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 20.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Chateau II - Minot, ND&lt;sup&gt;(6)&lt;/sup&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 18.54%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Multi-Family Residential&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 10.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;72 units&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 10%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;14,711&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.52%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 9.9%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;5,681&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.5%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 10.82%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 11.76%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; text-indent: -10pt; font-family: ''Times New Roman'', Times, serif; margin-left: 11.4pt; font-size: 10pt;"&gt;FY2016 Q1&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 20.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Cardinal Point - Grand Forks, ND&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 18.54%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Multi-Family Residential&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 10.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;251 units&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 10%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;40,042&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.52%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 9.9%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;9,333&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.5%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 10.82%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;24,500&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 11.76%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; text-indent: -10pt; font-family: ''Times New Roman'', Times, serif; margin-left: 11.4pt; font-size: 10pt;"&gt;FY2016 Q1&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 20.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;71 France Phase I - Edina, MN&lt;sup&gt;(7)&lt;/sup&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 18.54%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Multi-Family Residential&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 10.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;109 units&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 10%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;29,660&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.52%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 9.9%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;4,255&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.5%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 10.82%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;20,365&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 11.76%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; text-indent: -10pt; font-family: ''Times New Roman'', Times, serif; margin-left: 11.4pt; font-size: 10pt;"&gt;FY2016 Q1&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 20.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Edina 6565 France SMC III - Edina, MN&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 18.54%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Commercial Medical&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 10.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;72,012 sq ft&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 10%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;34,665&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.52%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 9.9%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;4,204&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.5%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 10.82%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 11.76%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; text-indent: -10pt; font-family: ''Times New Roman'', Times, serif; margin-left: 11.4pt; font-size: 10pt;"&gt;FY2016 Q2&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 20.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;PrairieCare Medical - Brooklyn Park, MN&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 18.54%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Commercial Medical&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 10.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;75,000 sq ft&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 10%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;24,251&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.52%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 9.9%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;4,486&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 2.5%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 10.82%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;15,000&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 11.76%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; text-indent: -10pt; font-family: ''Times New Roman'', Times, serif; margin-left: 11.4pt; font-size: 10pt;"&gt;FY2016 Q2&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 20.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Deer Ridge &amp;#8211; Jamestown, ND&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 18.54%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Multi-Family Residential&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 10.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;163 units&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.5%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 10%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;24,519&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.52%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 9.9%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;1,793&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 2.5%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 10.82%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;0&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 11.76%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; text-indent: -10pt; font-family: ''Times New Roman'', Times, serif; margin-left: 11.4pt; font-size: 10pt;"&gt;FY2016 Q2&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 20.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Other&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 18.54%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;n/a&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 10.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;n/a&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; 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; background-color: #ffffff; width: 10%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;n/a&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 2.52%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 9.9%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;874&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 2.5%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 10.82%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;n/a&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 11.76%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; text-indent: -10pt; font-family: ''Times New Roman'', Times, serif; margin-left: 11.4pt; font-size: 10pt;"&gt;n/a&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 20.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 18.54%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 10.84%; vertical-align: top;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 2.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 10%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;354,552&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 2.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 9.9%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;154,838&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 2.5%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 10.82%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;189,193&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 11.76%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&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;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'', Times, serif; font-size: 10pt;"&gt;(1)&lt;/div&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top;"&gt;&lt;div style="text-align: left; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Includes costs related to development projects that are placed in service in phases (Renaissance Heights I - $23.0 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; 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'', Times, serif; font-size: 10pt;"&gt;(2)&lt;/div&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top;"&gt;&lt;div style="text-align: left; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;The Company is currently an approximately 52.9% partner in the joint venture entity constructing this project; the anticipated total cost amount given is the total cost to the joint venture entity.&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; 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'', Times, serif; font-size: 10pt;"&gt;(3)&lt;/div&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top;"&gt;&lt;div style="text-align: left; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;The Company is an approximately 86.1% partner in the joint venture entity constructing this project; the anticipated total cost amount given is the total cost to the joint venture entity.&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; 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'', Times, serif; font-size: 10pt;"&gt;(4)&lt;/div&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top;"&gt;&lt;div style="text-align: left; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;The Company is an approximately 58.6% partner in the joint venture entity constructing this project; the anticipated total cost amount given is the total cost to the joint venture entity.&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; 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'', Times, serif; font-size: 10pt;"&gt;(5)&lt;/div&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top;"&gt;&lt;div style="text-align: left; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;The Company is an approximately 70% partner in the joint venture entity constructing this project; the anticipated total cost amount given is the total cost to the joint venture entity.&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; 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'', Times, serif; font-size: 10pt;"&gt;(6)&lt;/div&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top;"&gt;&lt;div style="text-align: left; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;On December 5, 2013, this development project was destroyed by fire. As of July 31, 2014, $4.0 million of expected insurance proceeds were included in accounts receivable on the Company's consolidated balance sheet. See Note 2 for additional information.&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; 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'', Times, serif; font-size: 10pt;"&gt;(7)&lt;/div&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top;"&gt;&lt;div style="text-align: left; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;The Company is currently an approximately 55.3% partner in the joint venture entity constructing this project. The project will be constructed in three phases, and at the conclusion of construction of the third phase, the Company will have an approximately 50.5% interest in the project. The anticipated total cost amount given in the table above is the total cost to the joint venture entity of the project's first phase. The expected total project cost for all three phases is approximately $69.9 million for a total of approximately 241 residential units and approximately 21,772 square feet of commercial retail space.&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;</iret:DevelopmentConstructionCommitmentsAndContractsDisclosureTableTextBlock>
  <!--Sale amount of pending disposition-St. Cloud, MN [Member]-->
  <iret:SaleAmountOfPendingDisposition contextRef="c20130501to20140430_RealEstatePropertiesAxis_StCloudMnMember" unitRef="U001" decimals="-5">4500000</iret:SaleAmountOfPendingDisposition>
  <!--Sale amount of pending disposition-Maple Grove, MN [Member]-->
  <iret:SaleAmountOfPendingDisposition contextRef="c20130501to20140430_RealEstatePropertiesAxis_MapleGroveMnMember" unitRef="U001" decimals="-5">7200000</iret:SaleAmountOfPendingDisposition>
  <!--Sale amount of pending disposition-Fargo, ND [Member]-->
  <iret:SaleAmountOfPendingDisposition contextRef="c20130501to20140430_RealEstatePropertiesAxis_FargoNdMember" unitRef="U001" decimals="-5">2800000</iret:SaleAmountOfPendingDisposition>
  <!--Sale amount of pending disposition-Subsequent Event [Member]-Kalispell, Montana, retail property [Member]-->
  <iret:SaleAmountOfPendingDisposition contextRef="c20140501to20140731_BusinessAcquisitionAxis_KalispellMontanaRetailMember_SubsequentEventTypeAxis_SubsequentEventMember" unitRef="U001" decimals="-5">1900000</iret:SaleAmountOfPendingDisposition>
  <!--Total property cost subject to purchase options-->
  <iret:TotalPropertyCostSubjectToPurchaseOptions contextRef="c20140731" unitRef="U001" decimals="-5">120500000</iret:TotalPropertyCostSubjectToPurchaseOptions>
  <!--Real Estate Construction, Estimated Year for Completion-Arcata Apartments, Golden Valley, Minnesota [Member]-->
  <iret:RealEstateConstructionEstimatedYearForCompletion contextRef="c20140501to20140731_RealEstatePropertiesAxis_ArcataApartmentsGoldenValleyMinnesotaMember">FY2015 Q3</iret:RealEstateConstructionEstimatedYearForCompletion>
  <!--Real Estate Construction, Estimated Year for Completion-Deer Ridge - Jamestown, ND [Member]-->
  <iret:RealEstateConstructionEstimatedYearForCompletion contextRef="c20140501to20140731_RealEstatePropertiesAxis_DeerRidgeJamestownNdMember">FY2016 Q2</iret:RealEstateConstructionEstimatedYearForCompletion>
  <!--Real Estate Construction, Estimated Year for Completion-Minot Wells Fargo Bank - Minot, ND [Member]-->
  <iret:RealEstateConstructionEstimatedYearForCompletion contextRef="c20140501to20140731_RealEstatePropertiesAxis_MinotWellsFargoBankMinotNdMember">FY2015 Q2</iret:RealEstateConstructionEstimatedYearForCompletion>
  <!--Real Estate Construction, Estimated Year for Completion-Roseville 3075 Long Lake Rd - Roseville, MN [Member]-->
  <iret:RealEstateConstructionEstimatedYearForCompletion contextRef="c20140501to20140731_RealEstatePropertiesAxis_Roseville3075LongLakeRdRosevilleMnMember">FY2015 Q4</iret:RealEstateConstructionEstimatedYearForCompletion>
  <!--Real Estate Construction, Estimated Year for Completion-71 France Phase I - Edina, MN [Member]-->
  <iret:RealEstateConstructionEstimatedYearForCompletion contextRef="c20140501to20140731_RealEstatePropertiesAxis_FrancePhaseIEdinaMnMember">FY2016 Q1</iret:RealEstateConstructionEstimatedYearForCompletion>
  <!--Real Estate Construction, Estimated Year for Completion-Edina 6565 France SMC III - Edina, MN [Member]-->
  <iret:RealEstateConstructionEstimatedYearForCompletion contextRef="c20140501to20140731_RealEstatePropertiesAxis_Edina6565FranceSmcIiiEdinaMnMember">FY2016 Q2</iret:RealEstateConstructionEstimatedYearForCompletion>
  <!--Real Estate Construction, Estimated Year for Completion-PrairieCare Medical - Brooklyn Park, MN [Member]-->
  <iret:RealEstateConstructionEstimatedYearForCompletion contextRef="c20140501to20140731_RealEstatePropertiesAxis_PrairiecareMedicalBrooklynParkMnMember">FY2016 Q2</iret:RealEstateConstructionEstimatedYearForCompletion>
  <!--Real Estate Construction, Estimated Year for Completion-Commons at Southgate, Minot, North Dakota [Member]-->
  <iret:RealEstateConstructionEstimatedYearForCompletion contextRef="c20140501to20140731_RealEstatePropertiesAxis_CommonsAtSouthgateMinotNorthDakotaMember" id="Item-41">FY2015 Q2</iret:RealEstateConstructionEstimatedYearForCompletion>
  <!--Real Estate Construction, Estimated Year for Completion-Cardinal Point, Grand Forks, North Dakota [Member]-->
  <iret:RealEstateConstructionEstimatedYearForCompletion contextRef="c20140501to20140731_RealEstatePropertiesAxis_CardinalPointGrandForksNorthDakotaMember">FY2016 Q1</iret:RealEstateConstructionEstimatedYearForCompletion>
  <!--Real Estate Construction, Estimated Year for Completion-Chateau II, Minot, North Dakota [Member]-->
  <iret:RealEstateConstructionEstimatedYearForCompletion contextRef="c20140501to20140731_RealEstatePropertiesAxis_ChateauIiMinotNorthDakotaMember" id="Item-42">FY2016 Q1</iret:RealEstateConstructionEstimatedYearForCompletion>
  <!--Real Estate Construction, Estimated Year for Completion-Renaissance Heights I Apartments, Williston, North Dakota [Member]-->
  <iret:RealEstateConstructionEstimatedYearForCompletion contextRef="c20140501to20140731_RealEstatePropertiesAxis_RenaissanceHeightsIApartmentsWillistonNorthDakotaMember" id="Item-43">FY2015 Q4</iret:RealEstateConstructionEstimatedYearForCompletion>
  <!--Real Estate Construction, Estimated Year for Completion-Cypress Court - St. Cloud, MN [Member]-->
  <iret:RealEstateConstructionEstimatedYearForCompletion contextRef="c20140501to20140731_RealEstatePropertiesAxis_CypressCourtStCloudMnMember" id="Item-44">FY2015 Q3</iret:RealEstateConstructionEstimatedYearForCompletion>
  <!--Real Estate Construction, Estimated Year for Completion-RED 20 - Minneapolis, MN [Member]-->
  <iret:RealEstateConstructionEstimatedYearForCompletion contextRef="c20140501to20140731_RealEstatePropertiesAxis_Red20MinneapolisMnMember" id="Item-45">FY2015 Q3</iret:RealEstateConstructionEstimatedYearForCompletion>
  <!--Number of Properties subject to purchase options.-->
  <iret:NumberOfPropertiesSubjectToPurchaseOptions contextRef="c20140731" unitRef="U005" decimals="INF">15</iret:NumberOfPropertiesSubjectToPurchaseOptions>
  <!--Project costs incurred to date-Chateau II, Minot, North Dakota [Member]-->
  <iret:ProjectCostsIncurredToDate contextRef="c20140731_RealEstatePropertiesAxis_ChateauIiMinotNorthDakotaMember" unitRef="U001" decimals="-3" id="Item-46">5681000</iret:ProjectCostsIncurredToDate>
  <!--Project costs incurred to date-Minot Wells Fargo Bank - Minot, ND [Member]-->
  <iret:ProjectCostsIncurredToDate contextRef="c20140731_RealEstatePropertiesAxis_MinotWellsFargoBankMinotNdMember" unitRef="U001" decimals="-3" id="Item-47">1550000</iret:ProjectCostsIncurredToDate>
  <!--Project costs incurred to date-Roseville 3075 Long Lake Rd - Roseville, MN [Member]-->
  <iret:ProjectCostsIncurredToDate contextRef="c20140731_RealEstatePropertiesAxis_Roseville3075LongLakeRdRosevilleMnMember" unitRef="U001" decimals="-3" id="Item-48">2578000</iret:ProjectCostsIncurredToDate>
  <!--Project costs incurred to date-71 France Phase I - Edina, MN [Member]-->
  <iret:ProjectCostsIncurredToDate contextRef="c20140731_RealEstatePropertiesAxis_FrancePhaseIEdinaMnMember" unitRef="U001" decimals="-3" id="Item-49">4255000</iret:ProjectCostsIncurredToDate>
  <!--Project costs incurred to date-Renaissance Heights I Apartments, Williston, North Dakota [Member]-->
  <iret:ProjectCostsIncurredToDate contextRef="c20140731_RealEstatePropertiesAxis_RenaissanceHeightsIApartmentsWillistonNorthDakotaMember" unitRef="U001" decimals="-3" id="Item-50">44251000</iret:ProjectCostsIncurredToDate>
  <!--Project costs incurred to date-Edina 6565 France SMC III - Edina, MN [Member]-->
  <iret:ProjectCostsIncurredToDate contextRef="c20140731_RealEstatePropertiesAxis_Edina6565FranceSmcIiiEdinaMnMember" unitRef="U001" decimals="-3" id="Item-51">4204000</iret:ProjectCostsIncurredToDate>
  <!--Project costs incurred to date-PrairieCare Medical - Brooklyn Park, MN [Member]-->
  <iret:ProjectCostsIncurredToDate contextRef="c20140731_RealEstatePropertiesAxis_PrairiecareMedicalBrooklynParkMnMember" unitRef="U001" decimals="-3" id="Item-52">4486000</iret:ProjectCostsIncurredToDate>
  <!--Project costs incurred to date-Deer Ridge - Jamestown, ND [Member]-->
  <iret:ProjectCostsIncurredToDate contextRef="c20140731_RealEstatePropertiesAxis_DeerRidgeJamestownNdMember" unitRef="U001" decimals="-3" id="Item-53">1793000</iret:ProjectCostsIncurredToDate>
  <!--Project costs incurred to date-->
  <iret:ProjectCostsIncurredToDate contextRef="c20140731" unitRef="U001" decimals="-3" id="Item-54">153964000</iret:ProjectCostsIncurredToDate>
  <!--Project costs incurred to date-Commons at Southgate, Minot, North Dakota [Member]-->
  <iret:ProjectCostsIncurredToDate contextRef="c20140731_RealEstatePropertiesAxis_CommonsAtSouthgateMinotNorthDakotaMember" unitRef="U001" decimals="-3" id="Item-55">33218000</iret:ProjectCostsIncurredToDate>
  <!--Project costs incurred to date-Other [Member]-->
  <iret:ProjectCostsIncurredToDate contextRef="c20140731_RealEstatePropertiesAxis_PartiallyOwnedPropertiesMember" unitRef="U001" decimals="-3" id="Item-56">874000</iret:ProjectCostsIncurredToDate>
  <!--Project costs incurred to date-RED 20 - Minneapolis, MN [Member]-->
  <iret:ProjectCostsIncurredToDate contextRef="c20140731_RealEstatePropertiesAxis_Red20MinneapolisMnMember" unitRef="U001" decimals="-3" id="Item-57">20399000</iret:ProjectCostsIncurredToDate>
  <!--Project costs incurred to date-Cypress Court - St. Cloud, MN [Member]-->
  <iret:ProjectCostsIncurredToDate contextRef="c20140731_RealEstatePropertiesAxis_CypressCourtStCloudMnMember" unitRef="U001" decimals="-3" id="Item-58">3168000</iret:ProjectCostsIncurredToDate>
  <!--Project costs incurred to date-Cardinal Point, Grand Forks, North Dakota [Member]-->
  <iret:ProjectCostsIncurredToDate contextRef="c20140731_RealEstatePropertiesAxis_CardinalPointGrandForksNorthDakotaMember" unitRef="U001" decimals="-3" id="Item-59">9333000</iret:ProjectCostsIncurredToDate>
  <!--Project costs incurred to date-Renaissance Heights I Apartments, Williston, North Dakota [Member]-Project Phase One [Member]-->
  <iret:ProjectCostsIncurredToDate contextRef="c20140731_AdditionalProjectInformationAxis_ProjectPhaseOneMember_RealEstatePropertiesAxis_RenaissanceHeightsIApartmentsWillistonNorthDakotaMember" unitRef="U001" decimals="-5" id="Item-60">23000000</iret:ProjectCostsIncurredToDate>
  <!--Project costs incurred to date-Arcata Apartments, Golden Valley, Minnesota [Member]-->
  <iret:ProjectCostsIncurredToDate contextRef="c20140731_RealEstatePropertiesAxis_ArcataApartmentsGoldenValleyMinnesotaMember" unitRef="U001" decimals="-3" id="Item-61">19048000</iret:ProjectCostsIncurredToDate>
  <!--Redemption Value of UPREIT Units-->
  <iret:RedemptionValueOfUpreitUnits contextRef="c20140731" unitRef="U001" decimals="-5">154400000</iret:RedemptionValueOfUpreitUnits>
  <!--Redemption Value of UPREIT Units-->
  <iret:RedemptionValueOfUpreitUnits contextRef="c20130731" unitRef="U001" decimals="-5">197700000</iret:RedemptionValueOfUpreitUnits>
  <!--Anticipated Total Cost-Minot Wells Fargo Bank - Minot, ND [Member]-->
  <iret:AnticipatedTotalCost contextRef="c20140731_RealEstatePropertiesAxis_MinotWellsFargoBankMinotNdMember" unitRef="U001" decimals="-3">3288000</iret:AnticipatedTotalCost>
  <!--Anticipated Total Cost-Roseville 3075 Long Lake Rd - Roseville, MN [Member]-->
  <iret:AnticipatedTotalCost contextRef="c20140731_RealEstatePropertiesAxis_Roseville3075LongLakeRdRosevilleMnMember" unitRef="U001" decimals="-3">13915000</iret:AnticipatedTotalCost>
  <!--Anticipated Total Cost-71 France Phase I - Edina, MN [Member]-->
  <iret:AnticipatedTotalCost contextRef="c20140731_RealEstatePropertiesAxis_FrancePhaseIEdinaMnMember" unitRef="U001" decimals="-3">29660000</iret:AnticipatedTotalCost>
  <!--Anticipated Total Cost-Edina 6565 France SMC III - Edina, MN [Member]-->
  <iret:AnticipatedTotalCost contextRef="c20140731_RealEstatePropertiesAxis_Edina6565FranceSmcIiiEdinaMnMember" unitRef="U001" decimals="-3">34665000</iret:AnticipatedTotalCost>
  <!--Anticipated Total Cost-PrairieCare Medical - Brooklyn Park, MN [Member]-->
  <iret:AnticipatedTotalCost contextRef="c20140731_RealEstatePropertiesAxis_PrairiecareMedicalBrooklynParkMnMember" unitRef="U001" decimals="-3">24251000</iret:AnticipatedTotalCost>
  <!--Anticipated Total Cost-Deer Ridge - Jamestown, ND [Member]-->
  <iret:AnticipatedTotalCost contextRef="c20140731_RealEstatePropertiesAxis_DeerRidgeJamestownNdMember" unitRef="U001" decimals="-3">24519000</iret:AnticipatedTotalCost>
  <!--Anticipated Total Cost-Footnote (7) [Member]-71 France Phase I - Edina, MN [Member]-->
  <iret:AnticipatedTotalCost contextRef="c20140731_AdditionalProjectInformationAxis_Footnote7Member_RealEstatePropertiesAxis_FrancePhaseIEdinaMnMember" unitRef="U001" decimals="-3" id="Item-62">69900000</iret:AnticipatedTotalCost>
  <!--Anticipated Total Cost-Commons at Southgate, Minot, North Dakota [Member]-->
  <iret:AnticipatedTotalCost contextRef="c20140731_RealEstatePropertiesAxis_CommonsAtSouthgateMinotNorthDakotaMember" unitRef="U001" decimals="-3" id="Item-63">37201000</iret:AnticipatedTotalCost>
  <!--Anticipated Total Cost-RED 20 - Minneapolis, MN [Member]-->
  <iret:AnticipatedTotalCost contextRef="c20140731_RealEstatePropertiesAxis_Red20MinneapolisMnMember" unitRef="U001" decimals="-3" id="Item-64">29462000</iret:AnticipatedTotalCost>
  <!--Anticipated Total Cost-Chateau II, Minot, North Dakota [Member]-->
  <iret:AnticipatedTotalCost contextRef="c20140731_RealEstatePropertiesAxis_ChateauIiMinotNorthDakotaMember" unitRef="U001" decimals="-3" id="Item-65">14711000</iret:AnticipatedTotalCost>
  <!--Anticipated Total Cost-Cardinal Point, Grand Forks, North Dakota [Member]-->
  <iret:AnticipatedTotalCost contextRef="c20140731_RealEstatePropertiesAxis_CardinalPointGrandForksNorthDakotaMember" unitRef="U001" decimals="-3">40042000</iret:AnticipatedTotalCost>
  <!--Anticipated Total Cost-Arcata Apartments, Golden Valley, Minnesota [Member]-->
  <iret:AnticipatedTotalCost contextRef="c20140731_RealEstatePropertiesAxis_ArcataApartmentsGoldenValleyMinnesotaMember" unitRef="U001" decimals="-3">33448000</iret:AnticipatedTotalCost>
  <!--Anticipated Total Cost-->
  <iret:AnticipatedTotalCost contextRef="c20140731" unitRef="U001" decimals="-3">354552000</iret:AnticipatedTotalCost>
  <!--Anticipated Total Cost-Renaissance Heights I Apartments, Williston, North Dakota [Member]-->
  <iret:AnticipatedTotalCost contextRef="c20140731_RealEstatePropertiesAxis_RenaissanceHeightsIApartmentsWillistonNorthDakotaMember" unitRef="U001" decimals="-3" id="Item-66">62362000</iret:AnticipatedTotalCost>
  <!--Anticipated Total Cost-Cypress Court - St. Cloud, MN [Member]-->
  <iret:AnticipatedTotalCost contextRef="c20140731_RealEstatePropertiesAxis_CypressCourtStCloudMnMember" unitRef="U001" decimals="-3" id="Item-67">7028000</iret:AnticipatedTotalCost>
  <!--Total gross rental revenue from properties subject to purchase options-->
  <iret:TotalGrossRentalRevenueFromPropertiesSubjectToPurchaseOptions contextRef="c20140501to20140731" unitRef="U001" decimals="-5">2600000</iret:TotalGrossRentalRevenueFromPropertiesSubjectToPurchaseOptions>
  <!--Real Estate Construction, Estimated Quarter for Completion-Deer Ridge - Jamestown, ND [Member]-->
  <iret:RealEstateConstructionEstimatedQuarterForCompletion contextRef="c20140501to20140731_RealEstatePropertiesAxis_DeerRidgeJamestownNdMember" unitRef="U001" decimals="-3">0</iret:RealEstateConstructionEstimatedQuarterForCompletion>
  <!--Real Estate Construction, Estimated Quarter for Completion-RED 20 - Minneapolis, MN [Member]-->
  <iret:RealEstateConstructionEstimatedQuarterForCompletion contextRef="c20140501to20140731_RealEstatePropertiesAxis_Red20MinneapolisMnMember" unitRef="U001" decimals="-3" id="Item-68">21726000</iret:RealEstateConstructionEstimatedQuarterForCompletion>
  <!--Real Estate Construction, Estimated Quarter for Completion-Minot Wells Fargo Bank - Minot, ND [Member]-->
  <iret:RealEstateConstructionEstimatedQuarterForCompletion contextRef="c20140501to20140731_RealEstatePropertiesAxis_MinotWellsFargoBankMinotNdMember" unitRef="U001" decimals="-3">0</iret:RealEstateConstructionEstimatedQuarterForCompletion>
  <!--Real Estate Construction, Estimated Quarter for Completion-Roseville 3075 Long Lake Rd - Roseville, MN [Member]-->
  <iret:RealEstateConstructionEstimatedQuarterForCompletion contextRef="c20140501to20140731_RealEstatePropertiesAxis_Roseville3075LongLakeRdRosevilleMnMember" unitRef="U001" decimals="-3">11000000</iret:RealEstateConstructionEstimatedQuarterForCompletion>
  <!--Real Estate Construction, Estimated Quarter for Completion-Commons at Southgate, Minot, North Dakota [Member]-->
  <iret:RealEstateConstructionEstimatedQuarterForCompletion contextRef="c20140501to20140731_RealEstatePropertiesAxis_CommonsAtSouthgateMinotNorthDakotaMember" unitRef="U001" decimals="-3" id="Item-69">24480000</iret:RealEstateConstructionEstimatedQuarterForCompletion>
  <!--Real Estate Construction, Estimated Quarter for Completion-71 France Phase I - Edina, MN [Member]-->
  <iret:RealEstateConstructionEstimatedQuarterForCompletion contextRef="c20140501to20140731_RealEstatePropertiesAxis_FrancePhaseIEdinaMnMember" unitRef="U001" decimals="-3">20365000</iret:RealEstateConstructionEstimatedQuarterForCompletion>
  <!--Real Estate Construction, Estimated Quarter for Completion-Edina 6565 France SMC III - Edina, MN [Member]-->
  <iret:RealEstateConstructionEstimatedQuarterForCompletion contextRef="c20140501to20140731_RealEstatePropertiesAxis_Edina6565FranceSmcIiiEdinaMnMember" unitRef="U001" decimals="-3">0</iret:RealEstateConstructionEstimatedQuarterForCompletion>
  <!--Real Estate Construction, Estimated Quarter for Completion-PrairieCare Medical - Brooklyn Park, MN [Member]-->
  <iret:RealEstateConstructionEstimatedQuarterForCompletion contextRef="c20140501to20140731_RealEstatePropertiesAxis_PrairiecareMedicalBrooklynParkMnMember" unitRef="U001" decimals="-3">15000000</iret:RealEstateConstructionEstimatedQuarterForCompletion>
  <!--Real Estate Construction, Estimated Quarter for Completion-->
  <iret:RealEstateConstructionEstimatedQuarterForCompletion contextRef="c20140501to20140731" unitRef="U001" decimals="-3">189193000</iret:RealEstateConstructionEstimatedQuarterForCompletion>
  <!--Real Estate Construction, Estimated Quarter for Completion-Renaissance Heights I Apartments, Williston, North Dakota [Member]-->
  <iret:RealEstateConstructionEstimatedQuarterForCompletion contextRef="c20140501to20140731_RealEstatePropertiesAxis_RenaissanceHeightsIApartmentsWillistonNorthDakotaMember" unitRef="U001" decimals="-3" id="Item-70">43672000</iret:RealEstateConstructionEstimatedQuarterForCompletion>
  <!--Real Estate Construction, Estimated Quarter for Completion-Chateau II, Minot, North Dakota [Member]-->
  <iret:RealEstateConstructionEstimatedQuarterForCompletion contextRef="c20140501to20140731_RealEstatePropertiesAxis_ChateauIiMinotNorthDakotaMember" unitRef="U001" decimals="-3" id="Item-71">0</iret:RealEstateConstructionEstimatedQuarterForCompletion>
  <!--Real Estate Construction, Estimated Quarter for Completion-Arcata Apartments, Golden Valley, Minnesota [Member]-->
  <iret:RealEstateConstructionEstimatedQuarterForCompletion contextRef="c20140501to20140731_RealEstatePropertiesAxis_ArcataApartmentsGoldenValleyMinnesotaMember" unitRef="U001" decimals="-3">24250000</iret:RealEstateConstructionEstimatedQuarterForCompletion>
  <!--Real Estate Construction, Estimated Quarter for Completion-Cardinal Point, Grand Forks, North Dakota [Member]-->
  <iret:RealEstateConstructionEstimatedQuarterForCompletion contextRef="c20140501to20140731_RealEstatePropertiesAxis_CardinalPointGrandForksNorthDakotaMember" unitRef="U001" decimals="-3">24500000</iret:RealEstateConstructionEstimatedQuarterForCompletion>
  <!--Real Estate Construction, Estimated Quarter for Completion-Cypress Court - St. Cloud, MN [Member]-->
  <iret:RealEstateConstructionEstimatedQuarterForCompletion contextRef="c20140501to20140731_RealEstatePropertiesAxis_CypressCourtStCloudMnMember" unitRef="U001" decimals="-3" id="Item-72">4200000</iret:RealEstateConstructionEstimatedQuarterForCompletion>
  <!--Number of consecutive trading days for valuation-->
  <iret:NumberOfConsecutiveTradingDaysForValuation contextRef="c20140501to20140731">P10D</iret:NumberOfConsecutiveTradingDaysForValuation>
  <!--Purchase Price of Pending Acquisition-Grand Forks, ND [Member]-->
  <iret:PurchasePriceofPendingAcquisition contextRef="c20140501to20140731_RealEstatePropertiesAxis_GrandForksNdMember" unitRef="U001" decimals="-5">9300000</iret:PurchasePriceofPendingAcquisition>
  <!--Purchase Price of Pending Acquisition-Property One [Member]-Bismarck, North Dakota [Member]-->
  <iret:PurchasePriceofPendingAcquisition contextRef="c20140501to20140731_AdditionalProjectInformationAxis_PropertyOneMember_RealEstatePropertiesAxis_BismarckNorthDakotaMember" unitRef="U001" decimals="-5">8500000</iret:PurchasePriceofPendingAcquisition>
  <!--Purchase Price of Pending Acquisition-Property Two [Member]-Bismarck, North Dakota [Member]-->
  <iret:PurchasePriceofPendingAcquisition contextRef="c20140501to20140731_AdditionalProjectInformationAxis_PropertyTwoMember_RealEstatePropertiesAxis_BismarckNorthDakotaMember" unitRef="U001" decimals="-6">15000000</iret:PurchasePriceofPendingAcquisition>
  <!--Purchase Price of Pending Acquisition-Vacant land in Monticello, MN [Member]-->
  <iret:PurchasePriceofPendingAcquisition contextRef="c20140501to20140731_RealEstatePropertiesAxis_VacantLandInMonticelloMnMember" unitRef="U001" decimals="-5">1700000</iret:PurchasePriceofPendingAcquisition>
  <!--Number of apartment units-Deer Ridge - Jamestown, ND [Member]-->
  <iret:NumberOfApartmentUnits contextRef="c20140731_RealEstatePropertiesAxis_DeerRidgeJamestownNdMember" unitRef="U006" decimals="INF">163</iret:NumberOfApartmentUnits>
  <!--Number of apartment units-RED 20 - Minneapolis, MN [Member]-->
  <iret:NumberOfApartmentUnits contextRef="c20140731_RealEstatePropertiesAxis_Red20MinneapolisMnMember" unitRef="U006" decimals="INF" id="Item-73">130</iret:NumberOfApartmentUnits>
  <!--Number of apartment units-71 France Phase I - Edina, MN [Member]-->
  <iret:NumberOfApartmentUnits contextRef="c20140731_RealEstatePropertiesAxis_FrancePhaseIEdinaMnMember" unitRef="U006" decimals="INF">109</iret:NumberOfApartmentUnits>
  <!--Number of apartment units-Chateau II, Minot, North Dakota [Member]-->
  <iret:NumberOfApartmentUnits contextRef="c20140731_RealEstatePropertiesAxis_ChateauIiMinotNorthDakotaMember" unitRef="U006" decimals="INF" id="Item-74">72</iret:NumberOfApartmentUnits>
  <!--Number of apartment units-Renaissance Heights I Apartments, Williston, North Dakota [Member]-->
  <iret:NumberOfApartmentUnits contextRef="c20140731_RealEstatePropertiesAxis_RenaissanceHeightsIApartmentsWillistonNorthDakotaMember" unitRef="U006" decimals="INF" id="Item-75">288</iret:NumberOfApartmentUnits>
  <!--Number of apartment units-Arcata Apartments, Golden Valley, Minnesota [Member]-->
  <iret:NumberOfApartmentUnits contextRef="c20140731_RealEstatePropertiesAxis_ArcataApartmentsGoldenValleyMinnesotaMember" unitRef="U006" decimals="INF">165</iret:NumberOfApartmentUnits>
  <!--Number of apartment units-Commons at Southgate, Minot, North Dakota [Member]-->
  <iret:NumberOfApartmentUnits contextRef="c20140731_RealEstatePropertiesAxis_CommonsAtSouthgateMinotNorthDakotaMember" unitRef="U006" decimals="INF" id="Item-76">233</iret:NumberOfApartmentUnits>
  <!--Number of apartment units-Cardinal Point, Grand Forks, North Dakota [Member]-->
  <iret:NumberOfApartmentUnits contextRef="c20140731_RealEstatePropertiesAxis_CardinalPointGrandForksNorthDakotaMember" unitRef="U006" decimals="INF">251</iret:NumberOfApartmentUnits>
  <!--Number of apartment units-Cypress Court - St. Cloud, MN [Member]-->
  <iret:NumberOfApartmentUnits contextRef="c20140731_RealEstatePropertiesAxis_CypressCourtStCloudMnMember" unitRef="U006" decimals="INF" id="Item-77">66</iret:NumberOfApartmentUnits>
  <!--Number of properties subject to restrictions on taxable dispositions-->
  <iret:NumberOfPropertiesSubjectToRestrictionsOnTaxableDispositions contextRef="c20140731" unitRef="U005" decimals="INF">110</iret:NumberOfPropertiesSubjectToRestrictionsOnTaxableDispositions>
  <!--Number of apartment units placed in service-Property One [Member]-Bismarck, North Dakota [Member]-->
  <iret:NumberOfApartmentUnitsPlacedInService contextRef="c20140501to20140731_AdditionalProjectInformationAxis_PropertyOneMember_RealEstatePropertiesAxis_BismarckNorthDakotaMember" unitRef="U006" decimals="INF">68</iret:NumberOfApartmentUnitsPlacedInService>
  <!--Number of apartment units placed in service-Property Two [Member]-Bismarck, North Dakota [Member]-->
  <iret:NumberOfApartmentUnitsPlacedInService contextRef="c20140501to20140731_AdditionalProjectInformationAxis_PropertyTwoMember_RealEstatePropertiesAxis_BismarckNorthDakotaMember" unitRef="U006" decimals="INF">119</iret:NumberOfApartmentUnitsPlacedInService>
  <!--Number of apartment units placed in service-Grand Forks, ND [Member]-->
  <iret:NumberOfApartmentUnitsPlacedInService contextRef="c20140501to20140731_RealEstatePropertiesAxis_GrandForksNdMember" unitRef="U006" decimals="INF">74</iret:NumberOfApartmentUnitsPlacedInService>
  <!--Number of apartment units placed in service-->
  <iret:NumberOfApartmentUnitsPlacedInService contextRef="c20140501to20140731" unitRef="U006" decimals="INF">5106</iret:NumberOfApartmentUnitsPlacedInService>
  <!--Commitment period for tenant improvements-->
  <iret:CommitmentPeriodForTenantImprovements contextRef="c20140501to20140731">P12M</iret:CommitmentPeriodForTenantImprovements>
  <!--Development costs of projects placed in service-Dakota Commons - Williston, ND [Member]-Development Projects Placed in Service [Member]-Multi Family Residential [Member]-->
  <iret:DevelopmentCostsOfProjectsPlacedInService contextRef="c20140731_BusinessAcquisitionByStatusOfPropertyAcquiredAxis_DevelopmentProjectsPlacedInServiceMember_SignificantAcquisitionsAndDisposalsByTransactionAxis_DakotaCommonsWillistonNdMember_StatementBusinessSegmentsAxis_MultiFamilyResidentialMember" unitRef="U001" decimals="-3" id="Item-78">10265000</iret:DevelopmentCostsOfProjectsPlacedInService>
  <!--Development costs of projects placed in service-Dakota Commons - Williston, ND [Member]-Development Projects Placed in Service [Member]-Multi Family Residential [Member]-->
  <iret:DevelopmentCostsOfProjectsPlacedInService contextRef="c20140430_BusinessAcquisitionByStatusOfPropertyAcquiredAxis_DevelopmentProjectsPlacedInServiceMember_SignificantAcquisitionsAndDisposalsByTransactionAxis_DakotaCommonsWillistonNdMember_StatementBusinessSegmentsAxis_MultiFamilyResidentialMember" unitRef="U001" decimals="-5" id="Item-79">2200000</iret:DevelopmentCostsOfProjectsPlacedInService>
  <!--Development costs of projects placed in service-Dakota Commons - Williston, ND [Member]-Multi Family Residential [Member]-Development Projects Placed in Service [Member]-->
  <iret:DevelopmentCostsOfProjectsPlacedInService contextRef="c20130430_BusinessAcquisitionByStatusOfPropertyAcquiredAxis_DevelopmentProjectsPlacedInServiceMember_SignificantAcquisitionsAndDisposalsByTransactionAxis_DakotaCommonsWillistonNdMember_StatementBusinessSegmentsAxis_MultiFamilyResidentialMember" unitRef="U001" decimals="-5" id="Item-80">8100000</iret:DevelopmentCostsOfProjectsPlacedInService>
  <!--Development costs of projects placed in service-Development Projects Placed in Service [Member]-->
  <iret:DevelopmentCostsOfProjectsPlacedInService contextRef="c20140731_BusinessAcquisitionByStatusOfPropertyAcquiredAxis_DevelopmentProjectsPlacedInServiceMember" unitRef="U001" decimals="-3" id="Item-81">10265000</iret:DevelopmentCostsOfProjectsPlacedInService>
  <!--Date placed in service-Dakota Commons - Williston, ND [Member]-Multi Family Residential [Member]-Development Projects Placed in Service [Member]-->
  <iret:DatePlacedInService contextRef="c20140501to20140731_BusinessAcquisitionByStatusOfPropertyAcquiredAxis_DevelopmentProjectsPlacedInServiceMember_SignificantAcquisitionsAndDisposalsByTransactionAxis_DakotaCommonsWillistonNdMember_StatementBusinessSegmentsAxis_MultiFamilyResidentialMember" id="Item-82">2014-07-15</iret:DatePlacedInService>
  <!--JV Partner Contributions-71 France Phase I - Edina, MN [Member]-Acquisitions [Member]-Unimproved Land [Member]-->
  <iret:JvPartnerContributions contextRef="c20140501to20140731_BusinessAcquisitionByStatusOfPropertyAcquiredAxis_AcquisitionsMember_SignificantAcquisitionsAndDisposalsByTransactionAxis_FrancePhaseIEdinaMnMember_StatementBusinessSegmentsAxis_UnimprovedLandMember" unitRef="U001" decimals="-5" id="Item-83">1400000</iret:JvPartnerContributions>
  <!--Disposals, Date of Transaction for Acquisition or Disposal-Dewey Hill - Edina, MN [Member]-Commercial Office [Member]-Dispositions [Member]-->
  <iret:DisposalsDateOfTransactionForAcquisitionOrDisposal contextRef="c20140501to20140731_BusinessAcquisitionByStatusOfPropertyAcquiredAxis_DispositionsMember_SignificantAcquisitionsAndDisposalsByTransactionAxis_DeweyHillEdinaMnMember_StatementBusinessSegmentsAxis_CommercialOfficeMember">2014-05-19</iret:DisposalsDateOfTransactionForAcquisitionOrDisposal>
  <!--Disposals, Date of Transaction for Acquisition or Disposal-Eagan 2785 & 2795 - Eagan, MN [Member]-Dispositions [Member]-Commercial Industrial [Member]-->
  <iret:DisposalsDateOfTransactionForAcquisitionOrDisposal contextRef="c20140501to20140731_BusinessAcquisitionByStatusOfPropertyAcquiredAxis_DispositionsMember_SignificantAcquisitionsAndDisposalsByTransactionAxis_Eagan27852795EaganMnMember_StatementBusinessSegmentsAxis_CommercialIndustrialMember">2014-07-15</iret:DisposalsDateOfTransactionForAcquisitionOrDisposal>
  <!--Disposals, Date of Transaction for Acquisition or Disposal-Weston Retail Weston WI [Member]-Dispositions [Member]-Commercial Retail [Member]-->
  <iret:DisposalsDateOfTransactionForAcquisitionOrDisposal contextRef="c20140501to20140731_BusinessAcquisitionByStatusOfPropertyAcquiredAxis_DispositionsMember_SignificantAcquisitionsAndDisposalsByTransactionAxis_WestonRetailWestonWiMember_StatementBusinessSegmentsAxis_CommercialRetailMember">2014-07-28</iret:DisposalsDateOfTransactionForAcquisitionOrDisposal>
  <!--Area of Real Estate Property, dispositions-Weston Retail Weston WI [Member]-Dispositions [Member]-Commercial Retail [Member]-->
  <iret:AreaOfRealEstatePropertyDispositions contextRef="c20140430_BusinessAcquisitionByStatusOfPropertyAcquiredAxis_DispositionsMember_SignificantAcquisitionsAndDisposalsByTransactionAxis_WestonRetailWestonWiMember_StatementBusinessSegmentsAxis_CommercialRetailMember" unitRef="U007" decimals="INF">25644</iret:AreaOfRealEstatePropertyDispositions>
  <!--Area of Real Estate Property, dispositions-Dewey Hill - Edina, MN [Member]-Commercial Office [Member]-Dispositions [Member]-->
  <iret:AreaOfRealEstatePropertyDispositions contextRef="c20140430_BusinessAcquisitionByStatusOfPropertyAcquiredAxis_DispositionsMember_SignificantAcquisitionsAndDisposalsByTransactionAxis_DeweyHillEdinaMnMember_StatementBusinessSegmentsAxis_CommercialOfficeMember" unitRef="U007" decimals="INF">73338</iret:AreaOfRealEstatePropertyDispositions>
  <!--Area of Real Estate Property, dispositions-Eagan 2785 & 2795 - Eagan, MN [Member]-Dispositions [Member]-Commercial Industrial [Member]-->
  <iret:AreaOfRealEstatePropertyDispositions contextRef="c20140430_BusinessAcquisitionByStatusOfPropertyAcquiredAxis_DispositionsMember_SignificantAcquisitionsAndDisposalsByTransactionAxis_Eagan27852795EaganMnMember_StatementBusinessSegmentsAxis_CommercialIndustrialMember" unitRef="U007" decimals="INF">198600</iret:AreaOfRealEstatePropertyDispositions>
  <!--Number of properties sold-Commercial Office [Member]-->
  <iret:NumberOfPropertiesSold contextRef="c20130501to20140131_StatementBusinessSegmentsAxis_CommercialOfficeMember" unitRef="U005" decimals="INF">3</iret:NumberOfPropertiesSold>
  <!--Number of properties sold-Commercial Retail Property [Member]-->
  <iret:NumberOfPropertiesSold contextRef="c20130501to20140131_StatementBusinessSegmentsAxis_RetailSiteMember" unitRef="U005" decimals="INF">3</iret:NumberOfPropertiesSold>
  <!--Number of properties sold-Commercial Industrial [Member]-->
  <iret:NumberOfPropertiesSold contextRef="c20130501to20140131_StatementBusinessSegmentsAxis_CommercialIndustrialMember" unitRef="U005" decimals="INF">12</iret:NumberOfPropertiesSold>
  <!--Number of properties sold-Multi Family Residential [Member]-->
  <iret:NumberOfPropertiesSold contextRef="c20130501to20140131_StatementBusinessSegmentsAxis_MultiFamilyResidentialMember" unitRef="U005" decimals="INF">2</iret:NumberOfPropertiesSold>
  <!--Number of apartment units, acquisitions-Dakota Commons - Williston, ND [Member]-Development Projects Placed in Service [Member]-Multi Family Residential [Member]-->
  <iret:NumberOfApartmentUnitsAcquisitions contextRef="c20140430_BusinessAcquisitionByStatusOfPropertyAcquiredAxis_DevelopmentProjectsPlacedInServiceMember_SignificantAcquisitionsAndDisposalsByTransactionAxis_DakotaCommonsWillistonNdMember_StatementBusinessSegmentsAxis_MultiFamilyResidentialMember" unitRef="U006" decimals="INF" id="Item-84">44</iret:NumberOfApartmentUnitsAcquisitions>
  <!--Number of apartment units, acquisitions-Homestead Garden - Rapid City, SD [Member]-Acquisitions [Member]-Multi Family Residential [Member]-->
  <iret:NumberOfApartmentUnitsAcquisitions contextRef="c20140731_BusinessAcquisitionByStatusOfPropertyAcquiredAxis_AcquisitionsMember_SignificantAcquisitionsAndDisposalsByTransactionAxis_HomesteadGardenRapidCitySdMember_StatementBusinessSegmentsAxis_MultiFamilyResidentialMember" unitRef="U006" decimals="INF" id="Item-85">152</iret:NumberOfApartmentUnitsAcquisitions>
  <!--Number of apartment units, acquisitions-Silver Springs - Rapid City, SD [Member]-Acquisitions [Member]-Multi Family Residential [Member]-->
  <iret:NumberOfApartmentUnitsAcquisitions contextRef="c20140731_BusinessAcquisitionByStatusOfPropertyAcquiredAxis_AcquisitionsMember_SignificantAcquisitionsAndDisposalsByTransactionAxis_SilverSpringsRapidCitySdMember_StatementBusinessSegmentsAxis_MultiFamilyResidentialMember" unitRef="U006" decimals="INF">52</iret:NumberOfApartmentUnitsAcquisitions>
  <!--Number of apartment units, acquisitions-Acquisitions [Member]-Multi Family Residential [Member]-Alps Park - Rapid City, SD [Member]-->
  <iret:NumberOfApartmentUnitsAcquisitions contextRef="c20130731_BusinessAcquisitionByStatusOfPropertyAcquiredAxis_AcquisitionsMember_SignificantAcquisitionsAndDisposalsByTransactionAxis_AlpsParkRapidCitySdMember_StatementBusinessSegmentsAxis_MultiFamilyResidentialMember" unitRef="U006" decimals="INF">71</iret:NumberOfApartmentUnitsAcquisitions>
  <!--REVISION [Policy Text Block]-->
  <iret:RevisionPolicyTextBlock contextRef="c20140501to20140731">&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'', Times, serif; margin-bottom: 6pt; font-size: 10pt; font-weight: bold;"&gt;REVISION&lt;/div&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt;"&gt;During fiscal year 2014 the Company identified an error pertaining to the reporting for a noncontrolling interest in a consolidated real estate joint venture formed in the fourth quarter of fiscal year 2013 for which the holder of such interest has the right to require the Company to acquire the interest at fair value twelve months after the final certificate of occupancy is obtained for the joint venture's development project. Accounting guidance in ASC 480-10, &lt;font style="font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;CFRR 211:&amp;#160; Redeemable Preferred Stocks,&lt;/font&gt; requires that this noncontrolling interest be classified outside of permanent equity because it is redeemable at the option of the joint venture partner. This error resulted in an overstatement of noncontrolling interests and equity in the Company's consolidated statement of equity. This non-cash revision did not impact the Company's consolidated statements of operations or statements of cash flows for any period.&lt;/div&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 10pt; font-size: 10pt;"&gt;In accordance with accounting guidance found in ASC 250-10, &lt;font style="font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Materiality&lt;/font&gt;, the Company assessed the materiality of the error and concluded that the error was not material to any of the Company's previously issued financial statements.&amp;#160; In accordance with accounting guidance found in ASC 250-10, &lt;font style="font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Considering the Effects of Prior Year Misstatement when Quantifying Misstatements in Current Year Financial Statements&lt;/font&gt;, the Company revised its previously issued statement of equity to correct the effect of this error. The Company will revise amounts pertaining to each of the fiscal 2014 calendar quarters from August 1, 2013 through January 31, 2014 in future quarterly filings on Form 10-Q.&lt;/div&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 10pt; font-size: 10pt;"&gt;The following table presents the effect of this correction on the Company's Condensed Consolidated Statement of Equity for the period affected:&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: 65.38%; 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: 34.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; 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: 65.38%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Three Months Ended July 31, 2013&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 13.48%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold; margin-right: 3.6pt;"&gt;As Previously Reported&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 9.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold; margin-right: 3.6pt;"&gt;Adjustment&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 11.52%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold; margin-right: 3.6pt;"&gt;As Revised&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 65.38%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Consolidated Statement of Equity&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.94%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 11.54%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.92%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.92%; 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;/tr&gt;&lt;tr&gt;&lt;td style="width: 65.38%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; text-indent: 9pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Noncontrolling Interests&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.94%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 11.54%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.92%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 7.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 1.92%; 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;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 65.38%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 22.5pt; font-size: 10pt;"&gt;Balance April 30, 2013&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.94%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 11.54%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;148,594&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.92%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 7.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;(5,937)&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.92%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 9.6%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;142,657&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 65.38%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 31.5pt; font-size: 10pt;"&gt;Net income attributable to Investors Real Estate Trust and nonredeemable noncontrolling interests&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.94%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 11.54%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;138&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.92%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 7.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;(12)&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.92%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 9.6%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;126&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 65.38%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 22.5pt; font-size: 10pt;"&gt;Balance July 31, 2013&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.94%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 11.54%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;148,110&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.92%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 7.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;(5,949)&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.92%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 9.6%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;142,161&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 65.38%; vertical-align: bottom;"&gt;&lt;div style="text-align: justify; text-indent: 9pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Total Equity&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.94%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 11.54%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.92%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 7.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.92%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 9.6%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 65.38%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 22.5pt; font-size: 10pt;"&gt;Balance April 30, 2013&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.94%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 11.54%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;761,381&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.92%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 7.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;(5,937)&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.92%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 9.6%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;755,444&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 65.38%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 31.5pt; font-size: 10pt;"&gt;Net income attributable to Investors Real Estate Trust and nonredeemable noncontrolling interests&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.94%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 11.54%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;3,216&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.92%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 7.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;(12)&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.92%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 9.6%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;3,204&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 65.38%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 22.5pt; font-size: 10pt;"&gt;Balance July 31, 2013&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.94%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 11.54%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;771,306&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.92%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 7.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;(5,949)&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.92%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 9.6%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;765,357&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="margin-bottom: 6pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;/div&gt;</iret:RevisionPolicyTextBlock>
  <!--COMPENSATING BALANCES AND OTHER INVESTMENTS; LENDER HOLDBACKS [Policy Text Block]-->
  <iret:CompensatingBalancesAndOtherInvestmentsLenderHoldbacksPolicyTextBlock contextRef="c20140501to20140731">&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'', Times, serif; margin-bottom: 6pt; font-size: 10pt; font-weight: bold;"&gt;COMPENSATING BALANCES AND OTHER INVESTMENTS; HOLDBACKS&lt;/div&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, 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, 2014, the Company's compensating balances totaled $10.0 million and consisted of the following: First International Bank, Watford City, North Dakota, deposit of $6.1 million; Private Bank, Minneapolis, Minnesota, deposit of $2.0 million; Associated Bank, Green Bay, Wisconsin, deposit of $600,000; American National Bank, Omaha, Nebraska, deposit of $400,000; Dacotah Bank, Minot, North Dakota, deposit of $350,000; United Community Bank,&lt;font style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;&amp;#160;&lt;/font&gt;Minot, North Dakota, deposit of $275,000; Peoples State Bank of Velva, North Dakota, deposit of $225,000, and Commerce Bank, a Minnesota Banking Corporation, deposit of $100,000. The deposits at United Community Bank and a portion of the deposit at Dacotah Bank are held as certificates of deposit and comprise the approximately $329,000 in other investments on the Condensed Consolidated Balance Sheets. The certificates of deposit have remaining terms of six months and two years and the Company intends to hold them to maturity.&lt;/div&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, 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 or requires a deposit for the payment of construction costs or tenant improvements. The decrease of approximately $609,000 in holdbacks for improvements reflected in the Condensed Consolidated Statements of Cash Flows for the three months ended July 31, 2014 is due primarily to the release of loan proceeds to the Company upon completion of construction and tenant improvement projects, while the increase of approximately $326,000 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="c20140501to20140731">&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'', Times, serif; margin-bottom: 6pt; font-size: 10pt; font-weight: bold;"&gt;INVOLUNTARY CONVERSION OF ASSETS&lt;/div&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt;"&gt;In June 2011, the Company's Chateau Apartments property, which at that time consisted of two 32-unit buildings, was extensively damaged by a flood. In February 2012, one of the buildings of the Chateau Apartments property, which had been undergoing restoration work following the flood, was completely destroyed by fire (the "2012 Fire"). During the first quarter of fiscal year 2014, the Company received $966,000 of insurance proceeds for the 2012 Fire.&amp;#160; The total insurance proceeds for redevelopment related to the 2012 Fire exceeded the basis in the assets requiring replacement, resulting in recognition of $966,000 in gain from involuntary conversion in the first quarter of fiscal year 2014.&lt;/div&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt;"&gt;In December 2013, 15-unit and 57-unit buildings at the Chateau Apartments property were destroyed by fire (the "2013 Fire"). Both buildings were under construction and were unoccupied. The Company intends to rebuild both buildings, and currently expects both buildings to be completed in the first quarter of fiscal year 2016. The Company received partial proceeds of $2.0 million for the 2013 Fire claim in the first quarter of fiscal year 2015, which reduced the accounts receivable recorded at the time of the fire for expected proceeds.&lt;/div&gt;&lt;/div&gt;</iret:InvoluntaryConversionOfAssetsPolicyTextBlock>
  <!--Estimated annual amortization of acquired below market leases, net of acquired above market leases [Table Text Block]-->
  <iret:EstimatedAnnualAmortizationOfAcquiredBelowMarketLeasesNetOfAcquiredAboveMarketLeasesTableTextBlock contextRef="c20140501to20140731">&lt;div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"&gt;&lt;div style="text-align: left; margin-top: 6pt; font-family: ''Times New Roman'', Times, 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 $(6,000) and $(11,000) for the three months ended July 31, 2014 and 2013, respectively. The estimated annual amortization of acquired below-market leases, net of acquired above-market leases, for each of the five succeeding fiscal years is as follows:&lt;/div&gt;&lt;table align="center" border="0" cellpadding="0" cellspacing="0" style="width: 50%; font-family: 'Times New Roman', Times, Serif; font-size: 10pt;"&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; width: 61.51%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold; margin-right: 5.05pt;"&gt;Year Ended April 30,&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 38.49%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;(in thousands)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 61.51%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 5.05pt;"&gt;2016&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 15.13%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 23.36%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;19&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 61.51%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 5.05pt;"&gt;2017&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 15.13%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 23.36%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;11&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 61.51%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 5.05pt;"&gt;2018&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 15.13%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 23.36%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;(2)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 61.51%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 5.05pt;"&gt;2019&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 15.13%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 23.36%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;(3)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 61.51%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 5.05pt;"&gt;2020&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 15.13%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 23.36%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;(2)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</iret:EstimatedAnnualAmortizationOfAcquiredBelowMarketLeasesNetOfAcquiredAboveMarketLeasesTableTextBlock>
  <!--Identified intangible assets and intangible liabilities [Table Text Block]-->
  <iret:IdentifiedIntangibleAssetsAndIntangibleLiabilitiesTableTextBlock contextRef="c20140501to20140731">&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'', Times, 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'', Times, serif; color: #000000; font-size: 10pt;"&gt;at&lt;/font&gt;&amp;#160;&lt;font style="font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;"&gt;July&lt;/font&gt; 31, 2014 and April 30, 2014 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'', Times, serif; font-size: 10pt; 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'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;July 31, 2014&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'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;April 30, 2014&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'', Times, 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&gt;&lt;td style="background-color: #cceeff; width: 75.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Gross carrying amount&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 10.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;56,975&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 9.98%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;56,710&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 75.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Accumulated amortization&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; 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; background-color: #ffffff; width: 10.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 0.15pt;"&gt;(25,497)&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; 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; background-color: #ffffff; width: 9.98%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;(24,071)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 75.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, 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; background-color: #cceeff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 10.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;31,478&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 9.98%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;32,639&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 75.84%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 10.86%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 9.98%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 75.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Identified intangible liabilities (included in other liabilities):&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 10.86%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 9.98%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 75.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Gross carrying amount&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 10.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;173&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 9.98%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;173&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 75.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;"&gt;Accumulated amortization&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; 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; background-color: #cceeff; width: 10.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 0.15pt;"&gt;(131)&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; 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; background-color: #cceeff; width: 9.98%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;(127)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 75.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, 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; background-color: #ffffff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 10.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;42&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 9.98%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;46&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</iret:IdentifiedIntangibleAssetsAndIntangibleLiabilitiesTableTextBlock>
  <!--Remaining terms of certificates of deposit-->
  <iret:RemainingTermsOfCertificatesOfDeposit contextRef="c20130501to20130731">P2Y</iret:RemainingTermsOfCertificatesOfDeposit>
  <!--Remaining terms of certificates of deposit-->
  <iret:RemainingTermsOfCertificatesOfDeposit contextRef="c20140501to20140731">P6M</iret:RemainingTermsOfCertificatesOfDeposit>
  <!--Number of impaired properties-Anoka, Minnesota [Member]-->
  <iret:NumberOfImpairedProperties contextRef="c20140501to20140731_RealEstatePropertiesAxis_AnokaMinnesotaMember" unitRef="U005" decimals="INF">1</iret:NumberOfImpairedProperties>
  <!--Number of impaired properties-Clive, Iowa [Member]-->
  <iret:NumberOfImpairedProperties contextRef="c20140501to20140731_RealEstatePropertiesAxis_CliveIowaMember" unitRef="U005" decimals="INF">1</iret:NumberOfImpairedProperties>
  <!--Number of impaired properties-Kalispell, Montana, retail property [Member]-->
  <iret:NumberOfImpairedProperties contextRef="c20140501to20140731_RealEstatePropertiesAxis_KalispellMontanaRetailMember" unitRef="U005" decimals="INF">1</iret:NumberOfImpairedProperties>
  <!--Number of impaired properties-Golden Valley, Minnesota, office property [Member]-->
  <iret:NumberOfImpairedProperties contextRef="c20140501to20140731_RealEstatePropertiesAxis_GoldenValleyMinnesotaOfficePropertyMember" unitRef="U005" decimals="INF">1</iret:NumberOfImpairedProperties>
  <!--Number of impaired properties-St. Louis Park, Minnesota [Member]-->
  <iret:NumberOfImpairedProperties contextRef="c20140501to20140731_RealEstatePropertiesAxis_StLouisParkMinnesotaMember" unitRef="U005" decimals="INF">1</iret:NumberOfImpairedProperties>
  <!--Number of impaired properties-->
  <iret:NumberOfImpairedProperties contextRef="c20140501to20140731" unitRef="U005" decimals="INF">2</iret:NumberOfImpairedProperties>
  <!--Number of impaired properties-Bloomington, Minnesota [Member]-->
  <iret:NumberOfImpairedProperties contextRef="c20140501to20140731_RealEstatePropertiesAxis_BloomingtonMinnesotaMember" unitRef="U005" decimals="INF">1</iret:NumberOfImpairedProperties>
  <!--Period to hold the beneficial interest, minimum-->
  <iret:PeriodToHoldBeneficialInterestMinimum contextRef="c20140501to20140731">P1Y</iret:PeriodToHoldBeneficialInterestMinimum>
  <!--Discontinued Operation, Impairment of Assets from Disposal of Discontinued Operation, before Income Tax-->
  <iret:DiscontinuedOperationImpairmentOfAssetsFromDisposalOfDiscontinuedOperationBeforeIncomeTax contextRef="c20140501to20140731" unitRef="U001" decimals="0">0</iret:DiscontinuedOperationImpairmentOfAssetsFromDisposalOfDiscontinuedOperationBeforeIncomeTax>
  <!--Redemption basis-->
  <iret:RedemptionBasis contextRef="c20140501to20140731">one-for-one</iret:RedemptionBasis>
  <!--Interest in common units in operating partnership-->
  <iret:InterestInCommonUnitsInOperatingPartnership contextRef="c20140731" unitRef="U004" decimals="INF">0.865</iret:InterestInCommonUnitsInOperatingPartnership>
  <!--Interest in common units in operating partnership-->
  <iret:InterestInCommonUnitsInOperatingPartnership contextRef="c20140430" unitRef="U004" decimals="INF">0.838</iret:InterestInCommonUnitsInOperatingPartnership>
  <!--Number of units to redeem, minimum-->
  <iret:NumberOfUnitsToRedeemMinimum contextRef="c20140731" unitRef="U002" decimals="0">1000</iret:NumberOfUnitsToRedeemMinimum>
  <!--Redemptions by limited partner, maximum-->
  <iret:RedemptionsByLimitedPartnerMaximum contextRef="c20140501to20140731" unitRef="U008" decimals="INF">2</iret:RedemptionsByLimitedPartnerMaximum>
  <!--Real Estate Investment, Fair Value Disclosure-Nonrecurring [Member]-->
  <iret:RealEstateInvestmentFairValueDisclosure contextRef="c20140430_FairValueByMeasurementFrequencyAxis_FairValueMeasurementsNonrecurringMember" unitRef="U001" decimals="-3">89537000</iret:RealEstateInvestmentFairValueDisclosure>
  <!--Real Estate Investment, Fair Value Disclosure-Level 2 [Member]-Nonrecurring [Member]-->
  <iret:RealEstateInvestmentFairValueDisclosure contextRef="c20140731_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel2Member_FairValueByMeasurementFrequencyAxis_FairValueMeasurementsNonrecurringMember" unitRef="U001" decimals="-3">0</iret:RealEstateInvestmentFairValueDisclosure>
  <!--Real Estate Investment, Fair Value Disclosure-Nonrecurring [Member]-->
  <iret:RealEstateInvestmentFairValueDisclosure contextRef="c20140731_FairValueByMeasurementFrequencyAxis_FairValueMeasurementsNonrecurringMember" unitRef="U001" decimals="-3">6425000</iret:RealEstateInvestmentFairValueDisclosure>
  <!--Real Estate Investment, Fair Value Disclosure-Level 1 [Member]-Nonrecurring [Member]-->
  <iret:RealEstateInvestmentFairValueDisclosure contextRef="c20140430_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel1Member_FairValueByMeasurementFrequencyAxis_FairValueMeasurementsNonrecurringMember" unitRef="U001" decimals="-3">0</iret:RealEstateInvestmentFairValueDisclosure>
  <!--Real Estate Investment, Fair Value Disclosure-Nonrecurring [Member]-Level 1 [Member]-->
  <iret:RealEstateInvestmentFairValueDisclosure contextRef="c20140731_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel1Member_FairValueByMeasurementFrequencyAxis_FairValueMeasurementsNonrecurringMember" unitRef="U001" decimals="-3">0</iret:RealEstateInvestmentFairValueDisclosure>
  <!--Real Estate Investment, Fair Value Disclosure-Level 3 [Member]-Nonrecurring [Member]-->
  <iret:RealEstateInvestmentFairValueDisclosure contextRef="c20140430_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel3Member_FairValueByMeasurementFrequencyAxis_FairValueMeasurementsNonrecurringMember" unitRef="U001" decimals="-3">89537000</iret:RealEstateInvestmentFairValueDisclosure>
  <!--Real Estate Investment, Fair Value Disclosure-Nonrecurring [Member]-Level 3 [Member]-->
  <iret:RealEstateInvestmentFairValueDisclosure contextRef="c20140731_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel3Member_FairValueByMeasurementFrequencyAxis_FairValueMeasurementsNonrecurringMember" unitRef="U001" decimals="-3">6425000</iret:RealEstateInvestmentFairValueDisclosure>
  <!--Real Estate Investment, Fair Value Disclosure-Nonrecurring [Member]-Level 2 [Member]-->
  <iret:RealEstateInvestmentFairValueDisclosure contextRef="c20140430_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel2Member_FairValueByMeasurementFrequencyAxis_FairValueMeasurementsNonrecurringMember" unitRef="U001" decimals="-3">0</iret:RealEstateInvestmentFairValueDisclosure>
  <!--Real estate held for sale-Nonrecurring [Member]-->
  <iret:RealEstateHeldForSaleFairValueDisclosure contextRef="c20140430_FairValueByMeasurementFrequencyAxis_FairValueMeasurementsNonrecurringMember" unitRef="U001" decimals="-3">2953000</iret:RealEstateHeldForSaleFairValueDisclosure>
  <!--Real estate held for sale-Level 3 [Member]-Nonrecurring [Member]-->
  <iret:RealEstateHeldForSaleFairValueDisclosure contextRef="c20140430_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel3Member_FairValueByMeasurementFrequencyAxis_FairValueMeasurementsNonrecurringMember" unitRef="U001" decimals="-3">2951000</iret:RealEstateHeldForSaleFairValueDisclosure>
  <!--Real estate held for sale-Nonrecurring [Member]-Level 1 [Member]-->
  <iret:RealEstateHeldForSaleFairValueDisclosure contextRef="c20140430_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel1Member_FairValueByMeasurementFrequencyAxis_FairValueMeasurementsNonrecurringMember" unitRef="U001" decimals="-3">0</iret:RealEstateHeldForSaleFairValueDisclosure>
  <!--Real estate held for sale-Nonrecurring [Member]-Level 2 [Member]-->
  <iret:RealEstateHeldForSaleFairValueDisclosure contextRef="c20140430_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel2Member_FairValueByMeasurementFrequencyAxis_FairValueMeasurementsNonrecurringMember" unitRef="U001" decimals="-3">0</iret:RealEstateHeldForSaleFairValueDisclosure>
  <!--Percentage of ordinary taxable income that must be distributed to shareholders-->
  <iret:PercentageOfOrdinaryTaxableIncomeThatMustBeDistributedToShareholders contextRef="c20140731" unitRef="U004" decimals="INF">0.9</iret:PercentageOfOrdinaryTaxableIncomeThatMustBeDistributedToShareholders>
  <!--Number of apartment units owned-Multi-family residential properties [Member]-->
  <iret:NumberOfApartmentUnitsOwned contextRef="c20140731_RealEstatePropertiesAxis_ResidentialRealEstateMember" unitRef="U006" decimals="INF">11080</iret:NumberOfApartmentUnitsOwned>
  <!--Results of operations from acquired properties [Text Block]-->
  <iret:ResultsOfOperationsFromAcquiredPropertiesTextBlock contextRef="c20140501to20140731">&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'', Times, serif; margin-bottom: 12pt; font-size: 10pt;"&gt;Acquisitions in the three months ended July 31, 2014 and 2013 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, 2014 and 2013, 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'', Times, serif; font-size: 10pt; 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'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Three Months Ended&lt;/div&gt;&lt;div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; 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'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;2014&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'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;2013&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 75.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Total revenue&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 10.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;362&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 9.96%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;186&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 75.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Net (loss) income&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 10.86%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;"&gt;20&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.66%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 9.96%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;(108)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;/div&gt;</iret:ResultsOfOperationsFromAcquiredPropertiesTextBlock>
  <!--Schedule of Disposal Groups, Including Discontinued Operations, Gain Loss on Disposition [Table Text Block]-->
  <iret:ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsGainLossOnDispositionTableTextBlock contextRef="c20140501to20140731">&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'', Times, serif; margin-bottom: 12pt; font-size: 10pt; font-weight: bold;"&gt;PROPERTY DISPOSITIONS&lt;/div&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 10pt; font-size: 10pt;"&gt;During the first quarter of fiscal year 2015, the Company sold one commercial office property and one commercial industrial property for a total sales price of $6.7 million. The Company also demolished a building at a commercial retail property in Weston, Wisconsin.&lt;/div&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, 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 for a total sales price of $21.8 million. The following table details the Company's dispositions during the three months ended July 31, 2014 and 2013:&lt;/div&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt; font-weight: bold;"&gt;Three Months Ended July 31, 2014&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: 50.85%; 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: 35.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; 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: 50.85%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; 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'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Date&lt;/div&gt;&lt;div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; 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'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Sales Price&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 13.55%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Book Value&lt;/div&gt;&lt;div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; 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'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Gain/(Loss)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 50.85%; 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&gt;&lt;td style="width: 50.85%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Commercial Office&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 13.62%; 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: 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&gt;&lt;td style="background-color: #cceeff; width: 50.85%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 18pt; font-size: 10pt;"&gt;73,338 sq ft Dewey Hill - Edina, MN&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 13.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;2014-05-19&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 10.16%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;3,100&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 11.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;3,124&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.4%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;(24)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 50.85%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 13.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 10.16%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 11.84%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.4%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 50.85%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Commercial Industrial&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 13.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 10.16%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 11.84%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.4%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 50.85%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 18pt; font-size: 10pt;"&gt;198,600 sq ft Eagan 2785 &amp;amp; 2795 &amp;#8211; Eagan, MN&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 13.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; margin-left: 18pt; font-size: 10pt; margin-right: 3.75pt;"&gt;2014-07-15&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 10.16%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;3,600&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 11.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;5,393&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.4%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;(1,793)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 50.85%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 13.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 10.16%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 11.84%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.4%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 50.85%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Commercial Retail&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 13.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 10.16%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 11.84%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.4%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 50.85%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 18pt; font-size: 10pt;"&gt;25,644 sq ft Weston Retail &amp;#8211; Weston, WI&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 13.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; margin-left: 18pt; font-size: 10pt; margin-right: 3.75pt;"&gt;2014-07-28&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 10.16%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;n/a&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 11.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;1,176&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.4%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;(1,176)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 50.85%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 13.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; 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; background-color: #ffffff; 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; background-color: #ffffff; 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; background-color: #ffffff; 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; background-color: #ffffff; 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; background-color: #ffffff; width: 8.4%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 50.85%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Total Property Dispositions&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 13.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 1.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 10.16%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;6,700&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 1.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 11.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;9,693&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 1.72%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 8.4%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;(2,993)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="text-align: justify; margin-bottom: 6pt;"&gt;&lt;!--Anchor--&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, 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: 50.85%; 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: 35.53%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; 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: 50.85%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; 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'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Date&lt;/div&gt;&lt;div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; 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'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Sales Price&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom: #000000 2px solid; width: 13.55%; vertical-align: bottom;"&gt;&lt;div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Book Value&lt;/div&gt;&lt;div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; 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'', Times, serif; font-size: 10pt; font-weight: bold;"&gt;Gain/(Loss)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="width: 50.85%; 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&gt;&lt;td style="width: 50.85%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 13.62%; 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: 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&gt;&lt;td style="width: 50.85%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Commercial Industrial&lt;/div&gt;&lt;/td&gt;&lt;td style="width: 13.62%; 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: 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&gt;&lt;td style="background-color: #cceeff; width: 50.85%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 18pt; font-size: 10pt;"&gt;41,880 sq ft Bodycote Industrial Building- Eden Prairie, MN&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 13.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; margin-left: 18pt; font-size: 10pt; margin-right: 3.75pt;"&gt;2013-05-13&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 10.16%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;3,150&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 11.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;1,375&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.4%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;1,775&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 50.85%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 18pt; font-size: 10pt;"&gt;42,244 sq ft Fargo 1320 45&lt;sup&gt;th&lt;/sup&gt; Street N - Fargo, ND&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 13.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; margin-left: 18pt; font-size: 10pt; margin-right: 3.75pt;"&gt;2013-05-13&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 10.16%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;4,700&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 11.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;4,100&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.4%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;600&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 50.85%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 18pt; font-size: 10pt;"&gt;49,620 sq ft Metal Improvement Company - New Brighton, MN&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 13.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; margin-left: 18pt; font-size: 10pt; margin-right: 3.75pt;"&gt;2013-05-13&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 10.16%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;2,350&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 11.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;1,949&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.4%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;401&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 50.85%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 18pt; 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; background-color: #ffffff; width: 13.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, 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; background-color: #ffffff; 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; background-color: #ffffff; width: 10.16%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, 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; background-color: #ffffff; 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; background-color: #ffffff; width: 11.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, 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; background-color: #ffffff; 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; background-color: #ffffff; width: 8.4%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;(723)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 50.85%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 13.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 10.16%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;19,475&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 11.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;17,422&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.4%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;2,053&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="height: 16px;"&gt;&lt;td style="background-color: #ffffff; width: 50.85%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 13.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 10.16%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 11.84%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.4%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #cceeff; width: 50.85%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Commercial Retail&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 13.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 10.16%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 11.84%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #cceeff; width: 8.4%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="background-color: #ffffff; width: 50.85%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 18pt; font-size: 10pt;"&gt;23,187 sq ft Eagan Community - Eagan, MN&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 13.62%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; margin-left: 18pt; font-size: 10pt; margin-right: 3.75pt;"&gt;2013-05-14&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 10.16%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;2,310&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.7%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 11.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;2,420&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 1.72%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: #ffffff; width: 8.4%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;(110)&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 50.85%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 13.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 2px solid; background-color: #cceeff; 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; background-color: #cceeff; 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; background-color: #cceeff; 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; background-color: #cceeff; 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; background-color: #cceeff; 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; background-color: #cceeff; width: 8.4%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 50.85%; vertical-align: bottom;"&gt;&lt;div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;Total Property Dispositions&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 13.62%; vertical-align: bottom;"&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 1.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 10.16%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;"&gt;21,785&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 1.7%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 11.84%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, 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; background-color: #ffffff; width: 1.72%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 8.4%; vertical-align: bottom;"&gt;&lt;div style="text-align: right; font-family: ''Times New Roman'', Times, 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="margin-bottom: 6pt;"&gt;&lt;br /&gt;&lt;/div&gt;&lt;/div&gt;</iret:ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsGainLossOnDispositionTableTextBlock>
  <!--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="c20140501to20140731" unitRef="U001" decimals="-3">3801000</iret:DistributionsPaidToCommonShareholdersReinvestment>
  <!--Addition to intangible liabilities-->
  <iret:AdditionToIntangibleLiabilities contextRef="c20130501to20130731" unitRef="U001" decimals="0">0</iret:AdditionToIntangibleLiabilities>
  <!--Addition to intangible liabilities-->
  <iret:AdditionToIntangibleLiabilities contextRef="c20140501to20140731" unitRef="U001" decimals="0">0</iret:AdditionToIntangibleLiabilities>
  <!--Number of real estate properties sold-Commercial Office [Member]-->
  <iret:NumberOfRealEstatePropertiesSold contextRef="c20140501to20140731_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_CommercialOfficeMember" unitRef="U005" decimals="INF">3</iret:NumberOfRealEstatePropertiesSold>
  <!--Number of real estate properties sold-Multi Family Residential [Member]-->
  <iret:NumberOfRealEstatePropertiesSold contextRef="c20140501to20140731_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_MultiFamilyResidentialMember" unitRef="U005" decimals="INF">2</iret:NumberOfRealEstatePropertiesSold>
  <!--Number of real estate properties sold-Multi Family Residential [Member]-->
  <iret:NumberOfRealEstatePropertiesSold contextRef="c20130501to20130731_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_MultiFamilyResidentialMember" unitRef="U005" decimals="INF">3</iret:NumberOfRealEstatePropertiesSold>
  <!--Number of real estate properties sold-Condominium Unit [Member]-->
  <iret:NumberOfRealEstatePropertiesSold contextRef="c20130501to20130731_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_CondominiumUnitMember" unitRef="U005" decimals="INF">4</iret:NumberOfRealEstatePropertiesSold>
  <!--Number of real estate properties sold-Commercial Industrial [Member]-->
  <iret:NumberOfRealEstatePropertiesSold contextRef="c20140501to20140731_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_CommercialIndustrialMember" unitRef="U005" decimals="INF">12</iret:NumberOfRealEstatePropertiesSold>
  <!--Number of real estate properties sold-Commercial Retail Property [Member]-->
  <iret:NumberOfRealEstatePropertiesSold contextRef="c20130501to20130731_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_RetailSiteMember" unitRef="U005" decimals="INF">1</iret:NumberOfRealEstatePropertiesSold>
  <!--Number of real estate properties sold-Commercial Retail Property [Member]-->
  <iret:NumberOfRealEstatePropertiesSold contextRef="c20140501to20140731_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_RetailSiteMember" unitRef="U005" decimals="INF">3</iret:NumberOfRealEstatePropertiesSold>
  <!--Number of real estate properties sold-Commercial Healthcare [Member]-->
  <iret:NumberOfRealEstatePropertiesSold contextRef="c20130501to20130731_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_CommercialHealthcareMember" unitRef="U005" decimals="INF">1</iret:NumberOfRealEstatePropertiesSold>
  <!--Indentified intangible liabilities, gross-->
  <iret:IndentifiedIntangibleLiabilitiesGross contextRef="c20140430" unitRef="U001" decimals="-3">173000</iret:IndentifiedIntangibleLiabilitiesGross>
  <!--Indentified intangible liabilities, gross-->
  <iret:IndentifiedIntangibleLiabilitiesGross contextRef="c20140731" unitRef="U001" decimals="-3">173000</iret:IndentifiedIntangibleLiabilitiesGross>
  <!--Weighted average lives of intangible assets and intangible liabilities-->
  <iret:WeightedAverageLivesOfIntangibleAssetsAndIntangibleLiabilities contextRef="c20130501to20130731">P0Y6M</iret:WeightedAverageLivesOfIntangibleAssetsAndIntangibleLiabilities>
  <!--Weighted average lives of intangible assets and intangible liabilities-->
  <iret:WeightedAverageLivesOfIntangibleAssetsAndIntangibleLiabilities contextRef="c20140501to20140731">P0Y6M</iret:WeightedAverageLivesOfIntangibleAssetsAndIntangibleLiabilities>
  <!--Indentified intangible liabilities, net-->
  <iret:IndentifiedIntangibleLiabilitiesNet contextRef="c20140731" unitRef="U001" decimals="-3">42000</iret:IndentifiedIntangibleLiabilitiesNet>
  <!--Indentified intangible liabilities, net-->
  <iret:IndentifiedIntangibleLiabilitiesNet contextRef="c20140430" unitRef="U001" decimals="-3">46000</iret:IndentifiedIntangibleLiabilitiesNet>
  <!--Indentified intangible liabilities, accumulated amortization-->
  <iret:IndentifiedIntangibleLiabilitiesAccumulatedAmortization contextRef="c20140430" unitRef="U001" decimals="-3">127000</iret:IndentifiedIntangibleLiabilitiesAccumulatedAmortization>
  <!--Indentified intangible liabilities, accumulated amortization-->
  <iret:IndentifiedIntangibleLiabilitiesAccumulatedAmortization contextRef="c20140731" unitRef="U001" decimals="-3">131000</iret:IndentifiedIntangibleLiabilitiesAccumulatedAmortization>
  <!--Operating partnership distribution reinvestment plan-->
  <iret:OperatingPartnershipDistributionReinvestmentPlan contextRef="c20140501to20140731" unitRef="U001" decimals="-3">185000</iret:OperatingPartnershipDistributionReinvestmentPlan>
  <!--Operating partnership distribution reinvestment plan-->
  <iret:OperatingPartnershipDistributionReinvestmentPlan contextRef="c20130501to20130731" unitRef="U001" decimals="-3">183000</iret:OperatingPartnershipDistributionReinvestmentPlan>
  <!--Adjustments to accounts payable included within real estate investments-->
  <iret:AdjustmentsToAccountsPayableIncludedWithinRealEstateInvestments contextRef="c20140501to20140731" unitRef="U001" decimals="-3">6129000</iret:AdjustmentsToAccountsPayableIncludedWithinRealEstateInvestments>
  <!--Adjustments to accounts payable included within real estate investments-->
  <iret:AdjustmentsToAccountsPayableIncludedWithinRealEstateInvestments contextRef="c20130501to20130731" unitRef="U001" decimals="-3">4547000</iret:AdjustmentsToAccountsPayableIncludedWithinRealEstateInvestments>
  <!--Assets Acquired Through The Issuance Of Operating Partnership Units-->
  <iret:AssetsAcquiredThroughIssuanceOfOperatingPartnershipUnits contextRef="c20140501to20140731" unitRef="U001" decimals="-3">0</iret:AssetsAcquiredThroughIssuanceOfOperatingPartnershipUnits>
  <!--Assets Acquired Through The Issuance Of Operating Partnership Units-->
  <iret:AssetsAcquiredThroughIssuanceOfOperatingPartnershipUnits contextRef="c20130501to20130731" unitRef="U001" decimals="-3">3280000</iret:AssetsAcquiredThroughIssuanceOfOperatingPartnershipUnits>
  <!--Increase Lender Holdbacks For Improvements-->
  <iret:IncreaseLenderHoldbacksForImprovements contextRef="c20130501to20130731" unitRef="U001" decimals="-3">279000</iret:IncreaseLenderHoldbacksForImprovements>
  <!--Increase Lender Holdbacks For Improvements-->
  <iret:IncreaseLenderHoldbacksForImprovements contextRef="c20140501to20140731" unitRef="U001" decimals="-3">326000</iret:IncreaseLenderHoldbacksForImprovements>
  <!--Decrease In Lender Holdbacks For Improvements-->
  <iret:DecreaseInLenderHoldbacksForImprovements contextRef="c20140501to20140731" unitRef="U001" decimals="-3">609000</iret:DecreaseInLenderHoldbacksForImprovements>
  <!--Decrease In Lender Holdbacks For Improvements-->
  <iret:DecreaseInLenderHoldbacksForImprovements contextRef="c20130501to20130731" unitRef="U001" decimals="-3">1144000</iret:DecreaseInLenderHoldbacksForImprovements>
  <!--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="c20140501to20140731" unitRef="U001" decimals="-3">6416000</iret:ProceedsFromSaleOfRealEstateAndOtherInvestments>
  <!--Payments For Real Estate Deposits-->
  <iret:PaymentsForRealEstateDeposits contextRef="c20130501to20130731" unitRef="U001" decimals="-3">450000</iret:PaymentsForRealEstateDeposits>
  <!--Payments For Real Estate Deposits-->
  <iret:PaymentsForRealEstateDeposits contextRef="c20140501to20140731" unitRef="U001" decimals="-3">3736000</iret:PaymentsForRealEstateDeposits>
  <!--Proceeds From Real Estate Deposits-->
  <iret:ProceedsFromRealEstateDeposits contextRef="c20140501to20140731" unitRef="U001" decimals="-3">140000</iret:ProceedsFromRealEstateDeposits>
  <!--Proceeds From Real Estate Deposits-->
  <iret:ProceedsFromRealEstateDeposits contextRef="c20130501to20130731" unitRef="U001" decimals="-3">157000</iret:ProceedsFromRealEstateDeposits>
  <!--Operating partnership units converted to shares-->
  <iret:OperatingPartnershipUnitsConvertedToShares contextRef="c20140501to20140731" unitRef="U001" decimals="-3">18332000</iret:OperatingPartnershipUnitsConvertedToShares>
  <!--Operating partnership units converted to shares-->
  <iret:OperatingPartnershipUnitsConvertedToShares contextRef="c20130501to20130731" unitRef="U001" decimals="-3">706000</iret:OperatingPartnershipUnitsConvertedToShares>
  <!--Distribution Reinvestment Plan-->
  <iret:DistributionReinvestmentPlan contextRef="c20130501to20130731" unitRef="U001" decimals="-3">3549000</iret:DistributionReinvestmentPlan>
  <!--Distribution Reinvestment Plan-->
  <iret:DistributionReinvestmentPlan contextRef="c20140501to20140731" unitRef="U001" decimals="-3">3801000</iret:DistributionReinvestmentPlan>
  <!--Other, shares-COMMON SHARES [Member]-->
  <iret:OtherShares contextRef="c20130501to20130731_StatementEquityComponentsAxis_CommonStockMember" unitRef="U002" decimals="-3">0</iret:OtherShares>
  <!--Partnership Units Issued-->
  <iret:PartnershipUnitsIssued contextRef="c20140501to20140731" unitRef="U001" decimals="-3">0</iret:PartnershipUnitsIssued>
  <!--Partnership Units Issued-Noncontrolling Interests [Member]-->
  <iret:PartnershipUnitsIssued contextRef="c20130501to20130731_StatementEquityComponentsAxis_NoncontrollingInterestMember" unitRef="U001" decimals="-3">3280000</iret:PartnershipUnitsIssued>
  <!--Partnership Units Issued-Noncontrolling Interests [Member]-->
  <iret:PartnershipUnitsIssued contextRef="c20140501to20140731_StatementEquityComponentsAxis_NoncontrollingInterestMember" unitRef="U001" decimals="-3">0</iret:PartnershipUnitsIssued>
  <!--Partnership Units Issued-->
  <iret:PartnershipUnitsIssued contextRef="c20130501to20130731" unitRef="U001" decimals="-3">3280000</iret:PartnershipUnitsIssued>
  <!--Net income attributable to Investors Real Estate Trust and nonredeemable noncontrolling interests-->
  <iret:NetIncomeAttributableToInvestorsRealEstateTrustAndNonredeemableNoncontrollingInterests contextRef="c20130501to20130731" unitRef="U001" decimals="-3">3204000</iret:NetIncomeAttributableToInvestorsRealEstateTrustAndNonredeemableNoncontrollingInterests>
  <!--Net income attributable to Investors Real Estate Trust and nonredeemable noncontrolling interests-->
  <iret:NetIncomeAttributableToInvestorsRealEstateTrustAndNonredeemableNoncontrollingInterests contextRef="c20140501to20140731" unitRef="U001" decimals="-3">-308000</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">126000</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="c20140501to20140731_StatementEquityComponentsAxis_NoncontrollingInterestMember" unitRef="U001" decimals="-3">-157000</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="c20140501to20140731_StatementEquityComponentsAxis_RetainedEarningsMember" unitRef="U001" decimals="-3">-151000</iret:NetIncomeAttributableToInvestorsRealEstateTrustAndNonredeemableNoncontrollingInterests>
  <!--Net income attributable to Investors Real Estate Trust and nonredeemable noncontrolling interests-Scenario, Previously Reported [Member]-->
  <iret:NetIncomeAttributableToInvestorsRealEstateTrustAndNonredeemableNoncontrollingInterests contextRef="c20130501to20130731_StatementScenarioAxis_ScenarioPreviouslyReportedMember" unitRef="U001" decimals="-3">3216000</iret:NetIncomeAttributableToInvestorsRealEstateTrustAndNonredeemableNoncontrollingInterests>
  <!--Net income attributable to Investors Real Estate Trust and nonredeemable noncontrolling interests-Restatement Adjustment [Member]-Noncontrolling Interests [Member]-->
  <iret:NetIncomeAttributableToInvestorsRealEstateTrustAndNonredeemableNoncontrollingInterests contextRef="c20130501to20130731_StatementEquityComponentsAxis_NoncontrollingInterestMember_StatementScenarioAxis_RestatementAdjustmentMember" unitRef="U001" decimals="-3">-12000</iret:NetIncomeAttributableToInvestorsRealEstateTrustAndNonredeemableNoncontrollingInterests>
  <!--Net income attributable to Investors Real Estate Trust and nonredeemable noncontrolling interests-Restatement Adjustment [Member]-->
  <iret:NetIncomeAttributableToInvestorsRealEstateTrustAndNonredeemableNoncontrollingInterests contextRef="c20130501to20130731_StatementScenarioAxis_RestatementAdjustmentMember" unitRef="U001" decimals="-3">-12000</iret:NetIncomeAttributableToInvestorsRealEstateTrustAndNonredeemableNoncontrollingInterests>
  <!--Net income attributable to Investors Real Estate Trust and nonredeemable noncontrolling interests-Scenario, Previously Reported [Member]-Noncontrolling Interests [Member]-->
  <iret:NetIncomeAttributableToInvestorsRealEstateTrustAndNonredeemableNoncontrollingInterests contextRef="c20130501to20130731_StatementEquityComponentsAxis_NoncontrollingInterestMember_StatementScenarioAxis_ScenarioPreviouslyReportedMember" unitRef="U001" decimals="-3">138000</iret:NetIncomeAttributableToInvestorsRealEstateTrustAndNonredeemableNoncontrollingInterests>
  <!--TRS senior housing expenses-->
  <iret:DirectCostsofLeasingandOperatingSeniorLivingRealEstateProperty contextRef="c20140501to20140731" unitRef="U001" decimals="-3">693000</iret:DirectCostsofLeasingandOperatingSeniorLivingRealEstateProperty>
  <!--TRS senior housing expenses-->
  <iret:DirectCostsofLeasingandOperatingSeniorLivingRealEstateProperty contextRef="c20130501to20130731" unitRef="U001" decimals="-3">0</iret:DirectCostsofLeasingandOperatingSeniorLivingRealEstateProperty>
  <!--TRS senior housing expenses-Operating Segments [Member]-->
  <iret:DirectCostsofLeasingandOperatingSeniorLivingRealEstateProperty contextRef="c20140501to20140731_ConsolidationItemsAxis_OperatingSegmentsMember" unitRef="U001" decimals="-3">693000</iret:DirectCostsofLeasingandOperatingSeniorLivingRealEstateProperty>
  <!--Receivables and other assets-->
  <iret:ReceivablesAndOtherAssets contextRef="c20140430" unitRef="U001" decimals="-3">119458000</iret:ReceivablesAndOtherAssets>
  <!--Receivables and other assets-->
  <iret:ReceivablesAndOtherAssets contextRef="c20140731" unitRef="U001" decimals="-3">117666000</iret:ReceivablesAndOtherAssets>
  <!--Impairment of real estate investments-Operating Segments [Member]-->
  <iret:ImpairmentOfRealEstateInvestments contextRef="c20140501to20140731_ConsolidationItemsAxis_OperatingSegmentsMember" unitRef="U001" decimals="-3">2320000</iret:ImpairmentOfRealEstateInvestments>
  <!--Administrative, advisory and trustee services-Operating Segments [Member]-->
  <iret:AdministrativeAdvisoryAndTrusteeServices contextRef="c20130501to20130731_ConsolidationItemsAxis_OperatingSegmentsMember" unitRef="U001" decimals="-3">2753000</iret:AdministrativeAdvisoryAndTrusteeServices>
  <!--Administrative, advisory and trustee services-Operating Segments [Member]-->
  <iret:AdministrativeAdvisoryAndTrusteeServices contextRef="c20140501to20140731_ConsolidationItemsAxis_OperatingSegmentsMember" unitRef="U001" decimals="-3">3664000</iret:AdministrativeAdvisoryAndTrusteeServices>
  <!--Depreciation and amortization including related to non real estate investments-Operating Segments [Member]-->
  <iret:DepreciationAndAmortizationIncludingRelatedToNonRealEstateInvestments contextRef="c20130501to20130731_ConsolidationItemsAxis_OperatingSegmentsMember" unitRef="U001" decimals="-3">19000000</iret:DepreciationAndAmortizationIncludingRelatedToNonRealEstateInvestments>
  <!--Depreciation and amortization including related to non real estate investments-Operating Segments [Member]-->
  <iret:DepreciationAndAmortizationIncludingRelatedToNonRealEstateInvestments contextRef="c20140501to20140731_ConsolidationItemsAxis_OperatingSegmentsMember" unitRef="U001" decimals="-3">17056000</iret:DepreciationAndAmortizationIncludingRelatedToNonRealEstateInvestments>
  <link:footnoteLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:footnote xlink:label="Footnote-Item-1" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US">The Company is an approximately 58.6% partner in the joint venture entity constructing this project; the anticipated total cost amount given is the total cost to the joint venture entity.</link:footnote>
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    <link:loc xlink:href="#Item-23" xlink:label="Item-23_lbl" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="Item-23_lbl" xlink:to="Footnote-Item-1" xlink:type="arc" />
    <link:loc xlink:href="#Item-45" xlink:label="Item-45_lbl" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="Item-45_lbl" xlink:to="Footnote-Item-1" xlink:type="arc" />
    <link:loc xlink:href="#Item-57" xlink:label="Item-57_lbl" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="Item-57_lbl" xlink:to="Footnote-Item-1" xlink:type="arc" />
    <link:loc xlink:href="#Item-64" xlink:label="Item-64_lbl" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="Item-64_lbl" xlink:to="Footnote-Item-1" xlink:type="arc" />
    <link:loc xlink:href="#Item-68" xlink:label="Item-68_lbl" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="Item-68_lbl" xlink:to="Footnote-Item-1" xlink:type="arc" />
    <link:loc xlink:href="#Item-73" xlink:label="Item-73_lbl" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="Item-73_lbl" xlink:to="Footnote-Item-1" xlink:type="arc" />
    <link:footnote xlink:label="Footnote-Item-2" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US">Land is owned by a joint venture in which the Company has an approximately 55.3% interest. The joint venture is consolidated in IRET&#x2019;s financial statements.</link:footnote>
    <link:loc xlink:href="#Item-2" xlink:label="Item-2_lbl" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="Item-2_lbl" xlink:to="Footnote-Item-2" xlink:type="arc" />
    <link:loc xlink:href="#Item-5" xlink:label="Item-5_lbl" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="Item-5_lbl" xlink:to="Footnote-Item-2" xlink:type="arc" />
    <link:loc xlink:href="#Item-8" xlink:label="Item-8_lbl" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="Item-8_lbl" xlink:to="Footnote-Item-2" xlink:type="arc" />
    <link:loc xlink:href="#Item-17" xlink:label="Item-17_lbl" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="Item-17_lbl" xlink:to="Footnote-Item-2" xlink:type="arc" />
    <link:loc xlink:href="#Item-24" xlink:label="Item-24_lbl" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="Item-24_lbl" xlink:to="Footnote-Item-2" xlink:type="arc" />
    <link:loc xlink:href="#Item-31" xlink:label="Item-31_lbl" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="Item-31_lbl" xlink:to="Footnote-Item-2" xlink:type="arc" />
    <link:loc xlink:href="#Item-37" xlink:label="Item-37_lbl" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="Item-37_lbl" xlink:to="Footnote-Item-2" xlink:type="arc" />
    <link:loc xlink:href="#Item-39" xlink:label="Item-39_lbl" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="Item-39_lbl" xlink:to="Footnote-Item-2" xlink:type="arc" />
    <link:loc xlink:href="#Item-83" xlink:label="Item-83_lbl" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="Item-83_lbl" xlink:to="Footnote-Item-2" xlink:type="arc" />
    <link:footnote xlink:label="Footnote-Item-3" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US">At acquisition the Company adjusted the assumed debt to fair value and recognized approximately $&#xA0;852,000 of goodwill.</link:footnote>
    <link:loc xlink:href="#Item-3" xlink:label="Item-3_lbl" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="Item-3_lbl" xlink:to="Footnote-Item-3" xlink:type="arc" />
    <link:loc xlink:href="#Item-6" xlink:label="Item-6_lbl" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="Item-6_lbl" xlink:to="Footnote-Item-3" xlink:type="arc" />
    <link:loc xlink:href="#Item-9" xlink:label="Item-9_lbl" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="Item-9_lbl" xlink:to="Footnote-Item-3" xlink:type="arc" />
    <link:loc xlink:href="#Item-18" xlink:label="Item-18_lbl" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="Item-18_lbl" xlink:to="Footnote-Item-3" xlink:type="arc" />
    <link:loc xlink:href="#Item-25" xlink:label="Item-25_lbl" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="Item-25_lbl" xlink:to="Footnote-Item-3" xlink:type="arc" />
    <link:loc xlink:href="#Item-27" xlink:label="Item-27_lbl" xlink:type="locator" />
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    <link:loc xlink:href="#Item-32" xlink:label="Item-32_lbl" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="Item-32_lbl" xlink:to="Footnote-Item-3" xlink:type="arc" />
    <link:loc xlink:href="#Item-38" xlink:label="Item-38_lbl" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="Item-38_lbl" xlink:to="Footnote-Item-3" xlink:type="arc" />
    <link:loc xlink:href="#Item-40" xlink:label="Item-40_lbl" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="Item-40_lbl" xlink:to="Footnote-Item-3" xlink:type="arc" />
    <link:loc xlink:href="#Item-85" xlink:label="Item-85_lbl" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="Item-85_lbl" xlink:to="Footnote-Item-3" xlink:type="arc" />
    <link:footnote xlink:label="Footnote-Item-4" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US">Development projects that are placed in service in phases are excluded from this table until the entire project has been placed in service. See Note 6 for additional information on the Renaissance Heights I project, which was partially placed in service during the fiscal year 2014 and the three months ended July 31, 2014.</link:footnote>
    <link:loc xlink:href="#Item-4" xlink:label="Item-4_lbl" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="Item-4_lbl" xlink:to="Footnote-Item-4" xlink:type="arc" />
    <link:loc xlink:href="#Item-7" xlink:label="Item-7_lbl" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="Item-7_lbl" xlink:to="Footnote-Item-4" xlink:type="arc" />
    <link:loc xlink:href="#Item-10" xlink:label="Item-10_lbl" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="Item-10_lbl" xlink:to="Footnote-Item-4" xlink:type="arc" />
    <link:loc xlink:href="#Item-11" xlink:label="Item-11_lbl" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="Item-11_lbl" xlink:to="Footnote-Item-4" xlink:type="arc" />
    <link:loc xlink:href="#Item-78" xlink:label="Item-78_lbl" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="Item-78_lbl" xlink:to="Footnote-Item-4" xlink:type="arc" />
    <link:loc xlink:href="#Item-79" xlink:label="Item-79_lbl" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="Item-79_lbl" xlink:to="Footnote-Item-4" xlink:type="arc" />
    <link:loc xlink:href="#Item-80" xlink:label="Item-80_lbl" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="Item-80_lbl" xlink:to="Footnote-Item-4" xlink:type="arc" />
    <link:loc xlink:href="#Item-81" xlink:label="Item-81_lbl" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="Item-81_lbl" xlink:to="Footnote-Item-4" xlink:type="arc" />
    <link:loc xlink:href="#Item-82" xlink:label="Item-82_lbl" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="Item-82_lbl" xlink:to="Footnote-Item-4" xlink:type="arc" />
    <link:loc xlink:href="#Item-84" xlink:label="Item-84_lbl" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="Item-84_lbl" xlink:to="Footnote-Item-4" xlink:type="arc" />
    <link:footnote xlink:label="Footnote-Item-5" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US">Development property placed in service July 15, 2014. Costs paid in fiscal year 2014 totaled $8.1 million, including the land acquired in fiscal year 2013. Additional costs paid in fiscal year 2015 totaled $2.2 million, for a total project cost at July 31, 2014 of $10.3 million.</link:footnote>
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="Item-7_lbl" xlink:to="Footnote-Item-5" xlink:type="arc" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="Item-11_lbl" xlink:to="Footnote-Item-5" xlink:type="arc" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="Item-78_lbl" xlink:to="Footnote-Item-5" xlink:type="arc" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="Item-79_lbl" xlink:to="Footnote-Item-5" xlink:type="arc" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="Item-80_lbl" xlink:to="Footnote-Item-5" xlink:type="arc" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="Item-82_lbl" xlink:to="Footnote-Item-5" xlink:type="arc" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="Item-84_lbl" xlink:to="Footnote-Item-5" xlink:type="arc" />
    <link:footnote xlink:label="Footnote-Item-6" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US">Value of limited partnership units of the Operating Partnership at the acquisition date.</link:footnote>
    <link:loc xlink:href="#Item-12" xlink:label="Item-12_lbl" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="Item-12_lbl" xlink:to="Footnote-Item-6" xlink:type="arc" />
    <link:loc xlink:href="#Item-13" xlink:label="Item-13_lbl" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="Item-13_lbl" xlink:to="Footnote-Item-6" xlink:type="arc" />
    <link:loc xlink:href="#Item-14" xlink:label="Item-14_lbl" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="Item-14_lbl" xlink:to="Footnote-Item-6" xlink:type="arc" />
    <link:loc xlink:href="#Item-15" xlink:label="Item-15_lbl" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="Item-15_lbl" xlink:to="Footnote-Item-6" xlink:type="arc" />
    <link:loc xlink:href="#Item-16" xlink:label="Item-16_lbl" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="Item-16_lbl" xlink:to="Footnote-Item-6" xlink:type="arc" />
    <link:footnote xlink:label="Footnote-Item-7" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US">The Company is an approximately 70% partner in the joint venture entity constructing this project; the anticipated total cost amount given is the total cost to the joint venture entity.</link:footnote>
    <link:loc xlink:href="#Item-19" xlink:label="Item-19_lbl" xlink:type="locator" />
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    <link:loc xlink:href="#Item-43" xlink:label="Item-43_lbl" xlink:type="locator" />
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    <link:loc xlink:href="#Item-50" xlink:label="Item-50_lbl" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="Item-50_lbl" xlink:to="Footnote-Item-7" xlink:type="arc" />
    <link:loc xlink:href="#Item-60" xlink:label="Item-60_lbl" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="Item-60_lbl" xlink:to="Footnote-Item-7" xlink:type="arc" />
    <link:loc xlink:href="#Item-66" xlink:label="Item-66_lbl" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="Item-66_lbl" xlink:to="Footnote-Item-7" xlink:type="arc" />
    <link:loc xlink:href="#Item-70" xlink:label="Item-70_lbl" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="Item-70_lbl" xlink:to="Footnote-Item-7" xlink:type="arc" />
    <link:loc xlink:href="#Item-75" xlink:label="Item-75_lbl" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="Item-75_lbl" xlink:to="Footnote-Item-7" xlink:type="arc" />
    <link:footnote xlink:label="Footnote-Item-8" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US">The Company is currently an approximately 55.3% partner in the joint venture entity constructing this project. The project will be constructed in three phases, and at the conclusion of construction of the third phase, the Company will have an approximately 50.5% interest in the project. The anticipated total cost amount given in the table above is the total cost to the joint venture entity of the project&#x2019;s first phase. The expected total project cost for all three phases is approximately $69.9 million for a total of approximately 241 residential units and approximately 21,772 square feet of commercial retail space.</link:footnote>
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    <link:loc xlink:href="#Item-62" xlink:label="Item-62_lbl" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="Item-62_lbl" xlink:to="Footnote-Item-8" xlink:type="arc" />
    <link:footnote xlink:label="Footnote-Item-9" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US">The Company is an approximately 52.9% partner in the joint venture entity constructing this project; the anticipated total cost amount given is the total cost to the joint venture entity.</link:footnote>
    <link:loc xlink:href="#Item-21" xlink:label="Item-21_lbl" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="Item-21_lbl" xlink:to="Footnote-Item-9" xlink:type="arc" />
    <link:loc xlink:href="#Item-41" xlink:label="Item-41_lbl" xlink:type="locator" />
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    <link:loc xlink:href="#Item-55" xlink:label="Item-55_lbl" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="Item-55_lbl" xlink:to="Footnote-Item-9" xlink:type="arc" />
    <link:loc xlink:href="#Item-63" xlink:label="Item-63_lbl" xlink:type="locator" />
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    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_KalispellMontanaRetailMember" xlink:label="KalispellMontanaRetailMember" xlink:title="KalispellMontanaRetailMember" />
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    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_ChateauApartmentConversionFireMember" xlink:label="ChateauApartmentConversionFireMember" xlink:title="ChateauApartmentConversionFireMember" />
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  </link:definitionLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>10
<FILENAME>iret-20140731_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii"?>
<!--Generated by Disclosure Solutions PROFILE 2.6.1.0 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">
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  <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" />
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="EntityWellKnownSeasonedIssuer" xlink:title="EntityWellKnownSeasonedIssuer" />
    <link:label xlink:type="resource" xlink:label="dei_EntityWellKnownSeasonedIssuer_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityWellKnownSeasonedIssuer_lbl" xml:lang="en-US" id="dei_EntityWellKnownSeasonedIssuer_lbl">Entity Well-known Seasoned Issuer</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityVoluntaryFilers" xlink:label="EntityVoluntaryFilers" xlink:title="EntityVoluntaryFilers" />
    <link:label xlink:type="resource" xlink:label="dei_EntityVoluntaryFilers_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityVoluntaryFilers_lbl" xml:lang="en-US" id="dei_EntityVoluntaryFilers_lbl">Entity Voluntary Filers</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityVoluntaryFilers" xlink:to="dei_EntityVoluntaryFilers_lbl" xlink:title="label: EntityVoluntaryFilers to dei_EntityVoluntaryFilers_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityCurrentReportingStatus" xlink:label="EntityCurrentReportingStatus" xlink:title="EntityCurrentReportingStatus" />
    <link:label xlink:type="resource" xlink:label="dei_EntityCurrentReportingStatus_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityCurrentReportingStatus_lbl" xml:lang="en-US" id="dei_EntityCurrentReportingStatus_lbl">Entity Current Reporting Status</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityCurrentReportingStatus" xlink:to="dei_EntityCurrentReportingStatus_lbl" xlink:title="label: EntityCurrentReportingStatus to dei_EntityCurrentReportingStatus_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityFilerCategory" xlink:label="EntityFilerCategory" xlink:title="EntityFilerCategory" />
    <link:label xlink:type="resource" xlink:label="dei_EntityFilerCategory_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityFilerCategory_lbl" xml:lang="en-US" id="dei_EntityFilerCategory_lbl">Entity Filer Category</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityFilerCategory" xlink:to="dei_EntityFilerCategory_lbl" xlink:title="label: EntityFilerCategory to dei_EntityFilerCategory_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityPublicFloat" xlink:label="EntityPublicFloat" xlink:title="EntityPublicFloat" />
    <link:label xlink:type="resource" xlink:label="dei_EntityPublicFloat_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityPublicFloat_lbl" xml:lang="en-US" id="dei_EntityPublicFloat_lbl">Entity Public Float</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityPublicFloat" xlink:to="dei_EntityPublicFloat_lbl" xlink:title="label: EntityPublicFloat to dei_EntityPublicFloat_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityRegistrantName" xlink:label="EntityRegistrantName" xlink:title="EntityRegistrantName" />
    <link:label xlink:type="resource" xlink:label="dei_EntityRegistrantName_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityRegistrantName_lbl" xml:lang="en-US" id="dei_EntityRegistrantName_lbl">Entity Registrant Name</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityCentralIndexKey" xlink:label="EntityCentralIndexKey" xlink:title="EntityCentralIndexKey" />
    <link:label xlink:type="resource" xlink:label="dei_EntityCentralIndexKey_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityCentralIndexKey_lbl" xml:lang="en-US" id="dei_EntityCentralIndexKey_lbl">Entity Central Index Key</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="EntityCommonStockSharesOutstanding" xlink:title="EntityCommonStockSharesOutstanding" />
    <link:label xlink:type="resource" xlink:label="dei_EntityCommonStockSharesOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityCommonStockSharesOutstanding_lbl" xml:lang="en-US" id="dei_EntityCommonStockSharesOutstanding_lbl">Entity Common Stock, Shares Outstanding</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityCommonStockSharesOutstanding" xlink:to="dei_EntityCommonStockSharesOutstanding_lbl" xlink:title="label: EntityCommonStockSharesOutstanding to dei_EntityCommonStockSharesOutstanding_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentFiscalYearFocus" xlink:label="DocumentFiscalYearFocus" xlink:title="DocumentFiscalYearFocus" />
    <link:label xlink:type="resource" xlink:label="dei_DocumentFiscalYearFocus_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_DocumentFiscalYearFocus_lbl" xml:lang="en-US" id="dei_DocumentFiscalYearFocus_lbl">Document Fiscal Year Focus</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentFiscalYearFocus" xlink:to="dei_DocumentFiscalYearFocus_lbl" xlink:title="label: DocumentFiscalYearFocus to dei_DocumentFiscalYearFocus_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="DocumentFiscalPeriodFocus" xlink:title="DocumentFiscalPeriodFocus" />
    <link:label xlink:type="resource" xlink:label="dei_DocumentFiscalPeriodFocus_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_DocumentFiscalPeriodFocus_lbl" xml:lang="en-US" id="dei_DocumentFiscalPeriodFocus_lbl">Document Fiscal Period Focus</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentFiscalPeriodFocus" xlink:to="dei_DocumentFiscalPeriodFocus_lbl" xlink:title="label: DocumentFiscalPeriodFocus to dei_DocumentFiscalPeriodFocus_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentType" xlink:label="DocumentType" xlink:title="DocumentType" />
    <link:label xlink:type="resource" xlink:label="dei_DocumentType_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_DocumentType_lbl" xml:lang="en-US" id="dei_DocumentType_lbl">Document Type</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentType" xlink:to="dei_DocumentType_lbl" xlink:title="label: DocumentType to dei_DocumentType_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AreaOfRealEstateProperty" xlink:label="AreaOfRealEstateProperty" xlink:title="AreaOfRealEstateProperty" />
    <link:label xlink:type="resource" xlink:label="us-gaap_AreaOfRealEstateProperty_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_AreaOfRealEstateProperty_lbl" xml:lang="en-US" id="us-gaap_AreaOfRealEstateProperty_lbl">Area of property</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AreaOfRealEstateProperty" xlink:to="us-gaap_AreaOfRealEstateProperty_lbl" xlink:title="label: AreaOfRealEstateProperty to us-gaap_AreaOfRealEstateProperty_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_AreaOfRealEstateProperty_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_AreaOfRealEstateProperty_lbl1" xml:lang="en-US" id="us-gaap_AreaOfRealEstateProperty_lbl1">Area of a real estate property</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AreaOfRealEstateProperty" xlink:to="us-gaap_AreaOfRealEstateProperty_lbl1" xlink:title="label: AreaOfRealEstateProperty to us-gaap_AreaOfRealEstateProperty_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AccountingPoliciesAbstract" xlink:label="AccountingPoliciesAbstract" xlink:title="AccountingPoliciesAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_AccountingPoliciesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_AccountingPoliciesAbstract_lbl" xml:lang="en-US" id="us-gaap_AccountingPoliciesAbstract_lbl">BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES [Abstract]</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AccountsReceivableNet" xlink:label="AccountsReceivableNet" xlink:title="AccountsReceivableNet" />
    <link:label xlink:type="resource" xlink:label="us-gaap_AccountsReceivableNet_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_AccountsReceivableNet_lbl" xml:lang="en-US" id="us-gaap_AccountsReceivableNet_lbl">Accounts receivable, net of allowance of $306 and $248, respectively</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent" xlink:label="AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent" xlink:title="AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent" />
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" xlink:label="AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" xlink:title="AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" />
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:title="AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" />
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_CommercialRealEstateMember" xlink:label="CommercialRealEstateMember" xlink:title="CommercialRealEstateMember" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CommercialRealEstateMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_CommercialRealEstateMember_lbl" xml:lang="en-US" id="us-gaap_CommercialRealEstateMember_lbl">Commercial properties [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommercialRealEstateMember" xlink:to="us-gaap_CommercialRealEstateMember_lbl" xlink:title="label: CommercialRealEstateMember to us-gaap_CommercialRealEstateMember_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.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/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_CommitmentsAndContingencies" xlink:label="CommitmentsAndContingencies" xlink:title="CommitmentsAndContingencies" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CommitmentsAndContingencies_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_CommitmentsAndContingencies_lbl" xml:lang="en-US" id="us-gaap_CommitmentsAndContingencies_lbl">COMMITMENTS AND CONTINGENCIES (NOTE 6)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommitmentsAndContingencies" xlink:to="us-gaap_CommitmentsAndContingencies_lbl" xlink:title="label: CommitmentsAndContingencies to us-gaap_CommitmentsAndContingencies_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:label="CommitmentsAndContingenciesDisclosureTextBlock" xlink:title="CommitmentsAndContingenciesDisclosureTextBlock" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_lbl" xml:lang="en-US" id="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_lbl">COMMITMENTS AND CONTINGENCIES</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_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/2014/elts/us-gaap-2014-01-31.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/2014/elts/us-gaap-2014-01-31.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/2014/elts/us-gaap-2014-01-31.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, 114,762,774 shares issued and outstanding at July 31, 2014, and 109,019,341 shares issued and outstanding at April 30, 2014)</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/2014/elts/us-gaap-2014-01-31.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/2014/elts/us-gaap-2014-01-31.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 (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_lbl" xlink:title="label: CommonStockDividendsPerShareDeclared to us-gaap_CommonStockDividendsPerShareDeclared_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.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/2014/elts/us-gaap-2014-01-31.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/2014/elts/us-gaap-2014-01-31.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/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ConsolidationItemsDomain" xlink:label="ConsolidationItemsDomain" xlink:title="ConsolidationItemsDomain" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ConsolidationItemsDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ConsolidationItemsDomain_lbl" xml:lang="en-US" id="us-gaap_ConsolidationItemsDomain_lbl">Consolidation Items [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConsolidationItemsDomain" xlink:to="us-gaap_ConsolidationItemsDomain_lbl" xlink:title="label: ConsolidationItemsDomain to us-gaap_ConsolidationItemsDomain_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.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/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ConsolidationItemsAxis" xlink:label="ConsolidationItemsAxis" xlink:title="ConsolidationItemsAxis" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ConsolidationItemsAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ConsolidationItemsAxis_lbl" xml:lang="en-US" id="us-gaap_ConsolidationItemsAxis_lbl">Consolidation Items [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConsolidationItemsAxis" xlink:to="us-gaap_ConsolidationItemsAxis_lbl" xlink:title="label: ConsolidationItemsAxis to us-gaap_ConsolidationItemsAxis_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ContributionOfProperty" xlink:label="ContributionOfProperty" xlink:title="ContributionOfProperty" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ContributionOfProperty_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ContributionOfProperty_lbl" xml:lang="en-US" id="us-gaap_ContributionOfProperty_lbl">Real estate assets contributed by noncontrolling interest - consolidated real estate entities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContributionOfProperty" xlink:to="us-gaap_ContributionOfProperty_lbl" xlink:title="label: ContributionOfProperty to us-gaap_ContributionOfProperty_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.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/2014/elts/us-gaap-2014-01-31.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/2014/elts/us-gaap-2014-01-31.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/2014/elts/us-gaap-2014-01-31.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/2014/elts/us-gaap-2014-01-31.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/2014/elts/us-gaap-2014-01-31.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/2014/elts/us-gaap-2014-01-31.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" />
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.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 $22,237 and $21,068, respectively</link:label>
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    <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 $717 and $796, respectively</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DevelopmentInProcess" xlink:label="DevelopmentInProcess" xlink:title="DevelopmentInProcess" />
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    <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/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock" xlink:label="DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock" xlink:title="DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock" />
    <link:label xlink:type="resource" xlink:label="us-gaap_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock_lbl" xml:lang="en-US" id="us-gaap_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock_lbl">DISCONTINUED OPERATIONS</link:label>
    <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/2014/elts/us-gaap-2014-01-31.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/label" xlink:title="us-gaap_DividendPayableDateToBePaidDayMonthAndYear_lbl" xml:lang="en-US" id="us-gaap_DividendPayableDateToBePaidDayMonthAndYear_lbl">Payment date</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" />
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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/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DividendsPayableAmountPerShare" xlink:label="DividendsPayableAmountPerShare" xlink:title="DividendsPayableAmountPerShare" />
    <link:label xlink:type="resource" xlink:label="us-gaap_DividendsPayableAmountPerShare_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_DividendsPayableAmountPerShare_lbl" xml:lang="en-US" id="us-gaap_DividendsPayableAmountPerShare_lbl">Quarterly amount per share or unit (in dollars per share)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsPayableAmountPerShare" xlink:to="us-gaap_DividendsPayableAmountPerShare_lbl" xlink:title="label: DividendsPayableAmountPerShare to us-gaap_DividendsPayableAmountPerShare_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DividendsDeclaredTableTextBlock" xlink:label="DividendsDeclaredTableTextBlock" xlink:title="DividendsDeclaredTableTextBlock" />
    <link:label xlink:type="resource" xlink:label="us-gaap_DividendsDeclaredTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_DividendsDeclaredTableTextBlock_lbl" xml:lang="en-US" id="us-gaap_DividendsDeclaredTableTextBlock_lbl">Common and Preferred Share Distributions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsDeclaredTableTextBlock" xlink:to="us-gaap_DividendsDeclaredTableTextBlock_lbl" xlink:title="label: DividendsDeclaredTableTextBlock to us-gaap_DividendsDeclaredTableTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_DividendsDeclaredTableTextBlock_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_DividendsDeclaredTableTextBlock_lbl1" xml:lang="en-US" id="us-gaap_DividendsDeclaredTableTextBlock_lbl1">Dividends Declared [Table Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsDeclaredTableTextBlock" xlink:to="us-gaap_DividendsDeclaredTableTextBlock_lbl1" xlink:title="label: DividendsDeclaredTableTextBlock to us-gaap_DividendsDeclaredTableTextBlock_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.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/label" xlink:title="us-gaap_DividendsPayableDateOfRecordDayMonthAndYear_lbl" xml:lang="en-US" id="us-gaap_DividendsPayableDateOfRecordDayMonthAndYear_lbl">Record date</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:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.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/2014/elts/us-gaap-2014-01-31.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/2014/elts/us-gaap-2014-01-31.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 (LOSS) INCOME PER COMMON SHARE - BASIC AND DILUTED (in dollars per share)</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 (LOSS) INCOME PER COMMON SHARE - BASIC &amp; 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>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.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/2014/elts/us-gaap-2014-01-31.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/2014/elts/us-gaap-2014-01-31.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/2014/elts/us-gaap-2014-01-31.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:label xlink:type="resource" xlink:label="us-gaap_EquityMethodInvestmentOwnershipPercentage_lbl1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_EquityMethodInvestmentOwnershipPercentage_lbl1" xml:lang="en-US" id="us-gaap_EquityMethodInvestmentOwnershipPercentage_lbl1">Interest held (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_lbl1" xlink:title="label: EquityMethodInvestmentOwnershipPercentage to us-gaap_EquityMethodInvestmentOwnershipPercentage_lbl1" />
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    <link:label xlink:type="resource" xlink:label="us-gaap_ErrorCorrectionsAndPriorPeriodAdjustmentsRestatementLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ErrorCorrectionsAndPriorPeriodAdjustmentsRestatementLineItems_lbl" xml:lang="en-US" id="us-gaap_ErrorCorrectionsAndPriorPeriodAdjustmentsRestatementLineItems_lbl">Error Corrections and Prior Period Adjustments Restatement [Line Items]</link:label>
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    <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>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FinitelivedIntangibleAssetsAcquired1" xlink:label="FinitelivedIntangibleAssetsAcquired1" xlink:title="FinitelivedIntangibleAssetsAcquired1" />
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    <link:label xlink:type="resource" xlink:label="us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems_lbl" xml:lang="en-US" id="us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems_lbl">Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]</link:label>
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    <link:label xlink:type="resource" xlink:label="us-gaap_FairValueByBalanceSheetGroupingTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_FairValueByBalanceSheetGroupingTable_lbl" xml:lang="en-US" id="us-gaap_FairValueByBalanceSheetGroupingTable_lbl">Fair Value, by Balance Sheet Grouping [Table]</link:label>
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    <link:label xlink:type="resource" xlink:label="us-gaap_FairValueInputsLevel2Member_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_FairValueInputsLevel2Member_lbl" xml:lang="en-US" id="us-gaap_FairValueInputsLevel2Member_lbl">Level 2 [Member]</link:label>
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    <link:label xlink:type="resource" xlink:label="us-gaap_FiniteLivedIntangibleAssetsMajorClassNameDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_FiniteLivedIntangibleAssetsMajorClassNameDomain_lbl" xml:lang="en-US" id="us-gaap_FiniteLivedIntangibleAssetsMajorClassNameDomain_lbl">Finite-Lived Intangible Assets, Major Class Name [Domain]</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis" xlink:label="FiniteLivedIntangibleAssetsByMajorClassAxis" xlink:title="FiniteLivedIntangibleAssetsByMajorClassAxis" />
    <link:label xlink:type="resource" xlink:label="us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis_lbl" xml:lang="en-US" id="us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis_lbl">Finite-Lived Intangible Assets by Major Class [Axis]</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.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_FiniteLivedIntangibleAssetsAmortizationExpenseYearThree_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearThree_lbl1" xml:lang="en-US" id="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearThree_lbl1">Finite-Lived Intangible Assets, Amortization Expense, Year Three</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsReceivable" xlink:label="IncreaseDecreaseInAccountsReceivable" xlink:title="IncreaseDecreaseInAccountsReceivable" />
    <link:label xlink:type="resource" xlink:label="us-gaap_IncreaseDecreaseInAccountsReceivable_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_IncreaseDecreaseInAccountsReceivable_lbl" xml:lang="en-US" id="us-gaap_IncreaseDecreaseInAccountsReceivable_lbl">Decrease (increase) in accounts receivable</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_IncreaseDecreaseInDeferredLeasingFees" xlink:label="IncreaseDecreaseInDeferredLeasingFees" xlink:title="IncreaseDecreaseInDeferredLeasingFees" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInDeferredLeasingFees" xlink:to="us-gaap_IncreaseDecreaseInDeferredLeasingFees_lbl1" xlink:title="label: IncreaseDecreaseInDeferredLeasingFees to us-gaap_IncreaseDecreaseInDeferredLeasingFees_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" xlink:label="IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" xlink:title="IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" />
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:label="IncreaseDecreaseInOperatingCapitalAbstract" xlink:title="IncreaseDecreaseInOperatingCapitalAbstract" />
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    <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/2014/elts/us-gaap-2014-01-31.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/2014/elts/us-gaap-2014-01-31.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, amounts capitalized</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/2014/elts/us-gaap-2014-01-31.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 $1,030 and $580, 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/2014/elts/us-gaap-2014-01-31.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/2014/elts/us-gaap-2014-01-31.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/2014/elts/us-gaap-2014-01-31.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/2014/elts/us-gaap-2014-01-31.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/2014/elts/us-gaap-2014-01-31.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/terseLabel" xlink:title="us-gaap_LongtermDebtPercentageBearingFixedInterestAmount_lbl" xml:lang="en-US" id="us-gaap_LongtermDebtPercentageBearingFixedInterestAmount_lbl">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_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/label" xlink:title="us-gaap_LongtermDebtPercentageBearingFixedInterestAmount_lbl1" xml:lang="en-US" id="us-gaap_LongtermDebtPercentageBearingFixedInterestAmount_lbl1">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_lbl1" xlink:title="label: LongtermDebtPercentageBearingFixedInterestAmount to us-gaap_LongtermDebtPercentageBearingFixedInterestAmount_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.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/terseLabel" 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:label xlink:type="resource" xlink:label="us-gaap_LongtermDebtPercentageBearingVariableInterestAmount_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_LongtermDebtPercentageBearingVariableInterestAmount_lbl1" xml:lang="en-US" id="us-gaap_LongtermDebtPercentageBearingVariableInterestAmount_lbl1">Long-term Debt, Percentage Bearing Variable Interest, Amount</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_lbl1" xlink:title="label: LongtermDebtPercentageBearingVariableInterestAmount to us-gaap_LongtermDebtPercentageBearingVariableInterestAmount_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_LongtermDebtTypeAxis" xlink:label="LongtermDebtTypeAxis" xlink:title="LongtermDebtTypeAxis" />
    <link:label xlink:type="resource" xlink:label="us-gaap_LongtermDebtTypeAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_LongtermDebtTypeAxis_lbl" xml:lang="en-US" id="us-gaap_LongtermDebtTypeAxis_lbl">Long-term Debt, Type [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LongtermDebtTypeAxis" xlink:to="us-gaap_LongtermDebtTypeAxis_lbl" xlink:title="label: LongtermDebtTypeAxis to us-gaap_LongtermDebtTypeAxis_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_LongtermDebtTypeDomain" xlink:label="LongtermDebtTypeDomain" xlink:title="LongtermDebtTypeDomain" />
    <link:label xlink:type="resource" xlink:label="us-gaap_LongtermDebtTypeDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_LongtermDebtTypeDomain_lbl" xml:lang="en-US" id="us-gaap_LongtermDebtTypeDomain_lbl">Long-term Debt, Type [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LongtermDebtTypeDomain" xlink:to="us-gaap_LongtermDebtTypeDomain_lbl" xlink:title="label: LongtermDebtTypeDomain to us-gaap_LongtermDebtTypeDomain_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.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/2014/elts/us-gaap-2014-01-31.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/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_LandMember" xlink:label="LandMember" xlink:title="LandMember" />
    <link:label xlink:type="resource" xlink:label="us-gaap_LandMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_LandMember_lbl" xml:lang="en-US" id="us-gaap_LandMember_lbl">Land Parcel 1 [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LandMember" xlink:to="us-gaap_LandMember_lbl" xlink:title="label: LandMember to us-gaap_LandMember_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.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/2014/elts/us-gaap-2014-01-31.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, REDEEMABLE NONCONTROLLING INTERESTS 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/2014/elts/us-gaap-2014-01-31.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/2014/elts/us-gaap-2014-01-31.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/2014/elts/us-gaap-2014-01-31.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/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_LineOfCredit" xlink:label="LineOfCredit" xlink:title="LineOfCredit" />
    <link:label xlink:type="resource" xlink:label="us-gaap_LineOfCredit_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_LineOfCredit_lbl" xml:lang="en-US" id="us-gaap_LineOfCredit_lbl">Borrowed amount</link:label>
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    <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>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_LineOfCreditFacilityCurrentBorrowingCapacity" xlink:label="LineOfCreditFacilityCurrentBorrowingCapacity" xlink:title="LineOfCreditFacilityCurrentBorrowingCapacity" />
    <link:label xlink:type="resource" xlink:label="us-gaap_LineOfCreditFacilityCurrentBorrowingCapacity_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_LineOfCreditFacilityCurrentBorrowingCapacity_lbl" xml:lang="en-US" id="us-gaap_LineOfCreditFacilityCurrentBorrowingCapacity_lbl">Revolving credit facility, amended</link:label>
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    <link:label xlink:type="resource" xlink:label="us-gaap_LineOfCreditFacilityCurrentBorrowingCapacity_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_LineOfCreditFacilityCurrentBorrowingCapacity_lbl1" xml:lang="en-US" id="us-gaap_LineOfCreditFacilityCurrentBorrowingCapacity_lbl1">Line of Credit Facility, Current Borrowing Capacity</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.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>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.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>
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    <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/2014/elts/us-gaap-2014-01-31.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/2014/elts/us-gaap-2014-01-31.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:label xlink:type="resource" xlink:label="us-gaap_LoansPayableFairValueDisclosure_lbl1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_LoansPayableFairValueDisclosure_lbl1" xml:lang="en-US" id="us-gaap_LoansPayableFairValueDisclosure_lbl1">Morgages payable</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_lbl1" xlink:title="label: LoansPayableFairValueDisclosure to us-gaap_LoansPayableFairValueDisclosure_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.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/2014/elts/us-gaap-2014-01-31.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/2014/elts/us-gaap-2014-01-31.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">2015 (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/2014/elts/us-gaap-2014-01-31.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">2017</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.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">2016</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.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>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.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">2018</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.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>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive" xlink:to="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive_lbl" xlink:title="label: LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive to us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.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">2019</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>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.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>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MinorityInterestInOperatingPartnerships" xlink:to="us-gaap_MinorityInterestInOperatingPartnerships_lbl" xlink:title="label: MinorityInterestInOperatingPartnerships to us-gaap_MinorityInterestInOperatingPartnerships_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_MinorityInterestInOperatingPartnerships_lbl1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_MinorityInterestInOperatingPartnerships_lbl1" xml:lang="en-US" id="us-gaap_MinorityInterestInOperatingPartnerships_lbl1">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/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders" xlink:label="MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders" xlink:title="MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders" />
    <link:label xlink:type="resource" xlink:label="us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders_lbl" xml:lang="en-US" id="us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders_lbl">Net distributions</link:label>
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    <link:label xlink:type="resource" xlink:label="us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders_lbl1" xml:lang="en-US" id="us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders_lbl1">Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_MortgageLoansOnRealEstateMaximumInterestRateInRange" xlink:label="MortgageLoansOnRealEstateMaximumInterestRateInRange" xlink:title="MortgageLoansOnRealEstateMaximumInterestRateInRange" />
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_MortgageLoansOnRealEstateMinimumInterestRateInRange" xlink:label="MortgageLoansOnRealEstateMinimumInterestRateInRange" xlink:title="MortgageLoansOnRealEstateMinimumInterestRateInRange" />
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis" xlink:label="MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis" xlink:title="MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis" />
    <link:label xlink:type="resource" xlink:label="us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_lbl" xml:lang="en-US" id="us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_lbl">Real Estate, Type of Property [Axis]</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_MortgageLoansOnRealEstateNamePropertyTypeDomain" xlink:label="MortgageLoansOnRealEstateNamePropertyTypeDomain" xlink:title="MortgageLoansOnRealEstateNamePropertyTypeDomain" />
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    <link:label xlink:type="resource" xlink:label="us-gaap_MortgageLoansOnRealEstateNamePropertyTypeDomain_lbl1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_MortgageLoansOnRealEstateNamePropertyTypeDomain_lbl1" xml:lang="en-US" id="us-gaap_MortgageLoansOnRealEstateNamePropertyTypeDomain_lbl1">Real Estate [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MortgageLoansOnRealEstateNamePropertyTypeDomain" xlink:to="us-gaap_MortgageLoansOnRealEstateNamePropertyTypeDomain_lbl1" xlink:title="label: MortgageLoansOnRealEstateNamePropertyTypeDomain to us-gaap_MortgageLoansOnRealEstateNamePropertyTypeDomain_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="NetIncomeLoss" xlink:title="NetIncomeLoss" />
    <link:label xlink:type="resource" xlink:label="us-gaap_NetIncomeLoss_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_NetIncomeLoss_lbl" xml:lang="en-US" id="us-gaap_NetIncomeLoss_lbl">Net (loss) income attributable to Investors Real Estate Trust</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetIncomeLoss" xlink:to="us-gaap_NetIncomeLoss_lbl" xlink:title="label: NetIncomeLoss to us-gaap_NetIncomeLoss_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:label="NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:title="NetCashProvidedByUsedInFinancingActivitiesAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_lbl" xml:lang="en-US" id="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_lbl">CASH FLOWS FROM FINANCING ACTIVITIES</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:to="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_lbl" xlink:title="label: NetCashProvidedByUsedInFinancingActivitiesAbstract to us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:label="NetIncomeLossAvailableToCommonStockholdersBasic" xlink:title="NetIncomeLossAvailableToCommonStockholdersBasic" />
    <link:label xlink:type="resource" xlink:label="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_lbl" xml:lang="en-US" id="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_lbl">NET (LOSS) INCOME AVAILABLE TO COMMON SHAREHOLDERS</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetIncomeLossAvailableToCommonStockholdersBasic" xlink:to="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_lbl" xlink:title="label: NetIncomeLossAvailableToCommonStockholdersBasic to us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_lbl1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_lbl1" xml:lang="en-US" id="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_lbl1">Numerator for basic earnings per share - net income available to common shareholders</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetIncomeLossAvailableToCommonStockholdersBasic" xlink:to="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_lbl1" xlink:title="label: NetIncomeLossAvailableToCommonStockholdersBasic to us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_lbl1" />
    <link:label xlink:type="resource" xlink:label="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_lbl2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_lbl2" xml:lang="en-US" id="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_lbl2">Net Income (Loss) Available to Common Stockholders, Basic</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetIncomeLossAvailableToCommonStockholdersBasic" xlink:to="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_lbl2" xlink:title="label: NetIncomeLossAvailableToCommonStockholdersBasic to us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_lbl2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_NetIncomeLossAttributableToRedeemableNoncontrollingInterest" xlink:label="NetIncomeLossAttributableToRedeemableNoncontrollingInterest" xlink:title="NetIncomeLossAttributableToRedeemableNoncontrollingInterest" />
    <link:label xlink:type="resource" xlink:label="us-gaap_NetIncomeLossAttributableToRedeemableNoncontrollingInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="us-gaap_NetIncomeLossAttributableToRedeemableNoncontrollingInterest_lbl" xml:lang="en-US" id="us-gaap_NetIncomeLossAttributableToRedeemableNoncontrollingInterest_lbl">Net income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetIncomeLossAttributableToRedeemableNoncontrollingInterest" xlink:to="us-gaap_NetIncomeLossAttributableToRedeemableNoncontrollingInterest_lbl" xlink:title="label: NetIncomeLossAttributableToRedeemableNoncontrollingInterest to us-gaap_NetIncomeLossAttributableToRedeemableNoncontrollingInterest_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_NetIncomeLossAttributableToRedeemableNoncontrollingInterest_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_NetIncomeLossAttributableToRedeemableNoncontrollingInterest_lbl1" xml:lang="en-US" id="us-gaap_NetIncomeLossAttributableToRedeemableNoncontrollingInterest_lbl1">Net Income (Loss) Attributable to Redeemable Noncontrolling Interest</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetIncomeLossAttributableToRedeemableNoncontrollingInterest" xlink:to="us-gaap_NetIncomeLossAttributableToRedeemableNoncontrollingInterest_lbl1" xlink:title="label: NetIncomeLossAttributableToRedeemableNoncontrollingInterest to us-gaap_NetIncomeLossAttributableToRedeemableNoncontrollingInterest_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.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/2014/elts/us-gaap-2014-01-31.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>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetIncomeLossAvailableToCommonStockholdersDiluted" xlink:to="us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted_lbl" xlink:title="label: NetIncomeLossAvailableToCommonStockholdersDiluted to us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted_lbl" />
    <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/2014/elts/us-gaap-2014-01-31.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>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetRentableArea" xlink:to="us-gaap_NetRentableArea_lbl" xlink:title="label: NetRentableArea to us-gaap_NetRentableArea_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.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/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:label="NetCashProvidedByUsedInInvestingActivities" xlink:title="NetCashProvidedByUsedInInvestingActivities" />
    <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>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetCashProvidedByUsedInInvestingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl" xlink:title="label: NetCashProvidedByUsedInInvestingActivities to us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl" />
    <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>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetCashProvidedByUsedInInvestingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl1" xlink:title="label: NetCashProvidedByUsedInInvestingActivities to us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.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" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.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:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:label="NetCashProvidedByUsedInOperatingActivities" xlink:title="NetCashProvidedByUsedInOperatingActivities" />
    <link:label xlink:type="resource" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl" xml:lang="en-US" id="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl">Net cash provided by operating activities</link:label>
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    <link:label xlink:type="resource" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl1" xml:lang="en-US" id="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl1">Net Cash Provided by (Used in) Operating Activities</link:label>
    <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:label xlink:type="resource" xlink:label="us-gaap_NetIncomeLossAttributableToNoncontrollingInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_NetIncomeLossAttributableToNoncontrollingInterest_lbl" xml:lang="en-US" id="us-gaap_NetIncomeLossAttributableToNoncontrollingInterest_lbl">Net income attributable 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="NetIncomeLossAttributableToNoncontrollingInterest" xlink:to="us-gaap_NetIncomeLossAttributableToNoncontrollingInterest_lbl" xlink:title="label: NetIncomeLossAttributableToNoncontrollingInterest to us-gaap_NetIncomeLossAttributableToNoncontrollingInterest_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" xlink:label="NewAccountingPronouncementsPolicyPolicyTextBlock" xlink:title="NewAccountingPronouncementsPolicyPolicyTextBlock" />
    <link:label xlink:type="resource" xlink:label="us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock_lbl" xml:lang="en-US" id="us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock_lbl">RECENT ACCOUNTING PRONOUNCEMENTS</link:label>
    <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" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_NoncashOrPartNoncashAcquisitionDebtAssumed1" xlink:label="NoncashOrPartNoncashAcquisitionDebtAssumed1" xlink:title="NoncashOrPartNoncashAcquisitionDebtAssumed1" />
    <link:label xlink:type="resource" xlink:label="us-gaap_NoncashOrPartNoncashAcquisitionDebtAssumed1_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_NoncashOrPartNoncashAcquisitionDebtAssumed1_lbl" xml:lang="en-US" id="us-gaap_NoncashOrPartNoncashAcquisitionDebtAssumed1_lbl">Noncash or Part Noncash Acquisition, Debt Assumed</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncashOrPartNoncashAcquisitionDebtAssumed1" xlink:to="us-gaap_NoncashOrPartNoncashAcquisitionDebtAssumed1_lbl" xlink:title="label: NoncashOrPartNoncashAcquisitionDebtAssumed1 to us-gaap_NoncashOrPartNoncashAcquisitionDebtAssumed1_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_NumberOfRealEstateProperties" xlink:label="NumberOfRealEstateProperties" xlink:title="NumberOfRealEstateProperties" />
    <link:label xlink:type="resource" xlink:label="us-gaap_NumberOfRealEstateProperties_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_NumberOfRealEstateProperties_lbl" xml:lang="en-US" id="us-gaap_NumberOfRealEstateProperties_lbl">Number of real estate properties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfRealEstateProperties" xlink:to="us-gaap_NumberOfRealEstateProperties_lbl" xlink:title="label: NumberOfRealEstateProperties to us-gaap_NumberOfRealEstateProperties_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_NumberOfReportableSegments" xlink:label="NumberOfReportableSegments" xlink:title="NumberOfReportableSegments" />
    <link:label xlink:type="resource" xlink:label="us-gaap_NumberOfReportableSegments_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_NumberOfReportableSegments_lbl" xml:lang="en-US" id="us-gaap_NumberOfReportableSegments_lbl">Number of reportable segments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfReportableSegments" xlink:to="us-gaap_NumberOfReportableSegments_lbl" xlink:title="label: NumberOfReportableSegments to us-gaap_NumberOfReportableSegments_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_NoncontrollingInterestInNetIncomeLossOperatingPartnershipsNonredeemable" xlink:label="NoncontrollingInterestInNetIncomeLossOperatingPartnershipsNonredeemable" xlink:title="NoncontrollingInterestInNetIncomeLossOperatingPartnershipsNonredeemable" />
    <link:label xlink:type="resource" xlink:label="us-gaap_NoncontrollingInterestInNetIncomeLossOperatingPartnershipsNonredeemable_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_NoncontrollingInterestInNetIncomeLossOperatingPartnershipsNonredeemable_lbl" xml:lang="en-US" id="us-gaap_NoncontrollingInterestInNetIncomeLossOperatingPartnershipsNonredeemable_lbl">Net loss (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="NoncontrollingInterestInNetIncomeLossOperatingPartnershipsNonredeemable" xlink:to="us-gaap_NoncontrollingInterestInNetIncomeLossOperatingPartnershipsNonredeemable_lbl" xlink:title="label: NoncontrollingInterestInNetIncomeLossOperatingPartnershipsNonredeemable to us-gaap_NoncontrollingInterestInNetIncomeLossOperatingPartnershipsNonredeemable_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_NoncontrollingInterestInNetIncomeLossOperatingPartnershipsNonredeemable_lbl1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="us-gaap_NoncontrollingInterestInNetIncomeLossOperatingPartnershipsNonredeemable_lbl1" xml:lang="en-US" id="us-gaap_NoncontrollingInterestInNetIncomeLossOperatingPartnershipsNonredeemable_lbl1">Noncontrolling interests - Operating Partnership</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncontrollingInterestInNetIncomeLossOperatingPartnershipsNonredeemable" xlink:to="us-gaap_NoncontrollingInterestInNetIncomeLossOperatingPartnershipsNonredeemable_lbl1" xlink:title="label: NoncontrollingInterestInNetIncomeLossOperatingPartnershipsNonredeemable to us-gaap_NoncontrollingInterestInNetIncomeLossOperatingPartnershipsNonredeemable_lbl1" />
    <link:label xlink:type="resource" xlink:label="us-gaap_NoncontrollingInterestInNetIncomeLossOperatingPartnershipsNonredeemable_lbl2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_NoncontrollingInterestInNetIncomeLossOperatingPartnershipsNonredeemable_lbl2" xml:lang="en-US" id="us-gaap_NoncontrollingInterestInNetIncomeLossOperatingPartnershipsNonredeemable_lbl2">Noncontrolling Interest in Net Income (Loss) Operating Partnerships, Nonredeemable</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncontrollingInterestInNetIncomeLossOperatingPartnershipsNonredeemable" xlink:to="us-gaap_NoncontrollingInterestInNetIncomeLossOperatingPartnershipsNonredeemable_lbl2" xlink:title="label: NoncontrollingInterestInNetIncomeLossOperatingPartnershipsNonredeemable to us-gaap_NoncontrollingInterestInNetIncomeLossOperatingPartnershipsNonredeemable_lbl2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance" xlink:label="NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance" xlink:title="NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance" />
    <link:label xlink:type="resource" xlink:label="us-gaap_NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance_lbl" xml:lang="en-US" id="us-gaap_NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance_lbl">Contributions from nonredeemable 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="NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance" xlink:to="us-gaap_NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance_lbl" xlink:title="label: NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance to us-gaap_NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance_lbl1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance_lbl1" xml:lang="en-US" id="us-gaap_NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance_lbl1">Other</link:label>
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    <link:label xlink:type="resource" xlink:label="us-gaap_NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance_lbl2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="us-gaap_NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance_lbl2" xml:lang="en-US" id="us-gaap_NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance_lbl2">Contributions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance" xlink:to="us-gaap_NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance_lbl2" xlink:title="label: NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance to us-gaap_NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance_lbl2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_NoncontrollingInterestMember" xlink:label="NoncontrollingInterestMember" xlink:title="NoncontrollingInterestMember" />
    <link:label xlink:type="resource" xlink:label="us-gaap_NoncontrollingInterestMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_NoncontrollingInterestMember_lbl" xml:lang="en-US" id="us-gaap_NoncontrollingInterestMember_lbl">Noncontrolling Interests [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncontrollingInterestMember" xlink:to="us-gaap_NoncontrollingInterestMember_lbl" xlink:title="label: NoncontrollingInterestMember to us-gaap_NoncontrollingInterestMember_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_OperatingLeasesIncomeStatementLeaseRevenue" xlink:label="OperatingLeasesIncomeStatementLeaseRevenue" xlink:title="OperatingLeasesIncomeStatementLeaseRevenue" />
    <link:label xlink:type="resource" xlink:label="us-gaap_OperatingLeasesIncomeStatementLeaseRevenue_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_OperatingLeasesIncomeStatementLeaseRevenue_lbl" xml:lang="en-US" id="us-gaap_OperatingLeasesIncomeStatementLeaseRevenue_lbl">Real estate rentals</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OperatingLeasesIncomeStatementLeaseRevenue" xlink:to="us-gaap_OperatingLeasesIncomeStatementLeaseRevenue_lbl" xlink:title="label: OperatingLeasesIncomeStatementLeaseRevenue to us-gaap_OperatingLeasesIncomeStatementLeaseRevenue_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_OperatingIncomeLoss" xlink:label="OperatingIncomeLoss" xlink:title="OperatingIncomeLoss" />
    <link:label xlink:type="resource" xlink:label="us-gaap_OperatingIncomeLoss_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="us-gaap_OperatingIncomeLoss_lbl" xml:lang="en-US" id="us-gaap_OperatingIncomeLoss_lbl">Operating income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OperatingIncomeLoss" xlink:to="us-gaap_OperatingIncomeLoss_lbl" xlink:title="label: OperatingIncomeLoss to us-gaap_OperatingIncomeLoss_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_OperatingIncomeLoss_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_OperatingIncomeLoss_lbl1" xml:lang="en-US" id="us-gaap_OperatingIncomeLoss_lbl1">Operating Income (Loss)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OperatingIncomeLoss" xlink:to="us-gaap_OperatingIncomeLoss_lbl1" xlink:title="label: OperatingIncomeLoss to us-gaap_OperatingIncomeLoss_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_OperatingSegmentsMember" xlink:label="OperatingSegmentsMember" xlink:title="OperatingSegmentsMember" />
    <link:label xlink:type="resource" xlink:label="us-gaap_OperatingSegmentsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_OperatingSegmentsMember_lbl" xml:lang="en-US" id="us-gaap_OperatingSegmentsMember_lbl">Operating Segments [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OperatingSegmentsMember" xlink:to="us-gaap_OperatingSegmentsMember_lbl" xlink:title="label: OperatingSegmentsMember to us-gaap_OperatingSegmentsMember_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:label="OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:title="OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract_lbl" xml:lang="en-US" id="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract_lbl">ORGANIZATION [Abstract]</link:label>
    <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/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" xlink:label="OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" xlink:title="OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" />
    <link:label xlink:type="resource" xlink:label="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_lbl" xml:lang="en-US" id="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_lbl">ORGANIZATION</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.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>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.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/2014/elts/us-gaap-2014-01-31.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>
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    <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/2014/elts/us-gaap-2014-01-31.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">Increase in accounts receivable 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="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/2014/elts/us-gaap-2014-01-31.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/2009/role/negatedLabel" 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/2003/role/terseLabel" xlink:title="us-gaap_OtherGeneralExpense_lbl1" xml:lang="en-US" id="us-gaap_OtherGeneralExpense_lbl1">Other property 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:label xlink:type="resource" xlink:label="us-gaap_OtherGeneralExpense_lbl2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_OtherGeneralExpense_lbl2" xml:lang="en-US" id="us-gaap_OtherGeneralExpense_lbl2">Other property 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_lbl2" xlink:title="label: OtherGeneralExpense to us-gaap_OtherGeneralExpense_lbl2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.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/2014/elts/us-gaap-2014-01-31.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:label xlink:type="resource" xlink:label="us-gaap_OtherNonoperatingIncomeExpense_lbl1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_OtherNonoperatingIncomeExpense_lbl1" xml:lang="en-US" id="us-gaap_OtherNonoperatingIncomeExpense_lbl1">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_lbl1" xlink:title="label: OtherNonoperatingIncomeExpense to us-gaap_OtherNonoperatingIncomeExpense_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.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:label xlink:type="resource" xlink:label="us-gaap_OtherLiabilities_lbl1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_OtherLiabilities_lbl1" xml:lang="en-US" id="us-gaap_OtherLiabilities_lbl1">Financing liability balance</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_lbl1" xlink:title="label: OtherLiabilities to us-gaap_OtherLiabilities_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_OtherRealEstateRevenue" xlink:label="OtherRealEstateRevenue" xlink:title="OtherRealEstateRevenue" />
    <link:label xlink:type="resource" xlink:label="us-gaap_OtherRealEstateRevenue_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_OtherRealEstateRevenue_lbl" xml:lang="en-US" id="us-gaap_OtherRealEstateRevenue_lbl">TRS senior housing revenue</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherRealEstateRevenue" xlink:to="us-gaap_OtherRealEstateRevenue_lbl" xlink:title="label: OtherRealEstateRevenue to us-gaap_OtherRealEstateRevenue_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_OtherRealEstateRevenue_lbl1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_OtherRealEstateRevenue_lbl1" xml:lang="en-US" id="us-gaap_OtherRealEstateRevenue_lbl1">TRS senior housing revenue</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherRealEstateRevenue" xlink:to="us-gaap_OtherRealEstateRevenue_lbl1" xlink:title="label: OtherRealEstateRevenue to us-gaap_OtherRealEstateRevenue_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_OtherInvestmentsMember" xlink:label="OtherInvestmentsMember" xlink:title="OtherInvestmentsMember" />
    <link:label xlink:type="resource" xlink:label="us-gaap_OtherInvestmentsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_OtherInvestmentsMember_lbl" xml:lang="en-US" id="us-gaap_OtherInvestmentsMember_lbl">Other Investments [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherInvestmentsMember" xlink:to="us-gaap_OtherInvestmentsMember_lbl" xlink:title="label: OtherInvestmentsMember to us-gaap_OtherInvestmentsMember_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.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/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_PartiallyOwnedPropertiesMember" xlink:label="PartiallyOwnedPropertiesMember" xlink:title="PartiallyOwnedPropertiesMember" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PartiallyOwnedPropertiesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_PartiallyOwnedPropertiesMember_lbl" xml:lang="en-US" id="us-gaap_PartiallyOwnedPropertiesMember_lbl">Other [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PartiallyOwnedPropertiesMember" xlink:to="us-gaap_PartiallyOwnedPropertiesMember_lbl" xlink:title="label: PartiallyOwnedPropertiesMember to us-gaap_PartiallyOwnedPropertiesMember_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ParentMember" xlink:label="ParentMember" xlink:title="ParentMember" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ParentMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ParentMember_lbl" xml:lang="en-US" id="us-gaap_ParentMember_lbl">Equity [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ParentMember" xlink:to="us-gaap_ParentMember_lbl" xlink:title="label: ParentMember to us-gaap_ParentMember_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.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>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PartnersCapitalAccountRedemptions" xlink:to="us-gaap_PartnersCapitalAccountRedemptions_lbl" xlink:title="label: PartnersCapitalAccountRedemptions to us-gaap_PartnersCapitalAccountRedemptions_lbl" />
    <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/2014/elts/us-gaap-2014-01-31.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>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PartnersCapitalAccountUnitsRedeemed" xlink:to="us-gaap_PartnersCapitalAccountUnitsRedeemed_lbl" xlink:title="label: PartnersCapitalAccountUnitsRedeemed to us-gaap_PartnersCapitalAccountUnitsRedeemed_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.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/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_PaymentsForProceedsFromOtherInvestingActivities" xlink:label="PaymentsForProceedsFromOtherInvestingActivities" xlink:title="PaymentsForProceedsFromOtherInvestingActivities" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PaymentsForProceedsFromOtherInvestingActivities_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="us-gaap_PaymentsForProceedsFromOtherInvestingActivities_lbl" xml:lang="en-US" id="us-gaap_PaymentsForProceedsFromOtherInvestingActivities_lbl">Decrease in other investments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsForProceedsFromOtherInvestingActivities" xlink:to="us-gaap_PaymentsForProceedsFromOtherInvestingActivities_lbl" xlink:title="label: PaymentsForProceedsFromOtherInvestingActivities to us-gaap_PaymentsForProceedsFromOtherInvestingActivities_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PaymentsForProceedsFromOtherInvestingActivities_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_PaymentsForProceedsFromOtherInvestingActivities_lbl1" xml:lang="en-US" id="us-gaap_PaymentsForProceedsFromOtherInvestingActivities_lbl1">Payments for (Proceeds from) Other Investing Activities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsForProceedsFromOtherInvestingActivities" xlink:to="us-gaap_PaymentsForProceedsFromOtherInvestingActivities_lbl1" xlink:title="label: PaymentsForProceedsFromOtherInvestingActivities to us-gaap_PaymentsForProceedsFromOtherInvestingActivities_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.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/2014/elts/us-gaap-2014-01-31.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/2014/elts/us-gaap-2014-01-31.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/2014/elts/us-gaap-2014-01-31.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/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_PaymentsToAcquireBusinessesGross" xlink:label="PaymentsToAcquireBusinessesGross" xlink:title="PaymentsToAcquireBusinessesGross" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PaymentsToAcquireBusinessesGross_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_PaymentsToAcquireBusinessesGross_lbl" xml:lang="en-US" id="us-gaap_PaymentsToAcquireBusinessesGross_lbl">Cash paid for acquisition</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsToAcquireBusinessesGross" xlink:to="us-gaap_PaymentsToAcquireBusinessesGross_lbl" xlink:title="label: PaymentsToAcquireBusinessesGross to us-gaap_PaymentsToAcquireBusinessesGross_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PaymentsToAcquireBusinessesGross_lbl1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="us-gaap_PaymentsToAcquireBusinessesGross_lbl1" xml:lang="en-US" id="us-gaap_PaymentsToAcquireBusinessesGross_lbl1">Cash</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsToAcquireBusinessesGross" xlink:to="us-gaap_PaymentsToAcquireBusinessesGross_lbl1" xlink:title="label: PaymentsToAcquireBusinessesGross to us-gaap_PaymentsToAcquireBusinessesGross_lbl1" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PaymentsToAcquireBusinessesGross_lbl2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_PaymentsToAcquireBusinessesGross_lbl2" xml:lang="en-US" id="us-gaap_PaymentsToAcquireBusinessesGross_lbl2">Payments to Acquire Businesses, Gross</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsToAcquireBusinessesGross" xlink:to="us-gaap_PaymentsToAcquireBusinessesGross_lbl2" xlink:title="label: PaymentsToAcquireBusinessesGross to us-gaap_PaymentsToAcquireBusinessesGross_lbl2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.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 $3,801 and $3,549, 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/2014/elts/us-gaap-2014-01-31.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 reinvestment of $185 and $183, 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/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_PaymentsToAcquireAdditionalInterestInSubsidiaries" xlink:label="PaymentsToAcquireAdditionalInterestInSubsidiaries" xlink:title="PaymentsToAcquireAdditionalInterestInSubsidiaries" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PaymentsToAcquireAdditionalInterestInSubsidiaries_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="us-gaap_PaymentsToAcquireAdditionalInterestInSubsidiaries_lbl" xml:lang="en-US" id="us-gaap_PaymentsToAcquireAdditionalInterestInSubsidiaries_lbl">Payments for acquisition of 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="PaymentsToAcquireAdditionalInterestInSubsidiaries" xlink:to="us-gaap_PaymentsToAcquireAdditionalInterestInSubsidiaries_lbl" xlink:title="label: PaymentsToAcquireAdditionalInterestInSubsidiaries to us-gaap_PaymentsToAcquireAdditionalInterestInSubsidiaries_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PaymentsToAcquireAdditionalInterestInSubsidiaries_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_PaymentsToAcquireAdditionalInterestInSubsidiaries_lbl1" xml:lang="en-US" id="us-gaap_PaymentsToAcquireAdditionalInterestInSubsidiaries_lbl1">Payments to Acquire Additional Interest in Subsidiaries</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsToAcquireAdditionalInterestInSubsidiaries" xlink:to="us-gaap_PaymentsToAcquireAdditionalInterestInSubsidiaries_lbl1" xlink:title="label: PaymentsToAcquireAdditionalInterestInSubsidiaries to us-gaap_PaymentsToAcquireAdditionalInterestInSubsidiaries_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.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/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_PreferredStockValue" xlink:label="PreferredStockValue" xlink:title="PreferredStockValue" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PreferredStockValue_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_PreferredStockValue_lbl" xml:lang="en-US" id="us-gaap_PreferredStockValue_lbl">Preferred Shares of Beneficial Interest (Cumulative redeemable preferred shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PreferredStockValue" xlink:to="us-gaap_PreferredStockValue_lbl" xlink:title="label: PreferredStockValue to us-gaap_PreferredStockValue_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PreferredStockValue_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_PreferredStockValue_lbl1" xml:lang="en-US" id="us-gaap_PreferredStockValue_lbl1">Preferred Stock, Value, Issued</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PreferredStockValue" xlink:to="us-gaap_PreferredStockValue_lbl1" xlink:title="label: PreferredStockValue to us-gaap_PreferredStockValue_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.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 Series 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/2014/elts/us-gaap-2014-01-31.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 Series 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/2014/elts/us-gaap-2014-01-31.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/2014/elts/us-gaap-2014-01-31.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/2014/elts/us-gaap-2014-01-31.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/2014/elts/us-gaap-2014-01-31.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/2014/elts/us-gaap-2014-01-31.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/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ProceedsFromCollectionOfLoansReceivable" xlink:label="ProceedsFromCollectionOfLoansReceivable" xlink:title="ProceedsFromCollectionOfLoansReceivable" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ProceedsFromCollectionOfLoansReceivable_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ProceedsFromCollectionOfLoansReceivable_lbl" xml:lang="en-US" id="us-gaap_ProceedsFromCollectionOfLoansReceivable_lbl">Principal proceeds on mortgage loans receivable</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProceedsFromCollectionOfLoansReceivable" xlink:to="us-gaap_ProceedsFromCollectionOfLoansReceivable_lbl" xlink:title="label: ProceedsFromCollectionOfLoansReceivable to us-gaap_ProceedsFromCollectionOfLoansReceivable_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.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, 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/2014/elts/us-gaap-2014-01-31.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/2014/elts/us-gaap-2014-01-31.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/2014/elts/us-gaap-2014-01-31.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>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ProceedsFromMinorityShareholders" xlink:label="ProceedsFromMinorityShareholders" xlink:title="ProceedsFromMinorityShareholders" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ProceedsFromMinorityShareholders_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ProceedsFromMinorityShareholders_lbl" xml:lang="en-US" id="us-gaap_ProceedsFromMinorityShareholders_lbl">Proceeds from noncontrolling partner - consolidated real estate entities</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.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 lines of credit and other debt</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ProceedsFromInsuranceSettlementInvestingActivities" xlink:label="ProceedsFromInsuranceSettlementInvestingActivities" xlink:title="ProceedsFromInsuranceSettlementInvestingActivities" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ProceedsFromInsuranceSettlementInvestingActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ProceedsFromInsuranceSettlementInvestingActivities_lbl" xml:lang="en-US" id="us-gaap_ProceedsFromInsuranceSettlementInvestingActivities_lbl">Insurance proceeds received for redevelopment</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ProceedsFromIssuanceOfPreferredStockAndPreferenceStock" xlink:label="ProceedsFromIssuanceOfPreferredStockAndPreferenceStock" xlink:title="ProceedsFromIssuanceOfPreferredStockAndPreferenceStock" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ProceedsFromIssuanceOfPreferredStockAndPreferenceStock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ProceedsFromIssuanceOfPreferredStockAndPreferenceStock_lbl" xml:lang="en-US" id="us-gaap_ProceedsFromIssuanceOfPreferredStockAndPreferenceStock_lbl">Proceeds from underwritten Public Offering of Preferred Shares - Series B, net of offering costs</link:label>
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    <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>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ProceedsFromIssuanceOfLongTermDebt" xlink:label="ProceedsFromIssuanceOfLongTermDebt" xlink:title="ProceedsFromIssuanceOfLongTermDebt" />
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ProceedsFromIssuanceInitialPublicOffering" xlink:label="ProceedsFromIssuanceInitialPublicOffering" xlink:title="ProceedsFromIssuanceInitialPublicOffering" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ProceedsFromIssuanceInitialPublicOffering_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_ProceedsFromIssuanceInitialPublicOffering_lbl" xml:lang="en-US" id="us-gaap_ProceedsFromIssuanceInitialPublicOffering_lbl">Series B preferred shares issued</link:label>
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    <link:label xlink:type="resource" xlink:label="us-gaap_ProceedsFromIssuanceInitialPublicOffering_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ProceedsFromIssuanceInitialPublicOffering_lbl1" xml:lang="en-US" id="us-gaap_ProceedsFromIssuanceInitialPublicOffering_lbl1">Proceeds from Issuance Initial Public Offering</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProceedsFromIssuanceInitialPublicOffering" xlink:to="us-gaap_ProceedsFromIssuanceInitialPublicOffering_lbl1" xlink:title="label: ProceedsFromIssuanceInitialPublicOffering to us-gaap_ProceedsFromIssuanceInitialPublicOffering_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.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>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.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>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ProceedsFromSaleOfProductiveAssets" xlink:label="ProceedsFromSaleOfProductiveAssets" xlink:title="ProceedsFromSaleOfProductiveAssets" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ProceedsFromSaleOfProductiveAssets_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_ProceedsFromSaleOfProductiveAssets_lbl" xml:lang="en-US" id="us-gaap_ProceedsFromSaleOfProductiveAssets_lbl">Sales Price of Property Disposed</link:label>
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    <link:label xlink:type="resource" xlink:label="us-gaap_ProceedsFromSaleOfProductiveAssets_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ProceedsFromSaleOfProductiveAssets_lbl1" xml:lang="en-US" id="us-gaap_ProceedsFromSaleOfProductiveAssets_lbl1">Proceeds from Sale of Productive Assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProceedsFromSaleOfProductiveAssets" xlink:to="us-gaap_ProceedsFromSaleOfProductiveAssets_lbl1" xlink:title="label: ProceedsFromSaleOfProductiveAssets to us-gaap_ProceedsFromSaleOfProductiveAssets_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.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/totalLabel" xlink:title="us-gaap_ProfitLoss_lbl" xml:lang="en-US" id="us-gaap_ProfitLoss_lbl">NET (LOSS) INCOME</link:label>
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    <link:label xlink:type="resource" xlink:label="us-gaap_ProfitLoss_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" 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/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_PropertyPlantAndEquipmentGross" xlink:label="PropertyPlantAndEquipmentGross" xlink:title="PropertyPlantAndEquipmentGross" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PropertyPlantAndEquipmentGross_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_PropertyPlantAndEquipmentGross_lbl" xml:lang="en-US" id="us-gaap_PropertyPlantAndEquipmentGross_lbl">Total acquisition cost</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertyPlantAndEquipmentGross" xlink:to="us-gaap_PropertyPlantAndEquipmentGross_lbl" xlink:title="label: PropertyPlantAndEquipmentGross to us-gaap_PropertyPlantAndEquipmentGross_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.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 $2,140 and $2,041, 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/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:label="PropertyPlantAndEquipmentTypeDomain" xlink:title="PropertyPlantAndEquipmentTypeDomain" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PropertyPlantAndEquipmentTypeDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_PropertyPlantAndEquipmentTypeDomain_lbl" xml:lang="en-US" id="us-gaap_PropertyPlantAndEquipmentTypeDomain_lbl">Property, Plant and Equipment, Type [Domain]</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:label="PropertyPlantAndEquipmentByTypeAxis" xlink:title="PropertyPlantAndEquipmentByTypeAxis" />
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_PropertyPlantAndEquipmentScheduleOfSignificantAcquisitionsAndDisposalsTextBlock" xlink:label="PropertyPlantAndEquipmentScheduleOfSignificantAcquisitionsAndDisposalsTextBlock" xlink:title="PropertyPlantAndEquipmentScheduleOfSignificantAcquisitionsAndDisposalsTextBlock" />
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    <link:label xlink:type="resource" xlink:label="us-gaap_ProvisionForDoubtfulAccounts_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="us-gaap_ProvisionForDoubtfulAccounts_lbl" xml:lang="en-US" id="us-gaap_ProvisionForDoubtfulAccounts_lbl">Other property expenses</link:label>
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionForDoubtfulAccounts" xlink:to="us-gaap_ProvisionForDoubtfulAccounts_lbl1" xlink:title="label: ProvisionForDoubtfulAccounts to us-gaap_ProvisionForDoubtfulAccounts_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_QuantifyingMisstatementInCurrentYearFinancialStatementsAmount" xlink:label="QuantifyingMisstatementInCurrentYearFinancialStatementsAmount" xlink:title="QuantifyingMisstatementInCurrentYearFinancialStatementsAmount" />
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    <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/2014/elts/us-gaap-2014-01-31.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/2014/elts/us-gaap-2014-01-31.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/2014/elts/us-gaap-2014-01-31.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/2014/elts/us-gaap-2014-01-31.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/2014/elts/us-gaap-2014-01-31.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">Real Estate Investment Property, Net</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/2014/elts/us-gaap-2014-01-31.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/2014/elts/us-gaap-2014-01-31.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/2014/elts/us-gaap-2014-01-31.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/2014/elts/us-gaap-2014-01-31.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/2014/elts/us-gaap-2014-01-31.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/2014/elts/us-gaap-2014-01-31.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/verboseLabel" 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:label xlink:type="resource" xlink:label="us-gaap_RealEstateHeldforsale_lbl2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_RealEstateHeldforsale_lbl2" xml:lang="en-US" id="us-gaap_RealEstateHeldforsale_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="RealEstateHeldforsale" xlink:to="us-gaap_RealEstateHeldforsale_lbl2" xlink:title="label: RealEstateHeldforsale to us-gaap_RealEstateHeldforsale_lbl2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.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/terseLabel" xlink:title="us-gaap_RealEstateRevenueNet_lbl" xml:lang="en-US" id="us-gaap_RealEstateRevenueNet_lbl">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_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/totalLabel" 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/label" xlink:title="us-gaap_RealEstateRevenueNet_lbl2" xml:lang="en-US" id="us-gaap_RealEstateRevenueNet_lbl2">Real Estate Revenue, Net</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/2014/elts/us-gaap-2014-01-31.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/2014/elts/us-gaap-2014-01-31.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/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_RedeemableNoncontrollingInterestTableTextBlock" xlink:label="RedeemableNoncontrollingInterestTableTextBlock" xlink:title="RedeemableNoncontrollingInterestTableTextBlock" />
    <link:label xlink:type="resource" xlink:label="us-gaap_RedeemableNoncontrollingInterestTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_RedeemableNoncontrollingInterestTableTextBlock_lbl" xml:lang="en-US" id="us-gaap_RedeemableNoncontrollingInterestTableTextBlock_lbl">Redeemable Noncontrolling Interest</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RedeemableNoncontrollingInterestTableTextBlock" xlink:to="us-gaap_RedeemableNoncontrollingInterestTableTextBlock_lbl" xlink:title="label: RedeemableNoncontrollingInterestTableTextBlock to us-gaap_RedeemableNoncontrollingInterestTableTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_RedeemableNoncontrollingInterestTableTextBlock_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_RedeemableNoncontrollingInterestTableTextBlock_lbl1" xml:lang="en-US" id="us-gaap_RedeemableNoncontrollingInterestTableTextBlock_lbl1">Redeemable Noncontrolling Interest [Table Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RedeemableNoncontrollingInterestTableTextBlock" xlink:to="us-gaap_RedeemableNoncontrollingInterestTableTextBlock_lbl1" xlink:title="label: RedeemableNoncontrollingInterestTableTextBlock to us-gaap_RedeemableNoncontrollingInterestTableTextBlock_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_RepaymentsOfOtherShortTermDebt" xlink:label="RepaymentsOfOtherShortTermDebt" xlink:title="RepaymentsOfOtherShortTermDebt" />
    <link:label xlink:type="resource" xlink:label="us-gaap_RepaymentsOfOtherShortTermDebt_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="us-gaap_RepaymentsOfOtherShortTermDebt_lbl" xml:lang="en-US" id="us-gaap_RepaymentsOfOtherShortTermDebt_lbl">Principal payments on revolving lines of credit and other debt</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RepaymentsOfOtherShortTermDebt" xlink:to="us-gaap_RepaymentsOfOtherShortTermDebt_lbl" xlink:title="label: RepaymentsOfOtherShortTermDebt to us-gaap_RepaymentsOfOtherShortTermDebt_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_RepaymentsOfOtherShortTermDebt_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_RepaymentsOfOtherShortTermDebt_lbl1" xml:lang="en-US" id="us-gaap_RepaymentsOfOtherShortTermDebt_lbl1">Repayments of Other Short-term Debt</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RepaymentsOfOtherShortTermDebt" xlink:to="us-gaap_RepaymentsOfOtherShortTermDebt_lbl1" xlink:title="label: RepaymentsOfOtherShortTermDebt to us-gaap_RepaymentsOfOtherShortTermDebt_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.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" />
    <link:label xlink:type="resource" xlink:label="us-gaap_RepaymentsOfLongTermDebt_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_RepaymentsOfLongTermDebt_lbl1" xml:lang="en-US" id="us-gaap_RepaymentsOfLongTermDebt_lbl1">Repayments of Long-term Debt</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_lbl1" xlink:title="label: RepaymentsOfLongTermDebt to us-gaap_RepaymentsOfLongTermDebt_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ResidentialRealEstateMember" xlink:label="ResidentialRealEstateMember" xlink:title="ResidentialRealEstateMember" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ResidentialRealEstateMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ResidentialRealEstateMember_lbl" xml:lang="en-US" id="us-gaap_ResidentialRealEstateMember_lbl">Multi-family residential properties [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ResidentialRealEstateMember" xlink:to="us-gaap_ResidentialRealEstateMember_lbl" xlink:title="label: ResidentialRealEstateMember to us-gaap_ResidentialRealEstateMember_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_RestatementAdjustmentMember" xlink:label="RestatementAdjustmentMember" xlink:title="RestatementAdjustmentMember" />
    <link:label xlink:type="resource" xlink:label="us-gaap_RestatementAdjustmentMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_RestatementAdjustmentMember_lbl" xml:lang="en-US" id="us-gaap_RestatementAdjustmentMember_lbl">Restatement Adjustment [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RestatementAdjustmentMember" xlink:to="us-gaap_RestatementAdjustmentMember_lbl" xlink:title="label: RestatementAdjustmentMember to us-gaap_RestatementAdjustmentMember_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_RestrictedCashAndCashEquivalentsCashAndCashEquivalentsMember" xlink:label="RestrictedCashAndCashEquivalentsCashAndCashEquivalentsMember" xlink:title="RestrictedCashAndCashEquivalentsCashAndCashEquivalentsMember" />
    <link:label xlink:type="resource" xlink:label="us-gaap_RestrictedCashAndCashEquivalentsCashAndCashEquivalentsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_RestrictedCashAndCashEquivalentsCashAndCashEquivalentsMember_lbl" xml:lang="en-US" id="us-gaap_RestrictedCashAndCashEquivalentsCashAndCashEquivalentsMember_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="RestrictedCashAndCashEquivalentsCashAndCashEquivalentsMember" xlink:to="us-gaap_RestrictedCashAndCashEquivalentsCashAndCashEquivalentsMember_lbl" xlink:title="label: RestrictedCashAndCashEquivalentsCashAndCashEquivalentsMember to us-gaap_RestrictedCashAndCashEquivalentsCashAndCashEquivalentsMember_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_RetailSiteMember" xlink:label="RetailSiteMember" xlink:title="RetailSiteMember" />
    <link:label xlink:type="resource" xlink:label="us-gaap_RetailSiteMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_RetailSiteMember_lbl" xml:lang="en-US" id="us-gaap_RetailSiteMember_lbl">Commercial Retail [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RetailSiteMember" xlink:to="us-gaap_RetailSiteMember_lbl" xlink:title="label: RetailSiteMember to us-gaap_RetailSiteMember_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_RetailSiteMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_RetailSiteMember_lbl1" xml:lang="en-US" id="us-gaap_RetailSiteMember_lbl1">Commercial Retail Property [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RetailSiteMember" xlink:to="us-gaap_RetailSiteMember_lbl1" xlink:title="label: RetailSiteMember to us-gaap_RetailSiteMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_RetainedEarningsAccumulatedDeficit" xlink:label="RetainedEarningsAccumulatedDeficit" xlink:title="RetainedEarningsAccumulatedDeficit" />
    <link:label xlink:type="resource" xlink:label="us-gaap_RetainedEarningsAccumulatedDeficit_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="us-gaap_RetainedEarningsAccumulatedDeficit_lbl" xml:lang="en-US" id="us-gaap_RetainedEarningsAccumulatedDeficit_lbl">Accumulated distributions in excess of net income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RetainedEarningsAccumulatedDeficit" xlink:to="us-gaap_RetainedEarningsAccumulatedDeficit_lbl" xlink:title="label: RetainedEarningsAccumulatedDeficit to us-gaap_RetainedEarningsAccumulatedDeficit_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_RetainedEarningsAccumulatedDeficit_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_RetainedEarningsAccumulatedDeficit_lbl1" xml:lang="en-US" id="us-gaap_RetainedEarningsAccumulatedDeficit_lbl1">Retained Earnings (Accumulated Deficit)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RetainedEarningsAccumulatedDeficit" xlink:to="us-gaap_RetainedEarningsAccumulatedDeficit_lbl1" xlink:title="label: RetainedEarningsAccumulatedDeficit to us-gaap_RetainedEarningsAccumulatedDeficit_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_RetainedEarningsMember" xlink:label="RetainedEarningsMember" xlink:title="RetainedEarningsMember" />
    <link:label xlink:type="resource" xlink:label="us-gaap_RetainedEarningsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_RetainedEarningsMember_lbl" xml:lang="en-US" id="us-gaap_RetainedEarningsMember_lbl">ACCUMULATED DISTRIBUTIONS IN EXCESS OF NET INCOME [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RetainedEarningsMember" xlink:to="us-gaap_RetainedEarningsMember_lbl" xlink:title="label: RetainedEarningsMember to us-gaap_RetainedEarningsMember_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_Revenues" xlink:label="Revenues" xlink:title="Revenues" />
    <link:label xlink:type="resource" xlink:label="us-gaap_Revenues_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_Revenues_lbl" xml:lang="en-US" id="us-gaap_Revenues_lbl">Sales price</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Revenues" xlink:to="us-gaap_Revenues_lbl" xlink:title="label: Revenues to us-gaap_Revenues_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_RevenuesAbstract" xlink:label="RevenuesAbstract" xlink:title="RevenuesAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_RevenuesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_RevenuesAbstract_lbl" xml:lang="en-US" id="us-gaap_RevenuesAbstract_lbl">REVENUE</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RevenuesAbstract" xlink:to="us-gaap_RevenuesAbstract_lbl" xlink:title="label: RevenuesAbstract to us-gaap_RevenuesAbstract_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_StraightLineRent" xlink:label="StraightLineRent" xlink:title="StraightLineRent" />
    <link:label xlink:type="resource" xlink:label="us-gaap_StraightLineRent_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="us-gaap_StraightLineRent_lbl" xml:lang="en-US" id="us-gaap_StraightLineRent_lbl">Increase in receivable arising from straight-lining of rents</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_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/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock" xlink:label="ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock" xlink:title="ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock_lbl" xml:lang="en-US" id="us-gaap_ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock_lbl">Estimated annual amortization of all other identified intangible assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock" xlink:to="us-gaap_ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock_lbl" xlink:title="label: ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock to us-gaap_ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.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>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SaleOfStockPricePerShare" xlink:to="us-gaap_SaleOfStockPricePerShare_lbl" xlink:title="label: SaleOfStockPricePerShare to us-gaap_SaleOfStockPricePerShare_lbl" />
    <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/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_SaleLeasebackTransactionsPolicy" xlink:label="SaleLeasebackTransactionsPolicy" xlink:title="SaleLeasebackTransactionsPolicy" />
    <link:label xlink:type="resource" xlink:label="us-gaap_SaleLeasebackTransactionsPolicy_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_SaleLeasebackTransactionsPolicy_lbl" xml:lang="en-US" id="us-gaap_SaleLeasebackTransactionsPolicy_lbl">PROCEEDS FROM FINANCING LIABILITY</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_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/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_SaleLeasebackTransactionGrossProceedsFinancingActivities" xlink:label="SaleLeasebackTransactionGrossProceedsFinancingActivities" xlink:title="SaleLeasebackTransactionGrossProceedsFinancingActivities" />
    <link:label xlink:type="resource" xlink:label="us-gaap_SaleLeasebackTransactionGrossProceedsFinancingActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_SaleLeasebackTransactionGrossProceedsFinancingActivities_lbl" xml:lang="en-US" id="us-gaap_SaleLeasebackTransactionGrossProceedsFinancingActivities_lbl">Proceeds from sale of property</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SaleLeasebackTransactionGrossProceedsFinancingActivities" xlink:to="us-gaap_SaleLeasebackTransactionGrossProceedsFinancingActivities_lbl" xlink:title="label: SaleLeasebackTransactionGrossProceedsFinancingActivities to us-gaap_SaleLeasebackTransactionGrossProceedsFinancingActivities_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_SaleLeasebackTransactionGrossProceedsFinancingActivities_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_SaleLeasebackTransactionGrossProceedsFinancingActivities_lbl1" xml:lang="en-US" id="us-gaap_SaleLeasebackTransactionGrossProceedsFinancingActivities_lbl1">Sale Leaseback Transaction, Gross Proceeds, Financing Activities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SaleLeasebackTransactionGrossProceedsFinancingActivities" xlink:to="us-gaap_SaleLeasebackTransactionGrossProceedsFinancingActivities_lbl1" xlink:title="label: SaleLeasebackTransactionGrossProceedsFinancingActivities to us-gaap_SaleLeasebackTransactionGrossProceedsFinancingActivities_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_SaleLeasebackTransactionAmountDueUnderFinancingArrangement" xlink:label="SaleLeasebackTransactionAmountDueUnderFinancingArrangement" xlink:title="SaleLeasebackTransactionAmountDueUnderFinancingArrangement" />
    <link:label xlink:type="resource" xlink:label="us-gaap_SaleLeasebackTransactionAmountDueUnderFinancingArrangement_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_SaleLeasebackTransactionAmountDueUnderFinancingArrangement_lbl" xml:lang="en-US" id="us-gaap_SaleLeasebackTransactionAmountDueUnderFinancingArrangement_lbl">Sale lease-back recorded in other liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SaleLeasebackTransactionAmountDueUnderFinancingArrangement" xlink:to="us-gaap_SaleLeasebackTransactionAmountDueUnderFinancingArrangement_lbl" xlink:title="label: SaleLeasebackTransactionAmountDueUnderFinancingArrangement to us-gaap_SaleLeasebackTransactionAmountDueUnderFinancingArrangement_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ScenarioPreviouslyReportedMember" xlink:label="ScenarioPreviouslyReportedMember" xlink:title="ScenarioPreviouslyReportedMember" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ScenarioPreviouslyReportedMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ScenarioPreviouslyReportedMember_lbl" xml:lang="en-US" id="us-gaap_ScenarioPreviouslyReportedMember_lbl">Scenario, Previously Reported [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ScenarioPreviouslyReportedMember" xlink:to="us-gaap_ScenarioPreviouslyReportedMember_lbl" xlink:title="label: ScenarioPreviouslyReportedMember to us-gaap_ScenarioPreviouslyReportedMember_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ScenarioUnspecifiedDomain" xlink:label="ScenarioUnspecifiedDomain" xlink:title="ScenarioUnspecifiedDomain" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ScenarioUnspecifiedDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ScenarioUnspecifiedDomain_lbl" xml:lang="en-US" id="us-gaap_ScenarioUnspecifiedDomain_lbl">Scenario, Unspecified [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ScenarioUnspecifiedDomain" xlink:to="us-gaap_ScenarioUnspecifiedDomain_lbl" xlink:title="label: ScenarioUnspecifiedDomain to us-gaap_ScenarioUnspecifiedDomain_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.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>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ScheduleOfRealEstatePropertiesTable" xlink:to="us-gaap_ScheduleOfRealEstatePropertiesTable_lbl" xlink:title="label: ScheduleOfRealEstatePropertiesTable to us-gaap_ScheduleOfRealEstatePropertiesTable_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.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" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_lbl1" xml:lang="en-US" id="us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_lbl1">Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]</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_lbl1" xlink:title="label: ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock to us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock" xlink:label="ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock" xlink:title="ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock_lbl" xml:lang="en-US" id="us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock_lbl">Acquisitions</link:label>
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    <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" />
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    <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:label xlink:type="resource" xlink:label="us-gaap_StatementScenarioAxis_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_StatementScenarioAxis_lbl1" xml:lang="en-US" id="us-gaap_StatementScenarioAxis_lbl1">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_lbl1" xlink:title="label: StatementScenarioAxis to us-gaap_StatementScenarioAxis_lbl1" />
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    <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/2014/elts/us-gaap-2014-01-31.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/2014/elts/us-gaap-2014-01-31.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" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_StatementEquityComponentsAxis" xlink:label="StatementEquityComponentsAxis" xlink:title="StatementEquityComponentsAxis" />
    <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:label xlink:type="resource" xlink:label="us-gaap_StatementEquityComponentsAxis_lbl1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_StatementEquityComponentsAxis_lbl1" xml:lang="en-US" id="us-gaap_StatementEquityComponentsAxis_lbl1">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_lbl1" xlink:title="label: StatementEquityComponentsAxis to us-gaap_StatementEquityComponentsAxis_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.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/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_StatementBusinessSegmentsAxis" xlink:label="StatementBusinessSegmentsAxis" xlink:title="StatementBusinessSegmentsAxis" />
    <link:label xlink:type="resource" xlink:label="us-gaap_StatementBusinessSegmentsAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_StatementBusinessSegmentsAxis_lbl" xml:lang="en-US" id="us-gaap_StatementBusinessSegmentsAxis_lbl">Business Segments [Axis]</link:label>
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatementBusinessSegmentsAxis" xlink:to="us-gaap_StatementBusinessSegmentsAxis_lbl1" xlink:title="label: StatementBusinessSegmentsAxis to us-gaap_StatementBusinessSegmentsAxis_lbl1" />
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    <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>
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    <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>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesDividendReinvestmentPlan" xlink:label="StockIssuedDuringPeriodSharesDividendReinvestmentPlan" xlink:title="StockIssuedDuringPeriodSharesDividendReinvestmentPlan" />
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    <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/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures" xlink:label="StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures" xlink:title="StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures" />
    <link:label xlink:type="resource" xlink:label="us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures_lbl" xml:lang="en-US" id="us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures_lbl">Share-based compensation</link:label>
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    <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>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:label="StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:title="StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" />
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    <link:label xlink:type="resource" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_lbl1" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_lbl1" xml:lang="en-US" id="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_lbl1">Balance</link:label>
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    <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>
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    <link:label xlink:type="resource" xlink:label="us-gaap_SubsequentEventsTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_SubsequentEventsTextBlock_lbl" xml:lang="en-US" id="us-gaap_SubsequentEventsTextBlock_lbl">SUBSEQUENT EVENTS</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SubsequentEventsTextBlock" xlink:to="us-gaap_SubsequentEventsTextBlock_lbl" xlink:title="label: SubsequentEventsTextBlock to us-gaap_SubsequentEventsTextBlock_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_SubsequentEventsAbstract" xlink:label="SubsequentEventsAbstract" xlink:title="SubsequentEventsAbstract" />
    <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" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.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/2014/elts/us-gaap-2014-01-31.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/2014/elts/us-gaap-2014-01-31.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/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_SubsequentEventTypeDomain" xlink:label="SubsequentEventTypeDomain" xlink:title="SubsequentEventTypeDomain" />
    <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/2014/elts/us-gaap-2014-01-31.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/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_SupplementalCashFlowInformationAbstract" xlink:label="SupplementalCashFlowInformationAbstract" xlink:title="SupplementalCashFlowInformationAbstract" />
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    <link:label xlink:type="resource" xlink:label="us-gaap_TemporaryEquityCarryingAmountAttributableToParent_lbl1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_TemporaryEquityCarryingAmountAttributableToParent_lbl1" xml:lang="en-US" id="us-gaap_TemporaryEquityCarryingAmountAttributableToParent_lbl1">Redeemable noncontrolling interests consolidated real estate entities</link:label>
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    <link:label xlink:type="resource" xlink:label="us-gaap_TransferOfInvestments_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_TransferOfInvestments_lbl" xml:lang="en-US" id="us-gaap_TransferOfInvestments_lbl">Involuntary conversion of assets due to flood and fire damage</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TransferOfInvestments" xlink:to="us-gaap_TransferOfInvestments_lbl" xlink:title="label: TransferOfInvestments to us-gaap_TransferOfInvestments_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.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/2014/elts/us-gaap-2014-01-31.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/2014/elts/us-gaap-2014-01-31.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/2014/elts/us-gaap-2014-01-31.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/2014/elts/us-gaap-2014-01-31.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/2014/elts/us-gaap-2014-01-31.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/2014/elts/us-gaap-2014-01-31.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/2014/elts/us-gaap-2014-01-31.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 (in shares)</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="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.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/2014/elts/us-gaap-2014-01-31.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 (in 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/2014/elts/us-gaap-2014-01-31.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 (in shares)</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="iret-20140731.xsd#iret_RollforwardOfRedeemableNoncontrollingInterestsAbstract" xlink:label="RollforwardOfRedeemableNoncontrollingInterestsAbstract" xlink:title="RollforwardOfRedeemableNoncontrollingInterestsAbstract" />
    <link:label xlink:type="resource" xlink:label="iret_RollforwardOfRedeemableNoncontrollingInterestsAbstract_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_RollforwardOfRedeemableNoncontrollingInterestsAbstract_lbl1" xml:lang="en-US" id="iret_RollforwardOfRedeemableNoncontrollingInterestsAbstract_lbl1">Rollforward of Redeemable Noncontrolling Interests [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RollforwardOfRedeemableNoncontrollingInterestsAbstract" xlink:to="iret_RollforwardOfRedeemableNoncontrollingInterestsAbstract_lbl1" xlink:title="label: RollforwardOfRedeemableNoncontrollingInterestsAbstract to iret_RollforwardOfRedeemableNoncontrollingInterestsAbstract_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_AcquisitionOfJointVenturePartnerSInterest" xlink:label="AcquisitionOfJointVenturePartnerSInterest" xlink:title="AcquisitionOfJointVenturePartnerSInterest" />
    <link:label xlink:type="resource" xlink:label="iret_AcquisitionOfJointVenturePartnerSInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_AcquisitionOfJointVenturePartnerSInterest_lbl" xml:lang="en-US" id="iret_AcquisitionOfJointVenturePartnerSInterest_lbl">Acquisition of joint venture partner's interest.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AcquisitionOfJointVenturePartnerSInterest" xlink:to="iret_AcquisitionOfJointVenturePartnerSInterest_lbl" xlink:title="label: AcquisitionOfJointVenturePartnerSInterest to iret_AcquisitionOfJointVenturePartnerSInterest_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_AcquisitionOfJointVenturePartnerSInterest_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_AcquisitionOfJointVenturePartnerSInterest_lbl1" xml:lang="en-US" id="iret_AcquisitionOfJointVenturePartnerSInterest_lbl1">Acquisition of joint venture partner's interest</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AcquisitionOfJointVenturePartnerSInterest" xlink:to="iret_AcquisitionOfJointVenturePartnerSInterest_lbl1" xlink:title="label: AcquisitionOfJointVenturePartnerSInterest to iret_AcquisitionOfJointVenturePartnerSInterest_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_MarkToMarketAdjustments" xlink:label="MarkToMarketAdjustments" xlink:title="MarkToMarketAdjustments" />
    <link:label xlink:type="resource" xlink:label="iret_MarkToMarketAdjustments_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_MarkToMarketAdjustments_lbl" xml:lang="en-US" id="iret_MarkToMarketAdjustments_lbl">Mark to market adjustments for redeemable noncontrolling interests.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MarkToMarketAdjustments" xlink:to="iret_MarkToMarketAdjustments_lbl" xlink:title="label: MarkToMarketAdjustments to iret_MarkToMarketAdjustments_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_MarkToMarketAdjustments_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_MarkToMarketAdjustments_lbl1" xml:lang="en-US" id="iret_MarkToMarketAdjustments_lbl1">Mark to market adjustments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MarkToMarketAdjustments" xlink:to="iret_MarkToMarketAdjustments_lbl1" xlink:title="label: MarkToMarketAdjustments to iret_MarkToMarketAdjustments_lbl1" />
    <link:label xlink:type="resource" xlink:label="iret_MarkToMarketAdjustments_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="iret_MarkToMarketAdjustments_lbl2" xml:lang="en-US" id="iret_MarkToMarketAdjustments_lbl2">Fair value adjustments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MarkToMarketAdjustments" xlink:to="iret_MarkToMarketAdjustments_lbl2" xlink:title="label: MarkToMarketAdjustments to iret_MarkToMarketAdjustments_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_RedeemableNoncontrollingInterestsTextBlock" xlink:label="RedeemableNoncontrollingInterestsTextBlock" xlink:title="RedeemableNoncontrollingInterestsTextBlock" />
    <link:label xlink:type="resource" xlink:label="iret_RedeemableNoncontrollingInterestsTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_RedeemableNoncontrollingInterestsTextBlock_lbl" xml:lang="en-US" id="iret_RedeemableNoncontrollingInterestsTextBlock_lbl">Disclosure pertaining to Redeemable Noncontrolling Interests.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RedeemableNoncontrollingInterestsTextBlock" xlink:to="iret_RedeemableNoncontrollingInterestsTextBlock_lbl" xlink:title="label: RedeemableNoncontrollingInterestsTextBlock to iret_RedeemableNoncontrollingInterestsTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_RedeemableNoncontrollingInterestsTextBlock_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_RedeemableNoncontrollingInterestsTextBlock_lbl1" xml:lang="en-US" id="iret_RedeemableNoncontrollingInterestsTextBlock_lbl1">Redeemable Noncontrolling Interests [Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RedeemableNoncontrollingInterestsTextBlock" xlink:to="iret_RedeemableNoncontrollingInterestsTextBlock_lbl1" xlink:title="label: RedeemableNoncontrollingInterestsTextBlock to iret_RedeemableNoncontrollingInterestsTextBlock_lbl1" />
    <link:label xlink:type="resource" xlink:label="iret_RedeemableNoncontrollingInterestsTextBlock_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="iret_RedeemableNoncontrollingInterestsTextBlock_lbl2" xml:lang="en-US" id="iret_RedeemableNoncontrollingInterestsTextBlock_lbl2">REDEEMABLE NONCONTROLLING INTERESTS</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RedeemableNoncontrollingInterestsTextBlock" xlink:to="iret_RedeemableNoncontrollingInterestsTextBlock_lbl2" xlink:title="label: RedeemableNoncontrollingInterestsTextBlock to iret_RedeemableNoncontrollingInterestsTextBlock_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_ConsolidatedStatementOfEquityAbstract" xlink:label="ConsolidatedStatementOfEquityAbstract" xlink:title="ConsolidatedStatementOfEquityAbstract" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConsolidatedStatementOfEquityAbstract" xlink:to="iret_ConsolidatedStatementOfEquityAbstract_lbl1" xlink:title="label: ConsolidatedStatementOfEquityAbstract to iret_ConsolidatedStatementOfEquityAbstract_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_ConsolidatedBalanceSheetAbstract" xlink:label="ConsolidatedBalanceSheetAbstract" xlink:title="ConsolidatedBalanceSheetAbstract" />
    <link:label xlink:type="resource" xlink:label="iret_ConsolidatedBalanceSheetAbstract_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_ConsolidatedBalanceSheetAbstract_lbl1" xml:lang="en-US" id="iret_ConsolidatedBalanceSheetAbstract_lbl1">Consolidated Balance Sheet [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConsolidatedBalanceSheetAbstract" xlink:to="iret_ConsolidatedBalanceSheetAbstract_lbl1" xlink:title="label: ConsolidatedBalanceSheetAbstract to iret_ConsolidatedBalanceSheetAbstract_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_DebtFromIretMember" xlink:label="DebtFromIretMember" xlink:title="DebtFromIretMember" />
    <link:label xlink:type="resource" xlink:label="iret_DebtFromIretMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_DebtFromIretMember_lbl" xml:lang="en-US" id="iret_DebtFromIretMember_lbl">Financing received from the entity for a joint venture.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtFromIretMember" xlink:to="iret_DebtFromIretMember_lbl" xlink:title="label: DebtFromIretMember to iret_DebtFromIretMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_DebtFromIretMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_DebtFromIretMember_lbl1" xml:lang="en-US" id="iret_DebtFromIretMember_lbl1">Debt from IRET [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtFromIretMember" xlink:to="iret_DebtFromIretMember_lbl1" xlink:title="label: DebtFromIretMember to iret_DebtFromIretMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_ThirdPartyDebtMember" xlink:label="ThirdPartyDebtMember" xlink:title="ThirdPartyDebtMember" />
    <link:label xlink:type="resource" xlink:label="iret_ThirdPartyDebtMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_ThirdPartyDebtMember_lbl" xml:lang="en-US" id="iret_ThirdPartyDebtMember_lbl">Financing received from a third party for a joint venture.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ThirdPartyDebtMember" xlink:to="iret_ThirdPartyDebtMember_lbl" xlink:title="label: ThirdPartyDebtMember to iret_ThirdPartyDebtMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_ThirdPartyDebtMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_ThirdPartyDebtMember_lbl1" xml:lang="en-US" id="iret_ThirdPartyDebtMember_lbl1">Third Party Debt [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ThirdPartyDebtMember" xlink:to="iret_ThirdPartyDebtMember_lbl1" xlink:title="label: ThirdPartyDebtMember to iret_ThirdPartyDebtMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_IretMinotApartmentsLlcMember" xlink:label="IretMinotApartmentsLlcMember" xlink:title="IretMinotApartmentsLlcMember" />
    <link:label xlink:type="resource" xlink:label="iret_IretMinotApartmentsLlcMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_IretMinotApartmentsLlcMember_lbl" xml:lang="en-US" id="iret_IretMinotApartmentsLlcMember_lbl">This element represents that portion of equity (net assets) in a subsidiary not attributable, directly or indirectly, to the parent. A noncontrolling interest is sometimes called a minority interest.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IretMinotApartmentsLlcMember" xlink:to="iret_IretMinotApartmentsLlcMember_lbl" xlink:title="label: IretMinotApartmentsLlcMember to iret_IretMinotApartmentsLlcMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_IretMinotApartmentsLlcMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_IretMinotApartmentsLlcMember_lbl1" xml:lang="en-US" id="iret_IretMinotApartmentsLlcMember_lbl1">IRET - Minot Apartments, LLC [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IretMinotApartmentsLlcMember" xlink:to="iret_IretMinotApartmentsLlcMember_lbl1" xlink:title="label: IretMinotApartmentsLlcMember to iret_IretMinotApartmentsLlcMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_LostNetOperatingIncome" xlink:label="LostNetOperatingIncome" xlink:title="LostNetOperatingIncome" />
    <link:label xlink:type="resource" xlink:label="iret_LostNetOperatingIncome_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_LostNetOperatingIncome_lbl1" xml:lang="en-US" id="iret_LostNetOperatingIncome_lbl1">Lost net operating income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LostNetOperatingIncome" xlink:to="iret_LostNetOperatingIncome_lbl1" xlink:title="label: LostNetOperatingIncome to iret_LostNetOperatingIncome_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_InsuranceProceedsReceivedForReimbursementForBusinessInterruptionLossOfRents" xlink:label="InsuranceProceedsReceivedForReimbursementForBusinessInterruptionLossOfRents" xlink:title="InsuranceProceedsReceivedForReimbursementForBusinessInterruptionLossOfRents" />
    <link:label xlink:type="resource" xlink:label="iret_InsuranceProceedsReceivedForReimbursementForBusinessInterruptionLossOfRents_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_InsuranceProceedsReceivedForReimbursementForBusinessInterruptionLossOfRents_lbl" xml:lang="en-US" id="iret_InsuranceProceedsReceivedForReimbursementForBusinessInterruptionLossOfRents_lbl">Insurance proceeds received for reimbursement for business interruption (loss of rents).</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InsuranceProceedsReceivedForReimbursementForBusinessInterruptionLossOfRents" xlink:to="iret_InsuranceProceedsReceivedForReimbursementForBusinessInterruptionLossOfRents_lbl" xlink:title="label: InsuranceProceedsReceivedForReimbursementForBusinessInterruptionLossOfRents to iret_InsuranceProceedsReceivedForReimbursementForBusinessInterruptionLossOfRents_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_InsuranceProceedsReceivedForReimbursementForBusinessInterruptionLossOfRents_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_InsuranceProceedsReceivedForReimbursementForBusinessInterruptionLossOfRents_lbl1" xml:lang="en-US" id="iret_InsuranceProceedsReceivedForReimbursementForBusinessInterruptionLossOfRents_lbl1">Insurance proceeds received for reimbursement for business interruption (loss of rents)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InsuranceProceedsReceivedForReimbursementForBusinessInterruptionLossOfRents" xlink:to="iret_InsuranceProceedsReceivedForReimbursementForBusinessInterruptionLossOfRents_lbl1" xlink:title="label: InsuranceProceedsReceivedForReimbursementForBusinessInterruptionLossOfRents to iret_InsuranceProceedsReceivedForReimbursementForBusinessInterruptionLossOfRents_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_NumberOfBuildingsDestroyed" xlink:label="NumberOfBuildingsDestroyed" xlink:title="NumberOfBuildingsDestroyed" />
    <link:label xlink:type="resource" xlink:label="iret_NumberOfBuildingsDestroyed_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_NumberOfBuildingsDestroyed_lbl" xml:lang="en-US" id="iret_NumberOfBuildingsDestroyed_lbl">Number of buildings destroyed.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfBuildingsDestroyed" xlink:to="iret_NumberOfBuildingsDestroyed_lbl" xlink:title="label: NumberOfBuildingsDestroyed to iret_NumberOfBuildingsDestroyed_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_NumberOfBuildingsDestroyed_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_NumberOfBuildingsDestroyed_lbl1" xml:lang="en-US" id="iret_NumberOfBuildingsDestroyed_lbl1">Number of buildings destroyed</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfBuildingsDestroyed" xlink:to="iret_NumberOfBuildingsDestroyed_lbl1" xlink:title="label: NumberOfBuildingsDestroyed to iret_NumberOfBuildingsDestroyed_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.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:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_ChateauApartmentConversionSecondFireMember" xlink:label="ChateauApartmentConversionSecondFireMember" xlink:title="ChateauApartmentConversionSecondFireMember" />
    <link:label xlink:type="resource" xlink:label="iret_ChateauApartmentConversionSecondFireMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_ChateauApartmentConversionSecondFireMember_lbl" xml:lang="en-US" id="iret_ChateauApartmentConversionSecondFireMember_lbl">Financial information relating to the involuntary conversion at the Chateau Apartments relating to the fire in 2013.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChateauApartmentConversionSecondFireMember" xlink:to="iret_ChateauApartmentConversionSecondFireMember_lbl" xlink:title="label: ChateauApartmentConversionSecondFireMember to iret_ChateauApartmentConversionSecondFireMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_ChateauApartmentConversionSecondFireMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_ChateauApartmentConversionSecondFireMember_lbl1" xml:lang="en-US" id="iret_ChateauApartmentConversionSecondFireMember_lbl1">Chateau Apartment Conversion, Second Fire [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChateauApartmentConversionSecondFireMember" xlink:to="iret_ChateauApartmentConversionSecondFireMember_lbl1" xlink:title="label: ChateauApartmentConversionSecondFireMember to iret_ChateauApartmentConversionSecondFireMember_lbl1" />
    <link:label xlink:type="resource" xlink:label="iret_ChateauApartmentConversionSecondFireMember_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="iret_ChateauApartmentConversionSecondFireMember_lbl2" xml:lang="en-US" id="iret_ChateauApartmentConversionSecondFireMember_lbl2">Chateau Apartment, Fire 2013 [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChateauApartmentConversionSecondFireMember" xlink:to="iret_ChateauApartmentConversionSecondFireMember_lbl2" xlink:title="label: ChateauApartmentConversionSecondFireMember to iret_ChateauApartmentConversionSecondFireMember_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.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-20140731.xsd#iret_BuildingThreeMember" xlink:label="BuildingThreeMember" xlink:title="BuildingThreeMember" />
    <link:label xlink:type="resource" xlink:label="iret_BuildingThreeMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_BuildingThreeMember_lbl" xml:lang="en-US" id="iret_BuildingThreeMember_lbl">Financial information relating to building three.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BuildingThreeMember" xlink:to="iret_BuildingThreeMember_lbl" xlink:title="label: BuildingThreeMember to iret_BuildingThreeMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_BuildingThreeMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_BuildingThreeMember_lbl1" xml:lang="en-US" id="iret_BuildingThreeMember_lbl1">Building Three [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BuildingThreeMember" xlink:to="iret_BuildingThreeMember_lbl1" xlink:title="label: BuildingThreeMember to iret_BuildingThreeMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_PercentageOfProjectFinanced" xlink:label="PercentageOfProjectFinanced" xlink:title="PercentageOfProjectFinanced" />
    <link:label xlink:type="resource" xlink:label="iret_PercentageOfProjectFinanced_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_PercentageOfProjectFinanced_lbl" xml:lang="en-US" id="iret_PercentageOfProjectFinanced_lbl">The percentage of project financed 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="PercentageOfProjectFinanced" xlink:to="iret_PercentageOfProjectFinanced_lbl" xlink:title="label: PercentageOfProjectFinanced to iret_PercentageOfProjectFinanced_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_PercentageOfProjectFinanced_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_PercentageOfProjectFinanced_lbl1" xml:lang="en-US" id="iret_PercentageOfProjectFinanced_lbl1">Percentage of project financed</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfProjectFinanced" xlink:to="iret_PercentageOfProjectFinanced_lbl1" xlink:title="label: PercentageOfProjectFinanced to iret_PercentageOfProjectFinanced_lbl1" />
    <link:label xlink:type="resource" xlink:label="iret_PercentageOfProjectFinanced_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="iret_PercentageOfProjectFinanced_lbl2" xml:lang="en-US" id="iret_PercentageOfProjectFinanced_lbl2">Percentage of project financed (in hundredths)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfProjectFinanced" xlink:to="iret_PercentageOfProjectFinanced_lbl2" xlink:title="label: PercentageOfProjectFinanced to iret_PercentageOfProjectFinanced_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_NumberOfUnitsInBuilding" xlink:label="NumberOfUnitsInBuilding" xlink:title="NumberOfUnitsInBuilding" />
    <link:label xlink:type="resource" xlink:label="iret_NumberOfUnitsInBuilding_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_NumberOfUnitsInBuilding_lbl" xml:lang="en-US" id="iret_NumberOfUnitsInBuilding_lbl">Number of units in building.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfUnitsInBuilding" xlink:to="iret_NumberOfUnitsInBuilding_lbl" xlink:title="label: NumberOfUnitsInBuilding to iret_NumberOfUnitsInBuilding_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_NumberOfUnitsInBuilding_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_NumberOfUnitsInBuilding_lbl1" xml:lang="en-US" id="iret_NumberOfUnitsInBuilding_lbl1">Number of units in building</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfUnitsInBuilding" xlink:to="iret_NumberOfUnitsInBuilding_lbl1" xlink:title="label: NumberOfUnitsInBuilding to iret_NumberOfUnitsInBuilding_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.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-20140731.xsd#iret_ChateauApartmentConversionFloodMember" xlink:label="ChateauApartmentConversionFloodMember" xlink:title="ChateauApartmentConversionFloodMember" />
    <link:label xlink:type="resource" xlink:label="iret_ChateauApartmentConversionFloodMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_ChateauApartmentConversionFloodMember_lbl" xml:lang="en-US" id="iret_ChateauApartmentConversionFloodMember_lbl">Financial information relating to the involuntary conversion at the Chateau Apartments relating to the flood in 2012.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChateauApartmentConversionFloodMember" xlink:to="iret_ChateauApartmentConversionFloodMember_lbl" xlink:title="label: ChateauApartmentConversionFloodMember to iret_ChateauApartmentConversionFloodMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_ChateauApartmentConversionFloodMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_ChateauApartmentConversionFloodMember_lbl1" xml:lang="en-US" id="iret_ChateauApartmentConversionFloodMember_lbl1">Chateau Apartment Conversion, Flood [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChateauApartmentConversionFloodMember" xlink:to="iret_ChateauApartmentConversionFloodMember_lbl1" xlink:title="label: ChateauApartmentConversionFloodMember to iret_ChateauApartmentConversionFloodMember_lbl1" />
    <link:label xlink:type="resource" xlink:label="iret_ChateauApartmentConversionFloodMember_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="iret_ChateauApartmentConversionFloodMember_lbl2" xml:lang="en-US" id="iret_ChateauApartmentConversionFloodMember_lbl2">Chateau Apartment Flood, 2012 [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChateauApartmentConversionFloodMember" xlink:to="iret_ChateauApartmentConversionFloodMember_lbl2" xlink:title="label: ChateauApartmentConversionFloodMember to iret_ChateauApartmentConversionFloodMember_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_InvoluntarilyConvertedLongLivedAssetsHeldAndUsedConversionEventDomain" xlink:label="InvoluntarilyConvertedLongLivedAssetsHeldAndUsedConversionEventDomain" xlink:title="InvoluntarilyConvertedLongLivedAssetsHeldAndUsedConversionEventDomain" />
    <link:label xlink:type="resource" xlink:label="iret_InvoluntarilyConvertedLongLivedAssetsHeldAndUsedConversionEventDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_InvoluntarilyConvertedLongLivedAssetsHeldAndUsedConversionEventDomain_lbl" xml:lang="en-US" id="iret_InvoluntarilyConvertedLongLivedAssetsHeldAndUsedConversionEventDomain_lbl">The financial information relating to the involuntary conversion of assets, by conversion event.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvoluntarilyConvertedLongLivedAssetsHeldAndUsedConversionEventDomain" xlink:to="iret_InvoluntarilyConvertedLongLivedAssetsHeldAndUsedConversionEventDomain_lbl" xlink:title="label: InvoluntarilyConvertedLongLivedAssetsHeldAndUsedConversionEventDomain to iret_InvoluntarilyConvertedLongLivedAssetsHeldAndUsedConversionEventDomain_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_InvoluntarilyConvertedLongLivedAssetsHeldAndUsedConversionEventDomain_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_InvoluntarilyConvertedLongLivedAssetsHeldAndUsedConversionEventDomain_lbl1" xml:lang="en-US" id="iret_InvoluntarilyConvertedLongLivedAssetsHeldAndUsedConversionEventDomain_lbl1">Involuntarily Converted, Long-Lived Assets Held and Used, Conversion Event [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvoluntarilyConvertedLongLivedAssetsHeldAndUsedConversionEventDomain" xlink:to="iret_InvoluntarilyConvertedLongLivedAssetsHeldAndUsedConversionEventDomain_lbl1" xlink:title="label: InvoluntarilyConvertedLongLivedAssetsHeldAndUsedConversionEventDomain to iret_InvoluntarilyConvertedLongLivedAssetsHeldAndUsedConversionEventDomain_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_InvoluntarilyLongLivedAssetsHeldAndUsedByTypeAxis" xlink:label="InvoluntarilyLongLivedAssetsHeldAndUsedByTypeAxis" xlink:title="InvoluntarilyLongLivedAssetsHeldAndUsedByTypeAxis" />
    <link:label xlink:type="resource" xlink:label="iret_InvoluntarilyLongLivedAssetsHeldAndUsedByTypeAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_InvoluntarilyLongLivedAssetsHeldAndUsedByTypeAxis_lbl" xml:lang="en-US" id="iret_InvoluntarilyLongLivedAssetsHeldAndUsedByTypeAxis_lbl">This element represents the categories used to group involuntarily converted long-lived assets held and used by the type of asset.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvoluntarilyLongLivedAssetsHeldAndUsedByTypeAxis" xlink:to="iret_InvoluntarilyLongLivedAssetsHeldAndUsedByTypeAxis_lbl" xlink:title="label: InvoluntarilyLongLivedAssetsHeldAndUsedByTypeAxis to iret_InvoluntarilyLongLivedAssetsHeldAndUsedByTypeAxis_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_InvoluntarilyLongLivedAssetsHeldAndUsedByTypeAxis_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_InvoluntarilyLongLivedAssetsHeldAndUsedByTypeAxis_lbl1" xml:lang="en-US" id="iret_InvoluntarilyLongLivedAssetsHeldAndUsedByTypeAxis_lbl1">Involuntarily Long-Lived Assets Held and Used by Type [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvoluntarilyLongLivedAssetsHeldAndUsedByTypeAxis" xlink:to="iret_InvoluntarilyLongLivedAssetsHeldAndUsedByTypeAxis_lbl1" xlink:title="label: InvoluntarilyLongLivedAssetsHeldAndUsedByTypeAxis to iret_InvoluntarilyLongLivedAssetsHeldAndUsedByTypeAxis_lbl1" />
    <link:label xlink:type="resource" xlink:label="iret_InvoluntarilyLongLivedAssetsHeldAndUsedByTypeAxis_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="iret_InvoluntarilyLongLivedAssetsHeldAndUsedByTypeAxis_lbl2" xml:lang="en-US" id="iret_InvoluntarilyLongLivedAssetsHeldAndUsedByTypeAxis_lbl2">Involuntarily Converted Long-Lived Assets Held and Used by Type [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvoluntarilyLongLivedAssetsHeldAndUsedByTypeAxis" xlink:to="iret_InvoluntarilyLongLivedAssetsHeldAndUsedByTypeAxis_lbl2" xlink:title="label: InvoluntarilyLongLivedAssetsHeldAndUsedByTypeAxis to iret_InvoluntarilyLongLivedAssetsHeldAndUsedByTypeAxis_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.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:label xlink:type="resource" xlink:label="iret_InsuranceProceedsReceivedForTotalBusinessInterruptionProceeds_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="iret_InsuranceProceedsReceivedForTotalBusinessInterruptionProceeds_lbl2" xml:lang="en-US" id="iret_InsuranceProceedsReceivedForTotalBusinessInterruptionProceeds_lbl2">Insurance proceeds received for redevelopment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InsuranceProceedsReceivedForTotalBusinessInterruptionProceeds" xlink:to="iret_InsuranceProceedsReceivedForTotalBusinessInterruptionProceeds_lbl2" xlink:title="label: InsuranceProceedsReceivedForTotalBusinessInterruptionProceeds to iret_InsuranceProceedsReceivedForTotalBusinessInterruptionProceeds_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_ScheduleOfInvoluntaryConversionLongLivedAssetsHeldAndUsedTable" xlink:label="ScheduleOfInvoluntaryConversionLongLivedAssetsHeldAndUsedTable" xlink:title="ScheduleOfInvoluntaryConversionLongLivedAssetsHeldAndUsedTable" />
    <link:label xlink:type="resource" xlink:label="iret_ScheduleOfInvoluntaryConversionLongLivedAssetsHeldAndUsedTable_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_ScheduleOfInvoluntaryConversionLongLivedAssetsHeldAndUsedTable_lbl" xml:lang="en-US" id="iret_ScheduleOfInvoluntaryConversionLongLivedAssetsHeldAndUsedTable_lbl">For a long-lived asset to be held and used by an entity, the table may include amount of the impairment loss and the involuntary conversion.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ScheduleOfInvoluntaryConversionLongLivedAssetsHeldAndUsedTable" xlink:to="iret_ScheduleOfInvoluntaryConversionLongLivedAssetsHeldAndUsedTable_lbl" xlink:title="label: ScheduleOfInvoluntaryConversionLongLivedAssetsHeldAndUsedTable to iret_ScheduleOfInvoluntaryConversionLongLivedAssetsHeldAndUsedTable_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_ScheduleOfInvoluntaryConversionLongLivedAssetsHeldAndUsedTable_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_ScheduleOfInvoluntaryConversionLongLivedAssetsHeldAndUsedTable_lbl1" xml:lang="en-US" id="iret_ScheduleOfInvoluntaryConversionLongLivedAssetsHeldAndUsedTable_lbl1">Schedule of Involuntary Conversion Long-Lived Assets Held and Used [Table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ScheduleOfInvoluntaryConversionLongLivedAssetsHeldAndUsedTable" xlink:to="iret_ScheduleOfInvoluntaryConversionLongLivedAssetsHeldAndUsedTable_lbl1" xlink:title="label: ScheduleOfInvoluntaryConversionLongLivedAssetsHeldAndUsedTable to iret_ScheduleOfInvoluntaryConversionLongLivedAssetsHeldAndUsedTable_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.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">Contract for deed</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-20140731.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-20140731.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-20140731.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>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentAndEntityInformationAbstract" xlink:to="iret_DocumentAndEntityInformationAbstract_lbl1" xlink:title="label: DocumentAndEntityInformationAbstract to iret_DocumentAndEntityInformationAbstract_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_DebtServiceCoverageOnIndividualAssets" xlink:label="DebtServiceCoverageOnIndividualAssets" xlink:title="DebtServiceCoverageOnIndividualAssets" />
    <link:label xlink:type="resource" xlink:label="iret_DebtServiceCoverageOnIndividualAssets_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_DebtServiceCoverageOnIndividualAssets_lbl" xml:lang="en-US" id="iret_DebtServiceCoverageOnIndividualAssets_lbl">Financial covenant requiring the entity to maintain a specific debt service coverage on individual assets.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtServiceCoverageOnIndividualAssets" xlink:to="iret_DebtServiceCoverageOnIndividualAssets_lbl" xlink:title="label: DebtServiceCoverageOnIndividualAssets to iret_DebtServiceCoverageOnIndividualAssets_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_DebtServiceCoverageOnIndividualAssets_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_DebtServiceCoverageOnIndividualAssets_lbl1" xml:lang="en-US" id="iret_DebtServiceCoverageOnIndividualAssets_lbl1">Debt service coverage on individual assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtServiceCoverageOnIndividualAssets" xlink:to="iret_DebtServiceCoverageOnIndividualAssets_lbl1" xlink:title="label: DebtServiceCoverageOnIndividualAssets to iret_DebtServiceCoverageOnIndividualAssets_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_DebtServiceCoverageOnAggregateAssets" xlink:label="DebtServiceCoverageOnAggregateAssets" xlink:title="DebtServiceCoverageOnAggregateAssets" />
    <link:label xlink:type="resource" xlink:label="iret_DebtServiceCoverageOnAggregateAssets_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_DebtServiceCoverageOnAggregateAssets_lbl" xml:lang="en-US" id="iret_DebtServiceCoverageOnAggregateAssets_lbl">Financial covenant requiring the entity to maintain a specific debt service coverage on aggregate assets.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtServiceCoverageOnAggregateAssets" xlink:to="iret_DebtServiceCoverageOnAggregateAssets_lbl" xlink:title="label: DebtServiceCoverageOnAggregateAssets to iret_DebtServiceCoverageOnAggregateAssets_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_DebtServiceCoverageOnAggregateAssets_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_DebtServiceCoverageOnAggregateAssets_lbl1" xml:lang="en-US" id="iret_DebtServiceCoverageOnAggregateAssets_lbl1">Debt service coverage on aggregate assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtServiceCoverageOnAggregateAssets" xlink:to="iret_DebtServiceCoverageOnAggregateAssets_lbl1" xlink:title="label: DebtServiceCoverageOnAggregateAssets to iret_DebtServiceCoverageOnAggregateAssets_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.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">The number of properties used as security under the 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-20140731.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-20140731.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-20140731.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-20140731.xsd#iret_ChateauApartmentConversionFireMember" xlink:label="ChateauApartmentConversionFireMember" xlink:title="ChateauApartmentConversionFireMember" />
    <link:label xlink:type="resource" xlink:label="iret_ChateauApartmentConversionFireMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_ChateauApartmentConversionFireMember_lbl" xml:lang="en-US" id="iret_ChateauApartmentConversionFireMember_lbl">Financial information relating to the involuntary conversion at the Chateau Apartments relating to the fire in 2012.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChateauApartmentConversionFireMember" xlink:to="iret_ChateauApartmentConversionFireMember_lbl" xlink:title="label: ChateauApartmentConversionFireMember to iret_ChateauApartmentConversionFireMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_ChateauApartmentConversionFireMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_ChateauApartmentConversionFireMember_lbl1" xml:lang="en-US" id="iret_ChateauApartmentConversionFireMember_lbl1">Chateau Apartment Conversion, Fire [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChateauApartmentConversionFireMember" xlink:to="iret_ChateauApartmentConversionFireMember_lbl1" xlink:title="label: ChateauApartmentConversionFireMember to iret_ChateauApartmentConversionFireMember_lbl1" />
    <link:label xlink:type="resource" xlink:label="iret_ChateauApartmentConversionFireMember_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="iret_ChateauApartmentConversionFireMember_lbl2" xml:lang="en-US" id="iret_ChateauApartmentConversionFireMember_lbl2">Chateau Apartment Fire, 2012 [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChateauApartmentConversionFireMember" xlink:to="iret_ChateauApartmentConversionFireMember_lbl2" xlink:title="label: ChateauApartmentConversionFireMember to iret_ChateauApartmentConversionFireMember_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_WirthCorporateCenterGoldenValleyMnMember" xlink:label="WirthCorporateCenterGoldenValleyMnMember" xlink:title="WirthCorporateCenterGoldenValleyMnMember" />
    <link:label xlink:type="resource" xlink:label="iret_WirthCorporateCenterGoldenValleyMnMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_WirthCorporateCenterGoldenValleyMnMember_lbl" xml:lang="en-US" id="iret_WirthCorporateCenterGoldenValleyMnMember_lbl">Wirth Corporate Center - Golden Valley, MN 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="WirthCorporateCenterGoldenValleyMnMember" xlink:to="iret_WirthCorporateCenterGoldenValleyMnMember_lbl" xlink:title="label: WirthCorporateCenterGoldenValleyMnMember to iret_WirthCorporateCenterGoldenValleyMnMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_WirthCorporateCenterGoldenValleyMnMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_WirthCorporateCenterGoldenValleyMnMember_lbl1" xml:lang="en-US" id="iret_WirthCorporateCenterGoldenValleyMnMember_lbl1">Wirth Corporate Center Golden Valley MN [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WirthCorporateCenterGoldenValleyMnMember" xlink:to="iret_WirthCorporateCenterGoldenValleyMnMember_lbl1" xlink:title="label: WirthCorporateCenterGoldenValleyMnMember to iret_WirthCorporateCenterGoldenValleyMnMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_CommercialMedicalMember" xlink:label="CommercialMedicalMember" xlink:title="CommercialMedicalMember" />
    <link:label xlink:type="resource" xlink:label="iret_CommercialMedicalMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_CommercialMedicalMember_lbl" xml:lang="en-US" id="iret_CommercialMedicalMember_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="CommercialMedicalMember" xlink:to="iret_CommercialMedicalMember_lbl" xlink:title="label: CommercialMedicalMember to iret_CommercialMedicalMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_CommercialMedicalMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_CommercialMedicalMember_lbl1" xml:lang="en-US" id="iret_CommercialMedicalMember_lbl1">Commercial Medical [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommercialMedicalMember" xlink:to="iret_CommercialMedicalMember_lbl1" xlink:title="label: CommercialMedicalMember to iret_CommercialMedicalMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_ResidentialAndRetailMember" xlink:label="ResidentialAndRetailMember" xlink:title="ResidentialAndRetailMember" />
    <link:label xlink:type="resource" xlink:label="iret_ResidentialAndRetailMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_ResidentialAndRetailMember_lbl" xml:lang="en-US" id="iret_ResidentialAndRetailMember_lbl">Residential and Retail</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ResidentialAndRetailMember" xlink:to="iret_ResidentialAndRetailMember_lbl" xlink:title="label: ResidentialAndRetailMember to iret_ResidentialAndRetailMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_ResidentialAndRetailMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_ResidentialAndRetailMember_lbl1" xml:lang="en-US" id="iret_ResidentialAndRetailMember_lbl1">Residential and Retail [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ResidentialAndRetailMember" xlink:to="iret_ResidentialAndRetailMember_lbl1" xlink:title="label: ResidentialAndRetailMember to iret_ResidentialAndRetailMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_CommonSharesAndLimitedPartnershipUnitsMember" xlink:label="CommonSharesAndLimitedPartnershipUnitsMember" xlink:title="CommonSharesAndLimitedPartnershipUnitsMember" />
    <link:label xlink:type="resource" xlink:label="iret_CommonSharesAndLimitedPartnershipUnitsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_CommonSharesAndLimitedPartnershipUnitsMember_lbl" xml:lang="en-US" id="iret_CommonSharesAndLimitedPartnershipUnitsMember_lbl">Outstanding common shares and limited partnership units.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommonSharesAndLimitedPartnershipUnitsMember" xlink:to="iret_CommonSharesAndLimitedPartnershipUnitsMember_lbl" xlink:title="label: CommonSharesAndLimitedPartnershipUnitsMember to iret_CommonSharesAndLimitedPartnershipUnitsMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_CommonSharesAndLimitedPartnershipUnitsMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_CommonSharesAndLimitedPartnershipUnitsMember_lbl1" xml:lang="en-US" id="iret_CommonSharesAndLimitedPartnershipUnitsMember_lbl1">Common Shares and Limited Partnership Units [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommonSharesAndLimitedPartnershipUnitsMember" xlink:to="iret_CommonSharesAndLimitedPartnershipUnitsMember_lbl1" xlink:title="label: CommonSharesAndLimitedPartnershipUnitsMember to iret_CommonSharesAndLimitedPartnershipUnitsMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_CondominiumUnitsMember" xlink:label="CondominiumUnitsMember" xlink:title="CondominiumUnitsMember" />
    <link:label xlink:type="resource" xlink:label="iret_CondominiumUnitsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_CondominiumUnitsMember_lbl" xml:lang="en-US" id="iret_CondominiumUnitsMember_lbl">Condominium units acquired or disposed.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CondominiumUnitsMember" xlink:to="iret_CondominiumUnitsMember_lbl" xlink:title="label: CondominiumUnitsMember to iret_CondominiumUnitsMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_CondominiumUnitsMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_CondominiumUnitsMember_lbl1" xml:lang="en-US" id="iret_CondominiumUnitsMember_lbl1">Condominium Units [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CondominiumUnitsMember" xlink:to="iret_CondominiumUnitsMember_lbl1" xlink:title="label: CondominiumUnitsMember to iret_CondominiumUnitsMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.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:label xlink:type="resource" xlink:label="iret_NumberOfIndustrialHeldForSale_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="iret_NumberOfIndustrialHeldForSale_lbl2" xml:lang="en-US" id="iret_NumberOfIndustrialHeldForSale_lbl2">Number of 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_lbl2" xlink:title="label: NumberOfIndustrialHeldForSale to iret_NumberOfIndustrialHeldForSale_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.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-20140731.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-20140731.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-20140731.xsd#iret_IncomeLossBeforeGainLossOnSaleOfRealEstateAndOtherInvestmentsAndIncomeLossFromDiscontinuedOperations" xlink:label="IncomeLossBeforeGainLossOnSaleOfRealEstateAndOtherInvestmentsAndIncomeLossFromDiscontinuedOperations" xlink:title="IncomeLossBeforeGainLossOnSaleOfRealEstateAndOtherInvestmentsAndIncomeLossFromDiscontinuedOperations" />
    <link:label xlink:type="resource" xlink:label="iret_IncomeLossBeforeGainLossOnSaleOfRealEstateAndOtherInvestmentsAndIncomeLossFromDiscontinuedOperations_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_IncomeLossBeforeGainLossOnSaleOfRealEstateAndOtherInvestmentsAndIncomeLossFromDiscontinuedOperations_lbl" xml:lang="en-US" id="iret_IncomeLossBeforeGainLossOnSaleOfRealEstateAndOtherInvestmentsAndIncomeLossFromDiscontinuedOperations_lbl">This element represents the income (loss) before the gain (loss) on the sale of real estate and other investments and the income (loss) from discontinued operations.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeLossBeforeGainLossOnSaleOfRealEstateAndOtherInvestmentsAndIncomeLossFromDiscontinuedOperations" xlink:to="iret_IncomeLossBeforeGainLossOnSaleOfRealEstateAndOtherInvestmentsAndIncomeLossFromDiscontinuedOperations_lbl" xlink:title="label: IncomeLossBeforeGainLossOnSaleOfRealEstateAndOtherInvestmentsAndIncomeLossFromDiscontinuedOperations to iret_IncomeLossBeforeGainLossOnSaleOfRealEstateAndOtherInvestmentsAndIncomeLossFromDiscontinuedOperations_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_IncomeLossBeforeGainLossOnSaleOfRealEstateAndOtherInvestmentsAndIncomeLossFromDiscontinuedOperations_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_IncomeLossBeforeGainLossOnSaleOfRealEstateAndOtherInvestmentsAndIncomeLossFromDiscontinuedOperations_lbl1" xml:lang="en-US" id="iret_IncomeLossBeforeGainLossOnSaleOfRealEstateAndOtherInvestmentsAndIncomeLossFromDiscontinuedOperations_lbl1">Income (loss) before gain (loss) on sale of real estate and other investments and income (loss) from discontinued operations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeLossBeforeGainLossOnSaleOfRealEstateAndOtherInvestmentsAndIncomeLossFromDiscontinuedOperations" xlink:to="iret_IncomeLossBeforeGainLossOnSaleOfRealEstateAndOtherInvestmentsAndIncomeLossFromDiscontinuedOperations_lbl1" xlink:title="label: IncomeLossBeforeGainLossOnSaleOfRealEstateAndOtherInvestmentsAndIncomeLossFromDiscontinuedOperations to iret_IncomeLossBeforeGainLossOnSaleOfRealEstateAndOtherInvestmentsAndIncomeLossFromDiscontinuedOperations_lbl1" />
    <link:label xlink:type="resource" xlink:label="iret_IncomeLossBeforeGainLossOnSaleOfRealEstateAndOtherInvestmentsAndIncomeLossFromDiscontinuedOperations_lbl2" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="iret_IncomeLossBeforeGainLossOnSaleOfRealEstateAndOtherInvestmentsAndIncomeLossFromDiscontinuedOperations_lbl2" xml:lang="en-US" id="iret_IncomeLossBeforeGainLossOnSaleOfRealEstateAndOtherInvestmentsAndIncomeLossFromDiscontinuedOperations_lbl2">Income before loss on sale of real estate and other investments and income from discontinued operations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeLossBeforeGainLossOnSaleOfRealEstateAndOtherInvestmentsAndIncomeLossFromDiscontinuedOperations" xlink:to="iret_IncomeLossBeforeGainLossOnSaleOfRealEstateAndOtherInvestmentsAndIncomeLossFromDiscontinuedOperations_lbl2" xlink:title="label: IncomeLossBeforeGainLossOnSaleOfRealEstateAndOtherInvestmentsAndIncomeLossFromDiscontinuedOperations to iret_IncomeLossBeforeGainLossOnSaleOfRealEstateAndOtherInvestmentsAndIncomeLossFromDiscontinuedOperations_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.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-20140731.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-20140731.xsd#iret_IncentiveAwardPlanMember" xlink:label="IncentiveAwardPlanMember" xlink:title="IncentiveAwardPlanMember" />
    <link:label xlink:type="resource" xlink:label="iret_IncentiveAwardPlanMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_IncentiveAwardPlanMember_lbl" xml:lang="en-US" id="iret_IncentiveAwardPlanMember_lbl">Financial information relating to the 2009 stock based compensation plan, long term incentive plan.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncentiveAwardPlanMember" xlink:to="iret_IncentiveAwardPlanMember_lbl" xlink:title="label: IncentiveAwardPlanMember to iret_IncentiveAwardPlanMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_IncentiveAwardPlanMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_IncentiveAwardPlanMember_lbl1" xml:lang="en-US" id="iret_IncentiveAwardPlanMember_lbl1">2008 Incentive Award Plan [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncentiveAwardPlanMember" xlink:to="iret_IncentiveAwardPlanMember_lbl1" xlink:title="label: IncentiveAwardPlanMember to iret_IncentiveAwardPlanMember_lbl1" />
    <link:label xlink:type="resource" xlink:label="iret_IncentiveAwardPlanMember_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="iret_IncentiveAwardPlanMember_lbl2" xml:lang="en-US" id="iret_IncentiveAwardPlanMember_lbl2">2008 Incentive Award Plan [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncentiveAwardPlanMember" xlink:to="iret_IncentiveAwardPlanMember_lbl2" xlink:title="label: IncentiveAwardPlanMember to iret_IncentiveAwardPlanMember_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.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-20140731.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">Refers to distribution reinvestment of earnings and Share purchase plan for the employee.</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-20140731.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-20140731.xsd#iret_DevelopmentConstructionCommitmentsAndContractsDisclosureTableTextBlock" xlink:label="DevelopmentConstructionCommitmentsAndContractsDisclosureTableTextBlock" xlink:title="DevelopmentConstructionCommitmentsAndContractsDisclosureTableTextBlock" />
    <link:label xlink:type="resource" xlink:label="iret_DevelopmentConstructionCommitmentsAndContractsDisclosureTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_DevelopmentConstructionCommitmentsAndContractsDisclosureTableTextBlock_lbl" xml:lang="en-US" id="iret_DevelopmentConstructionCommitmentsAndContractsDisclosureTableTextBlock_lbl">Tabular disclosure of an enterprise's obligations to construction, development and renovation projects in the near future under existing contracts or agreements.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DevelopmentConstructionCommitmentsAndContractsDisclosureTableTextBlock" xlink:to="iret_DevelopmentConstructionCommitmentsAndContractsDisclosureTableTextBlock_lbl" xlink:title="label: DevelopmentConstructionCommitmentsAndContractsDisclosureTableTextBlock to iret_DevelopmentConstructionCommitmentsAndContractsDisclosureTableTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_DevelopmentConstructionCommitmentsAndContractsDisclosureTableTextBlock_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_DevelopmentConstructionCommitmentsAndContractsDisclosureTableTextBlock_lbl1" xml:lang="en-US" id="iret_DevelopmentConstructionCommitmentsAndContractsDisclosureTableTextBlock_lbl1">Development, Construction Commitments and Contracts Disclosure [Table Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DevelopmentConstructionCommitmentsAndContractsDisclosureTableTextBlock" xlink:to="iret_DevelopmentConstructionCommitmentsAndContractsDisclosureTableTextBlock_lbl1" xlink:title="label: DevelopmentConstructionCommitmentsAndContractsDisclosureTableTextBlock to iret_DevelopmentConstructionCommitmentsAndContractsDisclosureTableTextBlock_lbl1" />
    <link:label xlink:type="resource" xlink:label="iret_DevelopmentConstructionCommitmentsAndContractsDisclosureTableTextBlock_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="iret_DevelopmentConstructionCommitmentsAndContractsDisclosureTableTextBlock_lbl2" xml:lang="en-US" id="iret_DevelopmentConstructionCommitmentsAndContractsDisclosureTableTextBlock_lbl2">Development. Expansion and Renovation Projects</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DevelopmentConstructionCommitmentsAndContractsDisclosureTableTextBlock" xlink:to="iret_DevelopmentConstructionCommitmentsAndContractsDisclosureTableTextBlock_lbl2" xlink:title="label: DevelopmentConstructionCommitmentsAndContractsDisclosureTableTextBlock to iret_DevelopmentConstructionCommitmentsAndContractsDisclosureTableTextBlock_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_Footnote7Member" xlink:label="Footnote7Member" xlink:title="Footnote7Member" />
    <link:label xlink:type="resource" xlink:label="iret_Footnote7Member_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_Footnote7Member_lbl" xml:lang="en-US" id="iret_Footnote7Member_lbl">Footnote (7)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Footnote7Member" xlink:to="iret_Footnote7Member_lbl" xlink:title="label: Footnote7Member to iret_Footnote7Member_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_Footnote7Member_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_Footnote7Member_lbl1" xml:lang="en-US" id="iret_Footnote7Member_lbl1">Footnote (7) [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Footnote7Member" xlink:to="iret_Footnote7Member_lbl1" xlink:title="label: Footnote7Member to iret_Footnote7Member_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_DeerRidgeJamestownNdMember" xlink:label="DeerRidgeJamestownNdMember" xlink:title="DeerRidgeJamestownNdMember" />
    <link:label xlink:type="resource" xlink:label="iret_DeerRidgeJamestownNdMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_DeerRidgeJamestownNdMember_lbl" xml:lang="en-US" id="iret_DeerRidgeJamestownNdMember_lbl">'Deer Ridge - Jamestown, ND</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeerRidgeJamestownNdMember" xlink:to="iret_DeerRidgeJamestownNdMember_lbl" xlink:title="label: DeerRidgeJamestownNdMember to iret_DeerRidgeJamestownNdMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_DeerRidgeJamestownNdMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_DeerRidgeJamestownNdMember_lbl1" xml:lang="en-US" id="iret_DeerRidgeJamestownNdMember_lbl1">Deer Ridge - Jamestown, ND [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeerRidgeJamestownNdMember" xlink:to="iret_DeerRidgeJamestownNdMember_lbl1" xlink:title="label: DeerRidgeJamestownNdMember to iret_DeerRidgeJamestownNdMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_Edina6565FranceSmcIiiEdinaMnMember" xlink:label="Edina6565FranceSmcIiiEdinaMnMember" xlink:title="Edina6565FranceSmcIiiEdinaMnMember" />
    <link:label xlink:type="resource" xlink:label="iret_Edina6565FranceSmcIiiEdinaMnMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_Edina6565FranceSmcIiiEdinaMnMember_lbl" xml:lang="en-US" id="iret_Edina6565FranceSmcIiiEdinaMnMember_lbl">Edina 6565 France SMC III - Edina, MN</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Edina6565FranceSmcIiiEdinaMnMember" xlink:to="iret_Edina6565FranceSmcIiiEdinaMnMember_lbl" xlink:title="label: Edina6565FranceSmcIiiEdinaMnMember to iret_Edina6565FranceSmcIiiEdinaMnMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_Edina6565FranceSmcIiiEdinaMnMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_Edina6565FranceSmcIiiEdinaMnMember_lbl1" xml:lang="en-US" id="iret_Edina6565FranceSmcIiiEdinaMnMember_lbl1">Edina 6565 France SMC III - Edina, MN [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Edina6565FranceSmcIiiEdinaMnMember" xlink:to="iret_Edina6565FranceSmcIiiEdinaMnMember_lbl1" xlink:title="label: Edina6565FranceSmcIiiEdinaMnMember to iret_Edina6565FranceSmcIiiEdinaMnMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_Roseville3075LongLakeRdRosevilleMnMember" xlink:label="Roseville3075LongLakeRdRosevilleMnMember" xlink:title="Roseville3075LongLakeRdRosevilleMnMember" />
    <link:label xlink:type="resource" xlink:label="iret_Roseville3075LongLakeRdRosevilleMnMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_Roseville3075LongLakeRdRosevilleMnMember_lbl" xml:lang="en-US" id="iret_Roseville3075LongLakeRdRosevilleMnMember_lbl">Roseville 3075 Long Lake Rd - Roseville, MN</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Roseville3075LongLakeRdRosevilleMnMember" xlink:to="iret_Roseville3075LongLakeRdRosevilleMnMember_lbl" xlink:title="label: Roseville3075LongLakeRdRosevilleMnMember to iret_Roseville3075LongLakeRdRosevilleMnMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_Roseville3075LongLakeRdRosevilleMnMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_Roseville3075LongLakeRdRosevilleMnMember_lbl1" xml:lang="en-US" id="iret_Roseville3075LongLakeRdRosevilleMnMember_lbl1">Roseville 3075 Long Lake Rd - Roseville, MN [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Roseville3075LongLakeRdRosevilleMnMember" xlink:to="iret_Roseville3075LongLakeRdRosevilleMnMember_lbl1" xlink:title="label: Roseville3075LongLakeRdRosevilleMnMember to iret_Roseville3075LongLakeRdRosevilleMnMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_StCloudMnMember" xlink:label="StCloudMnMember" xlink:title="StCloudMnMember" />
    <link:label xlink:type="resource" xlink:label="iret_StCloudMnMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_StCloudMnMember_lbl" xml:lang="en-US" id="iret_StCloudMnMember_lbl">St. Cloud, MN property acquired.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StCloudMnMember" xlink:to="iret_StCloudMnMember_lbl" xlink:title="label: StCloudMnMember to iret_StCloudMnMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_StCloudMnMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_StCloudMnMember_lbl1" xml:lang="en-US" id="iret_StCloudMnMember_lbl1">St. Cloud, MN [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StCloudMnMember" xlink:to="iret_StCloudMnMember_lbl1" xlink:title="label: StCloudMnMember to iret_StCloudMnMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_MinotWellsFargoBankMinotNdMember" xlink:label="MinotWellsFargoBankMinotNdMember" xlink:title="MinotWellsFargoBankMinotNdMember" />
    <link:label xlink:type="resource" xlink:label="iret_MinotWellsFargoBankMinotNdMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_MinotWellsFargoBankMinotNdMember_lbl" xml:lang="en-US" id="iret_MinotWellsFargoBankMinotNdMember_lbl">Minot Wells Fargo Bank - Minot, ND</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MinotWellsFargoBankMinotNdMember" xlink:to="iret_MinotWellsFargoBankMinotNdMember_lbl" xlink:title="label: MinotWellsFargoBankMinotNdMember to iret_MinotWellsFargoBankMinotNdMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_MinotWellsFargoBankMinotNdMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_MinotWellsFargoBankMinotNdMember_lbl1" xml:lang="en-US" id="iret_MinotWellsFargoBankMinotNdMember_lbl1">Minot Wells Fargo Bank - Minot, ND [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MinotWellsFargoBankMinotNdMember" xlink:to="iret_MinotWellsFargoBankMinotNdMember_lbl1" xlink:title="label: MinotWellsFargoBankMinotNdMember to iret_MinotWellsFargoBankMinotNdMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_FargoNdMember" xlink:label="FargoNdMember" xlink:title="FargoNdMember" />
    <link:label xlink:type="resource" xlink:label="iret_FargoNdMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_FargoNdMember_lbl" xml:lang="en-US" id="iret_FargoNdMember_lbl">Fargo, ND</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FargoNdMember" xlink:to="iret_FargoNdMember_lbl" xlink:title="label: FargoNdMember to iret_FargoNdMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_FargoNdMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_FargoNdMember_lbl1" xml:lang="en-US" id="iret_FargoNdMember_lbl1">Fargo, ND [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FargoNdMember" xlink:to="iret_FargoNdMember_lbl1" xlink:title="label: FargoNdMember to iret_FargoNdMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_MapleGroveMnMember" xlink:label="MapleGroveMnMember" xlink:title="MapleGroveMnMember" />
    <link:label xlink:type="resource" xlink:label="iret_MapleGroveMnMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_MapleGroveMnMember_lbl" xml:lang="en-US" id="iret_MapleGroveMnMember_lbl">Maple Grove, MN</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MapleGroveMnMember" xlink:to="iret_MapleGroveMnMember_lbl" xlink:title="label: MapleGroveMnMember to iret_MapleGroveMnMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_MapleGroveMnMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_MapleGroveMnMember_lbl1" xml:lang="en-US" id="iret_MapleGroveMnMember_lbl1">Maple Grove, MN [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MapleGroveMnMember" xlink:to="iret_MapleGroveMnMember_lbl1" xlink:title="label: MapleGroveMnMember to iret_MapleGroveMnMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_GrandForksNdMember" xlink:label="GrandForksNdMember" xlink:title="GrandForksNdMember" />
    <link:label xlink:type="resource" xlink:label="iret_GrandForksNdMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_GrandForksNdMember_lbl" xml:lang="en-US" id="iret_GrandForksNdMember_lbl">Grand Forks, ND</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GrandForksNdMember" xlink:to="iret_GrandForksNdMember_lbl" xlink:title="label: GrandForksNdMember to iret_GrandForksNdMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_GrandForksNdMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_GrandForksNdMember_lbl1" xml:lang="en-US" id="iret_GrandForksNdMember_lbl1">Grand Forks, ND [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GrandForksNdMember" xlink:to="iret_GrandForksNdMember_lbl1" xlink:title="label: GrandForksNdMember to iret_GrandForksNdMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_VacantLandInMonticelloMnMember" xlink:label="VacantLandInMonticelloMnMember" xlink:title="VacantLandInMonticelloMnMember" />
    <link:label xlink:type="resource" xlink:label="iret_VacantLandInMonticelloMnMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_VacantLandInMonticelloMnMember_lbl" xml:lang="en-US" id="iret_VacantLandInMonticelloMnMember_lbl">Vacant land in Monticello, MN</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VacantLandInMonticelloMnMember" xlink:to="iret_VacantLandInMonticelloMnMember_lbl" xlink:title="label: VacantLandInMonticelloMnMember to iret_VacantLandInMonticelloMnMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_VacantLandInMonticelloMnMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_VacantLandInMonticelloMnMember_lbl1" xml:lang="en-US" id="iret_VacantLandInMonticelloMnMember_lbl1">Vacant land in Monticello, MN [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VacantLandInMonticelloMnMember" xlink:to="iret_VacantLandInMonticelloMnMember_lbl1" xlink:title="label: VacantLandInMonticelloMnMember to iret_VacantLandInMonticelloMnMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_PropertyTwoMember" xlink:label="PropertyTwoMember" xlink:title="PropertyTwoMember" />
    <link:label xlink:type="resource" xlink:label="iret_PropertyTwoMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_PropertyTwoMember_lbl" xml:lang="en-US" id="iret_PropertyTwoMember_lbl">Property Two</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertyTwoMember" xlink:to="iret_PropertyTwoMember_lbl" xlink:title="label: PropertyTwoMember to iret_PropertyTwoMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_PropertyTwoMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_PropertyTwoMember_lbl1" xml:lang="en-US" id="iret_PropertyTwoMember_lbl1">Property Two [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertyTwoMember" xlink:to="iret_PropertyTwoMember_lbl1" xlink:title="label: PropertyTwoMember to iret_PropertyTwoMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_PropertyOneMember" xlink:label="PropertyOneMember" xlink:title="PropertyOneMember" />
    <link:label xlink:type="resource" xlink:label="iret_PropertyOneMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_PropertyOneMember_lbl" xml:lang="en-US" id="iret_PropertyOneMember_lbl">Property One</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertyOneMember" xlink:to="iret_PropertyOneMember_lbl" xlink:title="label: PropertyOneMember to iret_PropertyOneMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_PropertyOneMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_PropertyOneMember_lbl1" xml:lang="en-US" id="iret_PropertyOneMember_lbl1">Property One [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertyOneMember" xlink:to="iret_PropertyOneMember_lbl1" xlink:title="label: PropertyOneMember to iret_PropertyOneMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_SaleAmountOfPendingDisposition" xlink:label="SaleAmountOfPendingDisposition" xlink:title="SaleAmountOfPendingDisposition" />
    <link:label xlink:type="resource" xlink:label="iret_SaleAmountOfPendingDisposition_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_SaleAmountOfPendingDisposition_lbl" xml:lang="en-US" id="iret_SaleAmountOfPendingDisposition_lbl">Sale amount of pending property disposition.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SaleAmountOfPendingDisposition" xlink:to="iret_SaleAmountOfPendingDisposition_lbl" xlink:title="label: SaleAmountOfPendingDisposition to iret_SaleAmountOfPendingDisposition_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_SaleAmountOfPendingDisposition_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_SaleAmountOfPendingDisposition_lbl1" xml:lang="en-US" id="iret_SaleAmountOfPendingDisposition_lbl1">Sale amount of pending disposition</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SaleAmountOfPendingDisposition" xlink:to="iret_SaleAmountOfPendingDisposition_lbl1" xlink:title="label: SaleAmountOfPendingDisposition to iret_SaleAmountOfPendingDisposition_lbl1" />
    <link:label xlink:type="resource" xlink:label="iret_SaleAmountOfPendingDisposition_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="iret_SaleAmountOfPendingDisposition_lbl2" xml:lang="en-US" id="iret_SaleAmountOfPendingDisposition_lbl2">Sales price of pending disposition</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SaleAmountOfPendingDisposition" xlink:to="iret_SaleAmountOfPendingDisposition_lbl2" xlink:title="label: SaleAmountOfPendingDisposition to iret_SaleAmountOfPendingDisposition_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.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-20140731.xsd#iret_RapidCitySouthDakotaMember" xlink:label="RapidCitySouthDakotaMember" xlink:title="RapidCitySouthDakotaMember" />
    <link:label xlink:type="resource" xlink:label="iret_RapidCitySouthDakotaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_RapidCitySouthDakotaMember_lbl" xml:lang="en-US" id="iret_RapidCitySouthDakotaMember_lbl">Rapid City, South Dakota property acquired.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RapidCitySouthDakotaMember" xlink:to="iret_RapidCitySouthDakotaMember_lbl" xlink:title="label: RapidCitySouthDakotaMember to iret_RapidCitySouthDakotaMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_RapidCitySouthDakotaMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_RapidCitySouthDakotaMember_lbl1" xml:lang="en-US" id="iret_RapidCitySouthDakotaMember_lbl1">Rapid City, South Dakota [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RapidCitySouthDakotaMember" xlink:to="iret_RapidCitySouthDakotaMember_lbl1" xlink:title="label: RapidCitySouthDakotaMember to iret_RapidCitySouthDakotaMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_BurnsvilleMinnesotaMember" xlink:label="BurnsvilleMinnesotaMember" xlink:title="BurnsvilleMinnesotaMember" />
    <link:label xlink:type="resource" xlink:label="iret_BurnsvilleMinnesotaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_BurnsvilleMinnesotaMember_lbl" xml:lang="en-US" id="iret_BurnsvilleMinnesotaMember_lbl">The name or location of property under a material pending acquisition.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BurnsvilleMinnesotaMember" xlink:to="iret_BurnsvilleMinnesotaMember_lbl" xlink:title="label: BurnsvilleMinnesotaMember to iret_BurnsvilleMinnesotaMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_BurnsvilleMinnesotaMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_BurnsvilleMinnesotaMember_lbl1" xml:lang="en-US" id="iret_BurnsvilleMinnesotaMember_lbl1">Burnsville, Minnesota [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BurnsvilleMinnesotaMember" xlink:to="iret_BurnsvilleMinnesotaMember_lbl1" xlink:title="label: BurnsvilleMinnesotaMember to iret_BurnsvilleMinnesotaMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_CardinalPointGrandForksNorthDakotaMember" xlink:label="CardinalPointGrandForksNorthDakotaMember" xlink:title="CardinalPointGrandForksNorthDakotaMember" />
    <link:label xlink:type="resource" xlink:label="iret_CardinalPointGrandForksNorthDakotaMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_CardinalPointGrandForksNorthDakotaMember_lbl1" xml:lang="en-US" id="iret_CardinalPointGrandForksNorthDakotaMember_lbl1">Cardinal Point, Grand Forks, North Dakota [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CardinalPointGrandForksNorthDakotaMember" xlink:to="iret_CardinalPointGrandForksNorthDakotaMember_lbl1" xlink:title="label: CardinalPointGrandForksNorthDakotaMember to iret_CardinalPointGrandForksNorthDakotaMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.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-20140731.xsd#iret_CommonsAtSouthgateMinotNorthDakotaMember" xlink:label="CommonsAtSouthgateMinotNorthDakotaMember" xlink:title="CommonsAtSouthgateMinotNorthDakotaMember" />
    <link:label xlink:type="resource" xlink:label="iret_CommonsAtSouthgateMinotNorthDakotaMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_CommonsAtSouthgateMinotNorthDakotaMember_lbl1" xml:lang="en-US" id="iret_CommonsAtSouthgateMinotNorthDakotaMember_lbl1">Commons at Southgate, Minot, North Dakota [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommonsAtSouthgateMinotNorthDakotaMember" xlink:to="iret_CommonsAtSouthgateMinotNorthDakotaMember_lbl1" xlink:title="label: CommonsAtSouthgateMinotNorthDakotaMember to iret_CommonsAtSouthgateMinotNorthDakotaMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_SouthgateMinotNorthDakotaMember" xlink:label="SouthgateMinotNorthDakotaMember" xlink:title="SouthgateMinotNorthDakotaMember" />
    <link:label xlink:type="resource" xlink:label="iret_SouthgateMinotNorthDakotaMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_SouthgateMinotNorthDakotaMember_lbl1" xml:lang="en-US" id="iret_SouthgateMinotNorthDakotaMember_lbl1">Southgate, Minot, North Dakota [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SouthgateMinotNorthDakotaMember" xlink:to="iret_SouthgateMinotNorthDakotaMember_lbl1" xlink:title="label: SouthgateMinotNorthDakotaMember to iret_SouthgateMinotNorthDakotaMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.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-20140731.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-20140731.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-20140731.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-20140731.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-20140731.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-20140731.xsd#iret_SiouxFallsSouthDakotaMember" xlink:label="SiouxFallsSouthDakotaMember" xlink:title="SiouxFallsSouthDakotaMember" />
    <link:label xlink:type="resource" xlink:label="iret_SiouxFallsSouthDakotaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_SiouxFallsSouthDakotaMember_lbl" xml:lang="en-US" id="iret_SiouxFallsSouthDakotaMember_lbl">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="SiouxFallsSouthDakotaMember" xlink:to="iret_SiouxFallsSouthDakotaMember_lbl" xlink:title="label: SiouxFallsSouthDakotaMember to iret_SiouxFallsSouthDakotaMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_SiouxFallsSouthDakotaMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_SiouxFallsSouthDakotaMember_lbl1" xml:lang="en-US" id="iret_SiouxFallsSouthDakotaMember_lbl1">Sioux Falls, South Dakota [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SiouxFallsSouthDakotaMember" xlink:to="iret_SiouxFallsSouthDakotaMember_lbl1" xlink:title="label: SiouxFallsSouthDakotaMember to iret_SiouxFallsSouthDakotaMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_WinstedMinnesotaMember" xlink:label="WinstedMinnesotaMember" xlink:title="WinstedMinnesotaMember" />
    <link:label xlink:type="resource" xlink:label="iret_WinstedMinnesotaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_WinstedMinnesotaMember_lbl" xml:lang="en-US" id="iret_WinstedMinnesotaMember_lbl">Winsted, Minnesota property.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WinstedMinnesotaMember" xlink:to="iret_WinstedMinnesotaMember_lbl" xlink:title="label: WinstedMinnesotaMember to iret_WinstedMinnesotaMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_WinstedMinnesotaMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_WinstedMinnesotaMember_lbl1" xml:lang="en-US" id="iret_WinstedMinnesotaMember_lbl1">Winsted, Minnesota [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WinstedMinnesotaMember" xlink:to="iret_WinstedMinnesotaMember_lbl1" xlink:title="label: WinstedMinnesotaMember to iret_WinstedMinnesotaMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_BismarckNorthDakotaMember" xlink:label="BismarckNorthDakotaMember" xlink:title="BismarckNorthDakotaMember" />
    <link:label xlink:type="resource" xlink:label="iret_BismarckNorthDakotaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_BismarckNorthDakotaMember_lbl" xml:lang="en-US" id="iret_BismarckNorthDakotaMember_lbl">Bismarck, North Dakota</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BismarckNorthDakotaMember" xlink:to="iret_BismarckNorthDakotaMember_lbl" xlink:title="label: BismarckNorthDakotaMember to iret_BismarckNorthDakotaMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_BismarckNorthDakotaMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_BismarckNorthDakotaMember_lbl1" xml:lang="en-US" id="iret_BismarckNorthDakotaMember_lbl1">Bismarck, North Dakota [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BismarckNorthDakotaMember" xlink:to="iret_BismarckNorthDakotaMember_lbl1" xlink:title="label: BismarckNorthDakotaMember to iret_BismarckNorthDakotaMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.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-20140731.xsd#iret_VacantLandInRapidCitySouthDakotaMember" xlink:label="VacantLandInRapidCitySouthDakotaMember" xlink:title="VacantLandInRapidCitySouthDakotaMember" />
    <link:label xlink:type="resource" xlink:label="iret_VacantLandInRapidCitySouthDakotaMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_VacantLandInRapidCitySouthDakotaMember_lbl1" xml:lang="en-US" id="iret_VacantLandInRapidCitySouthDakotaMember_lbl1">vacant land in Rapid City, South Dakota [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VacantLandInRapidCitySouthDakotaMember" xlink:to="iret_VacantLandInRapidCitySouthDakotaMember_lbl1" xlink:title="label: VacantLandInRapidCitySouthDakotaMember to iret_VacantLandInRapidCitySouthDakotaMember_lbl1" />
    <link:label xlink:type="resource" xlink:label="iret_VacantLandInRapidCitySouthDakotaMember_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="iret_VacantLandInRapidCitySouthDakotaMember_lbl2" xml:lang="en-US" id="iret_VacantLandInRapidCitySouthDakotaMember_lbl2">Vacant Land in Rapid City, South Dakota [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VacantLandInRapidCitySouthDakotaMember" xlink:to="iret_VacantLandInRapidCitySouthDakotaMember_lbl2" xlink:title="label: VacantLandInRapidCitySouthDakotaMember to iret_VacantLandInRapidCitySouthDakotaMember_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_ProjectPhaseOneMember" xlink:label="ProjectPhaseOneMember" xlink:title="ProjectPhaseOneMember" />
    <link:label xlink:type="resource" xlink:label="iret_ProjectPhaseOneMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_ProjectPhaseOneMember_lbl" xml:lang="en-US" id="iret_ProjectPhaseOneMember_lbl">Information by properties or major development project, phase one.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProjectPhaseOneMember" xlink:to="iret_ProjectPhaseOneMember_lbl" xlink:title="label: ProjectPhaseOneMember to iret_ProjectPhaseOneMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_ProjectPhaseOneMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_ProjectPhaseOneMember_lbl1" xml:lang="en-US" id="iret_ProjectPhaseOneMember_lbl1">Project Phase One [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProjectPhaseOneMember" xlink:to="iret_ProjectPhaseOneMember_lbl1" xlink:title="label: ProjectPhaseOneMember to iret_ProjectPhaseOneMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.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-20140731.xsd#iret_RealEstateConstructionEstimatedYearForCompletion" xlink:label="RealEstateConstructionEstimatedYearForCompletion" xlink:title="RealEstateConstructionEstimatedYearForCompletion" />
    <link:label xlink:type="resource" xlink:label="iret_RealEstateConstructionEstimatedYearForCompletion_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_RealEstateConstructionEstimatedYearForCompletion_lbl" xml:lang="en-US" id="iret_RealEstateConstructionEstimatedYearForCompletion_lbl">The year in which a construction project is estimated to be completed.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RealEstateConstructionEstimatedYearForCompletion" xlink:to="iret_RealEstateConstructionEstimatedYearForCompletion_lbl" xlink:title="label: RealEstateConstructionEstimatedYearForCompletion to iret_RealEstateConstructionEstimatedYearForCompletion_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_RealEstateConstructionEstimatedYearForCompletion_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_RealEstateConstructionEstimatedYearForCompletion_lbl1" xml:lang="en-US" id="iret_RealEstateConstructionEstimatedYearForCompletion_lbl1">Real Estate Construction, Estimated Year for Completion</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RealEstateConstructionEstimatedYearForCompletion" xlink:to="iret_RealEstateConstructionEstimatedYearForCompletion_lbl1" xlink:title="label: RealEstateConstructionEstimatedYearForCompletion to iret_RealEstateConstructionEstimatedYearForCompletion_lbl1" />
    <link:label xlink:type="resource" xlink:label="iret_RealEstateConstructionEstimatedYearForCompletion_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="iret_RealEstateConstructionEstimatedYearForCompletion_lbl2" xml:lang="en-US" id="iret_RealEstateConstructionEstimatedYearForCompletion_lbl2">Estimated year for completion</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RealEstateConstructionEstimatedYearForCompletion" xlink:to="iret_RealEstateConstructionEstimatedYearForCompletion_lbl2" xlink:title="label: RealEstateConstructionEstimatedYearForCompletion to iret_RealEstateConstructionEstimatedYearForCompletion_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.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:label xlink:type="resource" xlink:label="iret_NumberOfPropertiesSubjectToPurchaseOptions_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="iret_NumberOfPropertiesSubjectToPurchaseOptions_lbl2" xml:lang="en-US" id="iret_NumberOfPropertiesSubjectToPurchaseOptions_lbl2">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_lbl2" xlink:title="label: NumberOfPropertiesSubjectToPurchaseOptions to iret_NumberOfPropertiesSubjectToPurchaseOptions_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.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-20140731.xsd#iret_BuildingTwoMember" xlink:label="BuildingTwoMember" xlink:title="BuildingTwoMember" />
    <link:label xlink:type="resource" xlink:label="iret_BuildingTwoMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_BuildingTwoMember_lbl" xml:lang="en-US" id="iret_BuildingTwoMember_lbl">Financial information relating to building two.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BuildingTwoMember" xlink:to="iret_BuildingTwoMember_lbl" xlink:title="label: BuildingTwoMember to iret_BuildingTwoMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_BuildingTwoMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_BuildingTwoMember_lbl1" xml:lang="en-US" id="iret_BuildingTwoMember_lbl1">Building Two [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BuildingTwoMember" xlink:to="iret_BuildingTwoMember_lbl1" xlink:title="label: BuildingTwoMember to iret_BuildingTwoMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_BuildingOneMember" xlink:label="BuildingOneMember" xlink:title="BuildingOneMember" />
    <link:label xlink:type="resource" xlink:label="iret_BuildingOneMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_BuildingOneMember_lbl" xml:lang="en-US" id="iret_BuildingOneMember_lbl">Financial information relating to building one.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BuildingOneMember" xlink:to="iret_BuildingOneMember_lbl" xlink:title="label: BuildingOneMember to iret_BuildingOneMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_BuildingOneMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_BuildingOneMember_lbl1" xml:lang="en-US" id="iret_BuildingOneMember_lbl1">Building One [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BuildingOneMember" xlink:to="iret_BuildingOneMember_lbl1" xlink:title="label: BuildingOneMember to iret_BuildingOneMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_ProjectPhaseTwoMember" xlink:label="ProjectPhaseTwoMember" xlink:title="ProjectPhaseTwoMember" />
    <link:label xlink:type="resource" xlink:label="iret_ProjectPhaseTwoMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_ProjectPhaseTwoMember_lbl" xml:lang="en-US" id="iret_ProjectPhaseTwoMember_lbl">Information by properties or major development project, phase two.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProjectPhaseTwoMember" xlink:to="iret_ProjectPhaseTwoMember_lbl" xlink:title="label: ProjectPhaseTwoMember to iret_ProjectPhaseTwoMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_ProjectPhaseTwoMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_ProjectPhaseTwoMember_lbl1" xml:lang="en-US" id="iret_ProjectPhaseTwoMember_lbl1">Project Phase Two [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProjectPhaseTwoMember" xlink:to="iret_ProjectPhaseTwoMember_lbl1" xlink:title="label: ProjectPhaseTwoMember to iret_ProjectPhaseTwoMember_lbl1" />
    <link:label xlink:type="resource" xlink:label="iret_ProjectPhaseTwoMember_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="iret_ProjectPhaseTwoMember_lbl2" xml:lang="en-US" id="iret_ProjectPhaseTwoMember_lbl2">Project Phases Two and Three [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProjectPhaseTwoMember" xlink:to="iret_ProjectPhaseTwoMember_lbl2" xlink:title="label: ProjectPhaseTwoMember to iret_ProjectPhaseTwoMember_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_AdditionalProjectInformationDomain" xlink:label="AdditionalProjectInformationDomain" xlink:title="AdditionalProjectInformationDomain" />
    <link:label xlink:type="resource" xlink:label="iret_AdditionalProjectInformationDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_AdditionalProjectInformationDomain_lbl" xml:lang="en-US" id="iret_AdditionalProjectInformationDomain_lbl">Information by properties, such as buildings, or major development project phase.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionalProjectInformationDomain" xlink:to="iret_AdditionalProjectInformationDomain_lbl" xlink:title="label: AdditionalProjectInformationDomain to iret_AdditionalProjectInformationDomain_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_AdditionalProjectInformationDomain_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_AdditionalProjectInformationDomain_lbl1" xml:lang="en-US" id="iret_AdditionalProjectInformationDomain_lbl1">Additional Project Information [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionalProjectInformationDomain" xlink:to="iret_AdditionalProjectInformationDomain_lbl1" xlink:title="label: AdditionalProjectInformationDomain to iret_AdditionalProjectInformationDomain_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_AdditionalProjectInformationAxis" xlink:label="AdditionalProjectInformationAxis" xlink:title="AdditionalProjectInformationAxis" />
    <link:label xlink:type="resource" xlink:label="iret_AdditionalProjectInformationAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_AdditionalProjectInformationAxis_lbl" xml:lang="en-US" id="iret_AdditionalProjectInformationAxis_lbl">Information by properties, such as buildings, or major development project phase.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionalProjectInformationAxis" xlink:to="iret_AdditionalProjectInformationAxis_lbl" xlink:title="label: AdditionalProjectInformationAxis to iret_AdditionalProjectInformationAxis_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_AdditionalProjectInformationAxis_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_AdditionalProjectInformationAxis_lbl1" xml:lang="en-US" id="iret_AdditionalProjectInformationAxis_lbl1">Additional Project Information [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionalProjectInformationAxis" xlink:to="iret_AdditionalProjectInformationAxis_lbl1" xlink:title="label: AdditionalProjectInformationAxis to iret_AdditionalProjectInformationAxis_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.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">The redemption value of UPREIT Units during the period.</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-20140731.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-20140731.xsd#iret_AnticipatedTotalCost" xlink:label="AnticipatedTotalCost" xlink:title="AnticipatedTotalCost" />
    <link:label xlink:type="resource" xlink:label="iret_AnticipatedTotalCost_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_AnticipatedTotalCost_lbl" xml:lang="en-US" id="iret_AnticipatedTotalCost_lbl">Estimated cost of project.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AnticipatedTotalCost" xlink:to="iret_AnticipatedTotalCost_lbl" xlink:title="label: AnticipatedTotalCost to iret_AnticipatedTotalCost_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_AnticipatedTotalCost_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_AnticipatedTotalCost_lbl1" xml:lang="en-US" id="iret_AnticipatedTotalCost_lbl1">Anticipated Total Cost</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AnticipatedTotalCost" xlink:to="iret_AnticipatedTotalCost_lbl1" xlink:title="label: AnticipatedTotalCost to iret_AnticipatedTotalCost_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_NumberOfLand" xlink:label="NumberOfLand" xlink:title="NumberOfLand" />
    <link:label xlink:type="resource" xlink:label="iret_NumberOfLand_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_NumberOfLand_lbl" xml:lang="en-US" id="iret_NumberOfLand_lbl">Number of buildings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfLand" xlink:to="iret_NumberOfLand_lbl" xlink:title="label: NumberOfLand to iret_NumberOfLand_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_NumberOfLand_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_NumberOfLand_lbl1" xml:lang="en-US" id="iret_NumberOfLand_lbl1">Number of land</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfLand" xlink:to="iret_NumberOfLand_lbl1" xlink:title="label: NumberOfLand to iret_NumberOfLand_lbl1" />
    <link:label xlink:type="resource" xlink:label="iret_NumberOfLand_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="iret_NumberOfLand_lbl2" xml:lang="en-US" id="iret_NumberOfLand_lbl2">Parcels of land</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfLand" xlink:to="iret_NumberOfLand_lbl2" xlink:title="label: NumberOfLand to iret_NumberOfLand_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.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-20140731.xsd#iret_RealEstateConstructionEstimatedQuarterForCompletion" xlink:label="RealEstateConstructionEstimatedQuarterForCompletion" xlink:title="RealEstateConstructionEstimatedQuarterForCompletion" />
    <link:label xlink:type="resource" xlink:label="iret_RealEstateConstructionEstimatedQuarterForCompletion_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_RealEstateConstructionEstimatedQuarterForCompletion_lbl" xml:lang="en-US" id="iret_RealEstateConstructionEstimatedQuarterForCompletion_lbl">The quarter in which a construction project is estimated to be completed.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RealEstateConstructionEstimatedQuarterForCompletion" xlink:to="iret_RealEstateConstructionEstimatedQuarterForCompletion_lbl" xlink:title="label: RealEstateConstructionEstimatedQuarterForCompletion to iret_RealEstateConstructionEstimatedQuarterForCompletion_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_RealEstateConstructionEstimatedQuarterForCompletion_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_RealEstateConstructionEstimatedQuarterForCompletion_lbl1" xml:lang="en-US" id="iret_RealEstateConstructionEstimatedQuarterForCompletion_lbl1">Real Estate Construction, Estimated Quarter for Completion</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RealEstateConstructionEstimatedQuarterForCompletion" xlink:to="iret_RealEstateConstructionEstimatedQuarterForCompletion_lbl1" xlink:title="label: RealEstateConstructionEstimatedQuarterForCompletion to iret_RealEstateConstructionEstimatedQuarterForCompletion_lbl1" />
    <link:label xlink:type="resource" xlink:label="iret_RealEstateConstructionEstimatedQuarterForCompletion_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="iret_RealEstateConstructionEstimatedQuarterForCompletion_lbl2" xml:lang="en-US" id="iret_RealEstateConstructionEstimatedQuarterForCompletion_lbl2">Estimated quarter for completion</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RealEstateConstructionEstimatedQuarterForCompletion" xlink:to="iret_RealEstateConstructionEstimatedQuarterForCompletion_lbl2" xlink:title="label: RealEstateConstructionEstimatedQuarterForCompletion to iret_RealEstateConstructionEstimatedQuarterForCompletion_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.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">The 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-20140731.xsd#iret_PurchasePriceofPendingAcquisition" xlink:label="PurchasePriceofPendingAcquisition" xlink:title="PurchasePriceofPendingAcquisition" />
    <link:label xlink:type="resource" xlink:label="iret_PurchasePriceofPendingAcquisition_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_PurchasePriceofPendingAcquisition_lbl" xml:lang="en-US" id="iret_PurchasePriceofPendingAcquisition_lbl">Purchase Price of Pending Acquisition</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PurchasePriceofPendingAcquisition" xlink:to="iret_PurchasePriceofPendingAcquisition_lbl" xlink:title="label: PurchasePriceofPendingAcquisition to iret_PurchasePriceofPendingAcquisition_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_PurchasePriceofPendingAcquisition_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_PurchasePriceofPendingAcquisition_lbl1" xml:lang="en-US" id="iret_PurchasePriceofPendingAcquisition_lbl1">Purchase Price of Pending Acquisition</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PurchasePriceofPendingAcquisition" xlink:to="iret_PurchasePriceofPendingAcquisition_lbl1" xlink:title="label: PurchasePriceofPendingAcquisition to iret_PurchasePriceofPendingAcquisition_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.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-20140731.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">The 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-20140731.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-20140731.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">The commitment period related to 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-20140731.xsd#iret_DakotaCommonsWillistonNdMember" xlink:label="DakotaCommonsWillistonNdMember" xlink:title="DakotaCommonsWillistonNdMember" />
    <link:label xlink:type="resource" xlink:label="iret_DakotaCommonsWillistonNdMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_DakotaCommonsWillistonNdMember_lbl" xml:lang="en-US" id="iret_DakotaCommonsWillistonNdMember_lbl">Dakota Commons - Williston, 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="DakotaCommonsWillistonNdMember" xlink:to="iret_DakotaCommonsWillistonNdMember_lbl" xlink:title="label: DakotaCommonsWillistonNdMember to iret_DakotaCommonsWillistonNdMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_DakotaCommonsWillistonNdMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_DakotaCommonsWillistonNdMember_lbl1" xml:lang="en-US" id="iret_DakotaCommonsWillistonNdMember_lbl1">Dakota Commons - Williston, ND [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DakotaCommonsWillistonNdMember" xlink:to="iret_DakotaCommonsWillistonNdMember_lbl1" xlink:title="label: DakotaCommonsWillistonNdMember to iret_DakotaCommonsWillistonNdMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_FrancePhaseIEdinaMnMember" xlink:label="FrancePhaseIEdinaMnMember" xlink:title="FrancePhaseIEdinaMnMember" />
    <link:label xlink:type="resource" xlink:label="iret_FrancePhaseIEdinaMnMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_FrancePhaseIEdinaMnMember_lbl" xml:lang="en-US" id="iret_FrancePhaseIEdinaMnMember_lbl">71 France Phase I - Edina, MN</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FrancePhaseIEdinaMnMember" xlink:to="iret_FrancePhaseIEdinaMnMember_lbl" xlink:title="label: FrancePhaseIEdinaMnMember to iret_FrancePhaseIEdinaMnMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_FrancePhaseIEdinaMnMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_FrancePhaseIEdinaMnMember_lbl1" xml:lang="en-US" id="iret_FrancePhaseIEdinaMnMember_lbl1">71 France Phase I - Edina, MN [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FrancePhaseIEdinaMnMember" xlink:to="iret_FrancePhaseIEdinaMnMember_lbl1" xlink:title="label: FrancePhaseIEdinaMnMember to iret_FrancePhaseIEdinaMnMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_PrairiecareMedicalBrooklynParkMnMember" xlink:label="PrairiecareMedicalBrooklynParkMnMember" xlink:title="PrairiecareMedicalBrooklynParkMnMember" />
    <link:label xlink:type="resource" xlink:label="iret_PrairiecareMedicalBrooklynParkMnMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_PrairiecareMedicalBrooklynParkMnMember_lbl" xml:lang="en-US" id="iret_PrairiecareMedicalBrooklynParkMnMember_lbl">PrairieCare Medical - Brooklyn Park, MN</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PrairiecareMedicalBrooklynParkMnMember" xlink:to="iret_PrairiecareMedicalBrooklynParkMnMember_lbl" xlink:title="label: PrairiecareMedicalBrooklynParkMnMember to iret_PrairiecareMedicalBrooklynParkMnMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_PrairiecareMedicalBrooklynParkMnMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_PrairiecareMedicalBrooklynParkMnMember_lbl1" xml:lang="en-US" id="iret_PrairiecareMedicalBrooklynParkMnMember_lbl1">PrairieCare Medical - Brooklyn Park, MN [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PrairiecareMedicalBrooklynParkMnMember" xlink:to="iret_PrairiecareMedicalBrooklynParkMnMember_lbl1" xlink:title="label: PrairiecareMedicalBrooklynParkMnMember to iret_PrairiecareMedicalBrooklynParkMnMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_CreeksideCrossingBismarckNdMember" xlink:label="CreeksideCrossingBismarckNdMember" xlink:title="CreeksideCrossingBismarckNdMember" />
    <link:label xlink:type="resource" xlink:label="iret_CreeksideCrossingBismarckNdMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_CreeksideCrossingBismarckNdMember_lbl" xml:lang="en-US" id="iret_CreeksideCrossingBismarckNdMember_lbl">Creekside Crossing - Bismarck, ND</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CreeksideCrossingBismarckNdMember" xlink:to="iret_CreeksideCrossingBismarckNdMember_lbl" xlink:title="label: CreeksideCrossingBismarckNdMember to iret_CreeksideCrossingBismarckNdMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_CreeksideCrossingBismarckNdMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_CreeksideCrossingBismarckNdMember_lbl1" xml:lang="en-US" id="iret_CreeksideCrossingBismarckNdMember_lbl1">Creekside Crossing - Bismarck, ND [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CreeksideCrossingBismarckNdMember" xlink:to="iret_CreeksideCrossingBismarckNdMember_lbl1" xlink:title="label: CreeksideCrossingBismarckNdMember to iret_CreeksideCrossingBismarckNdMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_SilverSpringsRapidCitySdMember" xlink:label="SilverSpringsRapidCitySdMember" xlink:title="SilverSpringsRapidCitySdMember" />
    <link:label xlink:type="resource" xlink:label="iret_SilverSpringsRapidCitySdMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_SilverSpringsRapidCitySdMember_lbl" xml:lang="en-US" id="iret_SilverSpringsRapidCitySdMember_lbl">Silver Springs - Rapid City, SD</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SilverSpringsRapidCitySdMember" xlink:to="iret_SilverSpringsRapidCitySdMember_lbl" xlink:title="label: SilverSpringsRapidCitySdMember to iret_SilverSpringsRapidCitySdMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_SilverSpringsRapidCitySdMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_SilverSpringsRapidCitySdMember_lbl1" xml:lang="en-US" id="iret_SilverSpringsRapidCitySdMember_lbl1">Silver Springs - Rapid City, SD [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SilverSpringsRapidCitySdMember" xlink:to="iret_SilverSpringsRapidCitySdMember_lbl1" xlink:title="label: SilverSpringsRapidCitySdMember to iret_SilverSpringsRapidCitySdMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_HomesteadGardenRapidCitySdMember" xlink:label="HomesteadGardenRapidCitySdMember" xlink:title="HomesteadGardenRapidCitySdMember" />
    <link:label xlink:type="resource" xlink:label="iret_HomesteadGardenRapidCitySdMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_HomesteadGardenRapidCitySdMember_lbl" xml:lang="en-US" id="iret_HomesteadGardenRapidCitySdMember_lbl">Homestead Garden - Rapid City, SD</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="HomesteadGardenRapidCitySdMember" xlink:to="iret_HomesteadGardenRapidCitySdMember_lbl" xlink:title="label: HomesteadGardenRapidCitySdMember to iret_HomesteadGardenRapidCitySdMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_HomesteadGardenRapidCitySdMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_HomesteadGardenRapidCitySdMember_lbl1" xml:lang="en-US" id="iret_HomesteadGardenRapidCitySdMember_lbl1">Homestead Garden - Rapid City, SD [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="HomesteadGardenRapidCitySdMember" xlink:to="iret_HomesteadGardenRapidCitySdMember_lbl1" xlink:title="label: HomesteadGardenRapidCitySdMember to iret_HomesteadGardenRapidCitySdMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_DevelopmentCostsOfProjectsPlacedInService" xlink:label="DevelopmentCostsOfProjectsPlacedInService" xlink:title="DevelopmentCostsOfProjectsPlacedInService" />
    <link:label xlink:type="resource" xlink:label="iret_DevelopmentCostsOfProjectsPlacedInService_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_DevelopmentCostsOfProjectsPlacedInService_lbl" xml:lang="en-US" id="iret_DevelopmentCostsOfProjectsPlacedInService_lbl">The amount of expenditures for a real estate projects that has been placed in service as of period end.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DevelopmentCostsOfProjectsPlacedInService" xlink:to="iret_DevelopmentCostsOfProjectsPlacedInService_lbl" xlink:title="label: DevelopmentCostsOfProjectsPlacedInService to iret_DevelopmentCostsOfProjectsPlacedInService_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_DevelopmentCostsOfProjectsPlacedInService_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_DevelopmentCostsOfProjectsPlacedInService_lbl1" xml:lang="en-US" id="iret_DevelopmentCostsOfProjectsPlacedInService_lbl1">Development costs of projects placed in service</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DevelopmentCostsOfProjectsPlacedInService" xlink:to="iret_DevelopmentCostsOfProjectsPlacedInService_lbl1" xlink:title="label: DevelopmentCostsOfProjectsPlacedInService to iret_DevelopmentCostsOfProjectsPlacedInService_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_DatePlacedInService" xlink:label="DatePlacedInService" xlink:title="DatePlacedInService" />
    <link:label xlink:type="resource" xlink:label="iret_DatePlacedInService_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_DatePlacedInService_lbl" xml:lang="en-US" id="iret_DatePlacedInService_lbl">Date a unit is placed in service in CCYY_MM_DD format.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DatePlacedInService" xlink:to="iret_DatePlacedInService_lbl" xlink:title="label: DatePlacedInService to iret_DatePlacedInService_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_DatePlacedInService_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_DatePlacedInService_lbl1" xml:lang="en-US" id="iret_DatePlacedInService_lbl1">Date placed in service</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DatePlacedInService" xlink:to="iret_DatePlacedInService_lbl1" xlink:title="label: DatePlacedInService to iret_DatePlacedInService_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_RapidCityUnimprovedRapidCitySdMember" xlink:label="RapidCityUnimprovedRapidCitySdMember" xlink:title="RapidCityUnimprovedRapidCitySdMember" />
    <link:label xlink:type="resource" xlink:label="iret_RapidCityUnimprovedRapidCitySdMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_RapidCityUnimprovedRapidCitySdMember_lbl" xml:lang="en-US" id="iret_RapidCityUnimprovedRapidCitySdMember_lbl">Rapid City Unimproved- Rapid City, SD</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RapidCityUnimprovedRapidCitySdMember" xlink:to="iret_RapidCityUnimprovedRapidCitySdMember_lbl" xlink:title="label: RapidCityUnimprovedRapidCitySdMember to iret_RapidCityUnimprovedRapidCitySdMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_RapidCityUnimprovedRapidCitySdMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_RapidCityUnimprovedRapidCitySdMember_lbl1" xml:lang="en-US" id="iret_RapidCityUnimprovedRapidCitySdMember_lbl1">Rapid City Unimproved- Rapid City, SD [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RapidCityUnimprovedRapidCitySdMember" xlink:to="iret_RapidCityUnimprovedRapidCitySdMember_lbl1" xlink:title="label: RapidCityUnimprovedRapidCitySdMember to iret_RapidCityUnimprovedRapidCitySdMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_DispositionsMember" xlink:label="DispositionsMember" xlink:title="DispositionsMember" />
    <link:label xlink:type="resource" xlink:label="iret_DispositionsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_DispositionsMember_lbl" xml:lang="en-US" id="iret_DispositionsMember_lbl">Dispositions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DispositionsMember" xlink:to="iret_DispositionsMember_lbl" xlink:title="label: DispositionsMember to iret_DispositionsMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_DispositionsMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_DispositionsMember_lbl1" xml:lang="en-US" id="iret_DispositionsMember_lbl1">Dispositions [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DispositionsMember" xlink:to="iret_DispositionsMember_lbl1" xlink:title="label: DispositionsMember to iret_DispositionsMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_AcquisitionsMember" xlink:label="AcquisitionsMember" xlink:title="AcquisitionsMember" />
    <link:label xlink:type="resource" xlink:label="iret_AcquisitionsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_AcquisitionsMember_lbl" xml:lang="en-US" id="iret_AcquisitionsMember_lbl">Acquisitions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AcquisitionsMember" xlink:to="iret_AcquisitionsMember_lbl" xlink:title="label: AcquisitionsMember to iret_AcquisitionsMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_AcquisitionsMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_AcquisitionsMember_lbl1" xml:lang="en-US" id="iret_AcquisitionsMember_lbl1">Acquisitions [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AcquisitionsMember" xlink:to="iret_AcquisitionsMember_lbl1" xlink:title="label: AcquisitionsMember to iret_AcquisitionsMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_JvPartnerContributions" xlink:label="JvPartnerContributions" xlink:title="JvPartnerContributions" />
    <link:label xlink:type="resource" xlink:label="iret_JvPartnerContributions_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_JvPartnerContributions_lbl" xml:lang="en-US" id="iret_JvPartnerContributions_lbl">Amount of increase in noncontrolling interest from subsidiary issuance of equity interests to noncontrolling interest holders.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="JvPartnerContributions" xlink:to="iret_JvPartnerContributions_lbl" xlink:title="label: JvPartnerContributions to iret_JvPartnerContributions_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_JvPartnerContributions_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_JvPartnerContributions_lbl1" xml:lang="en-US" id="iret_JvPartnerContributions_lbl1">JV Partner Contributions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="JvPartnerContributions" xlink:to="iret_JvPartnerContributions_lbl1" xlink:title="label: JvPartnerContributions to iret_JvPartnerContributions_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_WestonRetailWestonWiMember" xlink:label="WestonRetailWestonWiMember" xlink:title="WestonRetailWestonWiMember" />
    <link:label xlink:type="resource" xlink:label="iret_WestonRetailWestonWiMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_WestonRetailWestonWiMember_lbl" xml:lang="en-US" id="iret_WestonRetailWestonWiMember_lbl">Weston Retail - Weston, WI 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="WestonRetailWestonWiMember" xlink:to="iret_WestonRetailWestonWiMember_lbl" xlink:title="label: WestonRetailWestonWiMember to iret_WestonRetailWestonWiMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_WestonRetailWestonWiMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_WestonRetailWestonWiMember_lbl1" xml:lang="en-US" id="iret_WestonRetailWestonWiMember_lbl1">Weston Retail Weston WI [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WestonRetailWestonWiMember" xlink:to="iret_WestonRetailWestonWiMember_lbl1" xlink:title="label: WestonRetailWestonWiMember to iret_WestonRetailWestonWiMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_Eagan27852795EaganMnMember" xlink:label="Eagan27852795EaganMnMember" xlink:title="Eagan27852795EaganMnMember" />
    <link:label xlink:type="resource" xlink:label="iret_Eagan27852795EaganMnMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_Eagan27852795EaganMnMember_lbl" xml:lang="en-US" id="iret_Eagan27852795EaganMnMember_lbl">Eagan 2785 &amp; 2795 - Eagan, MN</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Eagan27852795EaganMnMember" xlink:to="iret_Eagan27852795EaganMnMember_lbl" xlink:title="label: Eagan27852795EaganMnMember to iret_Eagan27852795EaganMnMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_Eagan27852795EaganMnMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_Eagan27852795EaganMnMember_lbl1" xml:lang="en-US" id="iret_Eagan27852795EaganMnMember_lbl1">Eagan 2785 &amp; 2795 - Eagan, MN [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Eagan27852795EaganMnMember" xlink:to="iret_Eagan27852795EaganMnMember_lbl1" xlink:title="label: Eagan27852795EaganMnMember to iret_Eagan27852795EaganMnMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_DeweyHillEdinaMnMember" xlink:label="DeweyHillEdinaMnMember" xlink:title="DeweyHillEdinaMnMember" />
    <link:label xlink:type="resource" xlink:label="iret_DeweyHillEdinaMnMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_DeweyHillEdinaMnMember_lbl" xml:lang="en-US" id="iret_DeweyHillEdinaMnMember_lbl">Dewey Hill - Edina, MN</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeweyHillEdinaMnMember" xlink:to="iret_DeweyHillEdinaMnMember_lbl" xlink:title="label: DeweyHillEdinaMnMember to iret_DeweyHillEdinaMnMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_DeweyHillEdinaMnMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_DeweyHillEdinaMnMember_lbl1" xml:lang="en-US" id="iret_DeweyHillEdinaMnMember_lbl1">Dewey Hill - Edina, MN [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeweyHillEdinaMnMember" xlink:to="iret_DeweyHillEdinaMnMember_lbl1" xlink:title="label: DeweyHillEdinaMnMember to iret_DeweyHillEdinaMnMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_LandParcel2Member" xlink:label="LandParcel2Member" xlink:title="LandParcel2Member" />
    <link:label xlink:type="resource" xlink:label="iret_LandParcel2Member_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_LandParcel2Member_lbl" xml:lang="en-US" id="iret_LandParcel2Member_lbl">Real estate held.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LandParcel2Member" xlink:to="iret_LandParcel2Member_lbl" xlink:title="label: LandParcel2Member to iret_LandParcel2Member_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_LandParcel2Member_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_LandParcel2Member_lbl1" xml:lang="en-US" id="iret_LandParcel2Member_lbl1">Land Parcel 2 [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LandParcel2Member" xlink:to="iret_LandParcel2Member_lbl1" xlink:title="label: LandParcel2Member to iret_LandParcel2Member_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.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 disposed</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-20140731.xsd#iret_IretNumberOfApartmentUnitsDispositions" xlink:label="IretNumberOfApartmentUnitsDispositions" xlink:title="IretNumberOfApartmentUnitsDispositions" />
    <link:label xlink:type="resource" xlink:label="iret_IretNumberOfApartmentUnitsDispositions_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_IretNumberOfApartmentUnitsDispositions_lbl" xml:lang="en-US" id="iret_IretNumberOfApartmentUnitsDispositions_lbl">Number of apartment units disposed.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IretNumberOfApartmentUnitsDispositions" xlink:to="iret_IretNumberOfApartmentUnitsDispositions_lbl" xlink:title="label: IretNumberOfApartmentUnitsDispositions to iret_IretNumberOfApartmentUnitsDispositions_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_IretNumberOfApartmentUnitsDispositions_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_IretNumberOfApartmentUnitsDispositions_lbl1" xml:lang="en-US" id="iret_IretNumberOfApartmentUnitsDispositions_lbl1">iret_ Number Of Apartment Units Dispositions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IretNumberOfApartmentUnitsDispositions" xlink:to="iret_IretNumberOfApartmentUnitsDispositions_lbl1" xlink:title="label: IretNumberOfApartmentUnitsDispositions to iret_IretNumberOfApartmentUnitsDispositions_lbl1" />
    <link:label xlink:type="resource" xlink:label="iret_IretNumberOfApartmentUnitsDispositions_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="iret_IretNumberOfApartmentUnitsDispositions_lbl2" xml:lang="en-US" id="iret_IretNumberOfApartmentUnitsDispositions_lbl2">Number Of Apartment Units Dispositions (in units)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IretNumberOfApartmentUnitsDispositions" xlink:to="iret_IretNumberOfApartmentUnitsDispositions_lbl2" xlink:title="label: IretNumberOfApartmentUnitsDispositions to iret_IretNumberOfApartmentUnitsDispositions_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_EastParkSiouxFallsSdMember" xlink:label="EastParkSiouxFallsSdMember" xlink:title="EastParkSiouxFallsSdMember" />
    <link:label xlink:type="resource" xlink:label="iret_EastParkSiouxFallsSdMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_EastParkSiouxFallsSdMember_lbl" xml:lang="en-US" id="iret_EastParkSiouxFallsSdMember_lbl">East Park - Sioux Falls, SD 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="EastParkSiouxFallsSdMember" xlink:to="iret_EastParkSiouxFallsSdMember_lbl" xlink:title="label: EastParkSiouxFallsSdMember to iret_EastParkSiouxFallsSdMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_EastParkSiouxFallsSdMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_EastParkSiouxFallsSdMember_lbl1" xml:lang="en-US" id="iret_EastParkSiouxFallsSdMember_lbl1">East Park Sioux Falls SD [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EastParkSiouxFallsSdMember" xlink:to="iret_EastParkSiouxFallsSdMember_lbl1" xlink:title="label: EastParkSiouxFallsSdMember to iret_EastParkSiouxFallsSdMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.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-20140731.xsd#iret_RiverRidgeBismarckNdMember" xlink:label="RiverRidgeBismarckNdMember" xlink:title="RiverRidgeBismarckNdMember" />
    <link:label xlink:type="resource" xlink:label="iret_RiverRidgeBismarckNdMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_RiverRidgeBismarckNdMember_lbl" xml:lang="en-US" id="iret_RiverRidgeBismarckNdMember_lbl">River Ridge - Bismarck, 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="RiverRidgeBismarckNdMember" xlink:to="iret_RiverRidgeBismarckNdMember_lbl" xlink:title="label: RiverRidgeBismarckNdMember to iret_RiverRidgeBismarckNdMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_RiverRidgeBismarckNdMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_RiverRidgeBismarckNdMember_lbl1" xml:lang="en-US" id="iret_RiverRidgeBismarckNdMember_lbl1">River Ridge - Bismarck, ND [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RiverRidgeBismarckNdMember" xlink:to="iret_RiverRidgeBismarckNdMember_lbl1" xlink:title="label: RiverRidgeBismarckNdMember to iret_RiverRidgeBismarckNdMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_JamestownMedicalOfficeBuildingJamestownNdMember" xlink:label="JamestownMedicalOfficeBuildingJamestownNdMember" xlink:title="JamestownMedicalOfficeBuildingJamestownNdMember" />
    <link:label xlink:type="resource" xlink:label="iret_JamestownMedicalOfficeBuildingJamestownNdMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_JamestownMedicalOfficeBuildingJamestownNdMember_lbl" xml:lang="en-US" id="iret_JamestownMedicalOfficeBuildingJamestownNdMember_lbl">Jamestown Medical Office Building - Jamestown, 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="JamestownMedicalOfficeBuildingJamestownNdMember" xlink:to="iret_JamestownMedicalOfficeBuildingJamestownNdMember_lbl" xlink:title="label: JamestownMedicalOfficeBuildingJamestownNdMember to iret_JamestownMedicalOfficeBuildingJamestownNdMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_JamestownMedicalOfficeBuildingJamestownNdMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_JamestownMedicalOfficeBuildingJamestownNdMember_lbl1" xml:lang="en-US" id="iret_JamestownMedicalOfficeBuildingJamestownNdMember_lbl1">Jamestown Medical Office Building Jamestown ND [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="JamestownMedicalOfficeBuildingJamestownNdMember" xlink:to="iret_JamestownMedicalOfficeBuildingJamestownNdMember_lbl1" xlink:title="label: JamestownMedicalOfficeBuildingJamestownNdMember to iret_JamestownMedicalOfficeBuildingJamestownNdMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.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-20140731.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-20140731.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-20140731.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-20140731.xsd#iret_NumberOfPropertiesSold" xlink:label="NumberOfPropertiesSold" xlink:title="NumberOfPropertiesSold" />
    <link:label xlink:type="resource" xlink:label="iret_NumberOfPropertiesSold_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_NumberOfPropertiesSold_lbl" xml:lang="en-US" id="iret_NumberOfPropertiesSold_lbl">The number of properties sold during the period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfPropertiesSold" xlink:to="iret_NumberOfPropertiesSold_lbl" xlink:title="label: NumberOfPropertiesSold to iret_NumberOfPropertiesSold_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_NumberOfPropertiesSold_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_NumberOfPropertiesSold_lbl1" xml:lang="en-US" id="iret_NumberOfPropertiesSold_lbl1">Number of properties sold</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfPropertiesSold" xlink:to="iret_NumberOfPropertiesSold_lbl1" xlink:title="label: NumberOfPropertiesSold to iret_NumberOfPropertiesSold_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.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-20140731.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 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="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-20140731.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-20140731.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-20140731.xsd#iret_SycamoreVillageSiouxFallsSdMember" xlink:label="SycamoreVillageSiouxFallsSdMember" xlink:title="SycamoreVillageSiouxFallsSdMember" />
    <link:label xlink:type="resource" xlink:label="iret_SycamoreVillageSiouxFallsSdMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_SycamoreVillageSiouxFallsSdMember_lbl1" xml:lang="en-US" id="iret_SycamoreVillageSiouxFallsSdMember_lbl1">Sycamore Village - Sioux Falls, SD [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SycamoreVillageSiouxFallsSdMember" xlink:to="iret_SycamoreVillageSiouxFallsSdMember_lbl1" xlink:title="label: SycamoreVillageSiouxFallsSdMember to iret_SycamoreVillageSiouxFallsSdMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_LegendsAtHeritagePlaceSartellMnMember" xlink:label="LegendsAtHeritagePlaceSartellMnMember" xlink:title="LegendsAtHeritagePlaceSartellMnMember" />
    <link:label xlink:type="resource" xlink:label="iret_LegendsAtHeritagePlaceSartellMnMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_LegendsAtHeritagePlaceSartellMnMember_lbl" xml:lang="en-US" id="iret_LegendsAtHeritagePlaceSartellMnMember_lbl">Legends at Heritage Place - Sartell, MN 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="LegendsAtHeritagePlaceSartellMnMember" xlink:to="iret_LegendsAtHeritagePlaceSartellMnMember_lbl" xlink:title="label: LegendsAtHeritagePlaceSartellMnMember to iret_LegendsAtHeritagePlaceSartellMnMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_LegendsAtHeritagePlaceSartellMnMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_LegendsAtHeritagePlaceSartellMnMember_lbl1" xml:lang="en-US" id="iret_LegendsAtHeritagePlaceSartellMnMember_lbl1">Legends at Heritage Place - Sartell, MN [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LegendsAtHeritagePlaceSartellMnMember" xlink:to="iret_LegendsAtHeritagePlaceSartellMnMember_lbl1" xlink:title="label: LegendsAtHeritagePlaceSartellMnMember to iret_LegendsAtHeritagePlaceSartellMnMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_LighthouseDuluthMnMember" xlink:label="LighthouseDuluthMnMember" xlink:title="LighthouseDuluthMnMember" />
    <link:label xlink:type="resource" xlink:label="iret_LighthouseDuluthMnMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_LighthouseDuluthMnMember_lbl" xml:lang="en-US" id="iret_LighthouseDuluthMnMember_lbl">Lighthouse - Duluth, MN 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="LighthouseDuluthMnMember" xlink:to="iret_LighthouseDuluthMnMember_lbl" xlink:title="label: LighthouseDuluthMnMember to iret_LighthouseDuluthMnMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_LighthouseDuluthMnMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_LighthouseDuluthMnMember_lbl1" xml:lang="en-US" id="iret_LighthouseDuluthMnMember_lbl1">Lighthouse Duluth MN [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LighthouseDuluthMnMember" xlink:to="iret_LighthouseDuluthMnMember_lbl1" xlink:title="label: LighthouseDuluthMnMember to iret_LighthouseDuluthMnMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_Red20MinneapolisMnMember" xlink:label="Red20MinneapolisMnMember" xlink:title="Red20MinneapolisMnMember" />
    <link:label xlink:type="resource" xlink:label="iret_Red20MinneapolisMnMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_Red20MinneapolisMnMember_lbl" xml:lang="en-US" id="iret_Red20MinneapolisMnMember_lbl">RED 20 - Minneapolis, MN 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="Red20MinneapolisMnMember" xlink:to="iret_Red20MinneapolisMnMember_lbl" xlink:title="label: Red20MinneapolisMnMember to iret_Red20MinneapolisMnMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_Red20MinneapolisMnMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_Red20MinneapolisMnMember_lbl1" xml:lang="en-US" id="iret_Red20MinneapolisMnMember_lbl1">RED 20 - Minneapolis, MN [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Red20MinneapolisMnMember" xlink:to="iret_Red20MinneapolisMnMember_lbl1" xlink:title="label: Red20MinneapolisMnMember to iret_Red20MinneapolisMnMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.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 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-20140731.xsd#iret_GeorgetownSquareCondominiums3And4Member" xlink:label="GeorgetownSquareCondominiums3And4Member" xlink:title="GeorgetownSquareCondominiums3And4Member" />
    <link:label xlink:type="resource" xlink:label="iret_GeorgetownSquareCondominiums3And4Member_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_GeorgetownSquareCondominiums3And4Member_lbl" xml:lang="en-US" id="iret_GeorgetownSquareCondominiums3And4Member_lbl">Georgetown Square Condominiums 3 and 4 property acquired or disposed.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GeorgetownSquareCondominiums3And4Member" xlink:to="iret_GeorgetownSquareCondominiums3And4Member_lbl" xlink:title="label: GeorgetownSquareCondominiums3And4Member to iret_GeorgetownSquareCondominiums3And4Member_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_GeorgetownSquareCondominiums3And4Member_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_GeorgetownSquareCondominiums3And4Member_lbl1" xml:lang="en-US" id="iret_GeorgetownSquareCondominiums3And4Member_lbl1">Georgetown Square Condominiums 3 and 4 [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GeorgetownSquareCondominiums3And4Member" xlink:to="iret_GeorgetownSquareCondominiums3And4Member_lbl1" xlink:title="label: GeorgetownSquareCondominiums3And4Member to iret_GeorgetownSquareCondominiums3And4Member_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_BadgerHillsRochesterMnMember" xlink:label="BadgerHillsRochesterMnMember" xlink:title="BadgerHillsRochesterMnMember" />
    <link:label xlink:type="resource" xlink:label="iret_BadgerHillsRochesterMnMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_BadgerHillsRochesterMnMember_lbl" xml:lang="en-US" id="iret_BadgerHillsRochesterMnMember_lbl">Badger Hills - Rochester, MN 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="BadgerHillsRochesterMnMember" xlink:to="iret_BadgerHillsRochesterMnMember_lbl" xlink:title="label: BadgerHillsRochesterMnMember to iret_BadgerHillsRochesterMnMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_BadgerHillsRochesterMnMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_BadgerHillsRochesterMnMember_lbl1" xml:lang="en-US" id="iret_BadgerHillsRochesterMnMember_lbl1">Badger Hills Rochester, MN [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BadgerHillsRochesterMnMember" xlink:to="iret_BadgerHillsRochesterMnMember_lbl1" xlink:title="label: BadgerHillsRochesterMnMember to iret_BadgerHillsRochesterMnMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.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-20140731.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-20140731.xsd#iret_MinotUnimprovedSouthgateLot4MinotNdMember" xlink:label="MinotUnimprovedSouthgateLot4MinotNdMember" xlink:title="MinotUnimprovedSouthgateLot4MinotNdMember" />
    <link:label xlink:type="resource" xlink:label="iret_MinotUnimprovedSouthgateLot4MinotNdMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_MinotUnimprovedSouthgateLot4MinotNdMember_lbl" xml:lang="en-US" id="iret_MinotUnimprovedSouthgateLot4MinotNdMember_lbl">Minot Unimproved (Southgate Lot 4) - 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="MinotUnimprovedSouthgateLot4MinotNdMember" xlink:to="iret_MinotUnimprovedSouthgateLot4MinotNdMember_lbl" xlink:title="label: MinotUnimprovedSouthgateLot4MinotNdMember to iret_MinotUnimprovedSouthgateLot4MinotNdMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_MinotUnimprovedSouthgateLot4MinotNdMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_MinotUnimprovedSouthgateLot4MinotNdMember_lbl1" xml:lang="en-US" id="iret_MinotUnimprovedSouthgateLot4MinotNdMember_lbl1">Minot Unimproved (Southgate Lot 4) - Minot, ND [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MinotUnimprovedSouthgateLot4MinotNdMember" xlink:to="iret_MinotUnimprovedSouthgateLot4MinotNdMember_lbl1" xlink:title="label: MinotUnimprovedSouthgateLot4MinotNdMember to iret_MinotUnimprovedSouthgateLot4MinotNdMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.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:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_AnokaStripCenterAnokaMnMember" xlink:label="AnokaStripCenterAnokaMnMember" xlink:title="AnokaStripCenterAnokaMnMember" />
    <link:label xlink:type="resource" xlink:label="iret_AnokaStripCenterAnokaMnMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_AnokaStripCenterAnokaMnMember_lbl" xml:lang="en-US" id="iret_AnokaStripCenterAnokaMnMember_lbl">Anoka Strip Center - Anoka, MN 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="AnokaStripCenterAnokaMnMember" xlink:to="iret_AnokaStripCenterAnokaMnMember_lbl" xlink:title="label: AnokaStripCenterAnokaMnMember to iret_AnokaStripCenterAnokaMnMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_AnokaStripCenterAnokaMnMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_AnokaStripCenterAnokaMnMember_lbl1" xml:lang="en-US" id="iret_AnokaStripCenterAnokaMnMember_lbl1">Anoka Strip Center Anoka MN [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AnokaStripCenterAnokaMnMember" xlink:to="iret_AnokaStripCenterAnokaMnMember_lbl1" xlink:title="label: AnokaStripCenterAnokaMnMember to iret_AnokaStripCenterAnokaMnMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_GrandForksUnimprovedGrandForksNdMember" xlink:label="GrandForksUnimprovedGrandForksNdMember" xlink:title="GrandForksUnimprovedGrandForksNdMember" />
    <link:label xlink:type="resource" xlink:label="iret_GrandForksUnimprovedGrandForksNdMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_GrandForksUnimprovedGrandForksNdMember_lbl" xml:lang="en-US" id="iret_GrandForksUnimprovedGrandForksNdMember_lbl">Grand Forks Unimproved - Grand Forks, ND property acquired or disposed.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GrandForksUnimprovedGrandForksNdMember" xlink:to="iret_GrandForksUnimprovedGrandForksNdMember_lbl" xlink:title="label: GrandForksUnimprovedGrandForksNdMember to iret_GrandForksUnimprovedGrandForksNdMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_GrandForksUnimprovedGrandForksNdMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_GrandForksUnimprovedGrandForksNdMember_lbl1" xml:lang="en-US" id="iret_GrandForksUnimprovedGrandForksNdMember_lbl1">Grand Forks Unimproved Grand Forks, ND [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GrandForksUnimprovedGrandForksNdMember" xlink:to="iret_GrandForksUnimprovedGrandForksNdMember_lbl1" xlink:title="label: GrandForksUnimprovedGrandForksNdMember to iret_GrandForksUnimprovedGrandForksNdMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.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-20140731.xsd#iret_TerraceOnGreenFargoNdMember" xlink:label="TerraceOnGreenFargoNdMember" xlink:title="TerraceOnGreenFargoNdMember" />
    <link:label xlink:type="resource" xlink:label="iret_TerraceOnGreenFargoNdMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_TerraceOnGreenFargoNdMember_lbl" xml:lang="en-US" id="iret_TerraceOnGreenFargoNdMember_lbl">Terrace on the Green - 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="TerraceOnGreenFargoNdMember" xlink:to="iret_TerraceOnGreenFargoNdMember_lbl" xlink:title="label: TerraceOnGreenFargoNdMember to iret_TerraceOnGreenFargoNdMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_TerraceOnGreenFargoNdMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_TerraceOnGreenFargoNdMember_lbl1" xml:lang="en-US" id="iret_TerraceOnGreenFargoNdMember_lbl1">Terrace on the Green Fargo, ND [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TerraceOnGreenFargoNdMember" xlink:to="iret_TerraceOnGreenFargoNdMember_lbl1" xlink:title="label: TerraceOnGreenFargoNdMember to iret_TerraceOnGreenFargoNdMember_lbl1" />
    <link:label xlink:type="resource" xlink:label="iret_TerraceOnGreenFargoNdMember_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="iret_TerraceOnGreenFargoNdMember_lbl2" xml:lang="en-US" id="iret_TerraceOnGreenFargoNdMember_lbl2">Terrace on the Green - Fargo, ND [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TerraceOnGreenFargoNdMember" xlink:to="iret_TerraceOnGreenFargoNdMember_lbl2" xlink:title="label: TerraceOnGreenFargoNdMember to iret_TerraceOnGreenFargoNdMember_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.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 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="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-20140731.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-20140731.xsd#iret_CypressCourtStCloudMnMember" xlink:label="CypressCourtStCloudMnMember" xlink:title="CypressCourtStCloudMnMember" />
    <link:label xlink:type="resource" xlink:label="iret_CypressCourtStCloudMnMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_CypressCourtStCloudMnMember_lbl" xml:lang="en-US" id="iret_CypressCourtStCloudMnMember_lbl">Cypress Court - St. Cloud, MN 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="CypressCourtStCloudMnMember" xlink:to="iret_CypressCourtStCloudMnMember_lbl" xlink:title="label: CypressCourtStCloudMnMember to iret_CypressCourtStCloudMnMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_CypressCourtStCloudMnMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_CypressCourtStCloudMnMember_lbl1" xml:lang="en-US" id="iret_CypressCourtStCloudMnMember_lbl1">Cypress Court - St. Cloud, MN [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CypressCourtStCloudMnMember" xlink:to="iret_CypressCourtStCloudMnMember_lbl1" xlink:title="label: CypressCourtStCloudMnMember to iret_CypressCourtStCloudMnMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_HeritagePlaceSartellMnMember" xlink:label="HeritagePlaceSartellMnMember" xlink:title="HeritagePlaceSartellMnMember" />
    <link:label xlink:type="resource" xlink:label="iret_HeritagePlaceSartellMnMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_HeritagePlaceSartellMnMember_lbl" xml:lang="en-US" id="iret_HeritagePlaceSartellMnMember_lbl">Heritage Place - Sartell, MN property acquired or disposed.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="HeritagePlaceSartellMnMember" xlink:to="iret_HeritagePlaceSartellMnMember_lbl" xlink:title="label: HeritagePlaceSartellMnMember to iret_HeritagePlaceSartellMnMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_HeritagePlaceSartellMnMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_HeritagePlaceSartellMnMember_lbl1" xml:lang="en-US" id="iret_HeritagePlaceSartellMnMember_lbl1">Heritage Place - Sartell, MN [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="HeritagePlaceSartellMnMember" xlink:to="iret_HeritagePlaceSartellMnMember_lbl1" xlink:title="label: HeritagePlaceSartellMnMember to iret_HeritagePlaceSartellMnMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.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 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="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:label xlink:type="resource" xlink:label="iret_VillaWestTopekaKsMember_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="iret_VillaWestTopekaKsMember_lbl2" xml:lang="en-US" id="iret_VillaWestTopekaKsMember_lbl2">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_lbl2" xlink:title="label: VillaWestTopekaKsMember to iret_VillaWestTopekaKsMember_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_CommonsAtSouthgateMinotNdMember" xlink:label="CommonsAtSouthgateMinotNdMember" xlink:title="CommonsAtSouthgateMinotNdMember" />
    <link:label xlink:type="resource" xlink:label="iret_CommonsAtSouthgateMinotNdMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_CommonsAtSouthgateMinotNdMember_lbl" xml:lang="en-US" id="iret_CommonsAtSouthgateMinotNdMember_lbl">Commons at Southgate - Minot, 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="CommonsAtSouthgateMinotNdMember" xlink:to="iret_CommonsAtSouthgateMinotNdMember_lbl" xlink:title="label: CommonsAtSouthgateMinotNdMember to iret_CommonsAtSouthgateMinotNdMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_CommonsAtSouthgateMinotNdMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_CommonsAtSouthgateMinotNdMember_lbl1" xml:lang="en-US" id="iret_CommonsAtSouthgateMinotNdMember_lbl1">Commons at Southgate - Minot, ND [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommonsAtSouthgateMinotNdMember" xlink:to="iret_CommonsAtSouthgateMinotNdMember_lbl1" xlink:title="label: CommonsAtSouthgateMinotNdMember to iret_CommonsAtSouthgateMinotNdMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_LandingAtSouthgateMinotNdMember" xlink:label="LandingAtSouthgateMinotNdMember" xlink:title="LandingAtSouthgateMinotNdMember" />
    <link:label xlink:type="resource" xlink:label="iret_LandingAtSouthgateMinotNdMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_LandingAtSouthgateMinotNdMember_lbl" xml:lang="en-US" id="iret_LandingAtSouthgateMinotNdMember_lbl">Landing at Southgate - Minot, 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="LandingAtSouthgateMinotNdMember" xlink:to="iret_LandingAtSouthgateMinotNdMember_lbl" xlink:title="label: LandingAtSouthgateMinotNdMember to iret_LandingAtSouthgateMinotNdMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_LandingAtSouthgateMinotNdMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_LandingAtSouthgateMinotNdMember_lbl1" xml:lang="en-US" id="iret_LandingAtSouthgateMinotNdMember_lbl1">Landing at Southgate - Minot, ND [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LandingAtSouthgateMinotNdMember" xlink:to="iret_LandingAtSouthgateMinotNdMember_lbl1" xlink:title="label: LandingAtSouthgateMinotNdMember to iret_LandingAtSouthgateMinotNdMember_lbl1" />
    <link:label xlink:type="resource" xlink:label="iret_LandingAtSouthgateMinotNdMember_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="iret_LandingAtSouthgateMinotNdMember_lbl2" xml:lang="en-US" id="iret_LandingAtSouthgateMinotNdMember_lbl2">The Landing at Southgate, Minot, ND [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LandingAtSouthgateMinotNdMember" xlink:to="iret_LandingAtSouthgateMinotNdMember_lbl2" xlink:title="label: LandingAtSouthgateMinotNdMember to iret_LandingAtSouthgateMinotNdMember_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_UniversityCommonsWillistonNdMember" xlink:label="UniversityCommonsWillistonNdMember" xlink:title="UniversityCommonsWillistonNdMember" />
    <link:label xlink:type="resource" xlink:label="iret_UniversityCommonsWillistonNdMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_UniversityCommonsWillistonNdMember_lbl" xml:lang="en-US" id="iret_UniversityCommonsWillistonNdMember_lbl">University Commons - 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="UniversityCommonsWillistonNdMember" xlink:to="iret_UniversityCommonsWillistonNdMember_lbl" xlink:title="label: UniversityCommonsWillistonNdMember to iret_UniversityCommonsWillistonNdMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_UniversityCommonsWillistonNdMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_UniversityCommonsWillistonNdMember_lbl1" xml:lang="en-US" id="iret_UniversityCommonsWillistonNdMember_lbl1">University Commons Williston, ND [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UniversityCommonsWillistonNdMember" xlink:to="iret_UniversityCommonsWillistonNdMember_lbl1" xlink:title="label: UniversityCommonsWillistonNdMember to iret_UniversityCommonsWillistonNdMember_lbl1" />
    <link:label xlink:type="resource" xlink:label="iret_UniversityCommonsWillistonNdMember_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="iret_UniversityCommonsWillistonNdMember_lbl2" xml:lang="en-US" id="iret_UniversityCommonsWillistonNdMember_lbl2">University Commons - Williston, ND [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UniversityCommonsWillistonNdMember" xlink:to="iret_UniversityCommonsWillistonNdMember_lbl2" xlink:title="label: UniversityCommonsWillistonNdMember to iret_UniversityCommonsWillistonNdMember_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.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-20140731.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-20140731.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-20140731.xsd#iret_BodycoteIndustrialBuildingEdenPrairieMnMember" xlink:label="BodycoteIndustrialBuildingEdenPrairieMnMember" xlink:title="BodycoteIndustrialBuildingEdenPrairieMnMember" />
    <link:label xlink:type="resource" xlink:label="iret_BodycoteIndustrialBuildingEdenPrairieMnMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_BodycoteIndustrialBuildingEdenPrairieMnMember_lbl" xml:lang="en-US" id="iret_BodycoteIndustrialBuildingEdenPrairieMnMember_lbl">Bodycote Industrial Building - Eden Prairie, MN 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="BodycoteIndustrialBuildingEdenPrairieMnMember" xlink:to="iret_BodycoteIndustrialBuildingEdenPrairieMnMember_lbl" xlink:title="label: BodycoteIndustrialBuildingEdenPrairieMnMember to iret_BodycoteIndustrialBuildingEdenPrairieMnMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_BodycoteIndustrialBuildingEdenPrairieMnMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_BodycoteIndustrialBuildingEdenPrairieMnMember_lbl1" xml:lang="en-US" id="iret_BodycoteIndustrialBuildingEdenPrairieMnMember_lbl1">Bodycote Industrial Building Eden Prairie MN [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BodycoteIndustrialBuildingEdenPrairieMnMember" xlink:to="iret_BodycoteIndustrialBuildingEdenPrairieMnMember_lbl1" xlink:title="label: BodycoteIndustrialBuildingEdenPrairieMnMember to iret_BodycoteIndustrialBuildingEdenPrairieMnMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.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 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="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-20140731.xsd#iret_EaganCommunityEaganMnMember" xlink:label="EaganCommunityEaganMnMember" xlink:title="EaganCommunityEaganMnMember" />
    <link:label xlink:type="resource" xlink:label="iret_EaganCommunityEaganMnMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_EaganCommunityEaganMnMember_lbl" xml:lang="en-US" id="iret_EaganCommunityEaganMnMember_lbl">Eagan Community - Eagan, MN 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="EaganCommunityEaganMnMember" xlink:to="iret_EaganCommunityEaganMnMember_lbl" xlink:title="label: EaganCommunityEaganMnMember to iret_EaganCommunityEaganMnMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_EaganCommunityEaganMnMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_EaganCommunityEaganMnMember_lbl1" xml:lang="en-US" id="iret_EaganCommunityEaganMnMember_lbl1">Eagan Community Eagan MN [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EaganCommunityEaganMnMember" xlink:to="iret_EaganCommunityEaganMnMember_lbl1" xlink:title="label: EaganCommunityEaganMnMember to iret_EaganCommunityEaganMnMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.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-20140731.xsd#iret_PineconeVillasSartellMnMember" xlink:label="PineconeVillasSartellMnMember" xlink:title="PineconeVillasSartellMnMember" />
    <link:label xlink:type="resource" xlink:label="iret_PineconeVillasSartellMnMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_PineconeVillasSartellMnMember_lbl" xml:lang="en-US" id="iret_PineconeVillasSartellMnMember_lbl">Pinecone Villas - Sartell, MN 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="PineconeVillasSartellMnMember" xlink:to="iret_PineconeVillasSartellMnMember_lbl" xlink:title="label: PineconeVillasSartellMnMember to iret_PineconeVillasSartellMnMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_PineconeVillasSartellMnMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_PineconeVillasSartellMnMember_lbl1" xml:lang="en-US" id="iret_PineconeVillasSartellMnMember_lbl1">Pinecone Villas - Sartell, MN [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PineconeVillasSartellMnMember" xlink:to="iret_PineconeVillasSartellMnMember_lbl1" xlink:title="label: PineconeVillasSartellMnMember to iret_PineconeVillasSartellMnMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_PondsAtHeritagePlaceSartellMnMember" xlink:label="PondsAtHeritagePlaceSartellMnMember" xlink:title="PondsAtHeritagePlaceSartellMnMember" />
    <link:label xlink:type="resource" xlink:label="iret_PondsAtHeritagePlaceSartellMnMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_PondsAtHeritagePlaceSartellMnMember_lbl" xml:lang="en-US" id="iret_PondsAtHeritagePlaceSartellMnMember_lbl">Ponds at Heritage Place - Sartell, MN 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="PondsAtHeritagePlaceSartellMnMember" xlink:to="iret_PondsAtHeritagePlaceSartellMnMember_lbl" xlink:title="label: PondsAtHeritagePlaceSartellMnMember to iret_PondsAtHeritagePlaceSartellMnMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_PondsAtHeritagePlaceSartellMnMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_PondsAtHeritagePlaceSartellMnMember_lbl1" xml:lang="en-US" id="iret_PondsAtHeritagePlaceSartellMnMember_lbl1">Ponds at Heritage Place - Sartell, MN [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PondsAtHeritagePlaceSartellMnMember" xlink:to="iret_PondsAtHeritagePlaceSartellMnMember_lbl1" xlink:title="label: PondsAtHeritagePlaceSartellMnMember to iret_PondsAtHeritagePlaceSartellMnMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.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-20140731.xsd#iret_Urnsville2StripCenterBurnsvilleMnMember" xlink:label="Urnsville2StripCenterBurnsvilleMnMember" xlink:title="Urnsville2StripCenterBurnsvilleMnMember" />
    <link:label xlink:type="resource" xlink:label="iret_Urnsville2StripCenterBurnsvilleMnMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_Urnsville2StripCenterBurnsvilleMnMember_lbl" xml:lang="en-US" id="iret_Urnsville2StripCenterBurnsvilleMnMember_lbl">Burnsville 2 Strip Center - Burnsville, MN property acquired or disposed.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Urnsville2StripCenterBurnsvilleMnMember" xlink:to="iret_Urnsville2StripCenterBurnsvilleMnMember_lbl" xlink:title="label: Urnsville2StripCenterBurnsvilleMnMember to iret_Urnsville2StripCenterBurnsvilleMnMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_Urnsville2StripCenterBurnsvilleMnMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_Urnsville2StripCenterBurnsvilleMnMember_lbl1" xml:lang="en-US" id="iret_Urnsville2StripCenterBurnsvilleMnMember_lbl1">Burnsville 2 Strip Center - Burnsville, MN [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Urnsville2StripCenterBurnsvilleMnMember" xlink:to="iret_Urnsville2StripCenterBurnsvilleMnMember_lbl1" xlink:title="label: Urnsville2StripCenterBurnsvilleMnMember to iret_Urnsville2StripCenterBurnsvilleMnMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.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-20140731.xsd#iret_Clive2075Nw94ThStreetCliveIaMember" xlink:label="Clive2075Nw94ThStreetCliveIaMember" xlink:title="Clive2075Nw94ThStreetCliveIaMember" />
    <link:label xlink:type="resource" xlink:label="iret_Clive2075Nw94ThStreetCliveIaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_Clive2075Nw94ThStreetCliveIaMember_lbl" xml:lang="en-US" id="iret_Clive2075Nw94ThStreetCliveIaMember_lbl">Clive 2075 NW 94th Street - Clive, IA 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="Clive2075Nw94ThStreetCliveIaMember" xlink:to="iret_Clive2075Nw94ThStreetCliveIaMember_lbl" xlink:title="label: Clive2075Nw94ThStreetCliveIaMember to iret_Clive2075Nw94ThStreetCliveIaMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_Clive2075Nw94ThStreetCliveIaMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_Clive2075Nw94ThStreetCliveIaMember_lbl1" xml:lang="en-US" id="iret_Clive2075Nw94ThStreetCliveIaMember_lbl1">Clive 2075 NW 94th Street Clive IA [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Clive2075Nw94ThStreetCliveIaMember" xlink:to="iret_Clive2075Nw94ThStreetCliveIaMember_lbl1" xlink:title="label: Clive2075Nw94ThStreetCliveIaMember to iret_Clive2075Nw94ThStreetCliveIaMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_CandlelightFargoNdMember" xlink:label="CandlelightFargoNdMember" xlink:title="CandlelightFargoNdMember" />
    <link:label xlink:type="resource" xlink:label="iret_CandlelightFargoNdMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_CandlelightFargoNdMember_lbl" xml:lang="en-US" id="iret_CandlelightFargoNdMember_lbl">Candlelight - Fargo, 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="CandlelightFargoNdMember" xlink:to="iret_CandlelightFargoNdMember_lbl" xlink:title="label: CandlelightFargoNdMember to iret_CandlelightFargoNdMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_CandlelightFargoNdMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_CandlelightFargoNdMember_lbl1" xml:lang="en-US" id="iret_CandlelightFargoNdMember_lbl1">Candlelight Fargo ND [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CandlelightFargoNdMember" xlink:to="iret_CandlelightFargoNdMember_lbl1" xlink:title="label: CandlelightFargoNdMember to iret_CandlelightFargoNdMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_MinotIpsMinotNdMember" xlink:label="MinotIpsMinotNdMember" xlink:title="MinotIpsMinotNdMember" />
    <link:label xlink:type="resource" xlink:label="iret_MinotIpsMinotNdMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_MinotIpsMinotNdMember_lbl" xml:lang="en-US" id="iret_MinotIpsMinotNdMember_lbl">Minot IPS - Minot, 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="MinotIpsMinotNdMember" xlink:to="iret_MinotIpsMinotNdMember_lbl" xlink:title="label: MinotIpsMinotNdMember to iret_MinotIpsMinotNdMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_MinotIpsMinotNdMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_MinotIpsMinotNdMember_lbl1" xml:lang="en-US" id="iret_MinotIpsMinotNdMember_lbl1">Minot IPS Minot ND [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MinotIpsMinotNdMember" xlink:to="iret_MinotIpsMinotNdMember_lbl1" xlink:title="label: MinotIpsMinotNdMember to iret_MinotIpsMinotNdMember_lbl1" />
    <link:label xlink:type="resource" xlink:label="iret_MinotIpsMinotNdMember_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="iret_MinotIpsMinotNdMember_lbl2" xml:lang="en-US" id="iret_MinotIpsMinotNdMember_lbl2">Minot IPS - Minot, ND [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MinotIpsMinotNdMember" xlink:to="iret_MinotIpsMinotNdMember_lbl2" xlink:title="label: MinotIpsMinotNdMember to iret_MinotIpsMinotNdMember_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_SouthpointGrandForksNdMember" xlink:label="SouthpointGrandForksNdMember" xlink:title="SouthpointGrandForksNdMember" />
    <link:label xlink:type="resource" xlink:label="iret_SouthpointGrandForksNdMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_SouthpointGrandForksNdMember_lbl" xml:lang="en-US" id="iret_SouthpointGrandForksNdMember_lbl">Southpoint - 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="SouthpointGrandForksNdMember" xlink:to="iret_SouthpointGrandForksNdMember_lbl" xlink:title="label: SouthpointGrandForksNdMember to iret_SouthpointGrandForksNdMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_SouthpointGrandForksNdMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_SouthpointGrandForksNdMember_lbl1" xml:lang="en-US" id="iret_SouthpointGrandForksNdMember_lbl1">Southpoint - Grand Forks, ND [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SouthpointGrandForksNdMember" xlink:to="iret_SouthpointGrandForksNdMember_lbl1" xlink:title="label: SouthpointGrandForksNdMember to iret_SouthpointGrandForksNdMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.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 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="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:label xlink:type="resource" xlink:label="iret_Roseville2929LongLakeRoadRosevilleMnMember_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="iret_Roseville2929LongLakeRoadRosevilleMnMember_lbl2" xml:lang="en-US" id="iret_Roseville2929LongLakeRoadRosevilleMnMember_lbl2">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_lbl2" xlink:title="label: Roseville2929LongLakeRoadRosevilleMnMember to iret_Roseville2929LongLakeRoadRosevilleMnMember_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_JamestownUnimprovedJamestownNdMember" xlink:label="JamestownUnimprovedJamestownNdMember" xlink:title="JamestownUnimprovedJamestownNdMember" />
    <link:label xlink:type="resource" xlink:label="iret_JamestownUnimprovedJamestownNdMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_JamestownUnimprovedJamestownNdMember_lbl" xml:lang="en-US" id="iret_JamestownUnimprovedJamestownNdMember_lbl">Jamestown Unimproved - Jamestown, 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="JamestownUnimprovedJamestownNdMember" xlink:to="iret_JamestownUnimprovedJamestownNdMember_lbl" xlink:title="label: JamestownUnimprovedJamestownNdMember to iret_JamestownUnimprovedJamestownNdMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_JamestownUnimprovedJamestownNdMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_JamestownUnimprovedJamestownNdMember_lbl1" xml:lang="en-US" id="iret_JamestownUnimprovedJamestownNdMember_lbl1">Jamestown Unimproved - Jamestown, ND [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="JamestownUnimprovedJamestownNdMember" xlink:to="iret_JamestownUnimprovedJamestownNdMember_lbl1" xlink:title="label: JamestownUnimprovedJamestownNdMember to iret_JamestownUnimprovedJamestownNdMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_Minnetonka13600CountyRoad62MinnetonkaMnMember" xlink:label="Minnetonka13600CountyRoad62MinnetonkaMnMember" xlink:title="Minnetonka13600CountyRoad62MinnetonkaMnMember" />
    <link:label xlink:type="resource" xlink:label="iret_Minnetonka13600CountyRoad62MinnetonkaMnMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_Minnetonka13600CountyRoad62MinnetonkaMnMember_lbl" xml:lang="en-US" id="iret_Minnetonka13600CountyRoad62MinnetonkaMnMember_lbl">Minnetonka 13600 County Road 62 - Minnetonka, MN 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="Minnetonka13600CountyRoad62MinnetonkaMnMember" xlink:to="iret_Minnetonka13600CountyRoad62MinnetonkaMnMember_lbl" xlink:title="label: Minnetonka13600CountyRoad62MinnetonkaMnMember to iret_Minnetonka13600CountyRoad62MinnetonkaMnMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_Minnetonka13600CountyRoad62MinnetonkaMnMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_Minnetonka13600CountyRoad62MinnetonkaMnMember_lbl1" xml:lang="en-US" id="iret_Minnetonka13600CountyRoad62MinnetonkaMnMember_lbl1">Minnetonka 13600 County Road 62 Minnetonka MN [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Minnetonka13600CountyRoad62MinnetonkaMnMember" xlink:to="iret_Minnetonka13600CountyRoad62MinnetonkaMnMember_lbl1" xlink:title="label: Minnetonka13600CountyRoad62MinnetonkaMnMember to iret_Minnetonka13600CountyRoad62MinnetonkaMnMember_lbl1" />
    <link:label xlink:type="resource" xlink:label="iret_Minnetonka13600CountyRoad62MinnetonkaMnMember_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="iret_Minnetonka13600CountyRoad62MinnetonkaMnMember_lbl2" xml:lang="en-US" id="iret_Minnetonka13600CountyRoad62MinnetonkaMnMember_lbl2">Minnetonka 13600 County Road 62 - Minnetonka, MN [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Minnetonka13600CountyRoad62MinnetonkaMnMember" xlink:to="iret_Minnetonka13600CountyRoad62MinnetonkaMnMember_lbl2" xlink:title="label: Minnetonka13600CountyRoad62MinnetonkaMnMember to iret_Minnetonka13600CountyRoad62MinnetonkaMnMember_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_SpringWindExpansionLaramieWyMember" xlink:label="SpringWindExpansionLaramieWyMember" xlink:title="SpringWindExpansionLaramieWyMember" />
    <link:label xlink:type="resource" xlink:label="iret_SpringWindExpansionLaramieWyMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_SpringWindExpansionLaramieWyMember_lbl" xml:lang="en-US" id="iret_SpringWindExpansionLaramieWyMember_lbl">Spring Wind Expansion - Laramie, WY property acquired or disposed.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SpringWindExpansionLaramieWyMember" xlink:to="iret_SpringWindExpansionLaramieWyMember_lbl" xlink:title="label: SpringWindExpansionLaramieWyMember to iret_SpringWindExpansionLaramieWyMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_SpringWindExpansionLaramieWyMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_SpringWindExpansionLaramieWyMember_lbl1" xml:lang="en-US" id="iret_SpringWindExpansionLaramieWyMember_lbl1">Spring Wind Expansion Laramie, WY [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SpringWindExpansionLaramieWyMember" xlink:to="iret_SpringWindExpansionLaramieWyMember_lbl1" xlink:title="label: SpringWindExpansionLaramieWyMember to iret_SpringWindExpansionLaramieWyMember_lbl1" />
    <link:label xlink:type="resource" xlink:label="iret_SpringWindExpansionLaramieWyMember_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="iret_SpringWindExpansionLaramieWyMember_lbl2" xml:lang="en-US" id="iret_SpringWindExpansionLaramieWyMember_lbl2">Spring Wind Expansion - Laramie, WY [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SpringWindExpansionLaramieWyMember" xlink:to="iret_SpringWindExpansionLaramieWyMember_lbl2" xlink:title="label: SpringWindExpansionLaramieWyMember to iret_SpringWindExpansionLaramieWyMember_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_CypressCourtApartmentDevelopmentStCloudMnMember" xlink:label="CypressCourtApartmentDevelopmentStCloudMnMember" xlink:title="CypressCourtApartmentDevelopmentStCloudMnMember" />
    <link:label xlink:type="resource" xlink:label="iret_CypressCourtApartmentDevelopmentStCloudMnMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_CypressCourtApartmentDevelopmentStCloudMnMember_lbl" xml:lang="en-US" id="iret_CypressCourtApartmentDevelopmentStCloudMnMember_lbl">Cypress Court Apartment Development - St. Cloud, MN acquired or disposed.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CypressCourtApartmentDevelopmentStCloudMnMember" xlink:to="iret_CypressCourtApartmentDevelopmentStCloudMnMember_lbl" xlink:title="label: CypressCourtApartmentDevelopmentStCloudMnMember to iret_CypressCourtApartmentDevelopmentStCloudMnMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_CypressCourtApartmentDevelopmentStCloudMnMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_CypressCourtApartmentDevelopmentStCloudMnMember_lbl1" xml:lang="en-US" id="iret_CypressCourtApartmentDevelopmentStCloudMnMember_lbl1">Cypress Court Apartment Development St. Cloud, MN [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CypressCourtApartmentDevelopmentStCloudMnMember" xlink:to="iret_CypressCourtApartmentDevelopmentStCloudMnMember_lbl1" xlink:title="label: CypressCourtApartmentDevelopmentStCloudMnMember to iret_CypressCourtApartmentDevelopmentStCloudMnMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.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-20140731.xsd#iret_SpringCreekFruitlandFruitlandIdMember" xlink:label="SpringCreekFruitlandFruitlandIdMember" xlink:title="SpringCreekFruitlandFruitlandIdMember" />
    <link:label xlink:type="resource" xlink:label="iret_SpringCreekFruitlandFruitlandIdMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_SpringCreekFruitlandFruitlandIdMember_lbl" xml:lang="en-US" id="iret_SpringCreekFruitlandFruitlandIdMember_lbl">Spring Creek Fruitland - Fruitland, ID property acquired or disposed.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SpringCreekFruitlandFruitlandIdMember" xlink:to="iret_SpringCreekFruitlandFruitlandIdMember_lbl" xlink:title="label: SpringCreekFruitlandFruitlandIdMember to iret_SpringCreekFruitlandFruitlandIdMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_SpringCreekFruitlandFruitlandIdMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_SpringCreekFruitlandFruitlandIdMember_lbl1" xml:lang="en-US" id="iret_SpringCreekFruitlandFruitlandIdMember_lbl1">Spring Creek Fruitland - Fruitland, ID [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SpringCreekFruitlandFruitlandIdMember" xlink:to="iret_SpringCreekFruitlandFruitlandIdMember_lbl1" xlink:title="label: SpringCreekFruitlandFruitlandIdMember to iret_SpringCreekFruitlandFruitlandIdMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_WinstedIndustrialBuildingWinstedMnMember" xlink:label="WinstedIndustrialBuildingWinstedMnMember" xlink:title="WinstedIndustrialBuildingWinstedMnMember" />
    <link:label xlink:type="resource" xlink:label="iret_WinstedIndustrialBuildingWinstedMnMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_WinstedIndustrialBuildingWinstedMnMember_lbl" xml:lang="en-US" id="iret_WinstedIndustrialBuildingWinstedMnMember_lbl">Winsted Industrial Building - Winsted, MN 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="WinstedIndustrialBuildingWinstedMnMember" xlink:to="iret_WinstedIndustrialBuildingWinstedMnMember_lbl" xlink:title="label: WinstedIndustrialBuildingWinstedMnMember to iret_WinstedIndustrialBuildingWinstedMnMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_WinstedIndustrialBuildingWinstedMnMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_WinstedIndustrialBuildingWinstedMnMember_lbl1" xml:lang="en-US" id="iret_WinstedIndustrialBuildingWinstedMnMember_lbl1">Winsted Industrial Building Winsted MN [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WinstedIndustrialBuildingWinstedMnMember" xlink:to="iret_WinstedIndustrialBuildingWinstedMnMember_lbl1" xlink:title="label: WinstedIndustrialBuildingWinstedMnMember to iret_WinstedIndustrialBuildingWinstedMnMember_lbl1" />
    <link:label xlink:type="resource" xlink:label="iret_WinstedIndustrialBuildingWinstedMnMember_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="iret_WinstedIndustrialBuildingWinstedMnMember_lbl2" xml:lang="en-US" id="iret_WinstedIndustrialBuildingWinstedMnMember_lbl2">Winsted Industrial Building - Winsted, MN [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WinstedIndustrialBuildingWinstedMnMember" xlink:to="iret_WinstedIndustrialBuildingWinstedMnMember_lbl2" xlink:title="label: WinstedIndustrialBuildingWinstedMnMember to iret_WinstedIndustrialBuildingWinstedMnMember_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_PrairiewoodMeadowsFargoNdMember" xlink:label="PrairiewoodMeadowsFargoNdMember" xlink:title="PrairiewoodMeadowsFargoNdMember" />
    <link:label xlink:type="resource" xlink:label="iret_PrairiewoodMeadowsFargoNdMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_PrairiewoodMeadowsFargoNdMember_lbl" xml:lang="en-US" id="iret_PrairiewoodMeadowsFargoNdMember_lbl">Prairiewood Meadows - Fargo, 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="PrairiewoodMeadowsFargoNdMember" xlink:to="iret_PrairiewoodMeadowsFargoNdMember_lbl" xlink:title="label: PrairiewoodMeadowsFargoNdMember to iret_PrairiewoodMeadowsFargoNdMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_PrairiewoodMeadowsFargoNdMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_PrairiewoodMeadowsFargoNdMember_lbl1" xml:lang="en-US" id="iret_PrairiewoodMeadowsFargoNdMember_lbl1">Prairiewood Meadows Fargo ND [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PrairiewoodMeadowsFargoNdMember" xlink:to="iret_PrairiewoodMeadowsFargoNdMember_lbl1" xlink:title="label: PrairiewoodMeadowsFargoNdMember to iret_PrairiewoodMeadowsFargoNdMember_lbl1" />
    <link:label xlink:type="resource" xlink:label="iret_PrairiewoodMeadowsFargoNdMember_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="iret_PrairiewoodMeadowsFargoNdMember_lbl2" xml:lang="en-US" id="iret_PrairiewoodMeadowsFargoNdMember_lbl2">Prairiewood Meadows - Fargo, ND [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PrairiewoodMeadowsFargoNdMember" xlink:to="iret_PrairiewoodMeadowsFargoNdMember_lbl2" xlink:title="label: PrairiewoodMeadowsFargoNdMember to iret_PrairiewoodMeadowsFargoNdMember_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.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 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="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-20140731.xsd#iret_IsantiUnimprovedIsantiMnMember" xlink:label="IsantiUnimprovedIsantiMnMember" xlink:title="IsantiUnimprovedIsantiMnMember" />
    <link:label xlink:type="resource" xlink:label="iret_IsantiUnimprovedIsantiMnMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_IsantiUnimprovedIsantiMnMember_lbl" xml:lang="en-US" id="iret_IsantiUnimprovedIsantiMnMember_lbl">Isanti Unimproved - Isanti, MN 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="IsantiUnimprovedIsantiMnMember" xlink:to="iret_IsantiUnimprovedIsantiMnMember_lbl" xlink:title="label: IsantiUnimprovedIsantiMnMember to iret_IsantiUnimprovedIsantiMnMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_IsantiUnimprovedIsantiMnMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_IsantiUnimprovedIsantiMnMember_lbl1" xml:lang="en-US" id="iret_IsantiUnimprovedIsantiMnMember_lbl1">Isanti Unimproved - Isanti, MN [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IsantiUnimprovedIsantiMnMember" xlink:to="iret_IsantiUnimprovedIsantiMnMember_lbl1" xlink:title="label: IsantiUnimprovedIsantiMnMember to iret_IsantiUnimprovedIsantiMnMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.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-20140731.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-20140731.xsd#iret_RevisionPolicyTextBlock" xlink:label="RevisionPolicyTextBlock" xlink:title="RevisionPolicyTextBlock" />
    <link:label xlink:type="resource" xlink:label="iret_RevisionPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_RevisionPolicyTextBlock_lbl" xml:lang="en-US" id="iret_RevisionPolicyTextBlock_lbl">Disclosure of accounting policy for revisions.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RevisionPolicyTextBlock" xlink:to="iret_RevisionPolicyTextBlock_lbl" xlink:title="label: RevisionPolicyTextBlock to iret_RevisionPolicyTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_RevisionPolicyTextBlock_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_RevisionPolicyTextBlock_lbl1" xml:lang="en-US" id="iret_RevisionPolicyTextBlock_lbl1">REVISION [Policy Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RevisionPolicyTextBlock" xlink:to="iret_RevisionPolicyTextBlock_lbl1" xlink:title="label: RevisionPolicyTextBlock to iret_RevisionPolicyTextBlock_lbl1" />
    <link:label xlink:type="resource" xlink:label="iret_RevisionPolicyTextBlock_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="iret_RevisionPolicyTextBlock_lbl2" xml:lang="en-US" id="iret_RevisionPolicyTextBlock_lbl2">REVISION</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RevisionPolicyTextBlock" xlink:to="iret_RevisionPolicyTextBlock_lbl2" xlink:title="label: RevisionPolicyTextBlock to iret_RevisionPolicyTextBlock_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.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 and other investments related to lender holdbacks.</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" />
    <link:label xlink:type="resource" xlink:label="iret_CompensatingBalancesAndOtherInvestmentsLenderHoldbacksPolicyTextBlock_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="iret_CompensatingBalancesAndOtherInvestmentsLenderHoldbacksPolicyTextBlock_lbl2" xml:lang="en-US" id="iret_CompensatingBalancesAndOtherInvestmentsLenderHoldbacksPolicyTextBlock_lbl2">COMPENSATING BALANCES AND OTHER INVESTMENTS; HOLDBACKS</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CompensatingBalancesAndOtherInvestmentsLenderHoldbacksPolicyTextBlock" xlink:to="iret_CompensatingBalancesAndOtherInvestmentsLenderHoldbacksPolicyTextBlock_lbl2" xlink:title="label: CompensatingBalancesAndOtherInvestmentsLenderHoldbacksPolicyTextBlock to iret_CompensatingBalancesAndOtherInvestmentsLenderHoldbacksPolicyTextBlock_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_InvoluntaryConversionOfAssetsPolicyTextBlock" xlink:label="InvoluntaryConversionOfAssetsPolicyTextBlock" xlink:title="InvoluntaryConversionOfAssetsPolicyTextBlock" />
    <link:label xlink:type="resource" xlink:label="iret_InvoluntaryConversionOfAssetsPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_InvoluntaryConversionOfAssetsPolicyTextBlock_lbl" xml:lang="en-US" id="iret_InvoluntaryConversionOfAssetsPolicyTextBlock_lbl">Disclosure of accounting policy for 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_lbl" xlink:title="label: InvoluntaryConversionOfAssetsPolicyTextBlock to iret_InvoluntaryConversionOfAssetsPolicyTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_InvoluntaryConversionOfAssetsPolicyTextBlock_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_InvoluntaryConversionOfAssetsPolicyTextBlock_lbl1" xml:lang="en-US" id="iret_InvoluntaryConversionOfAssetsPolicyTextBlock_lbl1">INVOLUNTARY CONVERSION OF ASSETS [Policy Text Block]</link:label>
    <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-20140731.xsd#iret_EstimatedAnnualAmortizationOfAcquiredBelowMarketLeasesNetOfAcquiredAboveMarketLeasesTableTextBlock" xlink:label="EstimatedAnnualAmortizationOfAcquiredBelowMarketLeasesNetOfAcquiredAboveMarketLeasesTableTextBlock" xlink:title="EstimatedAnnualAmortizationOfAcquiredBelowMarketLeasesNetOfAcquiredAboveMarketLeasesTableTextBlock" />
    <link:label xlink:type="resource" xlink:label="iret_EstimatedAnnualAmortizationOfAcquiredBelowMarketLeasesNetOfAcquiredAboveMarketLeasesTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_EstimatedAnnualAmortizationOfAcquiredBelowMarketLeasesNetOfAcquiredAboveMarketLeasesTableTextBlock_lbl" xml:lang="en-US" id="iret_EstimatedAnnualAmortizationOfAcquiredBelowMarketLeasesNetOfAcquiredAboveMarketLeasesTableTextBlock_lbl">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.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EstimatedAnnualAmortizationOfAcquiredBelowMarketLeasesNetOfAcquiredAboveMarketLeasesTableTextBlock" xlink:to="iret_EstimatedAnnualAmortizationOfAcquiredBelowMarketLeasesNetOfAcquiredAboveMarketLeasesTableTextBlock_lbl" xlink:title="label: EstimatedAnnualAmortizationOfAcquiredBelowMarketLeasesNetOfAcquiredAboveMarketLeasesTableTextBlock to iret_EstimatedAnnualAmortizationOfAcquiredBelowMarketLeasesNetOfAcquiredAboveMarketLeasesTableTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_EstimatedAnnualAmortizationOfAcquiredBelowMarketLeasesNetOfAcquiredAboveMarketLeasesTableTextBlock_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_EstimatedAnnualAmortizationOfAcquiredBelowMarketLeasesNetOfAcquiredAboveMarketLeasesTableTextBlock_lbl1" xml:lang="en-US" id="iret_EstimatedAnnualAmortizationOfAcquiredBelowMarketLeasesNetOfAcquiredAboveMarketLeasesTableTextBlock_lbl1">Estimated annual amortization of acquired below market leases, net of acquired above market leases [Table Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EstimatedAnnualAmortizationOfAcquiredBelowMarketLeasesNetOfAcquiredAboveMarketLeasesTableTextBlock" xlink:to="iret_EstimatedAnnualAmortizationOfAcquiredBelowMarketLeasesNetOfAcquiredAboveMarketLeasesTableTextBlock_lbl1" xlink:title="label: EstimatedAnnualAmortizationOfAcquiredBelowMarketLeasesNetOfAcquiredAboveMarketLeasesTableTextBlock to iret_EstimatedAnnualAmortizationOfAcquiredBelowMarketLeasesNetOfAcquiredAboveMarketLeasesTableTextBlock_lbl1" />
    <link:label xlink:type="resource" xlink:label="iret_EstimatedAnnualAmortizationOfAcquiredBelowMarketLeasesNetOfAcquiredAboveMarketLeasesTableTextBlock_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="iret_EstimatedAnnualAmortizationOfAcquiredBelowMarketLeasesNetOfAcquiredAboveMarketLeasesTableTextBlock_lbl2" xml:lang="en-US" id="iret_EstimatedAnnualAmortizationOfAcquiredBelowMarketLeasesNetOfAcquiredAboveMarketLeasesTableTextBlock_lbl2">Estimated annual amortization of acquired below-market leases, net of acquired above-market leases</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EstimatedAnnualAmortizationOfAcquiredBelowMarketLeasesNetOfAcquiredAboveMarketLeasesTableTextBlock" xlink:to="iret_EstimatedAnnualAmortizationOfAcquiredBelowMarketLeasesNetOfAcquiredAboveMarketLeasesTableTextBlock_lbl2" xlink:title="label: EstimatedAnnualAmortizationOfAcquiredBelowMarketLeasesNetOfAcquiredAboveMarketLeasesTableTextBlock to iret_EstimatedAnnualAmortizationOfAcquiredBelowMarketLeasesNetOfAcquiredAboveMarketLeasesTableTextBlock_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.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>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IdentifiedIntangibleAssetsAndIntangibleLiabilitiesTableTextBlock" xlink:to="iret_IdentifiedIntangibleAssetsAndIntangibleLiabilitiesTableTextBlock_lbl" xlink:title="label: IdentifiedIntangibleAssetsAndIntangibleLiabilitiesTableTextBlock to iret_IdentifiedIntangibleAssetsAndIntangibleLiabilitiesTableTextBlock_lbl" />
    <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>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IdentifiedIntangibleAssetsAndIntangibleLiabilitiesTableTextBlock" xlink:to="iret_IdentifiedIntangibleAssetsAndIntangibleLiabilitiesTableTextBlock_lbl1" xlink:title="label: IdentifiedIntangibleAssetsAndIntangibleLiabilitiesTableTextBlock to iret_IdentifiedIntangibleAssetsAndIntangibleLiabilitiesTableTextBlock_lbl1" />
    <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>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IdentifiedIntangibleAssetsAndIntangibleLiabilitiesTableTextBlock" xlink:to="iret_IdentifiedIntangibleAssetsAndIntangibleLiabilitiesTableTextBlock_lbl2" xlink:title="label: IdentifiedIntangibleAssetsAndIntangibleLiabilitiesTableTextBlock to iret_IdentifiedIntangibleAssetsAndIntangibleLiabilitiesTableTextBlock_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_CommerceBankMember" xlink:label="CommerceBankMember" xlink:title="CommerceBankMember" />
    <link:label xlink:type="resource" xlink:label="iret_CommerceBankMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_CommerceBankMember_lbl" xml:lang="en-US" id="iret_CommerceBankMember_lbl">Commerce Bank</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommerceBankMember" xlink:to="iret_CommerceBankMember_lbl" xlink:title="label: CommerceBankMember to iret_CommerceBankMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_CommerceBankMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_CommerceBankMember_lbl1" xml:lang="en-US" id="iret_CommerceBankMember_lbl1">Commerce Bank [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommerceBankMember" xlink:to="iret_CommerceBankMember_lbl1" xlink:title="label: CommerceBankMember to iret_CommerceBankMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_PrivateBankMember" xlink:label="PrivateBankMember" xlink:title="PrivateBankMember" />
    <link:label xlink:type="resource" xlink:label="iret_PrivateBankMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_PrivateBankMember_lbl" xml:lang="en-US" id="iret_PrivateBankMember_lbl">Private Bank</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PrivateBankMember" xlink:to="iret_PrivateBankMember_lbl" xlink:title="label: PrivateBankMember to iret_PrivateBankMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_PrivateBankMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_PrivateBankMember_lbl1" xml:lang="en-US" id="iret_PrivateBankMember_lbl1">Private Bank [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PrivateBankMember" xlink:to="iret_PrivateBankMember_lbl1" xlink:title="label: PrivateBankMember to iret_PrivateBankMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_KalispellMontanaRetailMember" xlink:label="KalispellMontanaRetailMember" xlink:title="KalispellMontanaRetailMember" />
    <link:label xlink:type="resource" xlink:label="iret_KalispellMontanaRetailMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_KalispellMontanaRetailMember_lbl" xml:lang="en-US" id="iret_KalispellMontanaRetailMember_lbl">Kalispell, Montana, retail</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="KalispellMontanaRetailMember" xlink:to="iret_KalispellMontanaRetailMember_lbl" xlink:title="label: KalispellMontanaRetailMember to iret_KalispellMontanaRetailMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_KalispellMontanaRetailMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_KalispellMontanaRetailMember_lbl1" xml:lang="en-US" id="iret_KalispellMontanaRetailMember_lbl1">Kalispell, Montana, retail property [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="KalispellMontanaRetailMember" xlink:to="iret_KalispellMontanaRetailMember_lbl1" xlink:title="label: KalispellMontanaRetailMember to iret_KalispellMontanaRetailMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_GoldenValleyMinnesotaOfficePropertyMember" xlink:label="GoldenValleyMinnesotaOfficePropertyMember" xlink:title="GoldenValleyMinnesotaOfficePropertyMember" />
    <link:label xlink:type="resource" xlink:label="iret_GoldenValleyMinnesotaOfficePropertyMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_GoldenValleyMinnesotaOfficePropertyMember_lbl" xml:lang="en-US" id="iret_GoldenValleyMinnesotaOfficePropertyMember_lbl">Golden Valley, Minnesota, office property</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GoldenValleyMinnesotaOfficePropertyMember" xlink:to="iret_GoldenValleyMinnesotaOfficePropertyMember_lbl" xlink:title="label: GoldenValleyMinnesotaOfficePropertyMember to iret_GoldenValleyMinnesotaOfficePropertyMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_GoldenValleyMinnesotaOfficePropertyMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_GoldenValleyMinnesotaOfficePropertyMember_lbl1" xml:lang="en-US" id="iret_GoldenValleyMinnesotaOfficePropertyMember_lbl1">Golden Valley, Minnesota, office property [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GoldenValleyMinnesotaOfficePropertyMember" xlink:to="iret_GoldenValleyMinnesotaOfficePropertyMember_lbl1" xlink:title="label: GoldenValleyMinnesotaOfficePropertyMember to iret_GoldenValleyMinnesotaOfficePropertyMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_RemainingTermsOfCertificatesOfDeposit" xlink:label="RemainingTermsOfCertificatesOfDeposit" xlink:title="RemainingTermsOfCertificatesOfDeposit" />
    <link:label xlink:type="resource" xlink:label="iret_RemainingTermsOfCertificatesOfDeposit_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_RemainingTermsOfCertificatesOfDeposit_lbl" xml:lang="en-US" id="iret_RemainingTermsOfCertificatesOfDeposit_lbl">The remaining terms of certificates of deposit during the period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RemainingTermsOfCertificatesOfDeposit" xlink:to="iret_RemainingTermsOfCertificatesOfDeposit_lbl" xlink:title="label: RemainingTermsOfCertificatesOfDeposit to iret_RemainingTermsOfCertificatesOfDeposit_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_RemainingTermsOfCertificatesOfDeposit_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_RemainingTermsOfCertificatesOfDeposit_lbl1" xml:lang="en-US" id="iret_RemainingTermsOfCertificatesOfDeposit_lbl1">Remaining terms of certificates of deposit</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RemainingTermsOfCertificatesOfDeposit" xlink:to="iret_RemainingTermsOfCertificatesOfDeposit_lbl1" xlink:title="label: RemainingTermsOfCertificatesOfDeposit to iret_RemainingTermsOfCertificatesOfDeposit_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_NumberOfImpairedProperties" xlink:label="NumberOfImpairedProperties" xlink:title="NumberOfImpairedProperties" />
    <link:label xlink:type="resource" xlink:label="iret_NumberOfImpairedProperties_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_NumberOfImpairedProperties_lbl" xml:lang="en-US" id="iret_NumberOfImpairedProperties_lbl">The number of impaired properties for the fiscal year.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfImpairedProperties" xlink:to="iret_NumberOfImpairedProperties_lbl" xlink:title="label: NumberOfImpairedProperties to iret_NumberOfImpairedProperties_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_NumberOfImpairedProperties_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_NumberOfImpairedProperties_lbl1" xml:lang="en-US" id="iret_NumberOfImpairedProperties_lbl1">Number of impaired properties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfImpairedProperties" xlink:to="iret_NumberOfImpairedProperties_lbl1" xlink:title="label: NumberOfImpairedProperties to iret_NumberOfImpairedProperties_lbl1" />
    <link:label xlink:type="resource" xlink:label="iret_NumberOfImpairedProperties_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="iret_NumberOfImpairedProperties_lbl2" xml:lang="en-US" id="iret_NumberOfImpairedProperties_lbl2">Number of impaired properties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfImpairedProperties" xlink:to="iret_NumberOfImpairedProperties_lbl2" xlink:title="label: NumberOfImpairedProperties to iret_NumberOfImpairedProperties_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_PeriodToHoldBeneficialInterestMinimum" xlink:label="PeriodToHoldBeneficialInterestMinimum" xlink:title="PeriodToHoldBeneficialInterestMinimum" />
    <link:label xlink:type="resource" xlink:label="iret_PeriodToHoldBeneficialInterestMinimum_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_PeriodToHoldBeneficialInterestMinimum_lbl" xml:lang="en-US" id="iret_PeriodToHoldBeneficialInterestMinimum_lbl">The minimum period for which some limited partners have contractually agreed to hold the beneficial interest.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PeriodToHoldBeneficialInterestMinimum" xlink:to="iret_PeriodToHoldBeneficialInterestMinimum_lbl" xlink:title="label: PeriodToHoldBeneficialInterestMinimum to iret_PeriodToHoldBeneficialInterestMinimum_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_PeriodToHoldBeneficialInterestMinimum_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_PeriodToHoldBeneficialInterestMinimum_lbl1" xml:lang="en-US" id="iret_PeriodToHoldBeneficialInterestMinimum_lbl1">Period to hold the beneficial interest, minimum</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PeriodToHoldBeneficialInterestMinimum" xlink:to="iret_PeriodToHoldBeneficialInterestMinimum_lbl1" xlink:title="label: PeriodToHoldBeneficialInterestMinimum to iret_PeriodToHoldBeneficialInterestMinimum_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.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-20140731.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-20140731.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-20140731.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:label xlink:type="resource" xlink:label="iret_UnitedCommunityBankAndEquityBankMember_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="iret_UnitedCommunityBankAndEquityBankMember_lbl2" xml:lang="en-US" id="iret_UnitedCommunityBankAndEquityBankMember_lbl2">United Community and Dacotah 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_lbl2" xlink:title="label: UnitedCommunityBankAndEquityBankMember to iret_UnitedCommunityBankAndEquityBankMember_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.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-20140731.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-20140731.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-20140731.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-20140731.xsd#iret_BloomingtonMinnesotaMember" xlink:label="BloomingtonMinnesotaMember" xlink:title="BloomingtonMinnesotaMember" />
    <link:label xlink:type="resource" xlink:label="iret_BloomingtonMinnesotaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_BloomingtonMinnesotaMember_lbl" xml:lang="en-US" id="iret_BloomingtonMinnesotaMember_lbl">The name or location of property under a material pending acquisition.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BloomingtonMinnesotaMember" xlink:to="iret_BloomingtonMinnesotaMember_lbl" xlink:title="label: BloomingtonMinnesotaMember to iret_BloomingtonMinnesotaMember_lbl" />
    <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-20140731.xsd#iret_AnokaMinnesotaMember" xlink:label="AnokaMinnesotaMember" xlink:title="AnokaMinnesotaMember" />
    <link:label xlink:type="resource" xlink:label="iret_AnokaMinnesotaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_AnokaMinnesotaMember_lbl" xml:lang="en-US" id="iret_AnokaMinnesotaMember_lbl">Real estate located in Anoka, Minnesota.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AnokaMinnesotaMember" xlink:to="iret_AnokaMinnesotaMember_lbl" xlink:title="label: AnokaMinnesotaMember to iret_AnokaMinnesotaMember_lbl" />
    <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-20140731.xsd#iret_CliveIowaMember" xlink:label="CliveIowaMember" xlink:title="CliveIowaMember" />
    <link:label xlink:type="resource" xlink:label="iret_CliveIowaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_CliveIowaMember_lbl" xml:lang="en-US" id="iret_CliveIowaMember_lbl">The name or location of property under a material pending acquisition.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CliveIowaMember" xlink:to="iret_CliveIowaMember_lbl" xlink:title="label: CliveIowaMember to iret_CliveIowaMember_lbl" />
    <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-20140731.xsd#iret_RosevilleMinnesotaMember" xlink:label="RosevilleMinnesotaMember" xlink:title="RosevilleMinnesotaMember" />
    <link:label xlink:type="resource" xlink:label="iret_RosevilleMinnesotaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_RosevilleMinnesotaMember_lbl" xml:lang="en-US" id="iret_RosevilleMinnesotaMember_lbl">Industrial located in Roseville, Minnesota.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RosevilleMinnesotaMember" xlink:to="iret_RosevilleMinnesotaMember_lbl" xlink:title="label: RosevilleMinnesotaMember to iret_RosevilleMinnesotaMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_RosevilleMinnesotaMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_RosevilleMinnesotaMember_lbl1" xml:lang="en-US" id="iret_RosevilleMinnesotaMember_lbl1">Roseville, Minnesota [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RosevilleMinnesotaMember" xlink:to="iret_RosevilleMinnesotaMember_lbl1" xlink:title="label: RosevilleMinnesotaMember to iret_RosevilleMinnesotaMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_StLouisParkMinnesotaMember" xlink:label="StLouisParkMinnesotaMember" xlink:title="StLouisParkMinnesotaMember" />
    <link:label xlink:type="resource" xlink:label="iret_StLouisParkMinnesotaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_StLouisParkMinnesotaMember_lbl" xml:lang="en-US" id="iret_StLouisParkMinnesotaMember_lbl">The name or location of property under a material pending acquisition.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StLouisParkMinnesotaMember" xlink:to="iret_StLouisParkMinnesotaMember_lbl" xlink:title="label: StLouisParkMinnesotaMember to iret_StLouisParkMinnesotaMember_lbl" />
    <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-20140731.xsd#iret_DiscontinuedOperationImpairmentOfAssetsFromDisposalOfDiscontinuedOperationBeforeIncomeTax" xlink:label="DiscontinuedOperationImpairmentOfAssetsFromDisposalOfDiscontinuedOperationBeforeIncomeTax" xlink:title="DiscontinuedOperationImpairmentOfAssetsFromDisposalOfDiscontinuedOperationBeforeIncomeTax" />
    <link:label xlink:type="resource" xlink:label="iret_DiscontinuedOperationImpairmentOfAssetsFromDisposalOfDiscontinuedOperationBeforeIncomeTax_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_DiscontinuedOperationImpairmentOfAssetsFromDisposalOfDiscontinuedOperationBeforeIncomeTax_lbl" xml:lang="en-US" id="iret_DiscontinuedOperationImpairmentOfAssetsFromDisposalOfDiscontinuedOperationBeforeIncomeTax_lbl">The charge against earnings of discontinued operations or disposal group in the period to reduce the carrying amount of real property to fair value.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DiscontinuedOperationImpairmentOfAssetsFromDisposalOfDiscontinuedOperationBeforeIncomeTax" xlink:to="iret_DiscontinuedOperationImpairmentOfAssetsFromDisposalOfDiscontinuedOperationBeforeIncomeTax_lbl" xlink:title="label: DiscontinuedOperationImpairmentOfAssetsFromDisposalOfDiscontinuedOperationBeforeIncomeTax to iret_DiscontinuedOperationImpairmentOfAssetsFromDisposalOfDiscontinuedOperationBeforeIncomeTax_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_DiscontinuedOperationImpairmentOfAssetsFromDisposalOfDiscontinuedOperationBeforeIncomeTax_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_DiscontinuedOperationImpairmentOfAssetsFromDisposalOfDiscontinuedOperationBeforeIncomeTax_lbl1" xml:lang="en-US" id="iret_DiscontinuedOperationImpairmentOfAssetsFromDisposalOfDiscontinuedOperationBeforeIncomeTax_lbl1">Discontinued Operation, Impairment of Assets from Disposal of Discontinued Operation, before Income Tax</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DiscontinuedOperationImpairmentOfAssetsFromDisposalOfDiscontinuedOperationBeforeIncomeTax" xlink:to="iret_DiscontinuedOperationImpairmentOfAssetsFromDisposalOfDiscontinuedOperationBeforeIncomeTax_lbl1" xlink:title="label: DiscontinuedOperationImpairmentOfAssetsFromDisposalOfDiscontinuedOperationBeforeIncomeTax to iret_DiscontinuedOperationImpairmentOfAssetsFromDisposalOfDiscontinuedOperationBeforeIncomeTax_lbl1" />
    <link:label xlink:type="resource" xlink:label="iret_DiscontinuedOperationImpairmentOfAssetsFromDisposalOfDiscontinuedOperationBeforeIncomeTax_lbl2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="iret_DiscontinuedOperationImpairmentOfAssetsFromDisposalOfDiscontinuedOperationBeforeIncomeTax_lbl2" xml:lang="en-US" id="iret_DiscontinuedOperationImpairmentOfAssetsFromDisposalOfDiscontinuedOperationBeforeIncomeTax_lbl2">Impairment of retail property attributable to discontinued operations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DiscontinuedOperationImpairmentOfAssetsFromDisposalOfDiscontinuedOperationBeforeIncomeTax" xlink:to="iret_DiscontinuedOperationImpairmentOfAssetsFromDisposalOfDiscontinuedOperationBeforeIncomeTax_lbl2" xlink:title="label: DiscontinuedOperationImpairmentOfAssetsFromDisposalOfDiscontinuedOperationBeforeIncomeTax to iret_DiscontinuedOperationImpairmentOfAssetsFromDisposalOfDiscontinuedOperationBeforeIncomeTax_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.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-20140731.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>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestInCommonUnitsInOperatingPartnership" xlink:to="iret_InterestInCommonUnitsInOperatingPartnership_lbl" xlink:title="label: InterestInCommonUnitsInOperatingPartnership to iret_InterestInCommonUnitsInOperatingPartnership_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_InterestInCommonUnitsInOperatingPartnership_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_InterestInCommonUnitsInOperatingPartnership_lbl1" xml:lang="en-US" id="iret_InterestInCommonUnitsInOperatingPartnership_lbl1">Interest in common units in operating partnership</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestInCommonUnitsInOperatingPartnership" xlink:to="iret_InterestInCommonUnitsInOperatingPartnership_lbl1" xlink:title="label: InterestInCommonUnitsInOperatingPartnership to iret_InterestInCommonUnitsInOperatingPartnership_lbl1" />
    <link:label xlink:type="resource" xlink:label="iret_InterestInCommonUnitsInOperatingPartnership_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="iret_InterestInCommonUnitsInOperatingPartnership_lbl2" xml:lang="en-US" id="iret_InterestInCommonUnitsInOperatingPartnership_lbl2">Interest in operating partnership (in hundredths)</link:label>
    <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-20140731.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-20140731.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-20140731.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-20140731.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</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-20140731.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-20140731.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-20140731.xsd#iret_NumberOfApartmentUnitsOwned" xlink:label="NumberOfApartmentUnitsOwned" xlink:title="NumberOfApartmentUnitsOwned" />
    <link:label xlink:type="resource" xlink:label="iret_NumberOfApartmentUnitsOwned_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_NumberOfApartmentUnitsOwned_lbl" xml:lang="en-US" id="iret_NumberOfApartmentUnitsOwned_lbl">The number of apartment units owned during the period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfApartmentUnitsOwned" xlink:to="iret_NumberOfApartmentUnitsOwned_lbl" xlink:title="label: NumberOfApartmentUnitsOwned to iret_NumberOfApartmentUnitsOwned_lbl" />
    <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>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfApartmentUnitsOwned" xlink:to="iret_NumberOfApartmentUnitsOwned_lbl1" xlink:title="label: NumberOfApartmentUnitsOwned to iret_NumberOfApartmentUnitsOwned_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.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-20140731.xsd#iret_ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsGainLossOnDispositionTableTextBlock" xlink:label="ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsGainLossOnDispositionTableTextBlock" xlink:title="ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsGainLossOnDispositionTableTextBlock" />
    <link:label xlink:type="resource" xlink:label="iret_ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsGainLossOnDispositionTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsGainLossOnDispositionTableTextBlock_lbl" xml:lang="en-US" id="iret_ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsGainLossOnDispositionTableTextBlock_lbl">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).</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsGainLossOnDispositionTableTextBlock" xlink:to="iret_ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsGainLossOnDispositionTableTextBlock_lbl" xlink:title="label: ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsGainLossOnDispositionTableTextBlock to iret_ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsGainLossOnDispositionTableTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsGainLossOnDispositionTableTextBlock_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsGainLossOnDispositionTableTextBlock_lbl1" xml:lang="en-US" id="iret_ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsGainLossOnDispositionTableTextBlock_lbl1">Schedule of Disposal Groups, Including Discontinued Operations, Gain Loss on Disposition [Table Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsGainLossOnDispositionTableTextBlock" xlink:to="iret_ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsGainLossOnDispositionTableTextBlock_lbl1" xlink:title="label: ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsGainLossOnDispositionTableTextBlock to iret_ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsGainLossOnDispositionTableTextBlock_lbl1" />
    <link:label xlink:type="resource" xlink:label="iret_ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsGainLossOnDispositionTableTextBlock_lbl2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="iret_ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsGainLossOnDispositionTableTextBlock_lbl2" xml:lang="en-US" id="iret_ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsGainLossOnDispositionTableTextBlock_lbl2">Schedule of Dispositions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsGainLossOnDispositionTableTextBlock" xlink:to="iret_ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsGainLossOnDispositionTableTextBlock_lbl2" xlink:title="label: ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsGainLossOnDispositionTableTextBlock to iret_ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsGainLossOnDispositionTableTextBlock_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_DistributionsPaidToCommonShareholdersReinvestment" xlink:label="DistributionsPaidToCommonShareholdersReinvestment" xlink:title="DistributionsPaidToCommonShareholdersReinvestment" />
    <link:label xlink:type="resource" xlink:label="iret_DistributionsPaidToCommonShareholdersReinvestment_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_DistributionsPaidToCommonShareholdersReinvestment_lbl" xml:lang="en-US" id="iret_DistributionsPaidToCommonShareholdersReinvestment_lbl">Distributions paid to common shareholders, reinvestment.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DistributionsPaidToCommonShareholdersReinvestment" xlink:to="iret_DistributionsPaidToCommonShareholdersReinvestment_lbl" xlink:title="label: DistributionsPaidToCommonShareholdersReinvestment to iret_DistributionsPaidToCommonShareholdersReinvestment_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_DistributionsPaidToCommonShareholdersReinvestment_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_DistributionsPaidToCommonShareholdersReinvestment_lbl1" xml:lang="en-US" id="iret_DistributionsPaidToCommonShareholdersReinvestment_lbl1">Distributions paid to common shareholders, reinvestment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DistributionsPaidToCommonShareholdersReinvestment" xlink:to="iret_DistributionsPaidToCommonShareholdersReinvestment_lbl1" xlink:title="label: DistributionsPaidToCommonShareholdersReinvestment to iret_DistributionsPaidToCommonShareholdersReinvestment_lbl1" />
    <link:label xlink:type="resource" xlink:label="iret_DistributionsPaidToCommonShareholdersReinvestment_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="iret_DistributionsPaidToCommonShareholdersReinvestment_lbl2" xml:lang="en-US" id="iret_DistributionsPaidToCommonShareholdersReinvestment_lbl2">Distributions paid to common shareholders, reinvestment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DistributionsPaidToCommonShareholdersReinvestment" xlink:to="iret_DistributionsPaidToCommonShareholdersReinvestment_lbl2" xlink:title="label: DistributionsPaidToCommonShareholdersReinvestment to iret_DistributionsPaidToCommonShareholdersReinvestment_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_CondominiumUnitMember" xlink:label="CondominiumUnitMember" xlink:title="CondominiumUnitMember" />
    <link:label xlink:type="resource" xlink:label="iret_CondominiumUnitMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_CondominiumUnitMember_lbl" xml:lang="en-US" id="iret_CondominiumUnitMember_lbl">One of a group of housing units where each homeowner owns their individual unit space and all the dwelling share ownership of areas of common use.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CondominiumUnitMember" xlink:to="iret_CondominiumUnitMember_lbl" xlink:title="label: CondominiumUnitMember to iret_CondominiumUnitMember_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_CondominiumUnitMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_CondominiumUnitMember_lbl1" xml:lang="en-US" id="iret_CondominiumUnitMember_lbl1">Condominium Unit [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CondominiumUnitMember" xlink:to="iret_CondominiumUnitMember_lbl1" xlink:title="label: CondominiumUnitMember to iret_CondominiumUnitMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_AdditionToIntangibleLiabilities" xlink:label="AdditionToIntangibleLiabilities" xlink:title="AdditionToIntangibleLiabilities" />
    <link:label xlink:type="resource" xlink:label="iret_AdditionToIntangibleLiabilities_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_AdditionToIntangibleLiabilities_lbl" xml:lang="en-US" id="iret_AdditionToIntangibleLiabilities_lbl">Addition to intangible liabilities during the period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionToIntangibleLiabilities" xlink:to="iret_AdditionToIntangibleLiabilities_lbl" xlink:title="label: AdditionToIntangibleLiabilities to iret_AdditionToIntangibleLiabilities_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_AdditionToIntangibleLiabilities_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_AdditionToIntangibleLiabilities_lbl1" xml:lang="en-US" id="iret_AdditionToIntangibleLiabilities_lbl1">Addition to intangible liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionToIntangibleLiabilities" xlink:to="iret_AdditionToIntangibleLiabilities_lbl1" xlink:title="label: AdditionToIntangibleLiabilities to iret_AdditionToIntangibleLiabilities_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_NumberOfRealEstatePropertiesSold" xlink:label="NumberOfRealEstatePropertiesSold" xlink:title="NumberOfRealEstatePropertiesSold" />
    <link:label xlink:type="resource" xlink:label="iret_NumberOfRealEstatePropertiesSold_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_NumberOfRealEstatePropertiesSold_lbl" xml:lang="en-US" id="iret_NumberOfRealEstatePropertiesSold_lbl">The number of real estate properties sold during the period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfRealEstatePropertiesSold" xlink:to="iret_NumberOfRealEstatePropertiesSold_lbl" xlink:title="label: NumberOfRealEstatePropertiesSold to iret_NumberOfRealEstatePropertiesSold_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_NumberOfRealEstatePropertiesSold_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_NumberOfRealEstatePropertiesSold_lbl1" xml:lang="en-US" id="iret_NumberOfRealEstatePropertiesSold_lbl1">Number of real estate properties sold</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfRealEstatePropertiesSold" xlink:to="iret_NumberOfRealEstatePropertiesSold_lbl1" xlink:title="label: NumberOfRealEstatePropertiesSold to iret_NumberOfRealEstatePropertiesSold_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.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">Amount before amortization of liabilities, excluding financial liabilities, lacking physical substance with a finite life.</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-20140731.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-20140731.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">Amount after amortization of liabilities, excluding financial a liabilities, lacking physical substance with a finite life.</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-20140731.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">Accumulated amount of amortization of liabilities, excluding financial liabilities, lacking physical substance with a finite life.</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-20140731.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-20140731.xsd#iret_DistributionsPaidToRedeemableNoncontrollingInterestsConsolidatedRealEstateEntities" xlink:label="DistributionsPaidToRedeemableNoncontrollingInterestsConsolidatedRealEstateEntities" xlink:title="DistributionsPaidToRedeemableNoncontrollingInterestsConsolidatedRealEstateEntities" />
    <link:label xlink:type="resource" xlink:label="iret_DistributionsPaidToRedeemableNoncontrollingInterestsConsolidatedRealEstateEntities_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_DistributionsPaidToRedeemableNoncontrollingInterestsConsolidatedRealEstateEntities_lbl" xml:lang="en-US" id="iret_DistributionsPaidToRedeemableNoncontrollingInterestsConsolidatedRealEstateEntities_lbl">Cash outflow in the form of ordinary dividends to redeemable noncontrolling interests, generally out of earnings.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DistributionsPaidToRedeemableNoncontrollingInterestsConsolidatedRealEstateEntities" xlink:to="iret_DistributionsPaidToRedeemableNoncontrollingInterestsConsolidatedRealEstateEntities_lbl" xlink:title="label: DistributionsPaidToRedeemableNoncontrollingInterestsConsolidatedRealEstateEntities to iret_DistributionsPaidToRedeemableNoncontrollingInterestsConsolidatedRealEstateEntities_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_DistributionsPaidToRedeemableNoncontrollingInterestsConsolidatedRealEstateEntities_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_DistributionsPaidToRedeemableNoncontrollingInterestsConsolidatedRealEstateEntities_lbl1" xml:lang="en-US" id="iret_DistributionsPaidToRedeemableNoncontrollingInterestsConsolidatedRealEstateEntities_lbl1">Distributions Paid To Redeemable 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="DistributionsPaidToRedeemableNoncontrollingInterestsConsolidatedRealEstateEntities" xlink:to="iret_DistributionsPaidToRedeemableNoncontrollingInterestsConsolidatedRealEstateEntities_lbl1" xlink:title="label: DistributionsPaidToRedeemableNoncontrollingInterestsConsolidatedRealEstateEntities to iret_DistributionsPaidToRedeemableNoncontrollingInterestsConsolidatedRealEstateEntities_lbl1" />
    <link:label xlink:type="resource" xlink:label="iret_DistributionsPaidToRedeemableNoncontrollingInterestsConsolidatedRealEstateEntities_lbl2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="iret_DistributionsPaidToRedeemableNoncontrollingInterestsConsolidatedRealEstateEntities_lbl2" xml:lang="en-US" id="iret_DistributionsPaidToRedeemableNoncontrollingInterestsConsolidatedRealEstateEntities_lbl2">Distributions paid to redeemable 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="DistributionsPaidToRedeemableNoncontrollingInterestsConsolidatedRealEstateEntities" xlink:to="iret_DistributionsPaidToRedeemableNoncontrollingInterestsConsolidatedRealEstateEntities_lbl2" xlink:title="label: DistributionsPaidToRedeemableNoncontrollingInterestsConsolidatedRealEstateEntities to iret_DistributionsPaidToRedeemableNoncontrollingInterestsConsolidatedRealEstateEntities_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.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-20140731.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>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsToAccountsPayableIncludedWithinRealEstateInvestments" xlink:to="iret_AdjustmentsToAccountsPayableIncludedWithinRealEstateInvestments_lbl" xlink:title="label: AdjustmentsToAccountsPayableIncludedWithinRealEstateInvestments to iret_AdjustmentsToAccountsPayableIncludedWithinRealEstateInvestments_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_AdjustmentsToAccountsPayableIncludedWithinRealEstateInvestments_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_AdjustmentsToAccountsPayableIncludedWithinRealEstateInvestments_lbl1" xml:lang="en-US" id="iret_AdjustmentsToAccountsPayableIncludedWithinRealEstateInvestments_lbl1">Adjustments to accounts payable included within real estate investments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsToAccountsPayableIncludedWithinRealEstateInvestments" xlink:to="iret_AdjustmentsToAccountsPayableIncludedWithinRealEstateInvestments_lbl1" xlink:title="label: AdjustmentsToAccountsPayableIncludedWithinRealEstateInvestments to iret_AdjustmentsToAccountsPayableIncludedWithinRealEstateInvestments_lbl1" />
    <link:label xlink:type="resource" xlink:label="iret_AdjustmentsToAccountsPayableIncludedWithinRealEstateInvestments_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="iret_AdjustmentsToAccountsPayableIncludedWithinRealEstateInvestments_lbl2" xml:lang="en-US" id="iret_AdjustmentsToAccountsPayableIncludedWithinRealEstateInvestments_lbl2">Increase (decrease) to accounts payable included within real estate investments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsToAccountsPayableIncludedWithinRealEstateInvestments" xlink:to="iret_AdjustmentsToAccountsPayableIncludedWithinRealEstateInvestments_lbl2" xlink:title="label: AdjustmentsToAccountsPayableIncludedWithinRealEstateInvestments to iret_AdjustmentsToAccountsPayableIncludedWithinRealEstateInvestments_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.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-20140731.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/2009/role/negatedLabel" xlink:title="iret_IncreaseLenderHoldbacksForImprovements_lbl2" xml:lang="en-US" id="iret_IncreaseLenderHoldbacksForImprovements_lbl2">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_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/2003/role/terseLabel" xlink:title="iret_IncreaseLenderHoldbacksForImprovements_lbl3" xml:lang="en-US" id="iret_IncreaseLenderHoldbacksForImprovements_lbl3">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_lbl3" xlink:title="label: IncreaseLenderHoldbacksForImprovements to iret_IncreaseLenderHoldbacksForImprovements_lbl3" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.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/terseLabel" xlink:title="iret_DecreaseInLenderHoldbacksForImprovements_lbl2" xml:lang="en-US" id="iret_DecreaseInLenderHoldbacksForImprovements_lbl2">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_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/verboseLabel" xlink:title="iret_DecreaseInLenderHoldbacksForImprovements_lbl3" xml:lang="en-US" id="iret_DecreaseInLenderHoldbacksForImprovements_lbl3">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_lbl3" xlink:title="label: DecreaseInLenderHoldbacksForImprovements to iret_DecreaseInLenderHoldbacksForImprovements_lbl3" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.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-20140731.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-20140731.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-20140731.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-20140731.xsd#iret_AdjustmentsToRedeemableNoncontrollingInterests" xlink:label="AdjustmentsToRedeemableNoncontrollingInterests" xlink:title="AdjustmentsToRedeemableNoncontrollingInterests" />
    <link:label xlink:type="resource" xlink:label="iret_AdjustmentsToRedeemableNoncontrollingInterests_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_AdjustmentsToRedeemableNoncontrollingInterests_lbl" xml:lang="en-US" id="iret_AdjustmentsToRedeemableNoncontrollingInterests_lbl">Dollar value of real estate transferred in noncash transactions during the reporting period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsToRedeemableNoncontrollingInterests" xlink:to="iret_AdjustmentsToRedeemableNoncontrollingInterests_lbl" xlink:title="label: AdjustmentsToRedeemableNoncontrollingInterests to iret_AdjustmentsToRedeemableNoncontrollingInterests_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_AdjustmentsToRedeemableNoncontrollingInterests_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_AdjustmentsToRedeemableNoncontrollingInterests_lbl1" xml:lang="en-US" id="iret_AdjustmentsToRedeemableNoncontrollingInterests_lbl1">Adjustments to redeemable noncontrolling interests</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsToRedeemableNoncontrollingInterests" xlink:to="iret_AdjustmentsToRedeemableNoncontrollingInterests_lbl1" xlink:title="label: AdjustmentsToRedeemableNoncontrollingInterests to iret_AdjustmentsToRedeemableNoncontrollingInterests_lbl1" />
    <link:label xlink:type="resource" xlink:label="iret_AdjustmentsToRedeemableNoncontrollingInterests_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="iret_AdjustmentsToRedeemableNoncontrollingInterests_lbl2" xml:lang="en-US" id="iret_AdjustmentsToRedeemableNoncontrollingInterests_lbl2">Fair value adjustments to redeemable noncontrolling interests</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsToRedeemableNoncontrollingInterests" xlink:to="iret_AdjustmentsToRedeemableNoncontrollingInterests_lbl2" xlink:title="label: AdjustmentsToRedeemableNoncontrollingInterests to iret_AdjustmentsToRedeemableNoncontrollingInterests_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.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-20140731.xsd#iret_CashPaidDuringYearForAbstract" xlink:label="CashPaidDuringYearForAbstract" xlink:title="CashPaidDuringYearForAbstract" />
    <link:label xlink:type="resource" xlink:label="iret_CashPaidDuringYearForAbstract_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_CashPaidDuringYearForAbstract_lbl1" xml:lang="en-US" id="iret_CashPaidDuringYearForAbstract_lbl1">Cash Paid During The Year For [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashPaidDuringYearForAbstract" xlink:to="iret_CashPaidDuringYearForAbstract_lbl1" xlink:title="label: CashPaidDuringYearForAbstract to iret_CashPaidDuringYearForAbstract_lbl1" />
    <link:label xlink:type="resource" xlink:label="iret_CashPaidDuringYearForAbstract_lbl2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="iret_CashPaidDuringYearForAbstract_lbl2" xml:lang="en-US" id="iret_CashPaidDuringYearForAbstract_lbl2">Cash paid during the year for:</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashPaidDuringYearForAbstract" xlink:to="iret_CashPaidDuringYearForAbstract_lbl2" xlink:title="label: CashPaidDuringYearForAbstract to iret_CashPaidDuringYearForAbstract_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.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" />
    <link:label xlink:type="resource" xlink:label="iret_SupplementalDisclosureOfCashFlowInformationAbstract_lbl2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="iret_SupplementalDisclosureOfCashFlowInformationAbstract_lbl2" xml:lang="en-US" id="iret_SupplementalDisclosureOfCashFlowInformationAbstract_lbl2">SUPPLEMENTARY SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES FOR THE PERIOD</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SupplementalDisclosureOfCashFlowInformationAbstract" xlink:to="iret_SupplementalDisclosureOfCashFlowInformationAbstract_lbl2" xlink:title="label: SupplementalDisclosureOfCashFlowInformationAbstract to iret_SupplementalDisclosureOfCashFlowInformationAbstract_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.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-20140731.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-20140731.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-20140731.xsd#iret_SeriesBPreferredSharesIssuedInShares" xlink:label="SeriesBPreferredSharesIssuedInShares" xlink:title="SeriesBPreferredSharesIssuedInShares" />
    <link:label xlink:type="resource" xlink:label="iret_SeriesBPreferredSharesIssuedInShares_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_SeriesBPreferredSharesIssuedInShares_lbl" xml:lang="en-US" id="iret_SeriesBPreferredSharesIssuedInShares_lbl">Proceeds From Issuance Initial Public Offering in Shares.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SeriesBPreferredSharesIssuedInShares" xlink:to="iret_SeriesBPreferredSharesIssuedInShares_lbl" xlink:title="label: SeriesBPreferredSharesIssuedInShares to iret_SeriesBPreferredSharesIssuedInShares_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_SeriesBPreferredSharesIssuedInShares_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_SeriesBPreferredSharesIssuedInShares_lbl1" xml:lang="en-US" id="iret_SeriesBPreferredSharesIssuedInShares_lbl1">Series B preferred shares issued (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SeriesBPreferredSharesIssuedInShares" xlink:to="iret_SeriesBPreferredSharesIssuedInShares_lbl1" xlink:title="label: SeriesBPreferredSharesIssuedInShares to iret_SeriesBPreferredSharesIssuedInShares_lbl1" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.xsd#iret_DirectCostsofLeasingandOperatingSeniorLivingRealEstateProperty" xlink:label="DirectCostsofLeasingandOperatingSeniorLivingRealEstateProperty" xlink:title="DirectCostsofLeasingandOperatingSeniorLivingRealEstateProperty" />
    <link:label xlink:type="resource" xlink:label="iret_DirectCostsofLeasingandOperatingSeniorLivingRealEstateProperty_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="iret_DirectCostsofLeasingandOperatingSeniorLivingRealEstateProperty_lbl" xml:lang="en-US" id="iret_DirectCostsofLeasingandOperatingSeniorLivingRealEstateProperty_lbl">Direct costs associated with leasing operating our senior living real estate portfolio including labor, food, utilities, marketing, management and other direct operating costs.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DirectCostsofLeasingandOperatingSeniorLivingRealEstateProperty" xlink:to="iret_DirectCostsofLeasingandOperatingSeniorLivingRealEstateProperty_lbl" xlink:title="label: DirectCostsofLeasingandOperatingSeniorLivingRealEstateProperty to iret_DirectCostsofLeasingandOperatingSeniorLivingRealEstateProperty_lbl" />
    <link:label xlink:type="resource" xlink:label="iret_DirectCostsofLeasingandOperatingSeniorLivingRealEstateProperty_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="iret_DirectCostsofLeasingandOperatingSeniorLivingRealEstateProperty_lbl1" xml:lang="en-US" id="iret_DirectCostsofLeasingandOperatingSeniorLivingRealEstateProperty_lbl1">TRS senior housing expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DirectCostsofLeasingandOperatingSeniorLivingRealEstateProperty" xlink:to="iret_DirectCostsofLeasingandOperatingSeniorLivingRealEstateProperty_lbl1" xlink:title="label: DirectCostsofLeasingandOperatingSeniorLivingRealEstateProperty to iret_DirectCostsofLeasingandOperatingSeniorLivingRealEstateProperty_lbl1" />
    <link:label xlink:type="resource" xlink:label="iret_DirectCostsofLeasingandOperatingSeniorLivingRealEstateProperty_lbl2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="iret_DirectCostsofLeasingandOperatingSeniorLivingRealEstateProperty_lbl2" xml:lang="en-US" id="iret_DirectCostsofLeasingandOperatingSeniorLivingRealEstateProperty_lbl2">TRS senior housing expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DirectCostsofLeasingandOperatingSeniorLivingRealEstateProperty" xlink:to="iret_DirectCostsofLeasingandOperatingSeniorLivingRealEstateProperty_lbl2" xlink:title="label: DirectCostsofLeasingandOperatingSeniorLivingRealEstateProperty to iret_DirectCostsofLeasingandOperatingSeniorLivingRealEstateProperty_lbl2" />
    <link:loc xlink:type="locator" xlink:href="iret-20140731.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">The receivables and other assets 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="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-20140731.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 classification of real estate for buildings, offices and campuses leased to members or organizations within the healthcare industry, but owned and operated by third party groups.</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-20140731.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-20140731.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 classification of real estate where multiple separate housing units for residential inhabitants are contained within one building or several buildings within one complex.</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-20140731.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-20140731.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-20140731.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-20140731.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">The expenses related to 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" />
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<html>
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EVAAI">
      <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="3">3 Months Ended</th>
        <th class="th" colspan="4">9 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Jul. 31, 2014</div>
        </th>
        <th class="th">
          <div>Jul. 31, 2013</div>
        </th>
        <th class="th">
          <div>Jul. 31, 2013

</div>
          <div>Discontinued Operations [Member]</div>
        </th>
        <th class="th">
          <div>Jan. 31, 2014

</div>
          <div>Multi Family Residential [Member]

</div>
          <div>Property</div>
        </th>
        <th class="th">
          <div>Jan. 31, 2014

</div>
          <div>Commercial Industrial [Member]

</div>
          <div>Property</div>
        </th>
        <th class="th">
          <div>Jan. 31, 2014

</div>
          <div>Commercial Retail [Member]

</div>
          <div>Property</div>
        </th>
        <th class="th">
          <div>Jan. 31, 2014

</div>
          <div>Commercial Office [Member]

</div>
          <div>Property</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_SignificantAcquisitionsAndDisposalsLineItems', window );"><strong>Significant Acquisitions and Disposals [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>
      </tr>
      <tr 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_NumberOfPropertiesSold', window );">Number of properties sold</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">2<span></span></td>
        <td class="nump">12<span></span></td>
        <td class="nump">3<span></span></td>
        <td class="nump">3<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>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<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_OperatingLeasesIncomeStatementLeaseRevenue', window );">Real estate rentals</a></td>
        <td class="nump">$ 57,126,000<span></span></td>
        <td class="nump">$ 53,623,000<span></span></td>
        <td class="nump">$ 1,632,000<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_TenantReimbursements', window );">Tenant reimbursement</a></td>
        <td class="nump">10,711,000<span></span></td>
        <td class="nump">11,475,000<span></span></td>
        <td class="nump">719,000<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="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_RealEstateRevenueNet', window );">TOTAL REVENUE</a></td>
        <td class="nump">68,630,000<span></span></td>
        <td class="nump">65,098,000<span></span></td>
        <td class="nump">2,351,000<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_CostsAndExpensesAbstract', window );"><strong>EXPENSES</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>
      </tr>
      <tr 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">16,184,000<span></span></td>
        <td class="nump">18,056,000<span></span></td>
        <td class="nump">537,000<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_iret_Utilities', window );">Utilities</a></td>
        <td class="nump">4,681,000<span></span></td>
        <td class="nump">4,923,000<span></span></td>
        <td class="nump">128,000<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_CostOfPropertyRepairsAndMaintenance', window );">Maintenance</a></td>
        <td class="nump">7,764,000<span></span></td>
        <td class="nump">7,729,000<span></span></td>
        <td class="nump">185,000<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_RealEstateTaxExpense', window );">Real estate taxes</a></td>
        <td class="nump">8,501,000<span></span></td>
        <td class="nump">8,375,000<span></span></td>
        <td class="nump">528,000<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_RealEstateInsurance', window );">Insurance</a></td>
        <td class="nump">1,736,000<span></span></td>
        <td class="nump">1,301,000<span></span></td>
        <td class="nump">49,000<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_OwnedPropertyManagementCosts', window );">Property management expenses</a></td>
        <td class="nump">4,630,000<span></span></td>
        <td class="nump">4,135,000<span></span></td>
        <td class="nump">118,000<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_OtherGeneralExpense', window );">Other property expenses</a></td>
        <td class="nump">612,000<span></span></td>
        <td class="nump">679,000<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="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">872,000<span></span></td>
        <td class="nump">944,000<span></span></td>
        <td class="nump">49,000<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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      <tr 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">2,320,000<span></span></td>
        <td class="nump">1,803,000<span></span></td>
        <td class="nump">1,803,000<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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      <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">51,863,000<span></span></td>
        <td class="nump">49,072,000<span></span></td>
        <td class="nump">3,397,000<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="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_DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss', window );">Operating income (loss)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(1,046,000)<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="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">(14,664,000)<span></span></td>
        <td class="num">(14,596,000)<span></span></td>
        <td class="num">(287,000)<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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      <tr 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_OtherNonoperatingIncomeExpense', window );">Other income</a></td>
        <td class="nump">131,000<span></span></td>
        <td class="nump">22,000<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="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_DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax', window );">Income (loss) from discontinued operations before gain (loss) on sale</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(1,333,000)<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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      <tr 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 on sale of discontinued operations</a></td>
        <td class="num">(2,993,000)<span></span></td>
        <td class="nump">1,943,000<span></span></td>
        <td class="nump">1,943,000<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="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">$ 0<span></span></td>
        <td class="nump">$ 610,000<span></span></td>
        <td class="nump">$ 610,000<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>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_iret_NumberOfPropertiesSold">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 sold 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_NumberOfPropertiesSold</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=31042434&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=26872669&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=26872669&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=26872669&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 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 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 (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&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 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></p>
              </div><a href="javascript:void(0);" onclick="top.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 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>
                  </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_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=31042434&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></p>
              </div><a href="javascript:void(0);" onclick="top.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 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 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 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 13<br><br> -Article 7<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>Reference 5: 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=26872669&amp;loc=d3e20235-122688<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 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>Amount of the cost of borrowed funds accounted for as interest expense.</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> -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 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 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 9<br><br> -Article 9<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 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=26872669&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=26872669&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=26872669&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_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=26872669&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>
                  </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_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=26872669&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>
                  </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_RealEstateTaxExpense">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 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></p>
              </div><a href="javascript:void(0);" onclick="top.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>
                  </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_RevenuesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_RevenuesAbstract</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_SignificantAcquisitionsAndDisposalsLineItems">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_SignificantAcquisitionsAndDisposalsLineItems</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_TenantReimbursements">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <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=26872669&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>
                  </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>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EXCEL
<SEQUENCE>13
<FILENAME>Financial_Report.xlsx
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
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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="ID0EIHBI">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES, GOODWILL AND INTANGIBLES (Details) (USD $)<br></strong></div>
        </th>
        <th class="th" colspan="2">3 Months Ended</th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Jul. 31, 2014</div>
        </th>
        <th class="th">
          <div>Jul. 31, 2013</div>
        </th>
        <th class="th">
          <div>Apr. 30, 2014</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_IdentifiedIntangibleAssetsAndIntangibleLiabilitiesAndGoodwillAbstract', window );"><strong>IDENTIFIED INTANGIBLE ASSETS AND INTANGIBLE LIABILITIES AND GOODWILL [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FinitelivedIntangibleAssetsAcquired1', window );">New intangible assets</a></td>
        <td class="nump">$ 265,000<span></span></td>
        <td class="nump">$ 362,000<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_AdditionToIntangibleLiabilities', window );">Addition to intangible liabilities</a></td>
        <td class="nump">0<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_iret_WeightedAverageLivesOfIntangibleAssetsAndIntangibleLiabilities', window );">Weighted average lives of intangible assets and intangible liabilities</a></td>
        <td class="text">0 years 6 months<span></span></td>
        <td class="text">0 years 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">56,975,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">56,710,000<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">(25,497,000)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(24,071,000)<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">31,478,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">32,639,000<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">173,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">173,000<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">(131,000)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(127,000)<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">42,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">46,000<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">1,951,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">1,100,000<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_GoodwillImpairmentLoss', window );">Goodwill impairment</a></td>
        <td class="nump">0<span></span></td>
        <td class="text">&#xA0;<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_GoodwillWrittenOffRelatedToSaleOfBusinessUnit', window );">Goodwill derecognized</a></td>
        <td class="nump">0<span></span></td>
        <td class="nump">7,000<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_GoodwillAcquiredDuringPeriod', window );">Goodwill added</a></td>
        <td class="nump">852,000<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">Multi Family Residential [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_iret_NumberOfRealEstatePropertiesSold', window );">Number of real estate properties sold</a></td>
        <td class="nump">2<span></span></td>
        <td class="nump">3<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>
      </tr>
      <tr 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_iret_NumberOfRealEstatePropertiesSold', window );">Number of real estate properties sold</a></td>
        <td class="nump">3<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">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>
      </tr>
      <tr 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_iret_NumberOfRealEstatePropertiesSold', window );">Number of real estate properties sold</a></td>
        <td class="nump">12<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">Commercial Retail Property [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_iret_NumberOfRealEstatePropertiesSold', window );">Number of real estate properties sold</a></td>
        <td class="nump">3<span></span></td>
        <td class="nump">1<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>
      </tr>
      <tr 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_iret_NumberOfRealEstatePropertiesSold', window );">Number of real estate properties sold</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">1<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">Condominium Unit [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_iret_NumberOfRealEstatePropertiesSold', window );">Number of real estate properties sold</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">4<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="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="num">(6,000)<span></span></td>
        <td class="num">(11,000)<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="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">19,000<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_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo', window );">2016</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">11,000<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_FiniteLivedIntangibleAssetsAmortizationExpenseYearThree', window );">2017</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(2,000)<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_FiniteLivedIntangibleAssetsAmortizationExpenseYearFour', window );">2018</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(3,000)<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_FiniteLivedIntangibleAssetsAmortizationExpenseYearFive', window );">2019</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(2,000)<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="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="nump">1,400,000<span></span></td>
        <td class="nump">3,600,000<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="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">4,567,000<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_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo', window );">2016</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">4,099,000<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_FiniteLivedIntangibleAssetsAmortizationExpenseYearThree', window );">2017</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">3,667,000<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_FiniteLivedIntangibleAssetsAmortizationExpenseYearFour', window );">2018</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">3,543,000<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_FiniteLivedIntangibleAssetsAmortizationExpenseYearFive', window );">2019</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 3,457,000<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_iret_AdditionToIntangibleLiabilities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Addition to intangible liabilities 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_AdditionToIntangibleLiabilities</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_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_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>Accumulated amount of amortization of liabilities, excluding financial liabilities, 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>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>Amount before amortization of liabilities, excluding financial liabilities, 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>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>Amount after amortization of liabilities, excluding financial a liabilities, 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>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_NumberOfRealEstatePropertiesSold">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 real estate properties sold 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_NumberOfRealEstatePropertiesSold</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_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_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=31042434&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=26713463&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_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_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=26713463&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_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_FinitelivedIntangibleAssetsAcquired1">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 in assets, excluding financial assets, lacking physical substance with a definite life, resulting from a business combination.</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_FinitelivedIntangibleAssetsAcquired1</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 for assets, excluding financial assets and goodwill, lacking physical substance with a finite life expected to be recognized during the next fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest 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> -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=26713463&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>
                  <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_FiniteLivedIntangibleAssetsAmortizationExpenseYearFive">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 for assets, excluding financial assets and goodwill, lacking physical substance with a finite life expected to be recognized during the fifth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest 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> -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=26713463&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_FiniteLivedIntangibleAssetsAmortizationExpenseYearFive</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_FiniteLivedIntangibleAssetsAmortizationExpenseYearFour">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 for assets, excluding financial assets and goodwill, lacking physical substance with a finite life expected to be recognized during the fourth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest 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> -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=26713463&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>
                  </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_FiniteLivedIntangibleAssetsAmortizationExpenseYearThree">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 for assets, excluding financial assets and goodwill, lacking physical substance with a finite life expected to be recognized during the third fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest 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> -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=26713463&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>
                  </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_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 for assets, excluding financial assets and goodwill, lacking physical substance with a finite life expected to be recognized during the second fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest 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> -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=26713463&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>
                  </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_FiniteLivedIntangibleAssetsFutureAmortizationExpenseAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_FiniteLivedIntangibleAssetsFutureAmortizationExpenseAbstract</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>
                  </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_FiniteLivedIntangibleAssetsGross">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 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=26713463&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_FiniteLivedIntangibleAssetsGross</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_FiniteLivedIntangibleAssetsLineItems">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_FiniteLivedIntangibleAssetsLineItems</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_FiniteLivedIntangibleAssetsNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 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=26713463&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_FiniteLivedIntangibleAssetsNet</nobr></td>
                  </tr>
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                    <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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                    <td><strong> Period 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>Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.</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 20<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=35741047&amp;loc=d3e13816-109267<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 45<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6388280&amp;loc=d3e13770-109266<br><br><br><br></p>
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                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_Goodwill</nobr></td>
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                    <td>us-gaap_</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>Amount of increase in asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized resulting from a 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 Accounting Standards Codification<br><br> -Topic 350<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=35741047&amp;loc=d3e13816-109267<br><br><br><br></p>
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                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_GoodwillAcquiredDuringPeriod</nobr></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>Amount of loss from the write-down of an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.</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=31042434&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 20<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=35741047&amp;loc=d3e13854-109267<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 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6388280&amp;loc=d3e13777-109266<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> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (e)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=35741047&amp;loc=d3e13816-109267<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><nobr>us-gaap_GoodwillImpairmentLoss</nobr></td>
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                <p>Amount of divestiture of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.</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 20<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (d)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=35741047&amp;loc=d3e13816-109267<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">
      <tr>
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          <div style="width: 200px;"><strong>DISCONTINUED OPERATIONS (Tables)<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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          <div>Jul. 31, 2014</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>
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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>
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During the quarter ended April 30, 2014, the Company applied ASU No. 2014-08 to one property that was classified as held for sale and did not record any discontinued operations. 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:</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><tr><td style="width: 83.33%; vertical-align: top;"><div>&#160;</div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 16.67%; vertical-align: bottom;"><div style="text-align: center; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">(in thousands)</div></td></tr><tr><td style="width: 83.33%; vertical-align: top;"><div>&#160;</div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 16.67%; vertical-align: bottom;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">Three Months Ended</div><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">July 31, 2013</div></td></tr><tr><td style="width: 83.33%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">REVENUE</div></td><td style="width: 3.32%; vertical-align: top;"><div>&#160;</div></td><td style="width: 13.34%; vertical-align: top;"><div>&#160;</div></td></tr><tr><td style="background-color: #cceeff; width: 83.33%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;">Real estate rentals</div></td><td style="background-color: #cceeff; width: 3.32%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="background-color: #cceeff; width: 13.34%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">1,632</div></td></tr><tr><td style="border-bottom: #000000 2px solid; 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width: 13.34%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">537</div></td></tr><tr><td style="background-color: #ffffff; width: 83.33%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;">Utilities</div></td><td style="background-color: #ffffff; width: 3.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 13.34%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">128</div></td></tr><tr><td style="background-color: #cceeff; width: 83.33%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;">Maintenance</div></td><td style="background-color: #cceeff; width: 3.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 13.34%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">185</div></td></tr><tr><td style="background-color: #ffffff; width: 83.33%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;">Real estate taxes</div></td><td style="background-color: #ffffff; width: 3.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 13.34%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">528</div></td></tr><tr><td style="background-color: #cceeff; width: 83.33%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;">Insurance</div></td><td style="background-color: #cceeff; width: 3.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 13.34%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">49</div></td></tr><tr><td style="background-color: #ffffff; width: 83.33%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;">Property management expenses</div></td><td style="background-color: #ffffff; width: 3.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 13.34%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">118</div></td></tr><tr><td style="background-color: #cceeff; width: 83.33%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;">Amortization related to non-real estate investments</div></td><td style="background-color: #cceeff; width: 3.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 13.34%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">49</div></td></tr><tr><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 83.33%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;">Impairment of real estate investments</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 3.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 13.34%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">1,803</div></td></tr><tr><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 83.33%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">TOTAL EXPENSES</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 3.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 13.34%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">3,397</div></td></tr><tr><td style="background-color: #ffffff; width: 83.33%; vertical-align: bottom;"><div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;">Operating loss</div></td><td style="background-color: #ffffff; width: 3.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 13.34%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">(1,046)</div></td></tr><tr><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 83.33%; vertical-align: bottom;"><div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;">Interest expense</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 3.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 13.34%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">(287)</div></td></tr><tr><td style="background-color: #ffffff; width: 83.33%; vertical-align: bottom;"><div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;">Loss from discontinued operations before gain on sale</div></td><td style="background-color: #ffffff; width: 3.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 13.34%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">(1,333)</div></td></tr><tr><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 83.33%; vertical-align: bottom;"><div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;">Gain on sale of discontinued operations</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 3.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 13.34%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">1,943</div></td></tr><tr><td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 83.33%; vertical-align: bottom;"><div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;">INCOME FROM DISCONTINUED OPERATIONS</div></td><td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 3.32%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 13.34%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">610</div></td></tr></table></div><span></span></td>
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                <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>
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EBFBG">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th">
          <div>Jul. 31, 2014</div>
        </th>
        <th class="th">
          <div>Apr. 30, 2014</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Carrying Amount [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_FairValueAssetsAndLiabilitiesMeasuredOnNonrecurringBasisAbstract', window );"><strong>Fair Value Measurements on a Nonrecurring Basis [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LoansPayableFairValueDisclosure', window );">Morgages payable</a></td>
        <td class="nump">$ 83,624<span></span></td>
        <td class="nump">$ 63,132<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_FinancialInstrumentsFinancialAssetsBalanceSheetGroupingsAbstract', window );"><strong>FINANCIAL ASSETS [Abstract]</strong></a></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_us-gaap_CashAndCashEquivalentsFairValueDisclosure', window );">Cash and cash equivalents</a></td>
        <td class="nump">60,620<span></span></td>
        <td class="nump">47,267<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_InvestmentsFairValueDisclosure', window );">Other investments</a></td>
        <td class="nump">329<span></span></td>
        <td class="nump">329<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_FinancialInstrumentsFinancialLiabilitiesBalanceSheetGroupingsAbstract', window );"><strong>FINANCIAL LIABILITIES [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_LoansPayableFairValueDisclosure', window );">Other debt</a></td>
        <td class="nump">83,624<span></span></td>
        <td class="nump">63,132<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_LinesOfCreditFairValueDisclosure', window );">Line of credit</a></td>
        <td class="nump">35,500<span></span></td>
        <td class="nump">22,500<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_DebtInstrumentFairValue', window );">Mortgages payable</a></td>
        <td class="nump">1,017,574<span></span></td>
        <td class="nump">997,689<span></span></td>
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      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Fair Value [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="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>
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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_LoansPayableFairValueDisclosure', window );">Morgages payable</a></td>
        <td class="nump">83,727<span></span></td>
        <td class="nump">63,250<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_FinancialInstrumentsFinancialAssetsBalanceSheetGroupingsAbstract', window );"><strong>FINANCIAL ASSETS [Abstract]</strong></a></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_us-gaap_CashAndCashEquivalentsFairValueDisclosure', window );">Cash and cash equivalents</a></td>
        <td class="nump">60,620<span></span></td>
        <td class="nump">47,267<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">329<span></span></td>
        <td class="nump">329<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_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">83,727<span></span></td>
        <td class="nump">63,250<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_LinesOfCreditFairValueDisclosure', window );">Line of credit</a></td>
        <td class="nump">35,500<span></span></td>
        <td class="nump">22,500<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_DebtInstrumentFairValue', window );">Mortgages payable</a></td>
        <td class="nump">1,173,786<span></span></td>
        <td class="nump">1,130,262<span></span></td>
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          <div class="a">Nonrecurring [Member]</div>
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        <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_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">6,425<span></span></td>
        <td class="nump">89,537<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="text">&#xA0;<span></span></td>
        <td class="nump">2,953<span></span></td>
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      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Nonrecurring [Member] | Level 1 [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="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>
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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_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>
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      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Nonrecurring [Member] | Level 3 [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="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>
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        <td class="nump">6,425<span></span></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>
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                  <tr>
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                    <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">
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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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        <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 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">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>iret_RealEstateInvestmentFairValueDisclosure</nobr></td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsFairValueDisclosure">
        <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>Fair value portion 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.</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></p>
              </div><a href="javascript:void(0);" onclick="top.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>instant</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 );">- Definition</a><div>
                <p>Fair value portion of debt instrument payable, including, but not limited to, notes payable and loans payable.</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=35750535&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=35750535&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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            <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">
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                    <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 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>Fair value portion of investment securities, including, but not limited to, 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 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 2: 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 3: 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=28360136&amp;loc=d3e22054-111558<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 a, f, g<br><br> -Article 7<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 35<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=27723805&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><strong> Data Type:</strong></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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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LinesOfCreditFairValueDisclosure">
        <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>Fair value portion of contractual arrangement with a lender under which borrowings can be made up to a specific amount at any point in time.</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>
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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>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>Fair value portion of contractual obligation to pay money on demand or on fixed or determinable dates.</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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          <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>
      </tr>
      <tr>
        <th class="th">
          <div>Jul. 31, 2014

</div>
          <div>Segment</div>
        </th>
        <th class="th">
          <div>Jul. 31, 2013</div>
        </th>
        <th class="th">
          <div>Apr. 30, 2014</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_SegmentReportingAbstract', window );"><strong>SEGMENT REPORTING [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_NumberOfReportableSegments', window );">Number of reportable segments</a></td>
        <td class="nump">5<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">$ 68,630<span></span></td>
        <td class="nump">$ 65,098<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_GainOnBusinessInterruptionInsuranceRecovery', window );">Gain on involuntary conversion</a></td>
        <td class="nump">0<span></span></td>
        <td class="nump">966<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_OtherRealEstateRevenue', window );">TRS senior housing revenue</a></td>
        <td class="nump">793<span></span></td>
        <td class="nump">0<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_DirectCostsofLeasingandOperatingSeniorLivingRealEstateProperty', window );">TRS senior housing expenses</a></td>
        <td class="num">(693)<span></span></td>
        <td class="nump">0<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_OtherGeneralExpense', window );">Other expenses</a></td>
        <td class="num">(612)<span></span></td>
        <td class="num">(679)<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_InterestExpense', window );">Interest expense</a></td>
        <td class="num">(14,664)<span></span></td>
        <td class="num">(14,596)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<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 );">(Loss) income from continuing operations</a></td>
        <td class="num">(199)<span></span></td>
        <td class="nump">2,606<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_IncomeLossFromDiscontinuedOperationsNetOfTax', window );">Income from discontinued operations</a></td>
        <td class="nump">0<span></span></td>
        <td class="nump">610<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<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 (LOSS) INCOME</a></td>
        <td class="num">(199)<span></span></td>
        <td class="nump">3,216<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_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="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">2,025,327<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">1,996,031<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_RealEstateInvestmentPropertyAccumulatedDepreciation', window );">Less accumulated depreciation</a></td>
        <td class="num">(435,317)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(424,288)<span></span></td>
        <td class="text">&#xA0;<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">1,590,010<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">1,571,743<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">6,508<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">2,951<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_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents</a></td>
        <td class="nump">60,620<span></span></td>
        <td class="nump">93,193<span></span></td>
        <td class="nump">47,267<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">329<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">329<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_ReceivablesAndOtherAssets', window );">Receivables and other assets</a></td>
        <td class="nump">117,666<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">119,458<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_DevelopmentInProcess', window );">Development in progress</a></td>
        <td class="nump">131,862<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">104,609<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_LandAvailableForDevelopment', window );">Unimproved land</a></td>
        <td class="nump">24,772<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">22,864<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_Assets', window );">TOTAL ASSETS</a></td>
        <td class="nump">1,931,767<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">1,869,221<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">Operating Segments [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">67,837<span></span></td>
        <td class="nump">65,098<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">27,518<span></span></td>
        <td class="nump">26,640<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 involuntary conversion</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">966<span></span></td>
        <td class="text">&#xA0;<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_IncomeLossBeforeExtraordinaryItemsAndCumulativeEffectOfChangeInAccountingPrinciple', window );">Net operating income</a></td>
        <td class="nump">40,319<span></span></td>
        <td class="nump">39,424<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_OtherRealEstateRevenue', window );">TRS senior housing revenue</a></td>
        <td class="nump">793<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_DirectCostsofLeasingandOperatingSeniorLivingRealEstateProperty', window );">TRS senior housing expenses</a></td>
        <td class="num">(693)<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_DepreciationAndAmortizationIncludingRelatedToNonRealEstateInvestments', window );">Depreciation/amortization</a></td>
        <td class="num">(17,056)<span></span></td>
        <td class="num">(19,000)<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_AdministrativeAdvisoryAndTrusteeServices', window );">Administrative, advisory and trustee services</a></td>
        <td class="num">(3,664)<span></span></td>
        <td class="num">(2,753)<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_ImpairmentOfRealEstateInvestments', window );">Impairment of real estate investments</a></td>
        <td class="num">(2,320)<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_OtherGeneralExpense', window );">Other expenses</a></td>
        <td class="num">(612)<span></span></td>
        <td class="num">(679)<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_InterestExpense', window );">Interest expense</a></td>
        <td class="num">(14,664)<span></span></td>
        <td class="num">(14,596)<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_InterestAndOtherIncome', window );">Interest and other income</a></td>
        <td class="nump">691<span></span></td>
        <td class="nump">210<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<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 );">(Loss) income from continuing operations</a></td>
        <td class="nump">2,794<span></span></td>
        <td class="nump">2,606<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_IncomeLossFromDiscontinuedOperationsNetOfTax', window );">Income from discontinued operations</a></td>
        <td class="num">(2,993)<span></span></td>
        <td class="nump">610<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<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 (LOSS) INCOME</a></td>
        <td class="num">(199)<span></span></td>
        <td class="nump">3,216<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">Multi-Family Residential [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="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">798,020<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">753,731<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">(163,937)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(158,100)<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_RealEstateInvestmentPropertyNet', window );">Total property owned</a></td>
        <td class="nump">634,083<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">595,631<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">Multi-Family Residential [Member] | Operating Segments [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">27,727<span></span></td>
        <td class="nump">24,373<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">12,221<span></span></td>
        <td class="nump">10,845<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 involuntary conversion</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">966<span></span></td>
        <td class="text">&#xA0;<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_IncomeLossBeforeExtraordinaryItemsAndCumulativeEffectOfChangeInAccountingPrinciple', window );">Net operating income</a></td>
        <td class="nump">15,506<span></span></td>
        <td class="nump">14,494<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">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_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="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">537,096<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">544,628<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_RealEstateInvestmentPropertyAccumulatedDepreciation', window );">Less accumulated depreciation</a></td>
        <td class="num">(123,902)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(121,892)<span></span></td>
        <td class="text">&#xA0;<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">413,194<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">422,736<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] | Operating Segments [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="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_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="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 );">Real estate revenue</a></td>
        <td class="nump">18,846<span></span></td>
        <td class="nump">19,315<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_CostOfRealEstateRevenue', window );">Real estate expenses</a></td>
        <td class="nump">9,327<span></span></td>
        <td class="nump">9,753<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_GainOnBusinessInterruptionInsuranceRecovery', window );">Gain on involuntary conversion</a></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>
      </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_IncomeLossBeforeExtraordinaryItemsAndCumulativeEffectOfChangeInAccountingPrinciple', window );">Net operating income</a></td>
        <td class="nump">9,519<span></span></td>
        <td class="nump">9,562<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">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="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">525,595<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">525,028<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">(109,656)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(105,843)<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_RealEstateInvestmentPropertyNet', window );">Total property owned</a></td>
        <td class="nump">415,939<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">419,185<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] | Operating Segments [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">16,298<span></span></td>
        <td class="nump">16,073<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">4,416<span></span></td>
        <td class="nump">4,284<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 involuntary conversion</a></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>
      </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_IncomeLossBeforeExtraordinaryItemsAndCumulativeEffectOfChangeInAccountingPrinciple', window );">Net operating income</a></td>
        <td class="nump">11,882<span></span></td>
        <td class="nump">11,789<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">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_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="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">50,670<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">55,375<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_RealEstateInvestmentPropertyAccumulatedDepreciation', window );">Less accumulated depreciation</a></td>
        <td class="num">(10,136)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(10,198)<span></span></td>
        <td class="text">&#xA0;<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">40,534<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">45,177<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] | Operating Segments [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="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_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="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 );">Real estate revenue</a></td>
        <td class="nump">1,570<span></span></td>
        <td class="nump">2,038<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_CostOfRealEstateRevenue', window );">Real estate expenses</a></td>
        <td class="nump">450<span></span></td>
        <td class="nump">455<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_GainOnBusinessInterruptionInsuranceRecovery', window );">Gain on involuntary conversion</a></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>
      </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_IncomeLossBeforeExtraordinaryItemsAndCumulativeEffectOfChangeInAccountingPrinciple', window );">Net operating income</a></td>
        <td class="nump">1,120<span></span></td>
        <td class="nump">1,583<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">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="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">113,946<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">117,269<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">(27,686)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(28,255)<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_RealEstateInvestmentPropertyNet', window );">Total property owned</a></td>
        <td class="nump">86,260<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">89,014<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] | Operating Segments [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">3,396<span></span></td>
        <td class="nump">3,299<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">1,104<span></span></td>
        <td class="nump">1,303<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 involuntary conversion</a></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>
      </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_IncomeLossBeforeExtraordinaryItemsAndCumulativeEffectOfChangeInAccountingPrinciple', window );">Net operating income</a></td>
        <td class="nump">$ 2,292<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>
      </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>The expenses related to 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_DirectCostsofLeasingandOperatingSeniorLivingRealEstateProperty">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Direct costs associated with leasing operating our senior living real estate portfolio including labor, food, utilities, marketing, management and other direct operating costs.</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_DirectCostsofLeasingandOperatingSeniorLivingRealEstateProperty</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>The receivables and other assets 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">
                  <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 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 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> -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 03<br><br> -Paragraph 12<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 02<br><br> -Paragraph 18<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_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 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 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 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=28358313&amp;loc=d3e6676-107765<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 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3044-108585<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_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=26872669&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></p>
              </div><a href="javascript:void(0);" onclick="top.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=26872669&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 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 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></p>
              </div><a href="javascript:void(0);" onclick="top.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 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 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 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 13<br><br> -Article 7<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>Reference 5: 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=26872669&amp;loc=d3e20235-122688<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 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>Amount of the cost of borrowed funds accounted for as interest expense.</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> -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 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 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 9<br><br> -Article 9<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_NumberOfReportableSegments">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 segments reported by the entity. A reportable segment is a component of an entity for which there is an accounting requirement to report separate financial information on that component in the entity's 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_NumberOfReportableSegments</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: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_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=26872669&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_OtherRealEstateRevenue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 real estate revenue not otherwise specified 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 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=26872669&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_OtherRealEstateRevenue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</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 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=35736750&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 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 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=35736750&amp;loc=SL4591551-111686<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>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>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>
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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>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>
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                <p>The aggregate revenue from real estate operations during the reporting period.</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 210.5-03.1(e))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&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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  <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, 2014</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: left; font-family: ''Times New Roman'', Times, 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: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 10pt; font-size: 10pt; font-weight: bold;">BASIS OF PRESENTATION</div><div style="text-align: left; font-family: ''Times New Roman'', Times, 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: left; font-family: ''Times New Roman'', Times, 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'', Times, serif; font-size: 10pt;">86.5%</font> of the common units of the Operating Partnership as of July 31, 2014 and 83.8% as of April 30, 2014. 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: left; font-family: ''Times New Roman'', Times, 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'', Times, serif; margin-bottom: 10pt; font-size: 10pt; font-weight: bold;">UNAUDITED INTERIM FINANCIAL STATEMENTS</div><div style="text-align: left; font-family: ''Times New Roman'', Times, 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 style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"></div><div><br /></div><div><br /></div><div style="text-align: left; font-family: ''Times New Roman'', Times, 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, 2014, as filed with the SEC on June 30, 2014.</div><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 10pt; font-size: 10pt; font-weight: bold;">RECENT ACCOUNTING PRONOUNCEMENTS</div><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt;">In April 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-08, <font style="font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360):&#160; Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. </font>Under this standard, a disposal (or classification as held for sale) of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity's operations and financial results. Examples include a disposal of a major geographic area, a major line of business, or a major equity method investment. In addition, the new guidance requires expanded disclosures about the assets, liabilities, income and expenses of discontinued operations. The ASU is effective for all disposals (or classifications as held for sale) of components of an entity that occur within annual periods beginning on or after December 15, 2014, and interim periods within those years. Early adoption is permitted, but only for disposals (or classifications as held for sale) that have not been reported in financial statements previously issued or available for issuance. The Company adopted this update effective February 1, 2014 and determined that the adoption did not have a material impact on the Company's consolidated results of operations or financial condition.</div><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt;">As a result of the adoption of ASU No. 2014-08, results of operations and gains or losses on sale for properties that are disposed or classified as held for sale in the ordinary course of business on or subsequent to February 1, 2014 would generally be included in continuing operations on the Company's consolidated statements of operations, to the extent such disposals did not meet the criteria for classification as a discontinued operation described above. During the quarter ended April 30, 2014, the Company applied the new standard to one property that was classified as held for sale.&#160; The Company applied the new standard to three property dispositions and one property classified as held for sale during the quarter ended July 31, 2014.</div><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 10.5pt; font-size: 10pt;">In May 2014, the FASB issued ASU No. 2014-09, <font style="font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Revenue from Contracts with Customers</font>. The standard will eliminate the transaction- and industry-specific revenue recognition guidance under current U.S. GAAP and replace it with a principle based approach for determining revenue recognition. ASU No. 2014-09 does not apply to lease contracts accounted for under ASC 840, <font style="font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Leases.</font> The ASU is effective for annual and interim periods beginning after December 15, 2016. The Company does not expect adoption of this update to have a material impact on the Company's operating results or financial position.</div><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 10.5pt; font-size: 10pt;">In June 2014, the FASB issued ASU No. 2014-12, <font style="font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Compensation &#8211; Stock Compensation (Topic 718):&#160; Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period</font>. ASU 2014-12 requires an entity to treat performance targets that can be met after the requisite service period of a share-based award has ended, as a performance condition that affects vesting. The ASU is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2015. The Company does not expect the adoption of this update to have a material impact on the Company's operating results or financial position.</div><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 10.5pt; font-size: 10pt; font-weight: bold;">IMPAIRMENT OF LONG-LIVED ASSETS</div><div style="text-align: left; font-family: ''Times New Roman'', Times, 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.</div><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"></div><div><br /></div><div><br /></div><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 10.5pt; font-size: 10pt;">During the three months ended July 31, 2014, the Company incurred a loss of $2.3 million due to impairment of two commercial properties. The Company recognized impairments of approximately $2.1 million on a commercial retail property in Kalispell, Montana and approximately $183,000 on a commercial office property in Golden Valley, Minnesota. These properties were written-down to estimated fair value during the first quarter of fiscal year 2015 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, 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. The impairment loss for the first quarter of fiscal year 2014 is reported in discontinued operations.&#160; See Note 7 for additional information.</div><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt; font-weight: bold;"><!--Anchor-->COMPENSATING BALANCES AND OTHER INVESTMENTS; HOLDBACKS</div><div style="text-align: left; font-family: ''Times New Roman'', Times, 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, 2014, the Company's compensating balances totaled $10.0 million and consisted of the following: First International Bank, Watford City, North Dakota, deposit of $6.1 million; Private Bank, Minneapolis, Minnesota, deposit of $2.0 million; Associated Bank, Green Bay, Wisconsin, deposit of $600,000; American National Bank, Omaha, Nebraska, deposit of $400,000; Dacotah Bank, Minot, North Dakota, deposit of $350,000; United Community Bank,<font style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">&#160;</font>Minot, North Dakota, deposit of $275,000; Peoples State Bank of Velva, North Dakota, deposit of $225,000, and Commerce Bank, a Minnesota Banking Corporation, deposit of $100,000. The deposits at United Community Bank and a portion of the deposit at Dacotah Bank are held as certificates of deposit and comprise the approximately $329,000 in other investments on the Condensed Consolidated Balance Sheets. The certificates of deposit have remaining terms of six months and two years and the Company intends to hold them to maturity.</div><div style="text-align: left; font-family: ''Times New Roman'', Times, 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 or requires a deposit for the payment of construction costs or tenant improvements. The decrease of approximately $609,000 in holdbacks for improvements reflected in the Condensed Consolidated Statements of Cash Flows for the three months ended July 31, 2014 is due primarily to the release of loan proceeds to the Company upon completion of construction and tenant improvement projects, while the increase of approximately $326,000 represents additional amounts retained by lenders for new projects.</div><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES AND GOODWILL</div><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; 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, 2014 and 2013, respectively, the Company added approximately $265,000 and $362,000 of new intangible assets and no new intangible liabilities. The weighted average lives of the intangible assets acquired in the three months ended July 31, 2014 and 2013 are 0.5 years and 0.5 years, respectively. Amortization of intangibles related to above or below-market leases is recorded in real estate rentals in the Condensed Consolidated Statements of Operations. Amortization of other intangibles is recorded in depreciation/amortization related to real estate investments in the Condensed Consolidated Statements of Operations. Intangible assets subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. 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The estimated annual amortization of all other identified intangible assets for each of the five succeeding fiscal years is as follows:</div><table align="center" border="0" cellpadding="0" cellspacing="0" style="width: 50%; font-family: 'Times New Roman', Times, Serif; font-size: 10pt;"><tr><td style="border-bottom: #000000 2px solid; width: 61.51%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold; margin-right: 5.05pt;">Year Ended April 30,</div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 38.49%; vertical-align: bottom;"><div style="text-align: right; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">(in thousands)</div></td></tr><tr><td style="background-color: #cceeff; width: 61.51%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 5.05pt;">2016</div></td><td style="background-color: #cceeff; width: 15.13%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="background-color: #cceeff; width: 23.36%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">4,567</div></td></tr><tr><td style="background-color: #ffffff; width: 61.51%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 5.05pt;">2017</div></td><td style="background-color: #ffffff; width: 15.13%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 23.36%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">4,099</div></td></tr><tr><td style="background-color: #cceeff; width: 61.51%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 5.05pt;">2018</div></td><td style="background-color: #cceeff; width: 15.13%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 23.36%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">3,667</div></td></tr><tr><td style="background-color: #ffffff; width: 61.51%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 5.05pt;">2019</div></td><td style="background-color: #ffffff; width: 15.13%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 23.36%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">3,543</div></td></tr><tr><td style="background-color: #cceeff; width: 61.51%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 5.05pt;">2020</div></td><td style="background-color: #cceeff; width: 15.13%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 23.36%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">3,457</div></td></tr></table><div style="text-align: left; margin-top: 6pt; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; 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, 2014 and April 30, 2014 was $2.0 million and $1.1 million, respectively. The annual review at April 30, 2014 indicated no impairment to goodwill and there was no indication of impairment at July 31, 2014.&#160; During the three months ended July 31, 2014, the Company recognized approximately $852,000 of goodwill from the acquisition of the Homestead Garden residential property. 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: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt; font-weight: bold;">USE OF ESTIMATES</div><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; 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 style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt; font-weight: bold;">RECLASSIFICATIONS</div><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt;">Certain previously reported amounts have been reclassified to conform to the current financial statement presentation. Prior to February 1,&#160; 2014, the Company reported, in discontinued operations, the results of operations and the related gains or losses of properties that had either been disposed of or classified as held for sale and otherwise met the classification of a discontinued operation. As a result of the adoption of ASU No. 2014-08, results of operations and gains or losses on sale for properties that are disposed or classified as held for sale in the ordinary course of business on or subsequent to February 1, 2014 would generally be included in continuing operations on the Company's consolidated statements of operations, to the extent such disposals did not meet </div><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt;">the criteria for classification as a discontinued operation described above. See Recent Accounting Pronouncements above for additional information.</div><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt;">As a result of discontinued operations recognized prior to February 1, 2014, retroactive reclassifications that change prior period numbers have been made. See Note 7 for additional information. During fiscal year 2014, the Company classified as discontinued operations two multi-family residential properties, three commercial office properties, twelve commercial industrial properties and three commercial retail properties.</div><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt; font-weight: bold;">REVISION</div><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt;">During fiscal year 2014 the Company identified an error pertaining to the reporting for a noncontrolling interest in a consolidated real estate joint venture formed in the fourth quarter of fiscal year 2013 for which the holder of such interest has the right to require the Company to acquire the interest at fair value twelve months after the final certificate of occupancy is obtained for the joint venture's development project. Accounting guidance in ASC 480-10, <font style="font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">CFRR 211:&#160; Redeemable Preferred Stocks,</font> requires that this noncontrolling interest be classified outside of permanent equity because it is redeemable at the option of the joint venture partner. This error resulted in an overstatement of noncontrolling interests and equity in the Company's consolidated statement of equity. This non-cash revision did not impact the Company's consolidated statements of operations or statements of cash flows for any period.</div><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 10pt; font-size: 10pt;">In accordance with accounting guidance found in ASC 250-10, <font style="font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Materiality</font>, the Company assessed the materiality of the error and concluded that the error was not material to any of the Company's previously issued financial statements.&#160; In accordance with accounting guidance found in ASC 250-10, <font style="font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Considering the Effects of Prior Year Misstatement when Quantifying Misstatements in Current Year Financial Statements</font>, the Company revised its previously issued statement of equity to correct the effect of this error. The Company will revise amounts pertaining to each of the fiscal 2014 calendar quarters from August 1, 2013 through January 31, 2014 in future quarterly filings on Form 10-Q.</div><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 10pt; font-size: 10pt;">The following table presents the effect of this correction on the Company's Condensed Consolidated Statement of Equity for the period affected:</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><tr><td style="width: 65.38%; vertical-align: top;"><div>&#160;</div></td><td colspan="6" style="border-bottom: #000000 2px solid; width: 34.62%; vertical-align: bottom;"><div style="text-align: center; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">(in thousands)</div></td></tr><tr><td style="border-bottom: #000000 2px solid; width: 65.38%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">Three Months Ended July 31, 2013</div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 13.48%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold; margin-right: 3.6pt;">As Previously Reported</div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 9.62%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold; margin-right: 3.6pt;">Adjustment</div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 11.52%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold; margin-right: 3.6pt;">As Revised</div></td></tr><tr><td style="width: 65.38%; vertical-align: bottom;"><div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Consolidated Statement of Equity</div></td><td style="width: 1.94%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 11.54%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 1.92%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 7.7%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 1.92%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 9.6%; vertical-align: bottom;"><div>&#160;</div></td></tr><tr><td style="width: 65.38%; vertical-align: bottom;"><div style="text-align: justify; text-indent: 9pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Noncontrolling Interests</div></td><td style="width: 1.94%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 11.54%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 1.92%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 7.7%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 1.92%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 9.6%; vertical-align: bottom;"><div>&#160;</div></td></tr><tr><td style="background-color: #cceeff; width: 65.38%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 22.5pt; font-size: 10pt;">Balance April 30, 2013</div></td><td style="background-color: #cceeff; width: 1.94%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="background-color: #cceeff; width: 11.54%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">148,594</div></td><td style="background-color: #cceeff; width: 1.92%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">$</div></td><td style="background-color: #cceeff; 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width: 11.54%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">138</div></td><td style="background-color: #ffffff; width: 1.92%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 7.7%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">(12)</div></td><td style="background-color: #ffffff; width: 1.92%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 9.6%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">126</div></td></tr><tr><td style="background-color: #cceeff; width: 65.38%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 22.5pt; font-size: 10pt;">Balance July 31, 2013</div></td><td style="background-color: #cceeff; width: 1.94%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 11.54%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">148,110</div></td><td style="background-color: #cceeff; width: 1.92%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 7.7%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">(5,949)</div></td><td style="background-color: #cceeff; width: 1.92%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 9.6%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">142,161</div></td></tr><tr><td style="background-color: #ffffff; width: 65.38%; vertical-align: bottom;"><div style="text-align: justify; text-indent: 9pt; 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width: 11.54%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">761,381</div></td><td style="background-color: #cceeff; width: 1.92%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 7.7%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">(5,937)</div></td><td style="background-color: #cceeff; width: 1.92%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 9.6%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">755,444</div></td></tr><tr><td style="background-color: #ffffff; width: 65.38%; vertical-align: bottom;"><div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 31.5pt; font-size: 10pt;">Net income attributable to Investors Real Estate Trust and nonredeemable noncontrolling interests</div></td><td style="background-color: #ffffff; width: 1.94%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 11.54%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">3,216</div></td><td style="background-color: #ffffff; width: 1.92%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 7.7%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">(12)</div></td><td style="background-color: #ffffff; width: 1.92%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 9.6%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">3,204</div></td></tr><tr><td style="background-color: #cceeff; width: 65.38%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; 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font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt; font-weight: bold;"><!--Anchor-->INVOLUNTARY CONVERSION OF ASSETS</div><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt;">In June 2011, the Company's Chateau Apartments property, which at that time consisted of two 32-unit buildings, was extensively damaged by a flood. In February 2012, one of the buildings of the Chateau Apartments property, which had been undergoing restoration work following the flood, was completely destroyed by fire (the "2012 Fire"). During the first quarter of fiscal year 2014, the Company received $966,000 of insurance proceeds for the 2012 Fire.&#160; The total insurance proceeds for redevelopment related to the 2012 Fire exceeded the basis in the assets requiring replacement, resulting in recognition of $966,000 in gain from involuntary conversion in the first quarter of fiscal year 2014.</div><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt;">In December 2013, 15-unit and 57-unit buildings at the Chateau Apartments property were destroyed by fire (the "2013 Fire"). Both buildings were under construction and were unoccupied. The Company intends to rebuild both buildings, and currently expects both buildings to be completed in the first quarter of fiscal year 2016. The Company received partial proceeds of $2.0 million for the 2013 Fire claim in the first quarter of fiscal year 2015, which reduced the accounts receivable recorded at the time of the fire for expected proceeds.</div><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"></div><div><br /></div><div><br /></div><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt; font-weight: bold;">PROCEEDS FROM FINANCING LIABILITY</div><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; 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.&#160; The balance of the liability as of July 31, 2014 is $7.9 million.</div><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt; font-weight: bold;">VARIABLE INTEREST ENTITY</div><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; 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. The first phase of the project, Landing at Southgate, was substantially completed in the second quarter of fiscal year 2014. The second phase of the project, Commons at Southgate, is expected to be completed in the second quarter of fiscal year 2015. See Development, Expansion and Renovation Projects in Note 6 for additional information on Commons at Southgate. As of July 31, 2014 IRET is the approximately 52.9% owner of the joint venture and will have management and leasing responsibilities when the project is completed; the real estate development company owns approximately 47.1% 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 more than 50% 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.<!--Anchor--></div></div><span></span></td>
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                <p>The entire disclosure for all significant accounting policies of the reporting entity.</p>
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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="ID0EUNAE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>REDEEMABLE NONCONTROLLING INTERESTS (Details) (USD $)<br></strong></div>
        </th>
        <th class="th" colspan="3">3 Months Ended</th>
      </tr>
      <tr>
        <th class="th" colspan="2">
          <div>Jul. 31, 2014</div>
        </th>
        <th class="th">
          <div>Jul. 31, 2013</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_RollforwardOfRedeemableNoncontrollingInterestsAbstract', window );"><strong>Rollforward of Redeemable Noncontrolling Interests [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TemporaryEquityCarryingAmountAttributableToParent', window );">Balance at April 30,</a></td>
        <td class="nump">$ 6,203,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">$ 5,937,000<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_NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance', window );">Contributions</a></td>
        <td class="nump">3,212,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></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_NetIncomeLossAttributableToRedeemableNoncontrollingInterest', window );">Net income</a></td>
        <td class="nump">110,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">12,000<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_TemporaryEquityCarryingAmountAttributableToParent', window );">Balance at close of period</a></td>
        <td class="nump">6,313,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">5,949,000<span></span></td>
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          <div class="a">Noncontrolling Interests [Member]</div>
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        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></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_RollforwardOfRedeemableNoncontrollingInterestsAbstract', window );"><strong>Rollforward of Redeemable Noncontrolling Interests [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></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_NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance', window );">Contributions</a></td>
        <td class="nump">3,212,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Restatement Adjustment [Member] | Noncontrolling Interests [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></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_QuantifyingMisstatementInCurrentYearFinancialStatementsAmount', window );">Overstatement of equity</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">5,900,000<span></span></td>
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      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Restatement Adjustment [Member] | Equity [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></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_QuantifyingMisstatementInCurrentYearFinancialStatementsAmount', window );">Overstatement of equity</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="num">$ (5,900,000)<span></span></td>
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      <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">Consists of assumed debt (Homestead Garden I - $6.7 million, Homestead Garden II - $3.2 million, Silver Springs - $2.3 million) and value of land contributed by the joint</td>
            </tr>
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                <p>Amount of Net Income (Loss) attributable to redeemable noncontrolling interest.</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 210.5-03.19)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br></p>
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                <table border="0" cellpadding="0" cellspacing="0">
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                <p>Amount of increase in noncontrolling interest from subsidiary issuance of equity interests to noncontrolling interest holders.</p>
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                <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>Amount of each individual error being corrected in the correcting adjustment.</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 250<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SAB TOPIC 1.N.Q3)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26874127&amp;loc=d3e30840-122693<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 1<br><br> -Section N<br><br><br><br></p>
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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>
                    <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_TemporaryEquityCarryingAmountAttributableToParent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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, attributable to parent, of an entity's issued and outstanding stock which is not included within permanent equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. Includes stock with a put option held by an ESOP and stock redeemable by a holder only in the event of a change in control of the issuer.</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_TemporaryEquityCarryingAmountAttributableToParent</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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<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="ID0EME">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>REDEEMABLE NONCONTROLLING INTERESTS (Tables)<br></strong></div>
        </th>
        <th class="th" colspan="1">3 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Jul. 31, 2014</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_TemporaryEquityDisclosureAbstract', window );"><strong>REDEEMABLE NONCONTROLLING INTERESTS [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_RedeemableNoncontrollingInterestTableTextBlock', window );">Redeemable Noncontrolling Interest</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'', Times, serif; margin-bottom: 6pt; font-size: 10pt;">As of July 31, 2014 and 2013, the estimated redemption value of the redeemable noncontrolling interests was $6.3 million and $5.9 million, respectively. Below is a table reflecting the activity of the redeemable noncontrolling interests.</div><table align="center" border="0" cellpadding="0" cellspacing="0" style="width: 50%; font-family: 'Times New Roman', Times, Serif; font-size: 10pt;"><tr><td style="width: 79.18%; vertical-align: top;"><div>&#160;</div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 20.82%; vertical-align: bottom;"><div style="text-align: right; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">(in thousands)</div></td></tr><tr><td style="background-color: #cceeff; width: 79.18%; vertical-align: bottom;"><div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Balance at April 30, 2013</div></td><td style="background-color: #cceeff; width: 6.13%; vertical-align: top;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="background-color: #cceeff; width: 14.7%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;">5,937</div></td></tr><tr><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 79.18%; vertical-align: bottom;"><div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Net income</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 6.13%; vertical-align: top;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 14.7%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;">12</div></td></tr><tr><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 79.18%; vertical-align: bottom;"><div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Balance at July 31, 2013</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 6.13%; vertical-align: top;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 14.7%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;">5,949</div></td></tr></table><div><br /></div><table align="center" border="0" cellpadding="0" cellspacing="0" style="width: 50%; font-family: 'Times New Roman', Times, Serif; font-size: 10pt;"><tr><td style="width: 79.18%; vertical-align: top;"><div>&#160;</div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 20.82%; vertical-align: bottom;"><div style="text-align: right; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">(in thousands)</div></td></tr><tr><td style="background-color: #cceeff; width: 79.18%; vertical-align: bottom;"><div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Balance at April 30, 2014</div></td><td style="background-color: #cceeff; width: 6.13%; vertical-align: top;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="background-color: #cceeff; width: 14.7%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;">6,203</div></td></tr><tr><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 79.18%; vertical-align: bottom;"><div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Net income</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 6.13%; vertical-align: top;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 14.7%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;">110</div></td></tr><tr><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 79.18%; vertical-align: bottom;"><div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Balance at July 31, 2014</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 6.13%; vertical-align: top;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 14.7%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;">6,313</div></td></tr></table></div><span></span></td>
      </tr>
    </table>
    <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>
        </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 redeemable noncontrolling interest (as defined) included in the statement of financial position as either a liability or temporary equity. As of the date of the statement of financial position, such redeemable noncontrolling interest is currently redeemable, as defined, for cash or other assets of the entity at (1) at a fixed or determinable price on a fixed or determinable date, (2) at the option of the holder of the noncontrolling interest, or (3) upon occurrence of an event that is not solely within the control 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>us-gaap_RedeemableNoncontrollingInterestTableTextBlock</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></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_TemporaryEquityDisclosureAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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          </td>
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  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>23
<FILENAME>R28.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<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="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, 2014</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 style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt;">Non-financial assets and liabilities measured at fair value on a nonrecurring basis at July 31, 2014 consisted of real estate investments that were written-down to estimated fair value during the three months ended July 31, 2014. Non-financial assets measured at fair value on a nonrecurring basis at April 30, 2014 consisted of real estate investments and real estate held for sale that was written-down to estimated fair value during fiscal year 2014. 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'', Times, serif; font-size: 10pt; 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'', Times, serif; font-size: 10pt; font-weight: bold;">July 31, 2014</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'', Times, serif; font-size: 10pt; 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'', Times, serif; font-size: 10pt; 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'', Times, serif; font-size: 10pt; 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'', Times, serif; font-size: 10pt; font-weight: bold;">Level 3</div></td></tr><tr><td style="width: 50.96%; vertical-align: bottom;"><div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">ASSETS:</div></td><td colspan="2" style="width: 12.48%; vertical-align: bottom;"><div>&#160;</div></td><td colspan="2" style="width: 11.56%; vertical-align: bottom;"><div>&#160;</div></td><td colspan="2" style="width: 12.5%; vertical-align: bottom;"><div>&#160;</div></td><td colspan="2" style="width: 12.5%; vertical-align: bottom;"><div>&#160;</div></td></tr><tr><td style="background-color: #cceeff; width: 50.96%; vertical-align: bottom;"><div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;">Real estate investments</div></td><td style="background-color: #cceeff; width: 2.88%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="background-color: #cceeff; width: 9.6%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">6,425</div></td><td style="background-color: #cceeff; width: 2.88%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="background-color: #cceeff; width: 8.68%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">0</div></td><td style="background-color: #cceeff; width: 2.88%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="background-color: #cceeff; width: 9.62%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">0</div></td><td style="background-color: #cceeff; width: 2.88%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="background-color: #cceeff; width: 9.62%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">6,425</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'', Times, serif; font-size: 10pt; 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'', Times, serif; font-size: 10pt; font-weight: bold;">April 30, 2014</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'', Times, serif; font-size: 10pt; 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'', Times, serif; font-size: 10pt; 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'', Times, serif; font-size: 10pt; 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'', Times, serif; font-size: 10pt; font-weight: bold;">Level 3</div></td></tr><tr><td style="width: 50.96%; vertical-align: bottom;"><div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">ASSETS:</div></td><td colspan="2" style="width: 12.48%; vertical-align: bottom;"><div>&#160;</div></td><td colspan="2" style="width: 11.56%; vertical-align: bottom;"><div>&#160;</div></td><td colspan="2" style="width: 12.5%; vertical-align: bottom;"><div>&#160;</div></td><td colspan="2" style="width: 12.5%; vertical-align: bottom;"><div>&#160;</div></td></tr><tr><td style="background-color: #cceeff; width: 50.96%; vertical-align: bottom;"><div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;">Real estate investments</div></td><td style="background-color: #cceeff; width: 2.88%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="background-color: #cceeff; width: 9.6%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">89,537</div></td><td style="background-color: #cceeff; width: 2.88%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="background-color: #cceeff; width: 8.68%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">0</div></td><td style="background-color: #cceeff; width: 2.88%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="background-color: #cceeff; width: 9.62%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">0</div></td><td style="background-color: #cceeff; width: 2.88%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="background-color: #cceeff; width: 9.62%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">89,537</div></td></tr><tr><td style="background-color: #ffffff; width: 50.96%; vertical-align: bottom;"><div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;">Real estate held for sale</div></td><td style="background-color: #ffffff; width: 2.88%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 9.6%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">2,951</div></td><td style="background-color: #ffffff; width: 2.88%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 8.68%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">0</div></td><td style="background-color: #ffffff; width: 2.88%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 9.62%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">0</div></td><td style="background-color: #ffffff; width: 2.88%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 9.62%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">2,951</div></td></tr></table></div><span></span></td>
      </tr>
      <tr class="re">
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        <td class="text"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div><br /></div><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt;">The estimated fair values of the Company's financial instruments as of July 31, 2014 and April 30, 2014, 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'', Times, serif; font-size: 10pt; font-weight: bold;">(in thousands)</div></td></tr><tr><td style="width: 50.96%; vertical-align: bottom;"><div>&#160;</div></td><td colspan="4" style="border-bottom: #000000 2px solid; width: 24.04%; vertical-align: bottom;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">July 31, 2014</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'', Times, serif; font-size: 10pt; font-weight: bold;">April 30, 2014</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'', Times, serif; font-size: 10pt; 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'', Times, serif; font-size: 10pt; 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; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">Carrying Amount</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'', Times, serif; font-size: 10pt; font-weight: bold;">Fair Value</div></td></tr><tr><td style="width: 50.96%; vertical-align: bottom;"><div style="text-align: justify; font-family: ''Times New Roman'', Times, 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><td style="background-color: #cceeff; width: 50.96%; vertical-align: bottom;"><div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;">Cash and cash equivalents</div></td><td style="background-color: #cceeff; width: 2.88%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="background-color: #cceeff; width: 9.6%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">60,620</div></td><td style="background-color: #cceeff; width: 2.88%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="background-color: #cceeff; width: 8.68%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">60,620</div></td><td style="background-color: #cceeff; width: 2.88%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="background-color: #cceeff; width: 9.62%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">47,267</div></td><td style="background-color: #cceeff; width: 2.88%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="background-color: #cceeff; width: 9.62%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">47,267</div></td></tr><tr><td style="background-color: #ffffff; width: 50.96%; vertical-align: bottom;"><div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;">Other investments</div></td><td style="background-color: #ffffff; width: 2.88%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 9.6%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">329</div></td><td style="background-color: #ffffff; width: 2.88%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 8.68%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">329</div></td><td style="background-color: #ffffff; width: 2.88%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 9.62%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">329</div></td><td style="background-color: #ffffff; width: 2.88%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 9.62%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">329</div></td></tr><tr><td style="background-color: #cceeff; width: 50.96%; vertical-align: bottom;"><div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">FINANCIAL LIABILITIES</div></td><td style="background-color: #cceeff; width: 2.88%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 9.6%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 2.88%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 8.68%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 2.88%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 9.62%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 2.88%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 9.62%; vertical-align: bottom;"><div>&#160;</div></td></tr><tr><td style="background-color: #ffffff; width: 50.96%; vertical-align: bottom;"><div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;">Other debt</div></td><td style="background-color: #ffffff; width: 2.88%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 9.6%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">83,624</div></td><td style="background-color: #ffffff; width: 2.88%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 8.68%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">83,727</div></td><td style="background-color: #ffffff; width: 2.88%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 9.62%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">63,132</div></td><td style="background-color: #ffffff; width: 2.88%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 9.62%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">63,250</div></td></tr><tr><td style="background-color: #cceeff; width: 50.96%; vertical-align: bottom;"><div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;">Line of credit</div></td><td style="background-color: #cceeff; width: 2.88%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 9.6%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">35,500</div></td><td style="background-color: #cceeff; width: 2.88%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 8.68%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">35,500</div></td><td style="background-color: #cceeff; width: 2.88%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 9.62%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">22,500</div></td><td style="background-color: #cceeff; width: 2.88%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 9.62%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">22,500</div></td></tr><tr><td style="background-color: #ffffff; width: 50.96%; vertical-align: bottom;"><div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;">Mortgages payable</div></td><td style="background-color: #ffffff; width: 2.88%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 9.6%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">1,017,574</div></td><td style="background-color: #ffffff; width: 2.88%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 8.68%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">1,173,786</div></td><td style="background-color: #ffffff; width: 2.88%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 9.62%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">997,689</div></td><td style="background-color: #ffffff; 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                <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>
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EKUAE">
      <tr>
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          <div style="width: 200px;"><strong>SUBSEQUENT EVENTS (Details) (USD $)<br>In Millions, except Per Share data, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="3">1 Months Ended</th>
        <th class="th" colspan="2">3 Months Ended</th>
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      <tr>
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          <div>Sep. 03, 2014

</div>
          <div>Preferred Series A [Member]</div>
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        <th class="th">
          <div>Sep. 03, 2014

</div>
          <div>Preferred Series B [Member]</div>
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          <div>Sep. 03, 2014

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          <div>Common Shares and Limited Partnership Units [Member]</div>
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          <div>Subsequent Event [Member]

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          <div>Kalispell, Montana, retail property [Member]</div>
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          <div>Jul. 31, 2014

</div>
          <div>Subsequent Event [Member]

</div>
          <div>Multi Family Residential [Member]

</div>
          <div>Chateau Apartment Conversion, Fire [Member]</div>
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          <div>Aug. 29, 2014

</div>
          <div>Subsequent Event [Member]

</div>
          <div>Commercial Office [Member]

</div>
          <div>Wirth Corporate Center Golden Valley MN [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="nump">$ 0.4968<span></span></td>
        <td class="nump">$ 0.1300<span></span></td>
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				 2014<span></span></td>
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				 2014<span></span></td>
        <td class="text">Sep. 15,
				 2014<span></span></td>
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        <td class="text">Sep. 30,
				 2014<span></span></td>
        <td class="text">Sep. 30,
				 2014<span></span></td>
        <td class="text">Oct.
				01,
				 2014<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
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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="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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                <p>Sale amount of pending property disposition.</p>
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                <p>No definition available.</p>
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                <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>
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                <p>The per share amount of a dividend declared, but not paid, as of the financial reporting date.</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 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>
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                <p>Date the holder must own the stock to be entitled to the dividend, in CCYY-MM-DD format.</p>
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                <p>No definition available.</p>
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                <p>The cash inflow from the amounts received by the insured under the terms of an insurance contract settlement. This element pertains only to insurance proceeds related to investments, for example fixed assets. It excludes insurance settlements classified as operating cash flows.</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=31042434&amp;loc=d3e3179-108585<br><br><br><br></p>
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                <p>The cash inflow from the sale of property, plant and equipment (capital expenditures), software, and other 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> -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 12<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3179-108585<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">
      <tr>
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          <div style="width: 200px;"><strong>SUBSEQUENT EVENTS (Tables)<br></strong></div>
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      <tr>
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          <div>Jul. 31, 2014</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'', Times, serif; margin-bottom: 10pt; font-size: 10pt;"><font style="font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Common and Preferred Share Distributions.</font> On September<font style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">&#160;</font>3, 2014, the Company's Board of Trustees declared the following distributions:</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><tr><td style="border-bottom: #000000 2px solid; width: 43.63%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; font-weight: bold; margin-right: 1.1pt;">Class of shares/units</div></td><td style="border-bottom: #000000 2px solid; width: 16.52%; vertical-align: bottom;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 3.3pt; font-size: 10pt; font-weight: bold; margin-right: 1.1pt;">Quarterly Amount</div><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 3.3pt; font-size: 10pt; font-weight: bold; margin-right: 1.1pt;">per Share or Unit</div></td><td style="border-bottom: #000000 2px solid; width: 3.06%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 16.86%; vertical-align: bottom;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 3.3pt; font-size: 10pt; font-weight: bold; margin-right: 1.1pt;">Record Date</div></td><td style="border-bottom: #000000 2px solid; width: 3.06%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; width: 16.88%; vertical-align: bottom;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 3.3pt; font-size: 10pt; font-weight: bold; margin-right: 1.1pt;">Payment Date</div></td></tr><tr><td style="background-color: #cceeff; width: 43.63%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; margin-right: 1.1pt;">Common shares and limited partnership units</div></td><td style="background-color: #cceeff; width: 16.52%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 3.3pt; font-size: 10pt; margin-right: 1.1pt;">$0.1300</div></td><td style="background-color: #cceeff; width: 3.06%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 3.3pt; font-size: 10pt; margin-right: 1.1pt;">&#160;</div></td><td style="background-color: #cceeff; width: 16.86%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 3.3pt; font-size: 10pt; margin-right: 1.1pt;">September 15, 2014</div></td><td style="background-color: #cceeff; width: 3.06%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 3.3pt; font-size: 10pt; margin-right: 1.1pt;">&#160;</div></td><td style="background-color: #cceeff; width: 16.88%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 3.3pt; font-size: 10pt; margin-right: 1.1pt;">October 1, 2014</div></td></tr><tr><td style="background-color: #ffffff; width: 43.63%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; margin-right: 1.1pt;">Preferred shares:</div></td><td style="background-color: #ffffff; width: 16.52%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 3.06%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 16.86%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 3.06%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 16.88%; vertical-align: bottom;"><div>&#160;</div></td></tr><tr><td style="background-color: #cceeff; width: 43.63%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 24.2pt; font-size: 10pt; margin-right: 1.1pt;">Series A</div></td><td style="background-color: #cceeff; width: 16.52%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 3.3pt; font-size: 10pt; margin-right: 1.1pt;">$0.5156</div></td><td style="background-color: #cceeff; width: 3.06%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 3.3pt; font-size: 10pt; margin-right: 1.1pt;">&#160;</div></td><td style="background-color: #cceeff; width: 16.86%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 3.3pt; font-size: 10pt; margin-right: 1.1pt;">September 15, 2014</div></td><td style="background-color: #cceeff; width: 3.06%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 3.3pt; font-size: 10pt; margin-right: 1.1pt;">&#160;</div></td><td style="background-color: #cceeff; width: 16.88%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 3.3pt; font-size: 10pt; margin-right: 1.1pt;">September 30, 2014</div></td></tr><tr><td style="background-color: #ffffff; width: 43.63%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 24.2pt; font-size: 10pt; margin-right: 1.1pt;">Series B</div></td><td style="background-color: #ffffff; width: 16.52%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 3.3pt; font-size: 10pt; margin-right: 1.1pt;">$0.4968</div></td><td style="background-color: #ffffff; width: 3.06%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 3.3pt; font-size: 10pt; margin-right: 1.1pt;">&#160;</div></td><td style="background-color: #ffffff; width: 16.86%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 3.3pt; font-size: 10pt; margin-right: 1.1pt;">September 15, 2014</div></td><td style="background-color: #ffffff; width: 3.06%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 3.3pt; font-size: 10pt; margin-right: 1.1pt;">&#160;</div></td><td style="background-color: #ffffff; width: 16.88%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 3.3pt; font-size: 10pt; margin-right: 1.1pt;">September 30, 2014</div></td></tr></table></div><span></span></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>
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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>Tabular disclosure of information related to dividends declared, including paid and unpaid dividends.</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 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 );">- Details</a><div>
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<TYPE>XML
<SEQUENCE>26
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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="ID0EICAE">
      <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, 2014

</div>
          <div>sqft</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="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>
      </tr>
      <tr 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_NetRentableArea', window );">Net rentable area (in square feet)</a></td>
        <td class="nump">10.3<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">96<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_NumberOfApartmentUnitsOwned', window );">Number of apartment units owned</a></td>
        <td class="nump">11,080<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Commercial 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">163<span></span></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 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;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>iret_NumberOfApartmentUnitsOwned</nobr></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 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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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <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;">
                <table border="0" cellpadding="0" cellspacing="0">
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                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetRentableArea</nobr></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 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;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>27
<FILENAME>R8.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<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="ID0EME">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>ORGANIZATION<br></strong></div>
        </th>
        <th class="th" colspan="1">3 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Jul. 31, 2014</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_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: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 10pt; font-size: 10pt; font-weight: bold;">NOTE 1 &#8226; ORGANIZATION</div><div style="text-align: left; font-family: ''Times New Roman'', Times, 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 and taxes on the income generated by our taxable REIT subsidiary ("TRS"). Our TRS is subject to corporate federal and state income tax on its taxable income at regular statutory rates. We have considered estimated future taxable income and have determined that there were no material income tax provisions or material net deferred income tax items for our TRS for the quarters ended July 31, 2014 and 2013. 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, 2014, IRET owned 96 multi-family residential properties with 11,080 apartment units and 163 commercial properties, consisting of office, healthcare, industrial and retail properties, totaling 10.2 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: left; font-family: ''Times New Roman'', Times, 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>
      </tr>
    </table>
    <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 );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract</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 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;">
                <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 205<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=35735333&amp;loc=d3e288-107754<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 810<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=18733093&amp;loc=d3e5614-111684<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 915<br><br> -SubTopic 235<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6472506&amp;loc=d3e38932-110933<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 272<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6373374&amp;loc=d3e70478-108055<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 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;">
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0E3HDI">
      <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, 2014

</div>
          <div>Redemption

</div>
          <div>Property</div>
        </th>
        <th class="th">
          <div>Jul. 31, 2013</div>
        </th>
        <th class="th">
          <div>Apr. 30, 2014</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 operating partnership (in hundredths)</a></td>
        <td class="nump">86.50%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">83.80%<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>
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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_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>
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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_PeriodToHoldBeneficialInterestMinimum', window );">Period to hold the beneficial interest, minimum</a></td>
        <td class="text">1 year<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_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">$ 2,320,000<span></span></td>
        <td class="nump">$ 1,803,000<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_DiscontinuedOperationImpairmentOfAssetsFromDisposalOfDiscontinuedOperationBeforeIncomeTax', window );">Impairment of retail property attributable to discontinued operations</a></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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      <tr 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_NumberOfImpairedProperties', window );">Number of impaired properties</a></td>
        <td class="nump">2<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_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">10,000,000<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_RemainingTermsOfCertificatesOfDeposit', window );">Remaining terms of certificates of deposit</a></td>
        <td class="text">6 months<span></span></td>
        <td class="text">2 years<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">609,000<span></span></td>
        <td class="nump">1,144,000<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">326,000<span></span></td>
        <td class="nump">279,000<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">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">Commerce 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="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">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">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="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">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">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">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="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">600,000<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="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">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">Private 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="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">2,000,000<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 and Dacotah Bank [Member] | Other Investments [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_CertificatesOfDepositAtCarryingValue', window );">Certificates of deposit</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">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="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_NumberOfImpairedProperties', window );">Number of impaired properties</a></td>
        <td class="nump">1<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">Kalispell, Montana, retail property [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">2,100,000<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_NumberOfImpairedProperties', window );">Number of impaired properties</a></td>
        <td class="nump">1<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">Golden Valley, Minnesota, office property [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">183,000<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_NumberOfImpairedProperties', window );">Number of impaired properties</a></td>
        <td class="nump">1<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="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">329,000<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_NumberOfImpairedProperties', window );">Number of impaired properties</a></td>
        <td class="nump">1<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="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_NumberOfImpairedProperties', window );">Number of impaired properties</a></td>
        <td class="nump">1<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="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">$ 864,000<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_NumberOfImpairedProperties', window );">Number of impaired properties</a></td>
        <td class="nump">1<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_DiscontinuedOperationImpairmentOfAssetsFromDisposalOfDiscontinuedOperationBeforeIncomeTax">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 of discontinued operations or disposal group 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>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_DiscontinuedOperationImpairmentOfAssetsFromDisposalOfDiscontinuedOperationBeforeIncomeTax</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_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_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_NumberOfImpairedProperties">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 impaired properties for the fiscal 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_NumberOfImpairedProperties</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_PeriodToHoldBeneficialInterestMinimum">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 period for which some limited partners have contractually agreed to hold the beneficial interest.</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_PeriodToHoldBeneficialInterestMinimum</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_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>duration</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;">
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                <p>The remaining terms of certificates of deposit during the period.</p>
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                <p>No definition available.</p>
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                <p>A savings certificate entitling the Entity (that is, bearer) to receive interest at an established maturity date, based upon a fixed interest rate.  A certificate of deposit may be issued in any denomination. Certificates of deposit are generally issued by commercial banks and, therefore, insured by the FDIC (up to the prescribed limit).  Certificates of deposit generally restrict holders from withdrawing funds on demand without the incurrence of penalties.  Generally, only certificates of deposit with original maturities of three months or less qualify as cash equivalents. Original maturity means original maturity to the entity holding the investment. As a related 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 Equivalents<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<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>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 210.5-02.1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
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                <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 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 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 210.5-02.1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
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                <p>The charge against earnings in the period to reduce the carrying amount of real property to fair value.</p>
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</div>
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</div>
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</div>
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</div>
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</div>
          <div>71 France Phase I - Edina, MN [Member]

</div>
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</div>
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</div>
          <div>Alps Park - Rapid City, SD [Member]

</div>
          <div>Multi-Family Residential [Member]

</div>
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        <th class="th" colspan="2">
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</div>
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</div>
          <div>Chateau II - Minot, ND [Member]

</div>
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</div>
          <div>Acquisitions [Member]

</div>
          <div>Creekside Crossing - Bismarck, ND [Member]

</div>
          <div>Unimproved Land [Member]</div>
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</div>
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</div>
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</div>
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</div>
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</div>
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          <div>Eagan 2785 &amp; 2795 - Eagan, MN [Member]

</div>
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</div>
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</div>
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</div>
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</div>
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</div>
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        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<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_BusinessCombinationSeparatelyRecognizedTransactionsAdditionalDisclosuresAcquisitionCostExpensed', window );">Transaction costs expensed</a></td>
        <td class="nump">$ 75,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">$ 101,000<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="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<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_BusinessAcquisitionDateOfAcquisitionAgreement1', window );">Date Acquisition</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">Jun. 12,
				 2014<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
        <td class="text">May
				01,
				 2013<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">May 21,
				 2013<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">May 22,
				 2014<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">Jun.
				02,
				 2014<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
        <td class="text">Jun.
				05,
				 2014<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">Jun.
				02,
				 2014<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<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_DatePlacedInService', window );">Date placed in service</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">Jul. 15,
				 2014<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[3],[4]</sup></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<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_PropertyPlantAndEquipmentGross', window );">Total acquisition cost</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></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">26,578,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">6,379,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">18,280,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">6,200,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">8,298,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">179,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">1,413,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
        <td class="nump">6,200,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">179,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">4,269,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">15,000,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
        <td class="nump">2,616,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">3,280,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<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_PaymentsToAcquireBusinessesGross', window );">Cash</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></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">12,996,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">3,099,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">6,111,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">2,920,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">6,885,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">179,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">0<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
        <td class="nump">2,920,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">179,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">4,269,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">5,092,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
        <td class="nump">2,616,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">1,019,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<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_BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable', window );">Units</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">3,280,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[5]</sup></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">3,280,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[5]</sup></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">0<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[5]</sup></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">3,280,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[5]</sup></td>
        <td class="nump">0<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[5]</sup></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<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_NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance', window );">Other</a></td>
        <td class="nump">3,212,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[6]</sup></td>
        <td class="text">&#xA0;<span></span></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">13,582,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[6]</sup></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">12,169,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[6]</sup></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">1,413,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[6]</sup></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">1,413,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1],[6]</sup></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">0<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[6]</sup></td>
        <td class="nump">9,908,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[2],[6]</sup></td>
        <td class="nump">0<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[6]</sup></td>
        <td class="nump">2,261,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[6]</sup></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<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_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLand', window );">Land</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></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">9,168,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">466,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">870,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">287,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">8,298,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">179,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">1,413,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
        <td class="nump">287,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">179,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">4,269,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">655,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
        <td class="nump">2,616,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">215,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">823,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
        <td class="nump">823,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[3],[4]</sup></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<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_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedBuildings', window );">Building</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></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">17,145,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">5,551,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">17,145,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">5,551,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">0<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">0<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">0<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
        <td class="nump">5,551,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">0<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">0<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">14,139,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
        <td class="nump">0<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">3,006,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">9,442,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
        <td class="nump">9,442,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[3],[4]</sup></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<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_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill', window );">Intangible assets</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></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">265,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">362,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">265,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">362,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">0<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">0<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">0<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
        <td class="nump">362,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">0<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">0<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">206,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
        <td class="nump">0<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">59,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<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_DevelopmentCostsOfProjectsPlacedInService', window );">Development costs of projects placed in service</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">10,265,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
        <td class="nump">10,265,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[3],[4]</sup></td>
        <td class="nump">2,200,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[3],[4]</sup></td>
        <td class="nump">8,100,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[3],[4]</sup></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<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_NumberOfApartmentUnitsAcquisitions', window );">Number of units</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">71<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">152<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">52<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">44<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[3],[4]</sup></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<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 held (in hundredths)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">5530.00%<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<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_GoodwillAcquiredDuringPeriod', window );">Goodwill, Acquired During Period</a></td>
        <td class="nump">852,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">852,000,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<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_NoncashOrPartNoncashAcquisitionDebtAssumed1', window );">Noncash or Part Noncash Acquisition, Debt Assumed</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">9,900,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">2,300,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<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_JvPartnerContributions', window );">JV Partner Contributions</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">1,400,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<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_AreaOfRealEstateProperty', window );">Area of property</a></td>
        <td class="nump">5,300,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<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_BusinessAcquisitionProFormaInformationAbstract', window );"><strong>Results of operations from acquired properties [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<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_BusinessCombinationProFormaInformationRevenueOfAcquireeSinceAcquisitionDateActual', window );">Total revenue</a></td>
        <td class="nump">362,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">186,000<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="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<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_BusinessCombinationProFormaInformationEarningsOrLossOfAcquireeSinceAcquisitionDateActual', window );">Net (loss) income</a></td>
        <td class="nump">20,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="num">(108,000)<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="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<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_DispositionsAbstract', window );"><strong>Dispositions [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<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_DisposalsDateOfTransactionForAcquisitionOrDisposal', window );">Date disposed</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">May 19,
				 2014<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">Jul. 15,
				 2014<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">Jul. 28,
				 2014<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_Revenues', window );">Sales price</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">6,700,000<span></span></td>
        <td class="nump">3,100,000<span></span></td>
        <td class="nump">0<span></span></td>
        <td class="nump">3,600,000<span></span></td>
        <td class="nump">3,100,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">3,600,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">0<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_CostOfRealEstateSales', window );">Book value and sales cost</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">9,693,000<span></span></td>
        <td class="nump">3,124,000<span></span></td>
        <td class="nump">1,176,000<span></span></td>
        <td class="nump">5,393,000<span></span></td>
        <td class="nump">3,124,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">5,393,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">1,176,000<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_GainLossOnDispositionOfAssets', window );">Gain/(Loss)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="num">$ (2,993,000)<span></span></td>
        <td class="num">$ (24,000)<span></span></td>
        <td class="num">$ (1,176,000)<span></span></td>
        <td class="num">$ (1,793,000)<span></span></td>
        <td class="num">$ (24,000)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">$ (1,793,000)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">$ (1,176,000)<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_NumberOfPropertiesSold', window );">Number of properties sold</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">2<span></span></td>
        <td class="nump">3<span></span></td>
        <td class="nump">12<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<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_iret_AreaOfRealEstatePropertyDispositions', window );">Area of a real estate property (in square feet)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></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">73,338<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">198,600<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">25,644<span></span></td>
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      <tr>
        <td colspan="51"></td>
      </tr>
      <tr>
        <td colspan="51">
          <table class="outerFootnotes" width="100%">
            <tr class="outerFootnote">
              <td style="vertical-align: top;" valign="top">[1]</td>
              <td style="vertical-align: top;" valign="top">Land is owned by a joint venture in which the Company has an approximately 55.3% interest. The joint venture is consolidated in IRET&#x2019;s financial statements.</td>
            </tr>
            <tr class="outerFootnote">
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              <td style="vertical-align: top;" valign="top">At acquisition the Company adjusted the assumed debt to fair value and recognized approximately $&#xA0;852,000 of goodwill.</td>
            </tr>
            <tr class="outerFootnote">
              <td style="vertical-align: top;" valign="top">[3]</td>
              <td style="vertical-align: top;" valign="top">Development projects that are placed in service in phases are excluded from this table until the entire project has been placed in service. See Note 6 for additional information on the Renaissance Heights I project, which was partially placed in service during the fiscal year 2014 and the three months ended July 31, 2014.</td>
            </tr>
            <tr class="outerFootnote">
              <td style="vertical-align: top;" valign="top">[4]</td>
              <td style="vertical-align: top;" valign="top">Development property placed in service July 15, 2014. Costs paid in fiscal year 2014 totaled $8.1 million, including the land acquired in fiscal year 2013. Additional costs paid in fiscal year 2015 totaled $2.2 million, for a total project cost at July 31, 2014 of $10.3 million.</td>
            </tr>
            <tr class="outerFootnote">
              <td style="vertical-align: top;" valign="top">[5]</td>
              <td style="vertical-align: top;" valign="top">Value of limited partnership units of the Operating Partnership at the acquisition date.</td>
            </tr>
            <tr class="outerFootnote">
              <td style="vertical-align: top;" valign="top">[6]</td>
              <td style="vertical-align: top;" valign="top">Consists of assumed debt (Homestead Garden I - $6.7 million, Homestead Garden II - $3.2 million, Silver Springs - $2.3 million) and value of land contributed by the joint</td>
            </tr>
          </table>
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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">
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                <p>Area of a real estate property disposed.</p>
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                <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>Date a unit is placed in service 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>
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                    <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_iret_DevelopmentCostsOfProjectsPlacedInService">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 expenditures for a real estate projects that has been placed in service as of period end.</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_DevelopmentCostsOfProjectsPlacedInService</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_DisposalsDateOfTransactionForAcquisitionOrDisposal">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 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">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>iret_DisposalsDateOfTransactionForAcquisitionOrDisposal</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: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_iret_DispositionsAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_DispositionsAbstract</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_JvPartnerContributions">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 in noncontrolling interest from subsidiary issuance of equity interests to noncontrolling interest holders.</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_JvPartnerContributions</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_NumberOfApartmentUnitsAcquisitions">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 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>iret_NumberOfApartmentUnitsAcquisitions</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_NumberOfPropertiesSold">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 sold 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_NumberOfPropertiesSold</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_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_BusinessAcquisitionDateOfAcquisitionAgreement1">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 when the business acquisition agreement was executed, 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_BusinessAcquisitionDateOfAcquisitionAgreement1</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_BusinessAcquisitionProFormaInformationAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_BusinessAcquisitionProFormaInformationAbstract</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_BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 equity interests of the acquirer, including 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 Accounting Standards Codification<br><br> -Topic 805<br><br> -SubTopic 30<br><br> -Section 30<br><br> -Paragraph 7<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6911251&amp;loc=d3e6578-128477<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 30<br><br> -Section 30<br><br> -Paragraph 8<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6911251&amp;loc=d3e6613-128477<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_BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable</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_BusinessCombinationProFormaInformationEarningsOrLossOfAcquireeSinceAcquisitionDateActual">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 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=25497992&amp;loc=d3e1392-128463<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>
                  </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_BusinessCombinationProFormaInformationRevenueOfAcquireeSinceAcquisitionDateActual">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 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=25497992&amp;loc=d3e1392-128463<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>
                  </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_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedBuildings">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 facility held for productive use including, but not limited to, office, production, storage and distribution facilities, acquired at the acquisition 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> -Topic 805<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=39739317&amp;loc=d3e4845-128472<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_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedBuildings</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_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 intangible assets, excluding goodwill, acquired at the acquisition 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> -Topic 805<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=39739317&amp;loc=d3e4845-128472<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_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill</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_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLand">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 acquired, at the acquisition 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> -Topic 805<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=39739317&amp;loc=d3e4845-128472<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_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLand</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_BusinessCombinationSeparatelyRecognizedTransactionsAdditionalDisclosuresAcquisitionCostExpensed">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 transactions that are recognized separately from the acquisition of assets and assumptions of liabilities in the business combination, such as related to pre-existing relationships with the acquiree, this element represents the disclosure of the amount of acquisition related costs which have been expensed.</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 (f)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=25497992&amp;loc=d3e1392-128463<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_BusinessCombinationSeparatelyRecognizedTransactionsAdditionalDisclosuresAcquisitionCostExpensed</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_CostOfRealEstateSales">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 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=26872669&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_CostOfRealEstateSales</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_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 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></p>
              </div><a href="javascript:void(0);" onclick="top.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>
                  </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_us-gaap_GainLossOnDispositionOfAssets">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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) on sale or disposal of property, plant and equipment assets, excluding oil and gas property and 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></p>
              </div><a href="javascript:void(0);" onclick="top.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_GainLossOnDispositionOfAssets</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_GoodwillAcquiredDuringPeriod">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 in asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized resulting from a 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 Accounting Standards Codification<br><br> -Topic 350<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=35741047&amp;loc=d3e13816-109267<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_GoodwillAcquiredDuringPeriod</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_NoncashOrPartNoncashAcquisitionDebtAssumed1">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 debt that an Entity assumes in acquiring a business or in consideration for an asset received in a noncash (or part noncash) acquisition. Noncash is defined as transactions during a period that affect recognized assets or liabilities but 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 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4332-108586<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 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4313-108586<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 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_NoncashOrPartNoncashAcquisitionDebtAssumed1</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_NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 in noncontrolling interest from subsidiary issuance of equity interests to noncontrolling interest holders.</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_NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance</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_PaymentsToAcquireBusinessesGross">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 acquisition of business during the period. The cash portion only of the acquisition price.</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 (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&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_PaymentsToAcquireBusinessesGross</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_PropertyPlantAndEquipmentGross">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 before accumulated depreciation, depletion and amortization of 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, and furniture and fixtures.</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 1<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<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 210.5-02.13)<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_PropertyPlantAndEquipmentGross</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_Revenues">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).</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=26872669&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_Revenues</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>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>30
<FILENAME>R2.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<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="ID0EOHBG">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>CONSOLIDATED BALANCE SHEETS (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th">
          <div>Jul. 31, 2014</div>
        </th>
        <th class="th">
          <div>Apr. 30, 2014</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentsAbstract', window );"><strong>Real estate investments</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateInvestmentPropertyAtCost', window );">Property owned</a></td>
        <td class="nump">$ 2,025,327<span></span></td>
        <td class="nump">$ 1,996,031<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">(435,317)<span></span></td>
        <td class="num">(424,288)<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">1,590,010<span></span></td>
        <td class="nump">1,571,743<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">131,862<span></span></td>
        <td class="nump">104,609<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">24,772<span></span></td>
        <td class="nump">22,864<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">1,746,644<span></span></td>
        <td class="nump">1,699,216<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">6,508<span></span></td>
        <td class="nump">2,951<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">60,620<span></span></td>
        <td class="nump">47,267<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">329<span></span></td>
        <td class="nump">329<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 $717 and $796, respectively</a></td>
        <td class="nump">27,286<span></span></td>
        <td class="nump">27,096<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 $306 and $248, respectively</a></td>
        <td class="nump">7,013<span></span></td>
        <td class="nump">10,206<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_EarnestMoneyDeposits', window );">Real estate deposits</a></td>
        <td class="nump">3,741<span></span></td>
        <td class="nump">145<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">3,428<span></span></td>
        <td class="nump">4,639<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_IntangibleAssetsNetExcludingGoodwill', window );">Intangible assets, net of accumulated amortization of $25,497 and $24,071, respectively</a></td>
        <td class="nump">31,478<span></span></td>
        <td class="nump">32,639<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_OtherAssets', window );">Tax, insurance, and other escrow</a></td>
        <td class="nump">20,451<span></span></td>
        <td class="nump">20,880<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 $2,140 and $2,041, respectively</a></td>
        <td class="nump">1,641<span></span></td>
        <td class="nump">1,681<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">1,951<span></span></td>
        <td class="nump">1,100<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 $22,237 and $21,068, respectively</a></td>
        <td class="nump">20,677<span></span></td>
        <td class="nump">21,072<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">1,931,767<span></span></td>
        <td class="nump">1,869,221<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">62,517<span></span></td>
        <td class="nump">59,105<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">35,500<span></span></td>
        <td class="nump">22,500<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_us-gaap_LongTermDebt', window );">Mortgages payable</a></td>
        <td class="nump">1,017,574<span></span></td>
        <td class="nump">997,689<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">83,666<span></span></td>
        <td class="nump">63,178<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">1,199,257<span></span></td>
        <td class="nump">1,142,472<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_CommitmentsAndContingencies', window );">COMMITMENTS AND CONTINGENCIES (NOTE 6)</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<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_TemporaryEquityCarryingAmountAttributableToParent', window );">REDEEMABLE NONCONTROLLING INTERESTS - CONSOLIDATED REAL ESTATE ENTITIES</a></td>
        <td class="nump">6,313<span></span></td>
        <td class="nump">6,203<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_us-gaap_CommonStockValue', window );">Common Shares of Beneficial Interest (Unlimited authorization, no par value, 114,762,774 shares issued and outstanding at July 31, 2014, and 109,019,341 shares issued and outstanding at April 30, 2014)</a></td>
        <td class="nump">884,415<span></span></td>
        <td class="nump">843,268<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">(407,052)<span></span></td>
        <td class="num">(389,758)<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">616,037<span></span></td>
        <td class="nump">592,184<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 (17,975,440 units at July 31, 2014 and 21,093,445 units at April 30, 2014)</a></td>
        <td class="nump">84,250<span></span></td>
        <td class="nump">105,724<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_MinorityInterestInOperatingPartnerships', window );">Noncontrolling interests - consolidated real estate entities</a></td>
        <td class="nump">25,910<span></span></td>
        <td class="nump">22,638<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">726,197<span></span></td>
        <td class="nump">720,546<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, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY</a></td>
        <td class="nump">1,931,767<span></span></td>
        <td class="nump">1,869,221<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Preferred Series 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>
      </tr>
      <tr 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_PreferredStockValue', window );">Preferred Shares of Beneficial Interest (Cumulative redeemable preferred shares)</a></td>
        <td class="nump">27,317<span></span></td>
        <td class="nump">27,317<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Preferred Series B [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_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_us-gaap_PreferredStockValue', window );">Preferred Shares of Beneficial Interest (Cumulative redeemable preferred shares)</a></td>
        <td class="nump">$ 111,357<span></span></td>
        <td class="nump">$ 111,357<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_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 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 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> -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 03<br><br><br><br> -Paragraph 12<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 02<br><br><br><br> -Paragraph 18<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_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 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 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 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=28358313&amp;loc=d3e6676-107765<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 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=31042434&amp;loc=d3e3044-108585<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_CommitmentsAndContingencies">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur.</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 450<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=25496072&amp;loc=d3e14326-108349<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 210.5-02.25)<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 25<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 19<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 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 17<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 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 210.9-03.17)<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 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 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),19)<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_CommitmentsAndContingencies</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_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 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 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 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 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 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 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 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 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>Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.</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 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=35741047&amp;loc=d3e13816-109267<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 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></p>
              </div><a href="javascript:void(0);" onclick="top.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=26713463&amp;loc=d3e16323-109275<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>Amount of liabilities and equity items, 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 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 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 16<br><br><br><br> -Article 9<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 20, 22<br><br><br><br> -Article 5<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 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></p>
              </div><a href="javascript:void(0);" onclick="top.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_PreferredStockValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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.</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 04<br><br><br><br> -Article 3<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 505<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.3-04)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<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> -Subparagraph (SX 210.5-02.28)<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 02<br><br><br><br> -Paragraph 29<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_PreferredStockValue</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_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>Amount of asset related to consideration paid in advance for costs that provide economic benefits in future periods, and amount of 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>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 after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.</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></p>
              </div><a href="javascript:void(0);" onclick="top.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>
                  <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_RealEstateInvestmentPropertyNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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, 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>
              </div><a href="javascript:void(0);" onclick="top.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_RealEstateInvestmentPropertyNet</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_RetainedEarningsAccumulatedDeficit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 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 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 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 04<br><br><br><br> -Article 3<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> -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>
              </div><a href="javascript:void(0);" onclick="top.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_RetainedEarningsAccumulatedDeficit</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_StatementLineItems">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_StatementLineItems</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_StockholdersEquity">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 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 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=27010918&amp;loc=d3e74512-122707<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 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 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> -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 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 02<br><br><br><br> -Paragraph 29, 30, 31<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_StockholdersEquity</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> Balance Type:</strong></td>
                    <td>credit</td>
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                  <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>
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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 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 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 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 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 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 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=35736750&amp;loc=SL4590271-111686<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_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest</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>
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                    <td><strong> Period Type:</strong></td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TemporaryEquityCarryingAmountAttributableToParent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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, attributable to parent, of an entity's issued and outstanding stock which is not included within permanent equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. Includes stock with a put option held by an ESOP and stock redeemable by a holder only in the event of a change in control of the issuer.</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_TemporaryEquityCarryingAmountAttributableToParent</nobr></td>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>32
<FILENAME>R6.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
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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="ID0E51BG">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="2">3 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Jul. 31, 2014</div>
        </th>
        <th class="th">
          <div>Jul. 31, 2013</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>CASH FLOWS FROM OPERATING ACTIVITIES</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProfitLoss', window );">Net income</a></td>
        <td class="num">$ (199)<span></span></td>
        <td class="nump">$ 3,216<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">17,463<span></span></td>
        <td class="nump">20,087<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 );">Loss (gain) on sale of real estate, land, other investments and discontinued operations</a></td>
        <td class="nump">2,993<span></span></td>
        <td class="num">(1,943)<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="nump">0<span></span></td>
        <td class="num">(966)<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_ShareBasedCompensation', window );">Share-based compensation expense</a></td>
        <td class="nump">1,763<span></span></td>
        <td class="nump">229<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">2,320<span></span></td>
        <td class="nump">1,803<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_OtherNoncashIncomeExpense', window );">Bad debt expense</a></td>
        <td class="nump">136<span></span></td>
        <td class="nump">178<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_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="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_StraightLineRent', window );">Increase in receivable arising from straight-lining of rents</a></td>
        <td class="num">(143)<span></span></td>
        <td class="num">(654)<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_IncreaseDecreaseInAccountsReceivable', window );">Decrease (increase) in accounts receivable</a></td>
        <td class="nump">1,229<span></span></td>
        <td class="num">(811)<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_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets', window );">Decrease in prepaid and other assets</a></td>
        <td class="nump">1,197<span></span></td>
        <td class="nump">367<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_IncreaseDecreaseInOperatingAssets', window );">Decrease (increase) in tax, insurance and other escrow</a></td>
        <td class="nump">146<span></span></td>
        <td class="num">(640)<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_IncreaseDecreaseInDeferredLeasingFees', window );">Increase in deferred charges and leasing costs</a></td>
        <td class="num">(926)<span></span></td>
        <td class="num">(897)<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_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities', window );">Decrease in accounts payable, accrued expenses and other liabilities</a></td>
        <td class="num">(2,594)<span></span></td>
        <td class="num">(2,685)<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_NetCashProvidedByUsedInOperatingActivities', window );">Net cash provided by operating activities</a></td>
        <td class="nump">23,385<span></span></td>
        <td class="nump">17,284<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_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="re">
        <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">140<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_PaymentsForRealEstateDeposits', window );">Payments for real estate deposits</a></td>
        <td class="num">(3,736)<span></span></td>
        <td class="num">(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_iret_DecreaseInLenderHoldbacksForImprovements', window );">Decrease in lender holdbacks for improvements</a></td>
        <td class="nump">609<span></span></td>
        <td class="nump">1,144<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_IncreaseLenderHoldbacksForImprovements', window );">Increase in lender holdbacks for improvements</a></td>
        <td class="num">(326)<span></span></td>
        <td class="num">(279)<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_ProceedsFromSaleOfRealEstate', window );">Proceeds from sale of discontinued operations</a></td>
        <td class="nump">0<span></span></td>
        <td class="nump">21,261<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_ProceedsFromSaleOfRealEstateAndOtherInvestments', window );">Proceeds from sale of real estate and other investments</a></td>
        <td class="nump">6,416<span></span></td>
        <td class="nump">7<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_ProceedsFromCollectionOfOtherReceivables', window );">Insurance proceeds received</a></td>
        <td class="nump">2,054<span></span></td>
        <td class="nump">1,004<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_PaymentsToAcquireRealEstate', window );">Payments for acquisitions of real estate assets</a></td>
        <td class="num">(13,008)<span></span></td>
        <td class="num">(3,099)<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_PaymentsForConstructionInProcess', window );">Payments for development and re-development of real estate assets</a></td>
        <td class="num">(36,892)<span></span></td>
        <td class="num">(26,476)<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_PaymentsForCapitalImprovements', window );">Payments for improvements of real estate assets</a></td>
        <td class="num">(7,556)<span></span></td>
        <td class="num">(7,224)<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_NetCashProvidedByUsedInInvestingActivities', window );">Net cash used by investing activities</a></td>
        <td class="num">(52,299)<span></span></td>
        <td class="num">(13,955)<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_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="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_ProceedsFromIssuanceOfLongTermDebt', window );">Proceeds from mortgages payable</a></td>
        <td class="nump">25,000<span></span></td>
        <td class="nump">4,100<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_RepaymentsOfLongTermDebt', window );">Principal payments on mortgages payable</a></td>
        <td class="num">(18,090)<span></span></td>
        <td class="num">(22,916)<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_ProceedsFromLinesOfCredit', window );">Proceeds from revolving lines of credit and other debt</a></td>
        <td class="nump">50,492<span></span></td>
        <td class="nump">6,313<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_RepaymentsOfOtherShortTermDebt', window );">Principal payments on revolving lines of credit and other debt</a></td>
        <td class="num">(17,000)<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_us-gaap_ProceedsFromPaymentsForOtherFinancingActivities', window );">Proceeds from financing liability</a></td>
        <td class="nump">0<span></span></td>
        <td class="nump">7,900<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_ProceedsFromOtherEquity', window );">Proceeds from sale of common shares under distribution reinvestment and share purchase program</a></td>
        <td class="nump">16,941<span></span></td>
        <td class="nump">15,941<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_ProceedsFromMinorityShareholders', window );">Proceeds from noncontrolling partner - consolidated real estate entities</a></td>
        <td class="nump">1,006<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_PaymentsOfDividendsCommonStock', window );">Distributions paid to common shareholders, net of reinvestment of $3,801 and $3,549, respectively</a></td>
        <td class="num">(10,463)<span></span></td>
        <td class="num">(9,715)<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_PaymentsOfDividendsPreferredStockAndPreferenceStock', window );">Distributions paid to preferred shareholders</a></td>
        <td class="num">(2,879)<span></span></td>
        <td class="num">(2,879)<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_PaymentsOfDistributionsToAffiliates', window );">Distributions paid to noncontrolling interests - Unitholders of the Operating Partnership, net reinvestment of $185 and $183, respectively</a></td>
        <td class="num">(2,555)<span></span></td>
        <td class="num">(2,646)<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_PaymentsOfDividendsMinorityInterest', window );">Distributions paid to noncontrolling interests - consolidated real estate entities</a></td>
        <td class="num">(185)<span></span></td>
        <td class="num">(367)<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_NetCashProvidedByUsedInFinancingActivities', window );">Net cash (used) provided by financing activities</a></td>
        <td class="nump">42,267<span></span></td>
        <td class="num">(4,269)<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_CashAndCashEquivalentsPeriodIncreaseDecrease', window );">NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS</a></td>
        <td class="nump">13,353<span></span></td>
        <td class="num">(940)<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 BEGINNING OF PERIOD</a></td>
        <td class="nump">47,267<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_CashAndCashEquivalentsAtCarryingValue', window );">CASH AND CASH EQUIVALENTS AT END OF PERIOD</a></td>
        <td class="nump">60,620<span></span></td>
        <td class="nump">93,193<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_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="re">
        <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">3,801<span></span></td>
        <td class="nump">3,549<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_OperatingPartnershipDistributionReinvestmentPlan', window );">Operating partnership distribution reinvestment plan</a></td>
        <td class="nump">185<span></span></td>
        <td class="nump">183<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_OperatingPartnershipUnitsConvertedToShares', window );">Operating partnership units converted to shares</a></td>
        <td class="nump">18,332<span></span></td>
        <td class="nump">706<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 );">Increase in accounts receivable from sale of common shares under distribution reinvestment and share purchase program</a></td>
        <td class="nump">0<span></span></td>
        <td class="nump">3,000<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_AssetsAcquiredThroughIssuanceOfOperatingPartnershipUnits', window );">Real estate assets acquired through the issuance of operating partnership units</a></td>
        <td class="nump">0<span></span></td>
        <td class="nump">3,280<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">12,169<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_AdjustmentsToAccountsPayableIncludedWithinRealEstateInvestments', window );">Increase (decrease) to accounts payable included within real estate investments</a></td>
        <td class="nump">6,129<span></span></td>
        <td class="nump">4,547<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_ContributionOfProperty', window );">Real estate assets contributed by noncontrolling interest - consolidated real estate entities</a></td>
        <td class="nump">2,206<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_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="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_InterestPaid', window );">Cash paid for interest, net of amounts capitalized of $1,030 and $580, respectively</a></td>
        <td class="nump">$ 13,099<span></span></td>
        <td class="nump">$ 14,220<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>
                  </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_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>
                  </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 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 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 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=28358313&amp;loc=d3e6676-107765<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 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3044-108585<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_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. Includes effect from exchange rate changes.</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=31042434&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 830<br><br> -SubTopic 230<br><br> -Section 45<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6450594&amp;loc=d3e33268-110906<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>
                  </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_ContributionOfProperty">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 property contributed in noncash investing and financing activities.</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 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4332-108586<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 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4313-108586<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 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_ContributionOfProperty</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_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=31042434&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 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></p>
              </div><a href="javascript:void(0);" onclick="top.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_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></p>
              </div><a href="javascript:void(0);" onclick="top.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_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=31042434&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></p>
              </div><a href="javascript:void(0);" onclick="top.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_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 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=31042434&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>
                    <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_IncreaseDecreaseInAccountsReceivable">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 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 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=31042434&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>
                  </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_IncreaseDecreaseInDeferredLeasingFees">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 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=31042434&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>
                  </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_IncreaseDecreaseInOperatingAssets">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 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=31042434&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>
                  </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_IncreaseDecreaseInOperatingCapitalAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_IncreaseDecreaseInOperatingCapitalAbstract</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_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 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 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=31042434&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>
                  </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_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 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=31042434&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>
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            </div>
          </td>
        </tr>
      </table>
      <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>Amount of cash inflow (outflow) from financing activities, including discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.</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=31042434&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=31042434&amp;loc=d3e3574-108585<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_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>
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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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            </div>
          </td>
        </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> 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_NetCashProvidedByUsedInInvestingActivities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 inflow (outflow) from investing activities, including discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive 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 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&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=31042434&amp;loc=d3e3574-108585<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_NetCashProvidedByUsedInInvestingActivities</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_NetCashProvidedByUsedInInvestingActivitiesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_NetCashProvidedByUsedInInvestingActivitiesAbstract</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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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td><strong> Period Type:</strong></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_NetCashProvidedByUsedInOperatingActivities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 inflow (outflow) from operating activities, including discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.</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=31042434&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 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3521-108585<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 25<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&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>
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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>na</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_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>
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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>
                  </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=31042434&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_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 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4332-108586<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 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4313-108586<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 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_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=31042434&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_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 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=31042434&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_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 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=31042434&amp;loc=d3e3291-108585<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_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>Amount of cash outflow in the form of ordinary dividends to common shareholders of the parent 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 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=31042434&amp;loc=d3e3291-108585<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_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>Amount of cash outflow in the form of ordinary dividends provided by the non-wholly owned subsidiary 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> -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 (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3291-108585<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_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>Amount of cash outflow in the form of ordinary dividends to preferred shareholders of the parent 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 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=31042434&amp;loc=d3e3291-108585<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_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 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=31042434&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=31042434&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></p>
              </div><a href="javascript:void(0);" onclick="top.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_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 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=31042434&amp;loc=d3e3255-108585<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_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_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>Amount of cash inflow from contractual arrangement with the lender, including but not limited to, letter of credit, standby letter of credit and revolving credit arrangements.</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 S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(f))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<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 08<br><br> -Paragraph f<br><br> -Article 4<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> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<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 14<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3255-108585<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_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_ProceedsFromMinorityShareholders">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 inflow from a noncontrolling interest. Includes, but is not limited to, purchase of additional shares or other increase in noncontrolling interest 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=31042434&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></p>
              </div><a href="javascript:void(0);" onclick="top.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_ProceedsFromMinorityShareholders</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 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=31042434&amp;loc=d3e3255-108585<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_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=31042434&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=31042434&amp;loc=d3e3098-108585<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_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=31042434&amp;loc=d3e3179-108585<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_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=35736750&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 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 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=35736750&amp;loc=SL4591551-111686<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_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> -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=31042434&amp;loc=d3e3291-108585<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></p>
              </div><a href="javascript:void(0);" onclick="top.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_RepaymentsOfOtherShortTermDebt">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 attributable to repayments of borrowings not otherwise defined in the taxonomy (having initial terms of repayment within one year or 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> -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=31042434&amp;loc=d3e3291-108585<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></p>
              </div><a href="javascript:void(0);" onclick="top.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_RepaymentsOfOtherShortTermDebt</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_ShareBasedCompensation">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities 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 (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&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_ShareBasedCompensation</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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          </td>
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      <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=31042434&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>
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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_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>
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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>
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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_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 transferred out of real estate owned (REO) in noncash 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 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>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 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4313-108586<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 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_TransferOfOtherRealEstate</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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                    <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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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EYQAE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>EARNINGS PER SHARE (Details) (USD $)<br>In Thousands, except Per Share data, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="2">3 Months Ended</th>
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          <div>Jul. 31, 2014</div>
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          <div>Jul. 31, 2013</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_RedemptionBasis', window );">Redemption basis</a></td>
        <td class="text">one-for-one<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_PeriodToHoldBeneficialInterestMinimum', window );">Period to hold the beneficial interest, minimum</a></td>
        <td class="text">1 year<span></span></td>
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        <td class="num">$ (151)<span></span></td>
        <td class="nump">$ 2,584<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">0<span></span></td>
        <td class="nump">494<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_NetIncomeLoss', window );">Net (loss) income attributable to Investors Real Estate Trust</a></td>
        <td class="num">(151)<span></span></td>
        <td class="nump">3,078<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_DividendsPreferredStock', window );">Dividends to preferred shareholders</a></td>
        <td class="num">(2,879)<span></span></td>
        <td class="num">(2,879)<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_NetIncomeLossAvailableToCommonStockholdersBasic', window );">Numerator for basic earnings per share - net income available to common shareholders</a></td>
        <td class="num">(3,030)<span></span></td>
        <td class="nump">199<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_NoncontrollingInterestInNetIncomeLossOperatingPartnershipsNonredeemable', window );">Noncontrolling interests - Operating Partnership</a></td>
        <td class="num">(402)<span></span></td>
        <td class="nump">50<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_NetIncomeLossAvailableToCommonStockholdersDiluted', window );">Numerator for diluted earnings per share</a></td>
        <td class="num">$ (3,432)<span></span></td>
        <td class="nump">$ 249<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_WeightedAverageNumberOfSharesOutstandingAbstract', window );"><strong>DENOMINATOR [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_WeightedAverageNumberOfSharesOutstandingBasic', window );">Denominator for basic earnings per share weighted average shares (in shares)</a></td>
        <td class="nump">111,039<span></span></td>
        <td class="nump">102,358<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_WeightedAverageNumberDilutedSharesOutstandingAdjustment', window );">Effect of convertible operating partnership units (in shares)</a></td>
        <td class="nump">20,293<span></span></td>
        <td class="nump">21,821<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_WeightedAverageNumberOfDilutedSharesOutstanding', window );">Denominator for diluted earnings per share (in shares)</a></td>
        <td class="nump">131,332<span></span></td>
        <td class="nump">124,179<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 );">(Loss) earnings per common share from continuing operations - Investors Real Estate Trust - basic and diluted</a></td>
        <td class="num">$ (0.03)<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_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare', window );">Earnings per common share from discontinued operations - Investors Real Estate Trust - basic and diluted (in dollars per share)</a></td>
        <td class="nump">$ 0<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_EarningsPerShareBasicAndDiluted', window );">NET (LOSS) INCOME PER COMMON SHARE - BASIC &amp; DILUTED</a></td>
        <td class="num">$ (0.03)<span></span></td>
        <td class="nump">$ 0<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_iret_PeriodToHoldBeneficialInterestMinimum">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 period for which some limited partners have contractually agreed to hold the beneficial interest.</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_PeriodToHoldBeneficialInterestMinimum</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_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>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>Amount of paid and unpaid preferred stock dividends declared with the form of settlement in cash, stock and payment-in-kind (PIK).</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=27012166&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_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_EarningsPerShareAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_EarningsPerShareAbstract</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_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=31042434&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 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 4: 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=26872669&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_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 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 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=26872669&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 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 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 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 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 18<br><br> -Article 7<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 20<br><br> -Article 5<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 21<br><br> -Article 9<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></p>
              </div><a href="javascript:void(0);" onclick="top.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>Per basic share amount, after tax, of income (loss) from the day-to-day business activities of the discontinued operation and gain (loss) from the disposal of the 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 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 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=26872669&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 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 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 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 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 18<br><br> -Article 7<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 20<br><br> -Article 5<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 21<br><br> -Article 9<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_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 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=31042434&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> -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 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 4: 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 5: 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 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 210.5-03.18)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<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 210.7-04.22)<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 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 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 04<br><br> -Paragraph 20<br><br> -Article 9<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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                  <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_NetIncomeLossAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_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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                  <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_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></p>
              </div><a href="javascript:void(0);" onclick="top.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_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></p>
              </div><a href="javascript:void(0);" onclick="top.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_NoncontrollingInterestInNetIncomeLossOperatingPartnershipsNonredeemable">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 after tax of income (loss) attributable to nonredeemable noncontrolling partner in an operating partnership.</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 210.5-03.19)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&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_NoncontrollingInterestInNetIncomeLossOperatingPartnershipsNonredeemable</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_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></p>
              </div><a href="javascript:void(0);" onclick="top.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>
                  </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_WeightedAverageNumberOfDilutedSharesOutstanding">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 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 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></p>
              </div><a href="javascript:void(0);" onclick="top.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>
                  </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_WeightedAverageNumberOfSharesOutstandingAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_WeightedAverageNumberOfSharesOutstandingAbstract</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_WeightedAverageNumberOfSharesOutstandingBasic">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that 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 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 3: 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">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>EARNINGS PER SHARE (Tables)<br></strong></div>
        </th>
        <th class="th" colspan="1">3 Months Ended</th>
      </tr>
      <tr>
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          <div>Jul. 31, 2014</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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      <tr 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_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock', 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: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; 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, 2014 and 2013:</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><tr style="height: 15px;"><td style="width: 72.51%; vertical-align: bottom;"><div>&#160;</div></td><td colspan="4" style="border-bottom: #000000 2px solid; width: 27.49%; vertical-align: top;"><div style="text-align: center; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">(in thousands, except per share data)</div></td></tr><tr><td style="width: 72.51%; vertical-align: bottom;"><div>&#160;</div></td><td colspan="4" style="border-bottom: #000000 2px solid; width: 27.49%; vertical-align: top;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">Three Months Ended</div><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">July 31</div></td></tr><tr><td style="border-bottom: #000000 2px solid; width: 72.51%; vertical-align: top;"><div style="text-align: left;">&#160;</div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 14.18%; vertical-align: bottom;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">2014</div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 13.31%; vertical-align: bottom;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">2013</div></td></tr><tr><td style="width: 72.51%; vertical-align: bottom;"><div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;">NUMERATOR</div></td><td style="width: 4.18%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 10%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 4.18%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 9.14%; vertical-align: bottom;"><div>&#160;</div></td></tr><tr><td style="background-color: #cceeff; width: 72.51%; vertical-align: bottom;"><div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;">(Loss) income from continuing operations &#8211; Investors Real Estate Trust</div></td><td style="background-color: #cceeff; width: 4.18%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="background-color: #cceeff; width: 10%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">(151)</div></td><td style="background-color: #cceeff; width: 4.18%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="background-color: #cceeff; width: 9.14%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">2,584</div></td></tr><tr><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 72.51%; vertical-align: bottom;"><div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, 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; background-color: #ffffff; width: 4.18%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 10%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">0</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 4.18%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 9.14%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">494</div></td></tr><tr><td style="background-color: #cceeff; width: 72.51%; vertical-align: bottom;"><div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;">Net (loss) income attributable to Investors Real Estate Trust</div></td><td style="background-color: #cceeff; width: 4.18%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 10%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">(151)</div></td><td style="background-color: #cceeff; width: 4.18%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 9.14%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">3,078</div></td></tr><tr><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 72.51%; vertical-align: bottom;"><div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;">Dividends to preferred shareholders</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 4.18%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 10%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">(2,879)</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 4.18%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 9.14%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">(2,879)</div></td></tr><tr><td style="background-color: #cceeff; width: 72.51%; vertical-align: bottom;"><div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;">Numerator for basic earnings per share &#8211; net income available to common shareholders</div></td><td style="background-color: #cceeff; width: 4.18%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 10%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">(3,030)</div></td><td style="background-color: #cceeff; width: 4.18%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 9.14%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;">199</div></td></tr><tr><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 72.51%; vertical-align: bottom;"><div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;">Noncontrolling interests &#8211; Operating Partnership</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 4.18%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 10%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">(402)</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 4.18%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 9.14%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;">50</div></td></tr><tr><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 72.51%; vertical-align: bottom;"><div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;">Numerator for diluted earnings per share</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 4.18%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 10%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">(3,432)</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 4.18%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 9.14%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;">249</div></td></tr><tr><td style="background-color: #ffffff; width: 72.51%; vertical-align: bottom;"><div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;">DENOMINATOR</div></td><td style="background-color: #ffffff; width: 4.18%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 10%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 4.18%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 9.14%; vertical-align: bottom;"><div>&#160;</div></td></tr><tr><td style="background-color: #cceeff; width: 72.51%; vertical-align: bottom;"><div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;">Denominator for basic earnings per share weighted average shares</div></td><td style="background-color: #cceeff; width: 4.18%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 10%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">111,039</div></td><td style="background-color: #cceeff; width: 4.18%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 9.14%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">102,358</div></td></tr><tr><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 72.51%; vertical-align: bottom;"><div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;">Effect of convertible operating partnership units</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 4.18%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 10%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">20,293</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 4.18%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 9.14%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">21,821</div></td></tr><tr><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 72.51%; vertical-align: bottom;"><div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;">Denominator for diluted earnings per share</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 4.18%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 10%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">131,332</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 4.18%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 9.14%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">124,179</div></td></tr><tr><td style="background-color: #ffffff; width: 72.51%; vertical-align: bottom;"><div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, 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="background-color: #ffffff; width: 4.18%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="background-color: #ffffff; width: 10%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">(.03)</div></td><td style="background-color: #ffffff; width: 4.18%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="background-color: #ffffff; width: 9.14%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">.00</div></td></tr><tr><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 72.51%; vertical-align: bottom;"><div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, 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; background-color: #cceeff; width: 4.18%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 10%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">.00</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 4.18%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 9.14%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">.00</div></td></tr><tr><td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 72.51%; vertical-align: bottom;"><div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;">NET (LOSS) INCOME PER COMMON SHARE &#8211; BASIC &amp; DILUTED</div></td><td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 4.18%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 10%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">(.03)</div></td><td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 4.18%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 9.14%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">.00</div></td></tr></table><div style="margin-top: 12pt; margin-bottom: 12pt;"><br /></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>Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing 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 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></p>
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EKTAE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>EQUITY (Details) (USD $)<br></strong></div>
        </th>
        <th class="th" colspan="2">3 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Jul. 31, 2014</div>
        </th>
        <th class="th">
          <div>Jul. 31, 2013</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DefinedBenefitPlansAndOtherPostretirementBenefitPlansTableTextBlockLineItems', window );"><strong>Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_iret_AggregateGrossSalesPriceOfCommonSharesOfBeneficialInterestAllowedToBeSold', window );">Aggregate gross sales price of common shares of beneficial interest allowed to be sold</a></td>
        <td class="nump">$ 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_ConversionOfStockSharesConverted1', window );">Units converted to common shares (in shares)</a></td>
        <td class="nump">3,100,000<span></span></td>
        <td class="nump">125,000<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">18,300,000<span></span></td>
        <td class="nump">706,000<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">2008 Incentive Award 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_DefinedBenefitPlansAndOtherPostretirementBenefitPlansTableTextBlockLineItems', window );"><strong>Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [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 (in shares)</a></td>
        <td class="nump">204,000<span></span></td>
        <td class="nump">13,000<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="nump">1,900,000<span></span></td>
        <td class="nump">112,000<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_DefinedBenefitPlansAndOtherPostretirementBenefitPlansTableTextBlockLineItems', window );"><strong>Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [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_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="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 (in shares)</a></td>
        <td class="nump">2,400,000<span></span></td>
        <td class="nump">2,600,000<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_StockIssuedDuringPeriodValueNewIssues', window );">Shares issued</a></td>
        <td class="nump">$ 20,900,000<span></span></td>
        <td class="nump">$ 22,700,000<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_SaleOfStockPricePerShare', window );">Average price of shares issued (in dollars per share)</a></td>
        <td class="nump">$ 8.64<span></span></td>
        <td class="nump">$ 8.72<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>
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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_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_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 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4332-108586<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 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4313-108586<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 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_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 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4332-108586<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 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4313-108586<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 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_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>
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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_DefinedBenefitPlansAndOtherPostretirementBenefitPlansTableTextBlockLineItems">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_DefinedBenefitPlansAndOtherPostretirementBenefitPlansTableTextBlockLineItems</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>
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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_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>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_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_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 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 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 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 S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<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 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_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 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 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 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 S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<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 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>
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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 (Tables)<br></strong></div>
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        <th class="th" colspan="1">3 Months Ended</th>
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          <div>Jul. 31, 2014</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_iret_DevelopmentConstructionCommitmentsAndContractsDisclosureTableTextBlock', window );">Development. Expansion and Renovation Projects</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'', Times, serif; margin-bottom: 12pt; font-size: 10pt;"><font style="font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Development, Expansion and Renovation Projects.&#160; </font>As of July 31, 2014, the Company had several development, expansion and renovation projects underway or recently completed, the costs for which have been capitalized, 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: 20.62%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 18.54%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 10.84%; vertical-align: bottom;"><div>&#160;</div></td><td colspan="6" style="border-bottom: #000000 2px solid; width: 38.24%; vertical-align: bottom;"><div style="text-align: center; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">(in thousands)</div></td><td style="width: 11.76%; vertical-align: bottom;"><div>&#160;</div></td></tr><tr><td style="border-bottom: #000000 2px solid; width: 20.62%; vertical-align: bottom;"><div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">Project Name and Location</div></td><td style="border-bottom: #000000 2px solid; width: 18.54%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">Planned Segment</div></td><td style="border-bottom: #000000 2px solid; width: 10.84%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">Square Feet</div><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">or Number of Units</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'', Times, serif; font-size: 10pt; font-weight: bold;">Anticipated</div><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">Total Cost</div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 12.42%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">Costs as of</div><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">July 31, 2014<sup>(1)</sup></div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 13.32%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">Loans Closed or Committed</div></td><td style="border-bottom: #000000 2px solid; width: 11.76%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">Anticipated Construction Completion</div></td></tr><tr><td style="background-color: #cceeff; width: 20.62%; vertical-align: bottom;"><div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;">Commons at Southgate - Minot, ND<sup>(2)</sup></div></td><td style="background-color: #cceeff; width: 18.54%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Multi-Family Residential</div></td><td style="background-color: #cceeff; width: 10.84%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">233 units</div></td><td style="background-color: #cceeff; width: 2.5%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="background-color: #cceeff; width: 10%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">37,201</div></td><td style="background-color: #cceeff; width: 2.52%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="background-color: #cceeff; width: 9.9%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">33,218</div></td><td style="background-color: #cceeff; width: 2.5%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="background-color: #cceeff; width: 10.82%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">24,480</div></td><td style="background-color: #cceeff; width: 11.76%; vertical-align: bottom;"><div style="text-align: right; text-indent: -10pt; font-family: ''Times New Roman'', Times, serif; margin-left: 11.4pt; font-size: 10pt;">FY2015 Q2</div></td></tr><tr><td style="background-color: #ffffff; width: 20.62%; vertical-align: bottom;"><div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;">Minot Wells Fargo Bank - Minot, ND</div></td><td style="background-color: #ffffff; width: 18.54%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Commercial Office</div></td><td style="background-color: #ffffff; width: 10.84%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">4,998 sq ft</div></td><td style="background-color: #ffffff; width: 2.5%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 10%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">3,288</div></td><td style="background-color: #ffffff; width: 2.52%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 9.9%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">1,550</div></td><td style="background-color: #ffffff; width: 2.5%; vertical-align: top;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 10.82%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">0</div></td><td style="background-color: #ffffff; width: 11.76%; vertical-align: bottom;"><div style="text-align: right; text-indent: -10pt; font-family: ''Times New Roman'', Times, serif; margin-left: 11.4pt; font-size: 10pt;">FY2015 Q2</div></td></tr><tr><td style="background-color: #cceeff; width: 20.62%; vertical-align: bottom;"><div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;">Cypress Court II &#8211; St. Cloud, MN<sup>(3)</sup></div></td><td style="background-color: #cceeff; width: 18.54%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Multi-Family Residential</div></td><td style="background-color: #cceeff; width: 10.84%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">66 units</div></td><td style="background-color: #cceeff; width: 2.5%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 10%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">7,028</div></td><td style="background-color: #cceeff; width: 2.52%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 9.9%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">3,168</div></td><td style="background-color: #cceeff; width: 2.5%; vertical-align: top;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 10.82%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">4,200</div></td><td style="background-color: #cceeff; width: 11.76%; vertical-align: bottom;"><div style="text-align: right; text-indent: -10pt; font-family: ''Times New Roman'', Times, serif; margin-left: 11.4pt; font-size: 10pt;">FY2015 Q3</div></td></tr><tr><td style="background-color: #ffffff; width: 20.62%; vertical-align: bottom;"><div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;">Arcata - Golden Valley, MN</div></td><td style="background-color: #ffffff; width: 18.54%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Multi-Family Residential</div></td><td style="background-color: #ffffff; width: 10.84%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">165 units</div></td><td style="background-color: #ffffff; width: 2.5%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 10%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">33,448</div></td><td style="background-color: #ffffff; width: 2.52%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 9.9%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">19,048</div></td><td style="background-color: #ffffff; width: 2.5%; vertical-align: top;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 10.82%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">24,250</div></td><td style="background-color: #ffffff; width: 11.76%; vertical-align: bottom;"><div style="text-align: right; text-indent: -10pt; font-family: ''Times New Roman'', Times, serif; margin-left: 11.4pt; font-size: 10pt;">FY2015 Q3</div></td></tr><tr><td style="background-color: #cceeff; width: 20.62%; vertical-align: bottom;"><div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;">Red 20 - Minneapolis, MN<sup>(4)</sup></div></td><td style="background-color: #cceeff; width: 18.54%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Multi-Family Residential and Commercial</div></td><td style="background-color: #cceeff; width: 10.84%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">130 units and 10,625 sq ft</div></td><td style="background-color: #cceeff; width: 2.5%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 10%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">29,462</div></td><td style="background-color: #cceeff; width: 2.52%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 9.9%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">20,399</div></td><td style="background-color: #cceeff; width: 2.5%; vertical-align: top;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 10.82%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">21,726</div></td><td style="background-color: #cceeff; width: 11.76%; vertical-align: bottom;"><div style="text-align: right; text-indent: -10pt; font-family: ''Times New Roman'', Times, serif; margin-left: 11.4pt; font-size: 10pt;">FY2015 Q3</div></td></tr><tr style="height: 16px;"><td style="background-color: #ffffff; width: 20.62%; vertical-align: bottom;"><div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;">Renaissance Heights I - Williston, ND<sup>(5)</sup></div></td><td style="background-color: #ffffff; width: 18.54%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Multi-Family Residential</div></td><td style="background-color: #ffffff; width: 10.84%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">288 units</div></td><td style="background-color: #ffffff; width: 2.5%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 10%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">62,362</div></td><td style="background-color: #ffffff; width: 2.52%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 9.9%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">44,251</div></td><td style="background-color: #ffffff; width: 2.5%; vertical-align: top;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 10.82%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">43,672</div></td><td style="background-color: #ffffff; width: 11.76%; vertical-align: bottom;"><div style="text-align: right; text-indent: -10pt; font-family: ''Times New Roman'', Times, serif; margin-left: 11.4pt; font-size: 10pt;">FY2015 Q4</div></td></tr><tr><td style="background-color: #cceeff; width: 20.62%; vertical-align: bottom;"><div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;">Roseville 3075 Long Lake Rd - Roseville, MN</div></td><td style="background-color: #cceeff; width: 18.54%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Commercial Industrial</div></td><td style="background-color: #cceeff; width: 10.84%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">202,807 sq ft</div></td><td style="background-color: #cceeff; width: 2.5%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 10%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">13,915</div></td><td style="background-color: #cceeff; width: 2.52%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 9.9%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">2,578</div></td><td style="background-color: #cceeff; width: 2.5%; vertical-align: top;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 10.82%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">11,000</div></td><td style="background-color: #cceeff; width: 11.76%; vertical-align: bottom;"><div style="text-align: right; text-indent: -10pt; font-family: ''Times New Roman'', Times, serif; margin-left: 11.4pt; font-size: 10pt;">FY2015 Q4</div></td></tr><tr><td style="background-color: #ffffff; width: 20.62%; vertical-align: bottom;"><div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;">Chateau II - Minot, ND<sup>(6)</sup></div></td><td style="background-color: #ffffff; width: 18.54%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Multi-Family Residential</div></td><td style="background-color: #ffffff; width: 10.84%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">72 units</div></td><td style="background-color: #ffffff; width: 2.5%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 10%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">14,711</div></td><td style="background-color: #ffffff; width: 2.52%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 9.9%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">5,681</div></td><td style="background-color: #ffffff; width: 2.5%; vertical-align: top;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 10.82%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">0</div></td><td style="background-color: #ffffff; width: 11.76%; vertical-align: bottom;"><div style="text-align: right; text-indent: -10pt; font-family: ''Times New Roman'', Times, serif; margin-left: 11.4pt; font-size: 10pt;">FY2016 Q1</div></td></tr><tr><td style="background-color: #cceeff; width: 20.62%; vertical-align: bottom;"><div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;">Cardinal Point - Grand Forks, ND</div></td><td style="background-color: #cceeff; width: 18.54%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Multi-Family Residential</div></td><td style="background-color: #cceeff; width: 10.84%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">251 units</div></td><td style="background-color: #cceeff; width: 2.5%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 10%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">40,042</div></td><td style="background-color: #cceeff; width: 2.52%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 9.9%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">9,333</div></td><td style="background-color: #cceeff; width: 2.5%; vertical-align: top;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 10.82%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">24,500</div></td><td style="background-color: #cceeff; width: 11.76%; vertical-align: bottom;"><div style="text-align: right; text-indent: -10pt; font-family: ''Times New Roman'', Times, serif; margin-left: 11.4pt; font-size: 10pt;">FY2016 Q1</div></td></tr><tr><td style="background-color: #ffffff; width: 20.62%; vertical-align: bottom;"><div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;">71 France Phase I - Edina, MN<sup>(7)</sup></div></td><td style="background-color: #ffffff; width: 18.54%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Multi-Family Residential</div></td><td style="background-color: #ffffff; width: 10.84%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">109 units</div></td><td style="background-color: #ffffff; width: 2.5%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 10%; vertical-align: bottom;"><div style="text-align: right; 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font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">(1)</div></td><td style="width: auto; vertical-align: top;"><div style="text-align: left; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Includes costs related to development projects that are placed in service in phases (Renaissance Heights I - $23.0 million).</div></td></tr></table></div><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'', Times, serif; font-size: 10pt;">(2)</div></td><td style="width: auto; vertical-align: top;"><div style="text-align: left; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">The Company is currently an approximately 52.9% partner in the joint venture entity constructing this project; the anticipated total cost amount given is the total cost to the joint venture entity.</div></td></tr></table></div><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'', Times, serif; font-size: 10pt;">(3)</div></td><td style="width: auto; vertical-align: top;"><div style="text-align: left; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">The Company is an approximately 86.1% partner in the joint venture entity constructing this project; the anticipated total cost amount given is the total cost to the joint venture entity.</div></td></tr></table></div><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'', Times, serif; font-size: 10pt;">(4)</div></td><td style="width: auto; vertical-align: top;"><div style="text-align: left; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">The Company is an approximately 58.6% partner in the joint venture entity constructing this project; the anticipated total cost amount given is the total cost to the joint venture entity.</div></td></tr></table></div><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'', Times, serif; font-size: 10pt;">(5)</div></td><td style="width: auto; vertical-align: top;"><div style="text-align: left; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">The Company is an approximately 70% partner in the joint venture entity constructing this project; the anticipated total cost amount given is the total cost to the joint venture entity.</div></td></tr></table></div><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'', Times, serif; font-size: 10pt;">(6)</div></td><td style="width: auto; vertical-align: top;"><div style="text-align: left; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">On December 5, 2013, this development project was destroyed by fire. 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                <p>Distributions paid to common shareholders, reinvestment.</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 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=31042434&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_InterestPaidCapitalized</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_NetCashProvidedByUsedInFinancingActivitiesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_NetCashProvidedByUsedInFinancingActivitiesAbstract</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_ProceedsFromContributionsFromAffiliates">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 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=31042434&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></p>
              </div><a href="javascript:void(0);" onclick="top.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_ProceedsFromContributionsFromAffiliates</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>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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  <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="ID0EKIAG">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)<br></strong></div>
        </th>
        <th class="th">
          <div>Jul. 31, 2014</div>
        </th>
        <th class="th">
          <div>Apr. 30, 2014</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsNoncurrentAbstract', window );"><strong>Other assets</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LoansAndLeasesReceivableOtherAllowance', window );">Receivable arising from straight-lining of rents, allowance</a></td>
        <td class="nump">$ 717,000<span></span></td>
        <td class="nump">$ 796,000<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_AllowanceForDoubtfulAccountsReceivable', window );">Accounts receivable, allowance</a></td>
        <td class="nump">306,000<span></span></td>
        <td class="nump">248,000<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_FiniteLivedIntangibleAssetsAccumulatedAmortization', window );">Intangible assets, accumulated amortization</a></td>
        <td class="nump">25,497,000<span></span></td>
        <td class="nump">24,071,000<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_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment', window );">Property and equipment, accumulated depreciation</a></td>
        <td class="nump">2,140,000<span></span></td>
        <td class="nump">2,041,000<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_DeferredCostsLeasingAccumulatedAmortization', window );">Deferred charges and leasing costs, accumulated amortization</a></td>
        <td class="nump">22,237,000<span></span></td>
        <td class="nump">21,068,000<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_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>
      </tr>
      <tr 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_CommonStockSharesIssued', window );">Common Shares of Beneficial Interest, shares issued (in shares)</a></td>
        <td class="nump">114,762,774<span></span></td>
        <td class="nump">109,019,341<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_CommonStockSharesOutstanding', window );">Common Shares of Beneficial Interest, shares outstanding (in shares)</a></td>
        <td class="nump">114,762,774<span></span></td>
        <td class="nump">109,019,341<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_NoncontrollingInterestsOperatingPartnershipUnits', window );">Noncontrolling interests - Operating Partnership (in shares)</a></td>
        <td class="nump">17,975,440<span></span></td>
        <td class="nump">21,093,445<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Preferred Series 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>
      </tr>
      <tr 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>
      </tr>
      <tr 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>
      </tr>
      <tr 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>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Preferred Series B [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>
      </tr>
      <tr 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">4,600,000<span></span></td>
        <td class="nump">4,600,000<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_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>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_iret_NoncontrollingInterestsOperatingPartnershipUnits">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 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">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>iret_NoncontrollingInterestsOperatingPartnershipUnits</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_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 accumulated depreciation, depletion and amortization for physical assets used in the normal conduct of business to produce 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 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 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 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></p>
              </div><a href="javascript:void(0);" onclick="top.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_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment</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_AllowanceForDoubtfulAccountsReceivable">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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, 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 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 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 10<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=35738203&amp;loc=d3e5074-111524<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 210.5-02.4)<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_AllowanceForDoubtfulAccountsReceivable</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_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_AuctionMarketPreferredSecuritiesStockSeriesAggregateRedemptionAmount">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 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></p>
              </div><a href="javascript:void(0);" onclick="top.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>
                  </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_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 per share of common stock.</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_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>
                  </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_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 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 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 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 S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<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 210.5-02.29)<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 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 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 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 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=26713463&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_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 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 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> -Subparagraph d<br><br> -Article 9<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 11B<br><br> -Subparagraph (g)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=35738203&amp;loc=SL6953423-111524<br><br><br><br>Reference 4: 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 5: 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=25495931&amp;loc=d3e18832-111554<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 310<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=27010918&amp;loc=d3e74567-122707<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 310<br><br> -SubTopic 40<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=25495931&amp;loc=d3e18805-111554<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 preferred stock nonredeemable or redeemable solely at the option of the issuer.</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 210.5-02.28)<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 29<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_PreferredStockParOrStatedValuePerShare</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_PreferredStockSharesIssued">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 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 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 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></p>
              </div><a href="javascript:void(0);" onclick="top.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>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
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                    <td><strong> Data Type:</strong></td>
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                <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>
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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 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 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></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>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, 2014</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>
        <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_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'', Times, serif; margin-bottom: 6pt; font-size: 10pt; font-weight: bold;">NOTE 10 &#8226; FAIR VALUE OF FINANCIAL INSTRUMENTS</div><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt;">ASC 820, <font style="font-style: italic; font-family: ''Times New Roman'', Times, 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'', Times, serif; margin-bottom: 6pt; font-size: 10pt;">Level 1:&#160; Quoted prices in active markets for identical assets</div><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt;">Level 2:&#160; Significant other observable inputs</div><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt;">Level 3:&#160; Significant unobservable inputs</div><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt;">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: left; font-style: italic; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt;">Fair Value Measurements on a Recurring Basis</div><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt;">The Company had no assets or liabilities recorded at fair value on a recurring basis at July 31, 2014 and April 30, 2014.</div><div style="text-align: left; font-style: italic; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt;">Fair Value Measurements on a Nonrecurring Basis</div><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt;">Non-financial assets and liabilities measured at fair value on a nonrecurring basis at July 31, 2014 consisted of real estate investments that were written-down to estimated fair value during the three months ended July 31, 2014. Non-financial assets measured at fair value on a nonrecurring basis at April 30, 2014 consisted of real estate investments and real estate held for sale that was written-down to estimated fair value during fiscal year 2014. 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'', Times, serif; font-size: 10pt; 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'', Times, serif; font-size: 10pt; font-weight: bold;">July 31, 2014</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'', Times, serif; font-size: 10pt; 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'', Times, serif; font-size: 10pt; 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'', Times, serif; font-size: 10pt; 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'', Times, serif; font-size: 10pt; font-weight: bold;">Level 3</div></td></tr><tr><td style="width: 50.96%; vertical-align: bottom;"><div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">ASSETS:</div></td><td colspan="2" style="width: 12.48%; vertical-align: bottom;"><div>&#160;</div></td><td colspan="2" style="width: 11.56%; vertical-align: bottom;"><div>&#160;</div></td><td colspan="2" style="width: 12.5%; vertical-align: bottom;"><div>&#160;</div></td><td colspan="2" style="width: 12.5%; vertical-align: bottom;"><div>&#160;</div></td></tr><tr><td style="background-color: #cceeff; width: 50.96%; vertical-align: bottom;"><div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;">Real estate investments</div></td><td style="background-color: #cceeff; width: 2.88%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="background-color: #cceeff; width: 9.6%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">6,425</div></td><td style="background-color: #cceeff; width: 2.88%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="background-color: #cceeff; width: 8.68%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">0</div></td><td style="background-color: #cceeff; width: 2.88%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="background-color: #cceeff; width: 9.62%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">0</div></td><td style="background-color: #cceeff; width: 2.88%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="background-color: #cceeff; width: 9.62%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">6,425</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'', Times, serif; font-size: 10pt; 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'', Times, serif; font-size: 10pt; font-weight: bold;">April 30, 2014</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'', Times, serif; font-size: 10pt; 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'', Times, serif; font-size: 10pt; 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'', Times, serif; font-size: 10pt; 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'', Times, serif; font-size: 10pt; font-weight: bold;">Level 3</div></td></tr><tr><td style="width: 50.96%; vertical-align: bottom;"><div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">ASSETS:</div></td><td colspan="2" style="width: 12.48%; vertical-align: bottom;"><div>&#160;</div></td><td colspan="2" style="width: 11.56%; vertical-align: bottom;"><div>&#160;</div></td><td colspan="2" style="width: 12.5%; vertical-align: bottom;"><div>&#160;</div></td><td colspan="2" style="width: 12.5%; vertical-align: bottom;"><div>&#160;</div></td></tr><tr><td style="background-color: #cceeff; width: 50.96%; vertical-align: bottom;"><div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;">Real estate investments</div></td><td style="background-color: #cceeff; width: 2.88%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="background-color: #cceeff; width: 9.6%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">89,537</div></td><td style="background-color: #cceeff; width: 2.88%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="background-color: #cceeff; width: 8.68%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">0</div></td><td style="background-color: #cceeff; width: 2.88%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="background-color: #cceeff; width: 9.62%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">0</div></td><td style="background-color: #cceeff; width: 2.88%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="background-color: #cceeff; width: 9.62%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">89,537</div></td></tr><tr><td style="background-color: #ffffff; width: 50.96%; vertical-align: bottom;"><div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;">Real estate held for sale</div></td><td style="background-color: #ffffff; width: 2.88%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 9.6%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">2,951</div></td><td style="background-color: #ffffff; width: 2.88%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 8.68%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">0</div></td><td style="background-color: #ffffff; width: 2.88%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 9.62%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">0</div></td><td style="background-color: #ffffff; width: 2.88%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 9.62%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">2,951</div></td></tr></table><div style="text-align: left; font-style: italic; margin-top: 12pt; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt;">Financial Assets and Liabilities Not Measured at Fair Value</div><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt;"><font style="font-family: ''Times New Roman'', Times, 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: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt;"><font style="font-style: italic; font-family: ''Times New Roman'', Times, 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: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt;"><font style="font-style: italic; font-family: ''Times New Roman'', Times, 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: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt;"><font style="font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Other Debt.</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 relevant treasury interest rates plus credit spreads (Level 2).</div><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt;"><font style="font-style: italic; font-family: ''Times New Roman'', Times, 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: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt;"><font style="font-style: italic; font-family: ''Times New Roman'', Times, 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 relevant treasury interest rates plus credit spreads (Level 2).</div><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"></div><div><br /></div><div><br /></div><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt;">The estimated fair values of the Company's financial instruments as of July 31, 2014 and April 30, 2014, 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'', Times, serif; font-size: 10pt; font-weight: bold;">(in thousands)</div></td></tr><tr><td style="width: 50.96%; vertical-align: bottom;"><div>&#160;</div></td><td colspan="4" style="border-bottom: #000000 2px solid; width: 24.04%; vertical-align: bottom;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">July 31, 2014</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'', Times, serif; font-size: 10pt; font-weight: bold;">April 30, 2014</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'', Times, serif; font-size: 10pt; 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'', Times, serif; font-size: 10pt; 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; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">Carrying Amount</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'', Times, serif; font-size: 10pt; font-weight: bold;">Fair Value</div></td></tr><tr><td style="width: 50.96%; vertical-align: bottom;"><div style="text-align: justify; font-family: ''Times New Roman'', Times, 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><td style="background-color: #cceeff; width: 50.96%; vertical-align: bottom;"><div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;">Cash and cash equivalents</div></td><td style="background-color: #cceeff; width: 2.88%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="background-color: #cceeff; width: 9.6%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">60,620</div></td><td style="background-color: #cceeff; width: 2.88%; 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width: 2.88%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 9.6%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">35,500</div></td><td style="background-color: #cceeff; width: 2.88%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 8.68%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">35,500</div></td><td style="background-color: #cceeff; width: 2.88%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 9.62%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">22,500</div></td><td style="background-color: #cceeff; width: 2.88%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 9.62%; vertical-align: bottom;"><div style="text-align: right; 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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 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 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=35750535&amp;loc=d3e13537-108611<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 10<br><br> -URI http://asc.fasb.org/extlink&amp;oid=35750535&amp;loc=d3e13433-108611<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 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 4: 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=36462937&amp;loc=d3e19207-110258<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 30<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6957238&amp;loc=d3e14172-108612<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 825<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 16<br><br> -URI http://asc.fasb.org/extlink&amp;oid=35750535&amp;loc=d3e13504-108611<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="ID0ENSAE">
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          <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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        <td class="text">Q1<span></span></td>
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        <td class="text">false<span></span></td>
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        <td class="text">Jul. 31,
				 2014<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>
              </div><a href="javascript:void(0);" onclick="top.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_AmendmentFlag</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:booleanItemType</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_CurrentFiscalYearEndDate">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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>
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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 );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>iret_DocumentAndEntityInformationAbstract</nobr></td>
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                    <td>duration</td>
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        </tr>
      </table>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>42
<FILENAME>R18.htm
<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="ID0EME">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>REDEEMABLE NONCONTROLLING INTERESTS<br></strong></div>
        </th>
        <th class="th" colspan="1">3 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Jul. 31, 2014</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_TemporaryEquityDisclosureAbstract', window );"><strong>REDEEMABLE NONCONTROLLING INTERESTS [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_RedeemableNoncontrollingInterestsTextBlock', window );">REDEEMABLE NONCONTROLLING INTERESTS</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'', Times, serif; margin-bottom: 6pt; font-size: 10pt; font-weight: bold;">NOTE 11 &#8226; REDEEMABLE NONCONTROLLING INTERESTS</div><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt;">Redeemable noncontrolling interests on our Consolidated Balance Sheets represent the noncontrolling interest in a joint venture of the Company in which the Company's unaffiliated partner, at its election, could require the Company to buy its interest at a purchase price to be determined by an appraisal conducted in accordance with the terms of the agreement, or at a negotiated price. Redeemable noncontrolling interests are presented at the greater of their carrying amount or redemption value at the end of each reporting period. Changes in the value from period to period are charged to common shares of beneficial interest on our Consolidated Balance Sheets. During fiscal year 2014 the Company identified an error pertaining to the reporting for a noncontrolling interest in a consolidated real estate joint venture formed in the fourth quarter of fiscal year 2013 for which the holder of such interest has the right to require the Company to acquire the interest at fair value twelve months after the final certificate of occupancy is obtained for the joint venture's development project. This error resulted in an overstatement of equity and offsetting understatement of the line entitled "redeemable noncontrolling interests &#8211; consolidated real estate entities" in the mezzanine section of the Company's consolidated balance sheet of $5.9 million as of July 31, 2013. The Company revised its previously issued statement of equity to correct the effect of this error.&#160; See Note 2 for additional information.</div><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt;">As of July 31, 2014 and 2013, the estimated redemption value of the redeemable noncontrolling interests was $6.3 million and $5.9 million, respectively. Below is a table reflecting the activity of the redeemable noncontrolling interests.</div><table align="center" border="0" cellpadding="0" cellspacing="0" style="width: 50%; font-family: 'Times New Roman', Times, Serif; font-size: 10pt;"><tr><td style="width: 79.18%; vertical-align: top;"><div>&#160;</div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 20.82%; vertical-align: bottom;"><div style="text-align: right; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">(in thousands)</div></td></tr><tr><td style="background-color: #cceeff; width: 79.18%; vertical-align: bottom;"><div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Balance at April 30, 2013</div></td><td style="background-color: #cceeff; width: 6.13%; vertical-align: top;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="background-color: #cceeff; width: 14.7%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;">5,937</div></td></tr><tr><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 79.18%; vertical-align: bottom;"><div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Net income</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 6.13%; vertical-align: top;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 14.7%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;">12</div></td></tr><tr><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 79.18%; vertical-align: bottom;"><div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Balance at July 31, 2013</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 6.13%; vertical-align: top;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 14.7%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;">5,949</div></td></tr></table><div><br /></div><table align="center" border="0" cellpadding="0" cellspacing="0" style="width: 50%; font-family: 'Times New Roman', Times, Serif; font-size: 10pt;"><tr><td style="width: 79.18%; vertical-align: top;"><div>&#160;</div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 20.82%; vertical-align: bottom;"><div style="text-align: right; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">(in thousands)</div></td></tr><tr><td style="background-color: #cceeff; width: 79.18%; vertical-align: bottom;"><div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Balance at April 30, 2014</div></td><td style="background-color: #cceeff; width: 6.13%; vertical-align: top;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="background-color: #cceeff; width: 14.7%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;">6,203</div></td></tr><tr><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 79.18%; vertical-align: bottom;"><div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Net income</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 6.13%; vertical-align: top;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 14.7%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;">110</div></td></tr><tr><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 79.18%; vertical-align: bottom;"><div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Balance at July 31, 2014</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 6.13%; vertical-align: top;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 14.7%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;">6,313</div></td></tr></table><div><br /></div></div><span></span></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>Disclosure pertaining to Redeemable 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">
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TemporaryEquityDisclosureAbstract">
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                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_TemporaryEquityDisclosureAbstract</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>43
<FILENAME>R4.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<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="ID0EI1AG">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)<br>In Thousands, except Per Share data, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="2">3 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Jul. 31, 2014</div>
        </th>
        <th class="th">
          <div>Jul. 31, 2013</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RevenuesAbstract', window );"><strong>REVENUE</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLeasesIncomeStatementLeaseRevenue', window );">Real estate rentals</a></td>
        <td class="nump">$ 57,126<span></span></td>
        <td class="nump">$ 53,623<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">10,711<span></span></td>
        <td class="nump">11,475<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_OtherRealEstateRevenue', window );">TRS senior housing revenue</a></td>
        <td class="nump">793<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_RealEstateRevenueNet', window );">TOTAL REVENUE</a></td>
        <td class="nump">68,630<span></span></td>
        <td class="nump">65,098<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">16,184<span></span></td>
        <td class="nump">18,056<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">4,681<span></span></td>
        <td class="nump">4,923<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">7,764<span></span></td>
        <td class="nump">7,729<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">8,501<span></span></td>
        <td class="nump">8,375<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">1,736<span></span></td>
        <td class="nump">1,301<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">4,630<span></span></td>
        <td class="nump">4,135<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_ProvisionForDoubtfulAccounts', window );">Other property expenses</a></td>
        <td class="nump">206<span></span></td>
        <td class="nump">177<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_DirectCostsofLeasingandOperatingSeniorLivingRealEstateProperty', window );">TRS senior housing expenses</a></td>
        <td class="nump">693<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_GeneralAndAdministrativeExpense', window );">Administrative expenses</a></td>
        <td class="nump">3,485<span></span></td>
        <td class="nump">2,524<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">179<span></span></td>
        <td class="nump">229<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 property expenses</a></td>
        <td class="nump">612<span></span></td>
        <td class="nump">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_us-gaap_AmortizationOfDeferredLeasingFees', window );">Amortization related to non-real estate investments</a></td>
        <td class="nump">872<span></span></td>
        <td class="nump">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_iret_ImpairmentOfRealEstateContinuingOperations', window );">Impairment of real estate investments</a></td>
        <td class="nump">2,320<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">51,863<span></span></td>
        <td class="nump">49,072<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">0<span></span></td>
        <td class="nump">966<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_OperatingIncomeLoss', window );">Operating income</a></td>
        <td class="nump">16,767<span></span></td>
        <td class="nump">16,992<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">(14,664)<span></span></td>
        <td class="num">(14,596)<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">560<span></span></td>
        <td class="nump">188<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">131<span></span></td>
        <td class="nump">22<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_iret_IncomeLossBeforeGainLossOnSaleOfRealEstateAndOtherInvestmentsAndIncomeLossFromDiscontinuedOperations', window );">Income before loss on sale of real estate and other investments and income from discontinued operations</a></td>
        <td class="nump">2,794<span></span></td>
        <td class="nump">2,606<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_GainLossOnSaleOfPropertiesBeforeApplicableIncomeTaxes', window );">Loss on sale of real estate and other investments</a></td>
        <td class="num">(2,993)<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_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest', window );">(Loss) income from continuing operations</a></td>
        <td class="num">(199)<span></span></td>
        <td class="nump">2,606<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">0<span></span></td>
        <td class="nump">610<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 (LOSS) INCOME</a></td>
        <td class="num">(199)<span></span></td>
        <td class="nump">3,216<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_NoncontrollingInterestInNetIncomeLossOperatingPartnershipsNonredeemable', window );">Net loss (income) attributable to noncontrolling interests - Operating Partnership</a></td>
        <td class="nump">402<span></span></td>
        <td class="num">(50)<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">(354)<span></span></td>
        <td class="num">(88)<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 (loss) income attributable to Investors Real Estate Trust</a></td>
        <td class="num">(151)<span></span></td>
        <td class="nump">3,078<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">(2,879)<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 (LOSS) INCOME AVAILABLE TO COMMON SHAREHOLDERS</a></td>
        <td class="num">$ (3,030)<span></span></td>
        <td class="nump">$ 199<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 );">(Loss) earnings per common share from continuing operations - Investors Real Estate Trust - basic and diluted (in dollars per share)</a></td>
        <td class="num">$ (0.03)<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_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare', window );">Earnings per common share from discontinued operations - Investors Real Estate Trust - basic and diluted (in dollars per share)</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_us-gaap_EarningsPerShareBasicAndDiluted', window );">NET (LOSS) INCOME PER COMMON SHARE - BASIC AND DILUTED (in dollars per share)</a></td>
        <td class="num">$ (0.03)<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_CommonStockDividendsPerShareDeclared', window );">DIVIDENDS PER COMMON SHARE (in dollars per 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_DirectCostsofLeasingandOperatingSeniorLivingRealEstateProperty">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Direct costs associated with leasing operating our senior living real estate portfolio including labor, food, utilities, marketing, management and other direct operating costs.</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_DirectCostsofLeasingandOperatingSeniorLivingRealEstateProperty</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_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_IncomeLossBeforeGainLossOnSaleOfRealEstateAndOtherInvestmentsAndIncomeLossFromDiscontinuedOperations">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 (loss) before the gain (loss) on the sale of real estate and other investments and the income (loss) from discontinued operations.</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_IncomeLossBeforeGainLossOnSaleOfRealEstateAndOtherInvestmentsAndIncomeLossFromDiscontinuedOperations</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_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=31042434&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=26872669&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=27012166&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=26872669&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=26872669&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 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 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 (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&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_GainLossOnSaleOfPropertiesBeforeApplicableIncomeTaxes">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 amount of gain (loss) on sale of properties during the reporting period gross of the applicable income taxes realized.</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 974<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-15.(a)(1)(ii)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6875705&amp;loc=d3e641549-123027<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 15<br><br> -Paragraph a<br><br> -Subparagraph 1(ii)<br><br> -Article 3<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_GainLossOnSaleOfPropertiesBeforeApplicableIncomeTaxes</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_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></p>
              </div><a href="javascript:void(0);" onclick="top.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=26872669&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 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></p>
              </div><a href="javascript:void(0);" onclick="top.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 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 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=26872669&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 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 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 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 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 18<br><br> -Article 7<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 20<br><br> -Article 5<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 21<br><br> -Article 9<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 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 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 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 13<br><br> -Article 7<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>Reference 5: 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=26872669&amp;loc=d3e20235-122688<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 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>Per basic share amount, after tax, of income (loss) from the day-to-day business activities of the discontinued operation and gain (loss) from the disposal of the 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 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 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=26872669&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 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 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 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 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 18<br><br> -Article 7<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 20<br><br> -Article 5<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 21<br><br> -Article 9<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>Amount of the cost of borrowed funds accounted for as interest expense.</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> -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 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 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 9<br><br> -Article 9<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>Amount before accretion (amortization) of purchase discount (premium) of interest income on nonoperating 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 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 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 210.5-03.7(b))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&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_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 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=31042434&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> -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 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 4: 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 5: 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 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 210.5-03.18)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<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 210.7-04.22)<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 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 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 04<br><br> -Paragraph 20<br><br> -Article 9<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 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 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 55<br><br> -Paragraph 4J<br><br> -URI http://asc.fasb.org/extlink&amp;oid=35736750&amp;loc=SL4591551-111686<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_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></p>
              </div><a href="javascript:void(0);" onclick="top.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_NoncontrollingInterestInNetIncomeLossOperatingPartnershipsNonredeemable">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 after tax of income (loss) attributable to nonredeemable noncontrolling partner in an operating partnership.</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 210.5-03.19)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&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_NoncontrollingInterestInNetIncomeLossOperatingPartnershipsNonredeemable</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_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 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=26872669&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=26872669&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_OtherRealEstateRevenue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 real estate revenue not otherwise specified 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 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=26872669&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_OtherRealEstateRevenue</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=26872669&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=35736750&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 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 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=35736750&amp;loc=SL4591551-111686<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_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 expense related to write-down of receivables to the amount expected to be collected. Includes, but is not limited to, accounts receivable and notes receivable.</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=31042434&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 210.5-03.5)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&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 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=26872669&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>
                  </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_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=26872669&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>
                  </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_RealEstateTaxExpense">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 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></p>
              </div><a href="javascript:void(0);" onclick="top.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>
                  </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_RevenuesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_RevenuesAbstract</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_TenantReimbursements">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <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=26872669&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>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</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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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <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>
              </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 210.5-03.3)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&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;">
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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>
        </th>
        <th class="th" colspan="1">3 Months Ended</th>
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          <div>Jul. 31, 2014</div>
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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_SegmentReportingAbstract', window );"><strong>SEGMENT REPORTING [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_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'', Times, serif; margin-bottom: 12pt; font-size: 10pt; font-weight: bold;">NOTE 5 &#8226; SEGMENT REPORTING</div><div style="text-align: left; font-family: ''Times New Roman'', Times, 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: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 10.5pt; font-size: 10pt;">IRET measures the performance of its segments based on net operating income ("NOI"), which the Company defines as <font style="font-family: ''Times New Roman'', Times, 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: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"></div><div><br /></div><div><br /></div><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 12pt; 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, 2014 and 2013, 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 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: 33.64%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">Three Months Ended July 31, 2014</div></td><td colspan="12" style="border-bottom: #000000 2px solid; width: 66.36%; vertical-align: bottom;"><div style="text-align: center; font-style: italic; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; font-weight: bold;">(in thousands)</div></td></tr><tr><td colspan="2" style="border-bottom: #000000 2px solid; width: 9.78%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; font-weight: bold;">Multi-Family<font style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"><br /></font>Residential</div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 12.06%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; font-weight: bold;">Commercial-<font style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"><br /></font>Office</div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 11.21%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; font-weight: bold;">Commercial-<font style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"><br /></font>Healthcare</div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 12.08%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; font-weight: bold;">Commercial-<font style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"><br /></font>Industrial</div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 10.4%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; font-weight: bold;">Commercial-<font style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"><br /></font>Retail</div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 10.82%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; font-weight: bold;">Total</div></td></tr><tr><td style="width: 33.64%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 1.8%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 7.98%; 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: 8.22%; vertical-align: bottom;"><div>&#160;</div></td></tr><tr><td style="background-color: #cceeff; width: 33.64%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">Real estate revenue</div></td><td style="background-color: #cceeff; width: 1.8%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td style="background-color: #cceeff; width: 7.98%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">27,727</div></td><td style="background-color: #cceeff; width: 3.44%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td style="background-color: #cceeff; width: 8.62%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">18,846</div></td><td style="background-color: #cceeff; width: 3.04%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td style="background-color: #cceeff; width: 8.18%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">16,298</div></td><td style="background-color: #cceeff; width: 3.44%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td style="background-color: #cceeff; width: 8.64%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">1,570</div></td><td style="background-color: #cceeff; width: 3.48%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td style="background-color: #cceeff; width: 6.92%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">3,396</div></td><td style="background-color: #cceeff; width: 2.6%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td style="background-color: #cceeff; width: 8.22%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; margin-right: 3.6pt;">67,837</div></td></tr><tr><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 33.64%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">Real estate expenses</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 1.8%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 7.98%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">12,221</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 3.44%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 8.62%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">9,327</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 3.04%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 8.18%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">4,416</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 3.44%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 8.64%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">450</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 3.48%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 6.92%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">1,104</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 2.6%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 8.22%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; margin-right: 3.6pt;">27,518</div></td></tr><tr><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 33.64%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">Net operating income</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 1.8%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 7.98%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">15,506</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 3.44%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 8.62%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">9,519</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 3.04%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 8.18%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">11,882</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 3.44%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 8.64%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">1,120</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 3.48%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 6.92%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">2,292</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 2.6%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 8.22%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; margin-right: 3.6pt;">40,319</div></td></tr><tr><td style="background-color: #ffffff; width: 33.64%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 9pt; font-size: 10pt;">TRS senior housing revenue</div></td><td style="background-color: #ffffff; width: 1.8%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 7.98%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 3.44%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 8.62%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 3.04%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 8.18%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 3.44%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 8.64%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 3.48%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 6.92%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 2.6%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 8.22%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; margin-right: 3.75pt;">793</div></td></tr><tr><td colspan="3" style="background-color: #cceeff; width: 43.42%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 9pt; font-size: 10pt;">TRS senior housing expenses</div></td><td style="background-color: #cceeff; width: 3.44%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 8.62%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 3.04%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 8.18%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 3.44%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 8.64%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 3.48%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 6.92%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 2.6%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 8.22%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">(693)</div></td></tr><tr><td colspan="3" style="background-color: #ffffff; width: 43.42%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 9pt; font-size: 10pt;">Depreciation/amortization</div></td><td style="background-color: #ffffff; width: 3.44%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 8.62%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 3.04%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 8.18%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 3.44%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 8.64%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 3.48%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 6.92%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 2.6%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 8.22%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">(17,056)</div></td></tr><tr><td colspan="3" style="background-color: #cceeff; width: 43.42%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 9pt; font-size: 10pt;">Administrative, advisory and trustee services</div></td><td style="background-color: #cceeff; width: 3.44%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 8.62%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 3.04%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 8.18%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 3.44%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 8.64%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 3.48%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 6.92%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 2.6%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 8.22%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">(3,664)</div></td></tr><tr><td colspan="3" style="background-color: #ffffff; width: 43.42%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 9pt; font-size: 10pt;">Impairment of real estate investments</div></td><td style="background-color: #ffffff; width: 3.44%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 8.62%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 3.04%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 8.18%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 3.44%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 8.64%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 3.48%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 6.92%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 2.6%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 8.22%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">(2,320)</div></td></tr><tr><td colspan="3" style="background-color: #cceeff; width: 43.42%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 9pt; font-size: 10pt;">Other expenses</div></td><td style="background-color: #cceeff; width: 3.44%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 8.62%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 3.04%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 8.18%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 3.44%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 8.64%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 3.48%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 6.92%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 2.6%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 8.22%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">(612)</div></td></tr><tr><td style="background-color: #ffffff; width: 33.64%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 9pt; font-size: 10pt;">Interest expense</div></td><td style="background-color: #ffffff; width: 1.8%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 7.98%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 3.44%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 8.62%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 3.04%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 8.18%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 3.44%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 8.64%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 3.48%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 6.92%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 2.6%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 8.22%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">(14,664)</div></td></tr><tr><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 33.64%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 9pt; font-size: 10pt;">Interest and other income</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 1.8%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 7.98%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 3.44%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 8.62%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 3.04%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 8.18%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 3.44%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 8.64%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 3.48%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 6.92%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 2.6%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 8.22%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; margin-right: 3.75pt;">691</div></td></tr><tr><td colspan="11" style="background-color: #ffffff; width: 89.18%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;">Income before loss on sale of real estate and other investments</div></td><td style="background-color: #ffffff; width: 2.6%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 8.22%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; margin-right: 3.75pt;">2,794</div></td></tr><tr><td colspan="11" style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 89.18%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;">Loss on sale of real estate and other investments</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 2.6%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 8.22%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">(2,993)</div></td></tr><tr><td colspan="11" style="border-bottom: #000000 4px double; background-color: #ffffff; width: 89.18%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Net (loss)</div></td><td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 2.6%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 8.22%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">(199)</div></td></tr></table><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'', Times, serif; font-size: 10pt; font-weight: bold;">Three Months Ended July 31, 2013</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'', Times, serif; color: #000000; font-size: 10pt; font-weight: bold;">(in thousands)</div></td></tr><tr><td colspan="2" style="border-bottom: #000000 2px solid; width: 9.69%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; font-weight: bold;">Multi-Family<font style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"><br /></font>Residential</div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 11.62%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; font-weight: bold;">Commercial-<font style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"><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'', Times, serif; color: #000000; font-size: 10pt; font-weight: bold;">Commercial-<font style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"><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'', Times, serif; color: #000000; font-size: 10pt; font-weight: bold;">Commercial-<font style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"><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'', Times, serif; color: #000000; font-size: 10pt; font-weight: bold;">Commercial-<font style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"><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'', Times, serif; color: #000000; font-size: 10pt; 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: 8.36%; 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><td style="background-color: #cceeff; width: 33.61%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">Real estate revenue</div></td><td style="background-color: #cceeff; width: 1.33%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td style="background-color: #cceeff; width: 8.36%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">24,373</div></td><td style="background-color: #cceeff; width: 3.3%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td style="background-color: #cceeff; width: 8.32%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">19,315</div></td><td style="background-color: #cceeff; width: 3.32%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td style="background-color: #cceeff; width: 8.34%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">16,073</div></td><td style="background-color: #cceeff; width: 3.34%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td style="background-color: #cceeff; width: 8.34%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">2,038</div></td><td style="background-color: #cceeff; width: 3.32%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td style="background-color: #cceeff; width: 7.56%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">3,299</div></td><td style="background-color: #cceeff; width: 2.5%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td style="background-color: #cceeff; width: 8.34%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; margin-right: 3.6pt;">65,098</div></td></tr><tr><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 33.61%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">Real estate expenses</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 1.33%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 8.36%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">10,846</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 3.3%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 8.32%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">9,753</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 3.32%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 8.34%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">4,284</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 3.34%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 8.34%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">454</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 3.32%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 7.56%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">1,303</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 2.5%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 8.34%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; margin-right: 3.6pt;">26,640</div></td></tr><tr><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 33.61%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">Gain on involuntary conversion</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 1.33%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 8.36%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">966</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 3.3%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 8.32%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">0</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 3.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 8.34%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">0</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 3.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 8.34%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">0</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 3.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 7.56%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">0</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 2.5%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 8.34%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; margin-right: 3.6pt;">966</div></td></tr><tr><td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 33.61%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">Net operating income</div></td><td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 1.33%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 8.36%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">14,493</div></td><td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 3.3%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 8.32%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">9,562</div></td><td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 3.32%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 8.34%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">11,789</div></td><td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 3.34%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 8.34%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">1,584</div></td><td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 3.32%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 7.56%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">1,996</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 2.5%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 8.34%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; margin-right: 3.6pt;">39,424</div></td></tr><tr><td style="background-color: #cceeff; width: 33.61%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 9pt; font-size: 10pt;">Depreciation/amortization</div></td><td style="background-color: #cceeff; width: 1.33%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 8.36%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 3.3%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 8.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 3.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 8.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 3.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 8.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 3.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 7.56%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 2.5%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 8.34%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">(19,000)</div></td></tr><tr><td colspan="3" style="background-color: #ffffff; 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width: 2.5%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 8.34%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">(2,753)</div></td></tr><tr><td style="background-color: #cceeff; width: 33.61%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 9pt; font-size: 10pt;">Other expenses</div></td><td style="background-color: #cceeff; width: 1.33%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 8.36%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 3.3%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 8.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 3.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 8.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 3.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 8.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 3.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 7.56%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 2.5%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 8.34%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">(679)</div></td></tr><tr><td style="background-color: #ffffff; width: 33.61%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 9pt; font-size: 10pt;">Interest expense</div></td><td style="background-color: #ffffff; width: 1.33%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 8.36%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 3.3%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 8.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 3.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 8.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 3.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 8.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 3.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 7.56%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 2.5%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 8.34%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">(14,596)</div></td></tr><tr><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 33.61%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 9pt; font-size: 10pt;">Interest and other income</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 1.33%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 8.36%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 3.3%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 8.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 3.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 8.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 3.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 8.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 3.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 7.56%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 2.5%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 8.34%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; margin-right: 3.6pt;">210</div></td></tr><tr><td colspan="4" style="background-color: #ffffff; width: 46.6%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 9pt; font-size: 10pt;">Income from continuing operations</div></td><td style="background-color: #ffffff; width: 8.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 3.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 8.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 3.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 8.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 3.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 7.56%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 2.5%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 8.34%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">2,606</div></td></tr><tr><td colspan="3" style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 43.31%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 9pt; font-size: 10pt;">Income from discontinued operations</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 3.3%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 8.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 3.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 8.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 3.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 8.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 3.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 7.56%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 2.5%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 8.34%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; margin-right: 3.6pt;">610</div></td></tr><tr><td colspan="11" style="border-bottom: #000000 4px double; background-color: #ffffff; width: 89.16%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">Net income</div></td><td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 2.5%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 8.34%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; margin-right: 3.6pt;">3,216</div></td></tr></table><div><br /></div><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"></div><div><br /></div><div><br /></div><div style="text-align: left; margin-top: 12pt; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt; font-weight: bold;">Segment Assets and Accumulated Depreciation</div><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 10pt; font-size: 10pt;">Segment assets are summarized as follows as of July 31, 2014, and April 30, 2014, 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'', Times, serif; font-size: 10pt; 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'', Times, serif; font-size: 10pt; font-weight: bold;">As of July 31, 2014</div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 9.48%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; font-weight: bold;">Multi-Family<font style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"><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'', Times, serif; color: #000000; font-size: 10pt; font-weight: bold;">Commercial-<font style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"><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'', Times, serif; color: #000000; font-size: 10pt; font-weight: bold;">Commercial-<font style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"><br /></font>Healthcare</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'', Times, serif; color: #000000; font-size: 10pt; font-weight: bold;">Commercial-<font style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"><br /></font>Industrial</div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 10.82%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; font-weight: bold;">Commercial-<font style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"><br /></font>Retail</div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 11.08%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; 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width: 33.61%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;">Property owned</div></td><td style="background-color: #cceeff; width: 1.13%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="background-color: #cceeff; width: 8.35%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">798,020</div></td><td style="background-color: #cceeff; width: 3.32%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="background-color: #cceeff; width: 8.34%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">537,096</div></td><td style="background-color: #cceeff; 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width: 8.34%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">(10,136)</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 3.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 7.5%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">(27,686)</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 2.5%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 8.58%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">(435,317)</div></td></tr><tr><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 33.61%; vertical-align: bottom;"><div style="text-align: left; 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vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">131,862</div></td></tr><tr><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 33.61%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;">Unimproved land</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 1.13%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 8.35%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 3.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 8.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 3.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 8.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 3.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 8.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 3.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 7.5%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 2.5%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 8.58%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; 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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><td style="background-color: #cceeff; width: 33.61%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;">Property owned</div></td><td style="background-color: #cceeff; width: 1.35%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="background-color: #cceeff; 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font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">(121,892)</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 2.58%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 8.98%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">(105,843)</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 2.68%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 8.34%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">(10,198)</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 3.38%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 7.46%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">(28,255)</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 2.2%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 8.64%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">(424,288)</div></td></tr><tr><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 33.61%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Net property owned</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 1.35%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 9.2%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">595,631</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 2.48%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 9.08%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">422,736</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 2.58%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 8.98%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">419,185</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 2.68%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 8.34%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">45,177</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 3.38%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 7.46%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">89,014</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 2.2%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 8.64%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">1,571,743</div></td></tr><tr><td style="background-color: #ffffff; width: 33.61%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;">Real estate held for sale</div></td><td style="background-color: #ffffff; width: 1.35%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 9.2%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 2.48%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 9.08%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 2.58%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 8.98%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 2.68%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 8.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 3.38%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 7.46%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 2.2%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 8.64%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">2,951</div></td></tr><tr style="height: 16px;"><td style="background-color: #cceeff; width: 33.61%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;">Cash and cash equivalents</div></td><td style="background-color: #cceeff; width: 1.35%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 9.2%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 2.48%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 9.08%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 2.58%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 8.98%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 2.68%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 8.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 3.38%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 7.46%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 2.2%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 8.64%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">47,267</div></td></tr><tr><td style="background-color: #ffffff; width: 33.61%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;">Other investments</div></td><td style="background-color: #ffffff; width: 1.35%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 9.2%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 2.48%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 9.08%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 2.58%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 8.98%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 2.68%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 8.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 3.38%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 7.46%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 2.2%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 8.64%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">329</div></td></tr><tr><td style="background-color: #cceeff; width: 33.61%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;">Receivables and other assets</div></td><td style="background-color: #cceeff; width: 1.35%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 9.2%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 2.48%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 9.08%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 2.58%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 8.98%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 2.68%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 8.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 3.38%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 7.46%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 2.2%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 8.64%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">119,458</div></td></tr><tr><td style="background-color: #ffffff; width: 33.61%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;">Development in progress</div></td><td style="background-color: #ffffff; width: 1.35%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 9.2%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 2.48%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 9.08%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 2.58%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 8.98%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 2.68%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 8.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 3.38%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 7.46%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 2.2%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 8.64%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">104,609</div></td></tr><tr><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 33.61%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;">Unimproved land</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 1.35%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 9.2%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 2.48%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 9.08%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 2.58%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 8.98%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 2.68%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 8.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 3.38%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 7.46%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 2.2%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 8.64%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">22,864</div></td></tr><tr><td colspan="11" style="border-bottom: #000000 4px double; background-color: #ffffff; width: 89.16%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Total assets</div></td><td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 2.2%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 8.64%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">1,869,221</div></td></tr></table></div><span></span></td>
      </tr>
    </table>
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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">
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                    <td><nobr>us-gaap_SegmentReportingAbstract</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 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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              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</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="ID0EME">
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          <div style="width: 200px;"><strong>EQUITY<br></strong></div>
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        <th class="th" colspan="1">3 Months Ended</th>
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          <div>Jul. 31, 2014</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_EquityAbstract', window );"><strong>EQUITY [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_StockholdersEquityNoteDisclosureTextBlock', window );">EQUITY</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'', Times, serif; margin-bottom: 12pt; font-size: 10pt; font-weight: bold;">NOTE 4 &#8226; EQUITY</div><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 12pt; font-size: 10pt;">During the first quarter of fiscal year 2014, 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. 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: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 10pt; font-size: 10pt;">During the first quarter of fiscal year 2015, the Company issued approximately 204,000 common shares, with a total grant-date value of approximately $1.9 million, under the Company's 2008 Incentive Award Plan, for executive officer and trustee share-based compensation for fiscal year 2014 performance. Of these shares, approximately 105,000 are restricted, and will vest on the one-year anniversary of the grant date (i.e., on April 30, 2015), provided the recipient is still employed with the Company, and subject to the terms and conditions of the Company's LTIP.&#160;&#160; 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 2008 Incentive Award Plan, for trustee share-based compensation for fiscal year 2013 performance.</div><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 10pt; 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, 2014, the Company issued approximately 926,000 shares at an average price of $8.64 per share pursuant to such waivers, for total net proceeds to the Company of $8.0 million. 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.&#160; During the three months ended July 31, 2014 and 2013, 2.4 million and 2.6 million common shares with a total value of $20.9 million and $22.7 million, respectively, were issued under the DRIP plan.</div><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 10pt; font-size: 10pt;">During the three months ended July 31, 2014 and 2013, respectively, 3.1 million Units and approximately 125,000 Units were converted to common shares, with a total value of $18.3 million and approximately $706,000 included in equity. Under the Company's Distribution Reinvestment and Share Purchase Plan, approximately 2.4 million common shares and 2.6 million common shares were issued during the three months ended July 31, 2014 and 2013, respectively, with a total value of $20.9 million and $22.7 million included in equity, and an average price per share of $8.64 and $8.72, respectively, after applicable discounts.</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 shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive 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 Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(d),(e))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<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 4<br><br> -Subparagraph (SAB TOPIC 4.C)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187143-122770<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 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29-31)<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 Accounting Standards Codification<br><br> -Topic 310<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SAB TOPIC 4.E)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=27010918&amp;loc=d3e74512-122707<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Staff Accounting Bulletin (SAB)<br><br> -Number Topic 4<br><br> -Section C<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Staff Accounting Bulletin (SAB)<br><br> -Number Topic 4<br><br> -Section E<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 08<br><br> -Article 4<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 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21506-112644<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 Preferred Stock<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6521494<br><br><br><br>Reference 10: 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>Reference 11: 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 12: 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 13: 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=27012166&amp;loc=d3e187085-122770<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 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21475-112644<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 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 11<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21564-112644<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 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21488-112644<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 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21484-112644<br><br><br><br>Reference 18: 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 08<br><br> -Paragraph d<br><br> -Article 4<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 505<br><br> -SubTopic 30<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6405834&amp;loc=d3e23285-112656<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="ID0E2F">
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        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>SEGMENT REPORTING (Tables)<br></strong></div>
        </th>
        <th class="th" colspan="1">3 Months Ended</th>
      </tr>
      <tr>
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          <div>Jul. 31, 2014</div>
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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_SegmentReportingAbstract', window );"><strong>SEGMENT REPORTING [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_ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedTextBlock', window );">Revenues and net operating income for reportable segments</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'', Times, serif; margin-bottom: 12pt; 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, 2014 and 2013, 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 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: 33.64%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">Three Months Ended July 31, 2014</div></td><td colspan="12" style="border-bottom: #000000 2px solid; width: 66.36%; vertical-align: bottom;"><div style="text-align: center; font-style: italic; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; font-weight: bold;">(in thousands)</div></td></tr><tr><td colspan="2" style="border-bottom: #000000 2px solid; width: 9.78%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; font-weight: bold;">Multi-Family<font style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"><br /></font>Residential</div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 12.06%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; font-weight: bold;">Commercial-<font style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"><br /></font>Office</div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 11.21%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; font-weight: bold;">Commercial-<font style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"><br /></font>Healthcare</div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 12.08%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; font-weight: bold;">Commercial-<font style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"><br /></font>Industrial</div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 10.4%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; font-weight: bold;">Commercial-<font style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"><br /></font>Retail</div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 10.82%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; font-weight: bold;">Total</div></td></tr><tr><td style="width: 33.64%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 1.8%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 7.98%; 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: 8.22%; vertical-align: bottom;"><div>&#160;</div></td></tr><tr><td style="background-color: #cceeff; width: 33.64%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">Real estate revenue</div></td><td style="background-color: #cceeff; width: 1.8%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td style="background-color: #cceeff; width: 7.98%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">27,727</div></td><td style="background-color: #cceeff; width: 3.44%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td style="background-color: #cceeff; width: 8.62%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">18,846</div></td><td style="background-color: #cceeff; width: 3.04%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td style="background-color: #cceeff; width: 8.18%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">16,298</div></td><td style="background-color: #cceeff; width: 3.44%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td style="background-color: #cceeff; width: 8.64%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">1,570</div></td><td style="background-color: #cceeff; width: 3.48%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td style="background-color: #cceeff; width: 6.92%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">3,396</div></td><td style="background-color: #cceeff; width: 2.6%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td style="background-color: #cceeff; width: 8.22%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; margin-right: 3.6pt;">67,837</div></td></tr><tr><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 33.64%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">Real estate expenses</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 1.8%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 7.98%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">12,221</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; 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font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 8.64%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">450</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 3.48%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 6.92%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">1,104</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 2.6%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 8.22%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; margin-right: 3.6pt;">27,518</div></td></tr><tr><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 33.64%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">Net operating income</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 1.8%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 7.98%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; 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background-color: #cceeff; width: 8.22%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; margin-right: 3.6pt;">40,319</div></td></tr><tr><td style="background-color: #ffffff; width: 33.64%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 9pt; font-size: 10pt;">TRS senior housing revenue</div></td><td style="background-color: #ffffff; width: 1.8%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 7.98%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 3.44%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 8.62%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 3.04%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 8.18%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 3.44%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 8.64%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 3.48%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 6.92%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 2.6%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 8.22%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; margin-right: 3.75pt;">793</div></td></tr><tr><td colspan="3" style="background-color: #cceeff; width: 43.42%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 9pt; font-size: 10pt;">TRS senior housing expenses</div></td><td style="background-color: #cceeff; width: 3.44%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 8.62%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 3.04%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 8.18%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 3.44%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 8.64%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 3.48%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 6.92%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 2.6%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 8.22%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">(693)</div></td></tr><tr><td colspan="3" style="background-color: #ffffff; width: 43.42%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 9pt; font-size: 10pt;">Depreciation/amortization</div></td><td style="background-color: #ffffff; width: 3.44%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 8.62%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 3.04%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 8.18%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 3.44%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 8.64%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 3.48%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 6.92%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 2.6%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 8.22%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">(17,056)</div></td></tr><tr><td colspan="3" style="background-color: #cceeff; width: 43.42%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 9pt; font-size: 10pt;">Administrative, advisory and trustee services</div></td><td style="background-color: #cceeff; width: 3.44%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 8.62%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 3.04%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 8.18%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 3.44%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 8.64%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 3.48%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 6.92%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 2.6%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 8.22%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">(3,664)</div></td></tr><tr><td colspan="3" style="background-color: #ffffff; width: 43.42%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 9pt; font-size: 10pt;">Impairment of real estate investments</div></td><td style="background-color: #ffffff; width: 3.44%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 8.62%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 3.04%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 8.18%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 3.44%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 8.64%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 3.48%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 6.92%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 2.6%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 8.22%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">(2,320)</div></td></tr><tr><td colspan="3" style="background-color: #cceeff; width: 43.42%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 9pt; font-size: 10pt;">Other expenses</div></td><td style="background-color: #cceeff; width: 3.44%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 8.62%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 3.04%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 8.18%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 3.44%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 8.64%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 3.48%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 6.92%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 2.6%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 8.22%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">(612)</div></td></tr><tr><td style="background-color: #ffffff; width: 33.64%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 9pt; font-size: 10pt;">Interest expense</div></td><td style="background-color: #ffffff; width: 1.8%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 7.98%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 3.44%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 8.62%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 3.04%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 8.18%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 3.44%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 8.64%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 3.48%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 6.92%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 2.6%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 8.22%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">(14,664)</div></td></tr><tr><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 33.64%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 9pt; font-size: 10pt;">Interest and other income</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 1.8%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 7.98%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 3.44%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 8.62%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 3.04%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 8.18%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 3.44%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 8.64%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 3.48%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 6.92%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 2.6%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 8.22%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; margin-right: 3.75pt;">691</div></td></tr><tr><td colspan="11" style="background-color: #ffffff; width: 89.18%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; 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font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">(2,993)</div></td></tr><tr><td colspan="11" style="border-bottom: #000000 4px double; background-color: #ffffff; width: 89.18%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Net (loss)</div></td><td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 2.6%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 8.22%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">(199)</div></td></tr></table><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'', Times, serif; font-size: 10pt; font-weight: bold;">Three Months Ended July 31, 2013</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'', Times, serif; color: #000000; font-size: 10pt; font-weight: bold;">(in thousands)</div></td></tr><tr><td colspan="2" style="border-bottom: #000000 2px solid; width: 9.69%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; font-weight: bold;">Multi-Family<font style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"><br /></font>Residential</div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 11.62%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; font-weight: bold;">Commercial-<font style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"><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'', Times, serif; color: #000000; font-size: 10pt; font-weight: bold;">Commercial-<font style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"><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'', Times, serif; color: #000000; font-size: 10pt; font-weight: bold;">Commercial-<font style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"><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'', Times, serif; color: #000000; font-size: 10pt; font-weight: bold;">Commercial-<font style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"><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'', Times, serif; color: #000000; font-size: 10pt; 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: 8.36%; 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><td style="background-color: #cceeff; width: 33.61%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">Real estate revenue</div></td><td style="background-color: #cceeff; width: 1.33%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td style="background-color: #cceeff; width: 8.36%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">24,373</div></td><td style="background-color: #cceeff; width: 3.3%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td style="background-color: #cceeff; width: 8.32%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">19,315</div></td><td style="background-color: #cceeff; width: 3.32%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td style="background-color: #cceeff; width: 8.34%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">16,073</div></td><td style="background-color: #cceeff; width: 3.34%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td style="background-color: #cceeff; width: 8.34%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">2,038</div></td><td style="background-color: #cceeff; width: 3.32%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td style="background-color: #cceeff; width: 7.56%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">3,299</div></td><td style="background-color: #cceeff; width: 2.5%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td style="background-color: #cceeff; width: 8.34%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; margin-right: 3.6pt;">65,098</div></td></tr><tr><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 33.61%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">Real estate expenses</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 1.33%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 8.36%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">10,846</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 3.3%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 8.32%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">9,753</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 3.32%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 8.34%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">4,284</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 3.34%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 8.34%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">454</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 3.32%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 7.56%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">1,303</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 2.5%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 8.34%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; margin-right: 3.6pt;">26,640</div></td></tr><tr><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 33.61%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">Gain on involuntary conversion</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 1.33%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 8.36%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">966</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 3.3%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 8.32%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">0</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 3.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 8.34%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">0</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 3.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 8.34%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">0</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 3.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 7.56%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">0</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 2.5%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 8.34%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; margin-right: 3.6pt;">966</div></td></tr><tr><td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 33.61%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">Net operating income</div></td><td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 1.33%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 8.36%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">14,493</div></td><td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 3.3%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 8.32%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">9,562</div></td><td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 3.32%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 8.34%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">11,789</div></td><td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 3.34%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 8.34%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">1,584</div></td><td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 3.32%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">$</div></td><td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 7.56%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">1,996</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 2.5%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 8.34%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; margin-right: 3.6pt;">39,424</div></td></tr><tr><td style="background-color: #cceeff; width: 33.61%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 9pt; font-size: 10pt;">Depreciation/amortization</div></td><td style="background-color: #cceeff; width: 1.33%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 8.36%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 3.3%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 8.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 3.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 8.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 3.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 8.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 3.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 7.56%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 2.5%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 8.34%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">(19,000)</div></td></tr><tr><td colspan="3" style="background-color: #ffffff; width: 43.31%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 9pt; font-size: 10pt;">Administrative, advisory and trustee services</div></td><td style="background-color: #ffffff; width: 3.3%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 8.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 3.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 8.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 3.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 8.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 3.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 7.56%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 2.5%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 8.34%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">(2,753)</div></td></tr><tr><td style="background-color: #cceeff; width: 33.61%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 9pt; font-size: 10pt;">Other expenses</div></td><td style="background-color: #cceeff; width: 1.33%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 8.36%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 3.3%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 8.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 3.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 8.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 3.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 8.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 3.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 7.56%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 2.5%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 8.34%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">(679)</div></td></tr><tr><td style="background-color: #ffffff; width: 33.61%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 9pt; font-size: 10pt;">Interest expense</div></td><td style="background-color: #ffffff; width: 1.33%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 8.36%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 3.3%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 8.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 3.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 8.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 3.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 8.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 3.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 7.56%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 2.5%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 8.34%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">(14,596)</div></td></tr><tr><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 33.61%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 9pt; font-size: 10pt;">Interest and other income</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 1.33%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 8.36%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 3.3%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 8.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 3.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 8.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 3.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 8.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 3.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 7.56%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 2.5%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 8.34%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; margin-right: 3.6pt;">210</div></td></tr><tr><td colspan="4" style="background-color: #ffffff; width: 46.6%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 9pt; font-size: 10pt;">Income from continuing operations</div></td><td style="background-color: #ffffff; width: 8.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 3.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 8.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 3.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 8.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; 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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>
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text-align: left; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;">0</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; 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text-align: left; width: 1%; background-color: #cceeff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; 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width: 28%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; text-align: left; margin-left: 18pt; text-indent: -9pt;">Receivables and other assets</div></td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;">136,780</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; 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text-align: left; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;">89,086</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; 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text-align: left; width: 1%; background-color: #cceeff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; width: 9%; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left; width: 1%; background-color: #cceeff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%; background-color: #cceeff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; width: 1%; background-color: #cceeff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; width: 9%; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left; width: 1%; background-color: #cceeff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%; background-color: #cceeff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; width: 1%; background-color: #cceeff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; width: 9%; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left; width: 1%; background-color: #cceeff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%; background-color: #cceeff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; width: 1%; background-color: #cceeff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; width: 9%; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left; width: 1%; background-color: #cceeff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%; background-color: #cceeff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; width: 1%; background-color: #cceeff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;">21,498</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left; width: 1%; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; width: 28%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; text-align: left; margin-left: 9pt; text-indent: -9pt;">Total assets</div></td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; width: 9%; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; text-align: left; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; width: 9%; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; text-align: left; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; width: 9%; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; text-align: left; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; 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text-align: left; width: 1%; background-color: #cceeff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; 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text-align: left; width: 1%; background-color: #cceeff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;">119,458</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; 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text-align: left; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;">104,609</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; 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text-align: left; width: 1%; background-color: #cceeff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; width: 9%; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left; width: 1%; background-color: #cceeff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%; background-color: #cceeff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; width: 1%; background-color: #cceeff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; width: 9%; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left; width: 1%; background-color: #cceeff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; 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padding-bottom: 2px; text-align: left; width: 1%; background-color: #cceeff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%; background-color: #cceeff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; width: 1%; background-color: #cceeff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;">22,864</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left; width: 1%; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; width: 28%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; text-align: left; margin-left: 9pt; text-indent: -9pt;">Total assets</div></td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; width: 9%; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; text-align: left; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; width: 9%; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; text-align: left; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; width: 9%; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; text-align: left; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; width: 9%; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; text-align: left; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; width: 9%; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; text-align: left; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; width: 1%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;">$</div></td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif;">1,869,221</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; text-align: left; width: 1%; background-color: #ffffff;">&#160;</td></tr></table><div style="font-size: 10pt; font-family: ''Times New Roman'', Times, serif; text-align: justify;">&#160;</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_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></p>
              </div><a href="javascript:void(0);" onclick="top.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_ReconciliationOfAssetsFromSegmentToConsolidatedTextBlock</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>nonnum:textBlockItemType</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>
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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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  <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>SUBSEQUENT EVENTS<br></strong></div>
        </th>
        <th class="th" colspan="1">3 Months Ended</th>
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          <div>Jul. 31, 2014</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_SubsequentEventsAbstract', window );"><strong>SUBSEQUENT EVENTS [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_SubsequentEventsTextBlock', 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'', Times, serif; margin-bottom: 10pt; font-size: 10pt; font-weight: bold;">NOTE 12 &#8226; SUBSEQUENT EVENTS</div><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 10pt; font-size: 10pt;"><font style="font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Common and Preferred Share Distributions.</font> On September<font style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">&#160;</font>3, 2014, the Company's Board of Trustees declared the following distributions:</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><tr><td style="border-bottom: #000000 2px solid; width: 43.63%; vertical-align: bottom;"><div style="text-align: left; 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color: #000000; margin-left: 3.3pt; font-size: 10pt; margin-right: 1.1pt;">&#160;</div></td><td style="background-color: #cceeff; width: 16.86%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 3.3pt; font-size: 10pt; margin-right: 1.1pt;">September 15, 2014</div></td><td style="background-color: #cceeff; width: 3.06%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 3.3pt; font-size: 10pt; margin-right: 1.1pt;">&#160;</div></td><td style="background-color: #cceeff; width: 16.88%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 3.3pt; font-size: 10pt; margin-right: 1.1pt;">October 1, 2014</div></td></tr><tr><td style="background-color: #ffffff; width: 43.63%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt; margin-right: 1.1pt;">Preferred shares:</div></td><td style="background-color: #ffffff; width: 16.52%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 3.06%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 16.86%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 3.06%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 16.88%; vertical-align: bottom;"><div>&#160;</div></td></tr><tr><td style="background-color: #cceeff; width: 43.63%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 24.2pt; font-size: 10pt; margin-right: 1.1pt;">Series A</div></td><td style="background-color: #cceeff; width: 16.52%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 3.3pt; font-size: 10pt; margin-right: 1.1pt;">$0.5156</div></td><td style="background-color: #cceeff; width: 3.06%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 3.3pt; font-size: 10pt; margin-right: 1.1pt;">&#160;</div></td><td style="background-color: #cceeff; width: 16.86%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 3.3pt; font-size: 10pt; margin-right: 1.1pt;">September 15, 2014</div></td><td style="background-color: #cceeff; width: 3.06%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 3.3pt; font-size: 10pt; margin-right: 1.1pt;">&#160;</div></td><td style="background-color: #cceeff; width: 16.88%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 3.3pt; font-size: 10pt; margin-right: 1.1pt;">September 30, 2014</div></td></tr><tr><td style="background-color: #ffffff; width: 43.63%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 24.2pt; font-size: 10pt; margin-right: 1.1pt;">Series B</div></td><td style="background-color: #ffffff; width: 16.52%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 3.3pt; font-size: 10pt; margin-right: 1.1pt;">$0.4968</div></td><td style="background-color: #ffffff; width: 3.06%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 3.3pt; font-size: 10pt; margin-right: 1.1pt;">&#160;</div></td><td style="background-color: #ffffff; width: 16.86%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 3.3pt; font-size: 10pt; margin-right: 1.1pt;">September 15, 2014</div></td><td style="background-color: #ffffff; width: 3.06%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 3.3pt; font-size: 10pt; margin-right: 1.1pt;">&#160;</div></td><td style="background-color: #ffffff; width: 16.88%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; color: #000000; margin-left: 3.3pt; font-size: 10pt; margin-right: 1.1pt;">September 30, 2014</div></td></tr></table><div style="text-align: left; margin-top: 12pt; font-family: ''Times New Roman'', Times, serif; margin-bottom: 10pt; font-size: 10pt;"><font style="font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Completed Disposition</font>. On August 29, 2014, the Company sold the Wirth Corporate Center, a commercial office property in Golden Valley, Minnesota, for a sale price of $4.5 million.</div><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 10pt; font-size: 10pt;"><font style="font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Pending Disposition.</font>&#160; Subsequent to the end of the first quarter of fiscal year 2015, the Company signed a sales agreement for the disposition of a commercial retail property and adjoining parcel of unimproved land in Kalispell, Montana, for a sales price of $1.9 million. This pending disposition is subject to various closing conditions and contingencies, and no assurances can be given that this transaction will be completed on the terms currently expected, or at all.</div><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 12pt; font-size: 10pt;"><font style="font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Insurance Proceeds</font>.&#160; Subsequent to the end of the first quarter of fiscal year 2015, the Company received final proceeds of $4.0 million for the 2013 Fire loss at the Chateau Apartments property, which reduced to zero the accounts receivable recorded at the time of the fire for expected proceeds. &#160;No gain or loss on involuntary conversion was recorded due to the final settlement of the claim.</div></div><span></span></td>
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                <p>The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.</p>
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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>ACQUISITIONS, DEVELOPMENTS PLACED IN SERVICE AND DISPOSITIONS<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_BusinessCombinationsAbstract', window );"><strong>ACQUISITIONS, DEVELOPMENTS PLACED IN SERVICE AND DISPOSITIONS [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_BusinessCombinationDisclosureTextBlock', window );">ACQUISITIONS, DEVELOPMENTS PLACED IN SERVICE AND DISPOSITIONS</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'', Times, serif; margin-bottom: 12pt; font-size: 10pt; font-weight: bold;">NOTE 8 &#8226; ACQUISITIONS, DEVELOPMENTS PLACED IN SERVICE AND DISPOSITIONS</div><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 10.5pt; font-size: 10pt; font-weight: bold;">PROPERTY ACQUISITIONS</div><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 10.5pt; font-size: 10pt;">The Company added approximately $26.6 million of real estate properties to its portfolio through property acquisitions during the three months ended July 31, 2014, compared to $6.4 million in the three months ended July 31, 2013. The Company expensed approximately $75,000 and $101,000 of transaction costs related to the acquisitions in three months ended July 31, 2014 and 2013, respectively. The Company's acquisitions during the three months ended July 31, 2014 and 2013 are detailed below.</div><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt; font-weight: bold;">Three Months Ended July 31, 2014</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><tr style="height: 17px;"><td style="width: 31.65%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 10.88%; vertical-align: bottom;"><div>&#160;</div></td><td colspan="12" style="border-bottom: #000000 2px solid; width: 57.47%; vertical-align: bottom;"><div style="text-align: center; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">(in thousands)</div></td></tr><tr><td style="width: 31.65%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 10.88%; vertical-align: bottom;"><div>&#160;</div></td><td colspan="2" rowspan="2" style="border-bottom: #000000 2px solid; 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width: 1.66%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 8.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 1.66%; vertical-align: top;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 8.34%; vertical-align: top;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 1.66%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 7.5%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 1.68%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 7.52%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 1.66%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 7.48%; vertical-align: bottom;"><div>&#160;</div></td></tr><tr><td style="background-color: #ffffff; width: 31.65%; 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width: 2.46%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 7.52%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 1.66%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 8.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 1.66%; vertical-align: top;"><div>&#160;</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 8.34%; vertical-align: top;"><div>&#160;</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 1.66%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 7.5%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 1.68%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 7.52%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 1.66%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 7.48%; vertical-align: bottom;"><div>&#160;</div></td></tr><tr><td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 31.65%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Total Property Acquisitions</div></td><td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 10.88%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 2.46%; vertical-align: bottom;"><div style="text-align: right; 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font-style: italic; margin-top: 6pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Consists of assumed debt (Homestead Garden I - $9.9 million, Silver Springs - $2.3 million) and value of land contributed by the joint venture partner (71 France - $1.4 million).</div></td></tr></table></div><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'', Times, serif; font-size: 10pt;">(2)</div></td><td style="width: auto; vertical-align: top;"><div style="text-align: left; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">At acquisition the Company adjusted the assumed debt to fair value and recognized approximately $852,000 of goodwill.</div></td></tr></table></div><div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; 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width: 10%; vertical-align: bottom;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">Total</div><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">Acquisition</div><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">Cost</div></td><td colspan="4" style="border-bottom: #000000 2px solid; width: 20%; vertical-align: bottom;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">Form of Consideration</div></td><td colspan="6" style="border-bottom: #000000 2px solid; width: 27.49%; vertical-align: bottom;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">Investment Allocation</div></td></tr><tr><td style="border-bottom: #000000 2px solid; width: 31.67%; vertical-align: bottom;"><div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">Acquisitions</div></td><td style="border-bottom: #000000 2px solid; width: 10.84%; vertical-align: bottom;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">Date Acquired</div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 10%; vertical-align: bottom;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">Cash</div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 10%; vertical-align: bottom;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">Units<sup>(1)</sup></div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 9.16%; vertical-align: bottom;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">Land</div></td><td colspan="2" style="border-bottom: #000000 2px solid; 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vertical-align: top;"><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: 1.68%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 7.5%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 1.5%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 7.66%; vertical-align: bottom;"><div>&#160;</div></td></tr><tr><td style="width: 31.67%; vertical-align: bottom;"><div style="text-align: left; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Multi-Family Residential</div></td><td style="width: 10.84%; vertical-align: top;"><div>&#160;</div></td><td style="width: 2.5%; vertical-align: top;"><div>&#160;</div></td><td style="width: 7.5%; vertical-align: top;"><div>&#160;</div></td><td style="width: 1.66%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 1.66%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.34%; 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: 1.68%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 7.5%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 1.5%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 7.66%; vertical-align: bottom;"><div>&#160;</div></td></tr><tr><td style="background-color: #cceeff; width: 31.67%; vertical-align: bottom;"><div style="text-align: left; text-indent: -7.2pt; font-family: ''Times New Roman'', Times, serif; margin-left: 16.2pt; font-size: 10pt;">71 unit - Alps Park - Rapid City, SD</div></td><td style="background-color: #cceeff; width: 10.84%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;">2013-05-01</div></td><td style="background-color: #cceeff; 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vertical-align: bottom;"><div>&#160;</div></td></tr><tr><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 31.67%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 10.84%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 2.5%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 7.5%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 1.66%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 8.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 1.66%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 8.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 1.66%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 7.5%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 1.68%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 7.5%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 1.5%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 7.66%; vertical-align: bottom;"><div>&#160;</div></td></tr><tr><td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 31.67%; vertical-align: bottom;"><div style="text-align: left; 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The results of operations from acquired properties are included in the Condensed Consolidated Statements of Operations as of their acquisition date. 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There were no development projects placed in service in the three months ended July 31, 2013. The development projects placed in service during the three months ended July 31, 2014 are detailed below.</div><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt; font-weight: bold;">Three Months Ended July 31, 2014</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><tr><td style="width: 49.27%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 13.36%; vertical-align: top;"><div>&#160;</div></td><td colspan="6" style="border-bottom: #000000 2px solid; width: 37.37%; vertical-align: bottom;"><div style="text-align: center; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">(in thousands)</div></td></tr><tr><td style="border-bottom: #000000 2px solid; width: 49.27%; vertical-align: bottom;"><div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; 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background-color: #ffffff; width: 9.62%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 2.88%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; margin-left: 18pt; font-size: 10pt;">&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 10.56%; vertical-align: bottom;"><div>&#160;</div></td></tr><tr><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 49.27%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Total Development Projects Placed in Service</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 13.36%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 2.76%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 8.68%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;">823</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 2.88%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 9.62%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;">9,442</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 2.88%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="border-bottom: #000000 4px double; 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See Note 6 for additional information on the Renaissance Heights I project, which was partially placed in service during the fiscal year 2014 and the three months ended July 31, 2014.</td></tr></table></div><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'', Times, serif; font-size: 10pt;">(2)</div></td><td style="width: auto; vertical-align: top;"><div style="text-align: left; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Development property placed in service July 15, 2014. Costs paid in fiscal year 2014 totaled $8.1 million, including the land acquired in fiscal year 2013. Additional costs paid in fiscal year 2015 totaled $2.2 million, for a total project cost at July 31, 2014 of $10.3 million.</div></td></tr></table></div><div style="margin-top: 12pt; margin-bottom: 12pt;"><br /></div><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"></div><div><br /></div><div><br /></div><div style="text-align: left; margin-top: 12pt; font-family: ''Times New Roman'', Times, serif; margin-bottom: 12pt; font-size: 10pt; font-weight: bold;">PROPERTY DISPOSITIONS</div><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 10pt; font-size: 10pt;">During the first quarter of fiscal year 2015, the Company sold one commercial office property and one commercial industrial property for a total sales price of $6.7 million. 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vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 1.7%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 10.16%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 1.7%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 11.84%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 1.72%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 8.4%; vertical-align: bottom;"><div>&#160;</div></td></tr><tr><td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 50.85%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Total Property Dispositions</div></td><td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 13.62%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 1.7%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 10.16%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;">21,785</div></td><td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 1.7%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 11.84%; vertical-align: bottom;"><div style="text-align: right; 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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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  <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, 2014</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: left; margin-top: 12pt; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt; font-weight: bold;">NOTE 6 &#8226; COMMITMENTS AND CONTINGENCIES</div><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 10pt; font-size: 10pt;"><font style="font-style: italic; font-family: ''Times New Roman'', Times, 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: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 10pt; font-size: 10pt;"><font style="font-style: italic; font-family: ''Times New Roman'', Times, 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: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 10pt; font-size: 10pt;"><font style="font-style: italic; font-family: ''Times New Roman'', Times, 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, 2014, the total property cost of the 15 properties subject to purchase options was $120.5 million, and the total gross rental revenue from these properties was $2.6 million for the three months ended July 31, 2014.&#160; The tenant in the Company's Nebraska Orthopaedic Hospital property has exercised its option to purchase the property. The Company and its tenant are currently engaged in an arbitration proceeding pursuant to the lease agreement to determine the purchase price. The Company currently can give no assurance that the sale of the property pursuant to the purchase option will be completed.</div><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 12pt; font-size: 10pt;"><font style="font-style: italic; font-family: ''Times New Roman'', Times, 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: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 10pt; font-size: 10pt;"><font style="font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Restrictions on Taxable Dispositions.&#160; </font>Approximately 110 of IRET's properties, consisting of 5.3 million square feet of the Company's combined commercial segments' properties and 5,106 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 $827.5 million at July 31, 2014. 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: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 10pt; font-size: 10pt;"><font style="font-style: italic; font-family: ''Times New Roman'', Times, 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, 2014 and 2013, the aggregate redemption value of the then-outstanding UPREIT Units of the operating partnership owned by limited partners was approximately $154.4 million and $197.7 million, respectively.</div><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 10pt; font-size: 10pt;"><font style="font-style: italic; font-family: ''Times New Roman'', Times, 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 one joint venture, the Company's Southgate apartment project in Minot, North Dakota, in which the Company's joint venture partner can, for a four-year period beginning twelve months after the last certificate of occupancy is received for the project, compel the Company to acquire the partner's interest, for a price to be determined in accordance with the provisions of the joint venture agreement. The joint venture partner's interest is reflected as a redeemable noncontrolling interest on the condensed consolidated balance sheets.</div><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 10.5pt; font-size: 10pt;"><font style="font-style: italic; font-family: ''Times New Roman'', Times, 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. 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vertical-align: bottom;"><div>&#160;</div></td><td colspan="6" style="border-bottom: #000000 2px solid; width: 38.24%; vertical-align: bottom;"><div style="text-align: center; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">(in thousands)</div></td><td style="width: 11.76%; vertical-align: bottom;"><div>&#160;</div></td></tr><tr><td style="border-bottom: #000000 2px solid; width: 20.62%; vertical-align: bottom;"><div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">Project Name and Location</div></td><td style="border-bottom: #000000 2px solid; width: 18.54%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">Planned Segment</div></td><td style="border-bottom: #000000 2px solid; width: 10.84%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; 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font-size: 10pt;">288 units</div></td><td style="background-color: #ffffff; width: 2.5%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 10%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">62,362</div></td><td style="background-color: #ffffff; width: 2.52%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 9.9%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">44,251</div></td><td style="background-color: #ffffff; width: 2.5%; vertical-align: top;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 10.82%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">43,672</div></td><td style="background-color: #ffffff; width: 11.76%; vertical-align: bottom;"><div style="text-align: right; 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font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">13,915</div></td><td style="background-color: #cceeff; width: 2.52%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 9.9%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">2,578</div></td><td style="background-color: #cceeff; width: 2.5%; vertical-align: top;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 10.82%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">11,000</div></td><td style="background-color: #cceeff; width: 11.76%; vertical-align: bottom;"><div style="text-align: right; text-indent: -10pt; font-family: ''Times New Roman'', Times, serif; margin-left: 11.4pt; font-size: 10pt;">FY2015 Q4</div></td></tr><tr><td style="background-color: #ffffff; width: 20.62%; vertical-align: bottom;"><div style="text-align: left; 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background-color: #ffffff; width: 10%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">n/a</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 2.52%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 9.9%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">874</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 2.5%; vertical-align: top;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 10.82%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">n/a</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 11.76%; vertical-align: bottom;"><div style="text-align: right; text-indent: -10pt; font-family: ''Times New Roman'', Times, serif; margin-left: 11.4pt; font-size: 10pt;">n/a</div></td></tr><tr><td style="background-color: #cceeff; width: 20.62%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 18.54%; vertical-align: top;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 10.84%; vertical-align: top;"><div>&#160;</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 2.5%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 10%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">354,552</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 2.52%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 9.9%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">154,838</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 2.5%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 10.82%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">189,193</div></td><td style="background-color: #cceeff; width: 11.76%; vertical-align: bottom;"><div>&#160;</div></td></tr></table><div><br /></div><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'', Times, serif; font-size: 10pt;">(1)</div></td><td style="width: auto; vertical-align: top;"><div style="text-align: left; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Includes costs related to development projects that are placed in service in phases (Renaissance Heights I - $23.0 million).</div></td></tr></table></div><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'', Times, serif; font-size: 10pt;">(2)</div></td><td style="width: auto; vertical-align: top;"><div style="text-align: left; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">The Company is currently an approximately 52.9% partner in the joint venture entity constructing this project; the anticipated total cost amount given is the total cost to the joint venture entity.</div></td></tr></table></div><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'', Times, serif; font-size: 10pt;">(3)</div></td><td style="width: auto; vertical-align: top;"><div style="text-align: left; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">The Company is an approximately 86.1% partner in the joint venture entity constructing this project; the anticipated total cost amount given is the total cost to the joint venture entity.</div></td></tr></table></div><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'', Times, serif; font-size: 10pt;">(4)</div></td><td style="width: auto; vertical-align: top;"><div style="text-align: left; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">The Company is an approximately 58.6% partner in the joint venture entity constructing this project; the anticipated total cost amount given is the total cost to the joint venture entity.</div></td></tr></table></div><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'', Times, serif; font-size: 10pt;">(5)</div></td><td style="width: auto; vertical-align: top;"><div style="text-align: left; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">The Company is an approximately 70% partner in the joint venture entity constructing this project; the anticipated total cost amount given is the total cost to the joint venture entity.</div></td></tr></table></div><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'', Times, serif; font-size: 10pt;">(6)</div></td><td style="width: auto; vertical-align: top;"><div style="text-align: left; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">On December 5, 2013, this development project was destroyed by fire. As of July 31, 2014, $4.0 million of expected insurance proceeds were included in accounts receivable on the Company's consolidated balance sheet. See Note 2 for additional information.</div></td></tr></table></div><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'', Times, serif; font-size: 10pt;">(7)</div></td><td style="width: auto; vertical-align: top;"><div style="text-align: left; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">The Company is currently an approximately 55.3% partner in the joint venture entity constructing this project. The project will be constructed in three phases, and at the conclusion of construction of the third phase, the Company will have an approximately 50.5% interest in the project. The anticipated total cost amount given in the table above is the total cost to the joint venture entity of the project's first phase. The expected total project cost for all three phases is approximately $69.9 million for a total of approximately 241 residential units and approximately 21,772 square feet of commercial retail space.</div></td></tr></table></div><div><br /></div><div style="text-align: left; font-family: ''Times New Roman'', Times, 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: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 10.5pt; font-size: 10pt;"><font style="font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">Construction interest capitalized for the three month periods ended </font>July 31, 2014 <font style="font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">and 2013, respectively, was $1.0 million and approximately $580,000 for development projects completed and in progress.</font></div><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"></div><div><br /></div><div><br /></div><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 10pt; font-size: 10pt;"><font style="font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Pending Acquisitions.</font> As of July 31, 2014, the Company had signed purchase agreements for the acquisition of the following properties. 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These pending dispositions are subject to various closing conditions and contingencies, and no assurances can be given that the transactions 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'', Times, serif; margin-bottom: 6pt; font-size: 10pt;">a commercial office property in Maple Grove, Minnesota, for a sales price of $7.2 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'', Times, serif; margin-bottom: 6pt; font-size: 10pt;">a commercial retail property in Fargo, North Dakota, for a sales price of $2.8 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'', Times, serif; margin-bottom: 12pt; font-size: 10pt;">a multi-family residential property in St. Cloud, Minnesota, for a sales 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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                <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 210.5-02.25)<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 FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 825<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6449706&amp;loc=d3e16207-108621<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 460<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 8<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6398077&amp;loc=d3e12565-110249<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 450<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=25496072&amp;loc=d3e14435-108349<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 440<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6394976&amp;loc=d3e25287-109308<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">
      <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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          <div>Jul. 31, 2014</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_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'', Times, serif; margin-bottom: 12pt; font-size: 10pt; font-weight: bold;">NOTE 7 &#8226; DISCONTINUED OPERATIONS</div><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 12pt; font-size: 10pt;">Prior to February 1,&#160; 2014, the Company reported, in discontinued operations, the results of operations and the related gains or losses of properties that had either been disposed of or classified as held for sale and otherwise met the classification of a discontinued operation. As a result of the adoption of ASU No. 2014-08, results of operations and gains or losses on sale for properties that are disposed or classified as held for sale in the ordinary course of business on or subsequent to February 1, 2014 would generally be included in continuing operations on the Company's consolidated statements of operations, to the extent such disposals did not meet the criteria for classification as a discontinued operation described above. See Note 2 for additional information.</div><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 10pt; font-size: 10pt;">During the first quarter of fiscal year 2015, the Company applied ASU No. 2014-08 to the dispositions of one commercial office property, one commercial industrial property and one commercial retail property and to the classification of one commercial office property as held for sale and did not record any discontinued operations.&#160; During the first three quarters of fiscal year 2014, the Company disposed of two multi-family residential properties, three commercial office properties, twelve commercial industrial properties and three commercial retail properties that were classified as discontinued operations. During the quarter ended April 30, 2014, the Company applied ASU No. 2014-08 to one property that was classified as held for sale and did not record any discontinued operations. 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:</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><tr><td style="width: 83.33%; vertical-align: top;"><div>&#160;</div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 16.67%; vertical-align: bottom;"><div style="text-align: center; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">(in thousands)</div></td></tr><tr><td style="width: 83.33%; vertical-align: top;"><div>&#160;</div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 16.67%; vertical-align: bottom;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">Three Months Ended</div><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">July 31, 2013</div></td></tr><tr><td style="width: 83.33%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">REVENUE</div></td><td style="width: 3.32%; vertical-align: top;"><div>&#160;</div></td><td style="width: 13.34%; vertical-align: top;"><div>&#160;</div></td></tr><tr><td style="background-color: #cceeff; width: 83.33%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;">Real estate rentals</div></td><td style="background-color: #cceeff; width: 3.32%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="background-color: #cceeff; width: 13.34%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">1,632</div></td></tr><tr><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 83.33%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;">Tenant reimbursement</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 3.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 13.34%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">719</div></td></tr><tr><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 83.33%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">TOTAL REVENUE</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 3.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 13.34%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">2,351</div></td></tr><tr><td style="background-color: #ffffff; width: 83.33%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">EXPENSES</div></td><td style="background-color: #ffffff; width: 3.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 13.34%; vertical-align: bottom;"><div>&#160;</div></td></tr><tr><td style="background-color: #cceeff; width: 83.33%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;">Depreciation/amortization related to real estate investments</div></td><td style="background-color: #cceeff; width: 3.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 13.34%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">537</div></td></tr><tr><td style="background-color: #ffffff; width: 83.33%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;">Utilities</div></td><td style="background-color: #ffffff; width: 3.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 13.34%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">128</div></td></tr><tr><td style="background-color: #cceeff; width: 83.33%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;">Maintenance</div></td><td style="background-color: #cceeff; width: 3.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 13.34%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">185</div></td></tr><tr><td style="background-color: #ffffff; width: 83.33%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;">Real estate taxes</div></td><td style="background-color: #ffffff; width: 3.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 13.34%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">528</div></td></tr><tr><td style="background-color: #cceeff; width: 83.33%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;">Insurance</div></td><td style="background-color: #cceeff; width: 3.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 13.34%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">49</div></td></tr><tr><td style="background-color: #ffffff; width: 83.33%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;">Property management expenses</div></td><td style="background-color: #ffffff; width: 3.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 13.34%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">118</div></td></tr><tr><td style="background-color: #cceeff; width: 83.33%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;">Amortization related to non-real estate investments</div></td><td style="background-color: #cceeff; width: 3.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 13.34%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">49</div></td></tr><tr><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 83.33%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;">Impairment of real estate investments</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 3.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 13.34%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">1,803</div></td></tr><tr><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 83.33%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">TOTAL EXPENSES</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 3.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 13.34%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">3,397</div></td></tr><tr><td style="background-color: #ffffff; width: 83.33%; vertical-align: bottom;"><div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;">Operating loss</div></td><td style="background-color: #ffffff; width: 3.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 13.34%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">(1,046)</div></td></tr><tr><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 83.33%; vertical-align: bottom;"><div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;">Interest expense</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 3.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 13.34%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">(287)</div></td></tr><tr><td style="background-color: #ffffff; width: 83.33%; vertical-align: bottom;"><div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;">Loss from discontinued operations before gain on sale</div></td><td style="background-color: #ffffff; width: 3.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 13.34%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">(1,333)</div></td></tr><tr><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 83.33%; vertical-align: bottom;"><div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;">Gain on sale of discontinued operations</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 3.32%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 13.34%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">1,943</div></td></tr><tr><td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 83.33%; vertical-align: bottom;"><div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;">INCOME FROM DISCONTINUED OPERATIONS</div></td><td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 3.32%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 13.34%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">610</div></td></tr></table></div><span></span></td>
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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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  <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>MORTGAGES PAYABLE AND LINE OF CREDIT<br></strong></div>
        </th>
        <th class="th" colspan="1">3 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Jul. 31, 2014</div>
        </th>
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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_DebtDisclosureAbstract', window );"><strong>MORTGAGES PAYABLE AND LINE OF CREDIT [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_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: left; margin-top: 10.5pt; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt; font-weight: bold;">NOTE 9 &#8226; MORTGAGES PAYABLE AND LINE OF CREDIT</div><div style="text-align: left; font-family: ''Times New Roman'', Times, 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: ''Times New Roman'', Times, serif; font-size: 10pt;">&#160;</font>As of July 31, 2014, 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 2.40% to 8.25%, and the mortgages have varying maturity dates from the current fiscal year through July 1, 2036.</div><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 12pt; font-size: 10pt;">Of the mortgages payable, the balances of fixed rate mortgages totaled $971.3 million at July 31, 2014 and $977.2 million at April 30, 2014. The balances of variable rate mortgages totaled $45.4 million and $20.5 million as of July 31, 2014 and April 30, 2014, respectively. The Company does not utilize derivative financial instruments to mitigate its exposure to changes in market interest rates. Most of the fixed rate mortgages have substantial pre-payment penalties. As of July 31, 2014, the weighted average rate of interest on the Company's mortgage debt was 5.32%, compared to 5.37% on April 30, 2014. The aggregate amount of required future principal payments on mortgages payable as of July 31, 2014, is as follows:</div><table align="center" border="0" cellpadding="0" cellspacing="0" style="width: 50%; font-family: 'Times New Roman', Times, Serif; font-size: 10pt;"><tr><td style="border-bottom: #000000 2px solid; width: 66.19%; vertical-align: bottom;"><div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">Fiscal year ended April 30,</div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 33.81%; vertical-align: bottom;"><div style="text-align: right; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">(in thousands)</div></td></tr><tr><td style="background-color: #cceeff; width: 66.19%; vertical-align: bottom;"><div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">2015 (remainder)</div></td><td style="background-color: #cceeff; width: 4.23%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="background-color: #cceeff; width: 29.58%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">70,760</div></td></tr><tr><td style="background-color: #ffffff; width: 66.19%; vertical-align: bottom;"><div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">2016</div></td><td style="background-color: #ffffff; width: 4.23%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 29.58%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">92,893</div></td></tr><tr><td style="background-color: #cceeff; width: 66.19%; vertical-align: bottom;"><div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">2017</div></td><td style="background-color: #cceeff; width: 4.23%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 29.58%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">214,722</div></td></tr><tr><td style="background-color: #ffffff; width: 66.19%; vertical-align: bottom;"><div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">2018</div></td><td style="background-color: #ffffff; width: 4.23%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 29.58%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">113,386</div></td></tr><tr><td style="background-color: #cceeff; width: 66.19%; vertical-align: bottom;"><div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">2019</div></td><td style="background-color: #cceeff; width: 4.23%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 29.58%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">132,793</div></td></tr><tr><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 66.19%; vertical-align: bottom;"><div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Thereafter</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 4.23%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 29.58%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">393,020</div></td></tr><tr><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 66.19%; vertical-align: bottom;"><div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Total payments</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 4.23%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 29.58%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">1,017,574</div></td></tr></table><div style="text-align: justify; font-style: italic; font-family: ''Times New Roman'', Times, serif; margin-bottom: 12pt; font-size: 10pt; margin-right: 135.35pt;">.</div><div style="text-align: left; margin-top: 10.5pt; font-family: ''Times New Roman'', Times, serif; margin-bottom: 10.5pt; font-size: 10pt;">In the table above, included in the approximately $214.3 million (as of July 31, 2014) of future principal payments on mortgages payable in fiscal year 2017 is a non-recourse $122.6 million CMBS loan, for which nine of the Company's commercial office properties serve as collateral and under which a special-purpose subsidiary of the Company is the borrower. This loan matures in October 2016. Because the loan amount significantly exceeds the Company's current estimate of the fair value of this nine-property portfolio, the Company contacted the master servicer to initiate discussions on various alternatives with regard to the loan. During the first quarter of fiscal year 2015, the Company was notified that the loan has been transferred to the special servicer. The Company cannot predict the outcome of discussions with the special servicer regarding the loan. Cash flow from the portfolio currently covers debt service on the loan, and to date the borrower is current on all payments under the loan.</div><div style="text-align: left; margin-top: 10.5pt; font-family: ''Times New Roman'', Times, 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, 2014, lending commitments of $75.0 million. This facility is not included in the Company's mortgage indebtedness total. As of July 31, 2014, the line of credit was secured by mortgages on 14 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, 2014 included, in addition to First International Bank, the following financial institutions: The Bank of North Dakota; First Western Bank and Trust; Dacotah Bank; MidCountry Bank; Highland Bank; American State Bank &amp; Trust Company; Town &amp; Country Credit Union and United Community Bank. As of July 31, 2014, the line of credit had an interest rate of 4.75% and a minimum outstanding principal balance requirement of $12.5 million, and as of July 31, 2014 and April 30, 2014, the Company had borrowed $35.5 million and $22.5 million, respectively. The facility includes covenants and restrictions requiring the Company to achieve on a fiscal and 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, 2014, the Company believes it was in compliance with the facility covenants.</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 );">- 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>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>
              </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 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21475-112644<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, 20, 22<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 210.5-02.19,20,22)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
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<TEXT>
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0E5TAK">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES, INVOL CONV OF ASSETS, FINANCING LIAB, VIE (Details) (USD $)<br></strong></div>
        </th>
        <th class="th" colspan="3">3 Months Ended</th>
        <th class="th" colspan="1">12 Months Ended</th>
        <th class="th" colspan="1"></th>
      </tr>
      <tr>
        <th class="th" colspan="2">
          <div>Jul. 31, 2014</div>
        </th>
        <th class="th">
          <div>Jul. 31, 2013</div>
        </th>
        <th class="th">
          <div>Apr. 30, 2014

</div>
          <div>Unit

</div>
          <div>Building</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_iret_ConsolidatedBalanceSheetAbstract', window );"><strong>Consolidated Balance Sheet [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></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_TemporaryEquityCarryingAmountAttributableToParent', window );">Redeemable noncontrolling interests consolidated real estate entities</a></td>
        <td class="nump">$ 6,313,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">$ 5,949,000<span></span></td>
        <td class="nump">$ 6,203,000<span></span></td>
        <td class="nump">$ 5,937,000<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_MinorityInterestInOperatingPartnerships', window );">Noncontrolling interests consolidated real estate entities</a></td>
        <td class="nump">25,910,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">22,638,000<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_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest', window );">Total equity</a></td>
        <td class="nump">726,197,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">765,357,000<span></span></td>
        <td class="nump">720,546,000<span></span></td>
        <td class="nump">755,444,000<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_iret_ConsolidatedStatementOfEquityAbstract', window );"><strong>Consolidated Statement of Equity [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></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_iret_NetIncomeAttributableToInvestorsRealEstateTrustAndNonredeemableNoncontrollingInterests', window );">Net income attributable to Investors Real Estate Trust and nonredeemable noncontrolling interests</a></td>
        <td class="num">(308,000)<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">3,204,000<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_us-gaap_NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance', window );">Contributions from nonredeemable noncontrolling interests - consolidated real estate entities</a></td>
        <td class="nump">3,212,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></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_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest', window );">Balance</a></td>
        <td class="nump">726,197,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">765,357,000<span></span></td>
        <td class="nump">720,546,000<span></span></td>
        <td class="nump">755,444,000<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_ImpairedLongLivedAssetsHeldAndUsedLineItems', window );"><strong>Impaired Long-Lived Assets Held and Used [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></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_iret_NumberOf32UnitBuildings', window );">Number of 32 unit buildings</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">2<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_NumberOfUnitsInBuilding', window );">Number of units in building</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">32<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_NumberOfBuildingsDestroyed', window );">Number of buildings destroyed</a></td>
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        <td class="fn" style="border-bottom: 0px;"></td>
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        <td class="nump">1<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="re">
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        <td class="nump">2,000,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></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_iret_ProceedsFromFinancingLiabilityAbstract', window );"><strong>PROCEEDS FROM FINANCING LIABILITY [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></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_us-gaap_SaleLeasebackTransactionGrossProceedsFinancingActivities', window );">Proceeds from sale of property</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></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="ro">
        <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 );">Contract for deed</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></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="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_SaleLeasebackTransactionAmountDueUnderFinancingArrangement', window );">Sale lease-back recorded in other liabilities</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></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="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 );">Financing liability balance</a></td>
        <td class="nump">83,666,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">7,900,000<span></span></td>
        <td class="nump">63,178,000<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">IRET - Minot Apartments, LLC [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></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="fn" style="border-bottom: 0px;"></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="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">52,200,000<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_us-gaap_VariableInterestEntityOwnershipPercentage', window );">Percentage of ownership in VIE (in hundredths)</a></td>
        <td class="nump">52.90%<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></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="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">IRET - Minot Apartments, LLC [Member] | Third Party Debt [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></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="fn" style="border-bottom: 0px;"></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_PercentageOfProjectFinanced', window );">Percentage of project financed (in hundredths)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">69.00%<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">IRET - Minot Apartments, LLC [Member] | Debt from IRET [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></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="fn" style="border-bottom: 0px;"></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_PercentageOfProjectFinanced', window );">Percentage of project financed (in hundredths)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">7.00%<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">IRET - Minot Apartments, LLC [Member] | Real Estate Development Company [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></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="fn" style="border-bottom: 0px;"></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">47.10%<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></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="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Chateau Apartment Fire, 2012 [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></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_ImpairedLongLivedAssetsHeldAndUsedLineItems', window );"><strong>Impaired Long-Lived Assets Held and Used [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></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_InsuranceProceedsReceivedForTotalBusinessInterruptionProceeds', window );">Insurance proceeds received for redevelopment</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></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_us-gaap_GainLossOnSalesOfAssetsAndAssetImpairmentCharges', window );">Gain from involuntary conversion</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></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="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Chateau Apartment, Fire 2013 [Member] | Building One [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></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_ImpairedLongLivedAssetsHeldAndUsedLineItems', window );"><strong>Impaired Long-Lived Assets Held and Used [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></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_NumberOfUnitsInBuilding', window );">Number of units in building</a></td>
        <td class="nump">15<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></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="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Chateau Apartment, Fire 2013 [Member] | Building Two [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></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_ImpairedLongLivedAssetsHeldAndUsedLineItems', window );"><strong>Impaired Long-Lived Assets Held and Used [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></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_NumberOfUnitsInBuilding', window );">Number of units in building</a></td>
        <td class="nump">57<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></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="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Noncontrolling Interests [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></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_ConsolidatedBalanceSheetAbstract', window );"><strong>Consolidated Balance Sheet [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></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_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest', window );">Total equity</a></td>
        <td class="nump">110,160,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">142,161,000<span></span></td>
        <td class="nump">128,362,000<span></span></td>
        <td class="nump">142,657,000<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_ConsolidatedStatementOfEquityAbstract', window );"><strong>Consolidated Statement of Equity [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></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_NetIncomeAttributableToInvestorsRealEstateTrustAndNonredeemableNoncontrollingInterests', window );">Net income attributable to Investors Real Estate Trust and nonredeemable noncontrolling interests</a></td>
        <td class="num">(157,000)<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">126,000<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_NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance', window );">Contributions from nonredeemable noncontrolling interests - consolidated real estate entities</a></td>
        <td class="nump">3,212,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></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_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest', window );">Balance</a></td>
        <td class="nump">110,160,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">142,161,000<span></span></td>
        <td class="nump">128,362,000<span></span></td>
        <td class="nump">142,657,000<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Scenario, Previously Reported [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></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_ConsolidatedBalanceSheetAbstract', window );"><strong>Consolidated Balance Sheet [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></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_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest', window );">Total equity</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">771,306,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">761,381,000<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_ConsolidatedStatementOfEquityAbstract', window );"><strong>Consolidated Statement of Equity [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></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 noncontrolling interests</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">3,216,000<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_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest', window );">Balance</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">771,306,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">761,381,000<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Scenario, Previously Reported [Member] | Noncontrolling Interests [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></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_ConsolidatedBalanceSheetAbstract', window );"><strong>Consolidated Balance Sheet [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></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_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest', window );">Total equity</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">148,110,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">148,594,000<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_ConsolidatedStatementOfEquityAbstract', window );"><strong>Consolidated Statement of Equity [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></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 noncontrolling interests</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">138,000<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_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest', window );">Balance</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">148,110,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">148,594,000<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Restatement Adjustment [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></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_ConsolidatedBalanceSheetAbstract', window );"><strong>Consolidated Balance Sheet [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></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_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest', window );">Total equity</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="num">(5,949,000)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(5,937,000)<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_iret_ConsolidatedStatementOfEquityAbstract', window );"><strong>Consolidated Statement of Equity [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></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 noncontrolling interests</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="num">(12,000)<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_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest', window );">Balance</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="num">(5,949,000)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(5,937,000)<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Restatement Adjustment [Member] | Noncontrolling Interests [Member]</div>
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        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></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_ConsolidatedBalanceSheetAbstract', window );"><strong>Consolidated Balance Sheet [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></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_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest', window );">Total equity</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="num">(5,949,000)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(5,937,000)<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_ConsolidatedStatementOfEquityAbstract', window );"><strong>Consolidated Statement of Equity [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></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 noncontrolling interests</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="num">(12,000)<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_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest', window );">Balance</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="num">$ (5,949,000)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">$ (5,937,000)<span></span></td>
      </tr>
      <tr>
        <td colspan="6"></td>
      </tr>
      <tr>
        <td colspan="6">
          <table class="outerFootnotes" width="100%">
            <tr class="outerFootnote">
              <td style="vertical-align: top;" valign="top">[1]</td>
              <td style="vertical-align: top;" valign="top">Consists of assumed debt (Homestead Garden I - $6.7 million, Homestead Garden II - $3.2 million, Silver Springs - $2.3 million) and value of land contributed by the joint</td>
            </tr>
          </table>
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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">
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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 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>
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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 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">
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                    <td><strong> Name:</strong></td>
                    <td><nobr>iret_InsuranceProceedsReceivedForTotalBusinessInterruptionProceeds</nobr></td>
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                    <td><strong> Data Type:</strong></td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                    <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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            <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">
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                    <td>duration</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>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;">
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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 buildings destroyed.</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>Number of units in building.</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 project financed 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;">
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                  </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_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_us-gaap_GainLossOnSalesOfAssetsAndAssetImpairmentCharges">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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) from the difference between the sale price or salvage price and the book value of an asset that was sold or retired, and gain (loss) from the write down of assets from their carrying value 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>us-gaap_GainLossOnSalesOfAssetsAndAssetImpairmentCharges</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_ImpairedLongLivedAssetsHeldAndUsedLineItems">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_ImpairedLongLivedAssetsHeldAndUsedLineItems</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_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_NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 in noncontrolling interest from subsidiary issuance of equity interests to noncontrolling interest holders.</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_NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance</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_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> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 15<br><br> -Article 9<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 942<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-03.15)<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;">
                <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_SaleLeasebackTransactionAmountDueUnderFinancingArrangement">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 liability due as of the balance sheet date for leasebacks accounted for using the deposit 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 840<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6452660&amp;loc=d3e36991-112694<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 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6456341&amp;loc=d3e50796-112755<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_SaleLeasebackTransactionAmountDueUnderFinancingArrangement</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_SaleLeasebackTransactionGrossProceedsFinancingActivities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 inflow before closing and deferred financing costs received by a seller-lessee in a sale-leaseback recognized in financing activities.</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 51<br><br> -URI http://asc.fasb.org/extlink&amp;oid=28365400&amp;loc=d3e51840-112757<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=28365400&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 52<br><br> -URI http://asc.fasb.org/extlink&amp;oid=28365400&amp;loc=d3e51843-112757<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_SaleLeasebackTransactionGrossProceedsFinancingActivities</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_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 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 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 16<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7656940&amp;loc=SL4568740-111683<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 810<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 4I<br><br> -URI http://asc.fasb.org/extlink&amp;oid=35736750&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_TemporaryEquityCarryingAmountAttributableToParent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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, attributable to parent, of an entity's issued and outstanding stock which is not included within permanent equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. Includes stock with a put option held by an ESOP and stock redeemable by a holder only in the event of a change in control of the issuer.</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_TemporaryEquityCarryingAmountAttributableToParent</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_VariableInterestEntityLineItems">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_VariableInterestEntityLineItems</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_VariableInterestEntityOwnershipPercentage">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <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=28200181&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;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_VariableInterestEntityOwnershipPercentage</nobr></td>
                  </tr>
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0E1AAC">
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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, 2014</div>
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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_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_iret_IdentifiedIntangibleAssetsAndIntangibleLiabilitiesTableTextBlock', window );">Identified intangible assets and intangible liabilities</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'', Times, serif; margin-bottom: 10pt; font-size: 10pt;">The Company's identified intangible assets and intangible liabilities <font style="font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">at</font>&#160;<font style="font-family: ''Times New Roman'', Times, serif; color: #000000; font-size: 10pt;">July</font> 31, 2014 and April 30, 2014 were 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: 75.84%; vertical-align: top;"><div>&#160;</div></td><td colspan="4" style="border-bottom: #000000 2px solid; width: 24.16%; vertical-align: bottom;"><div style="text-align: center; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; 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 colspan="2" style="border-bottom: #000000 2px solid; width: 12.52%; vertical-align: bottom;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">July 31, 2014</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'', Times, serif; font-size: 10pt; font-weight: bold;">April 30, 2014</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'', Times, 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><td style="background-color: #cceeff; width: 75.84%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;">Gross carrying amount</div></td><td style="background-color: #cceeff; width: 1.66%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="background-color: #cceeff; width: 10.86%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">56,975</div></td><td style="background-color: #cceeff; width: 1.66%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="background-color: #cceeff; width: 9.98%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">56,710</div></td></tr><tr><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 75.84%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;">Accumulated amortization</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 1.66%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 10.86%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 0.15pt;">(25,497)</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 1.66%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 9.98%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">(24,071)</div></td></tr><tr><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 75.84%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;">Net carrying amount</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 1.66%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 10.86%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">31,478</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 1.66%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 9.98%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">32,639</div></td></tr><tr><td style="background-color: #ffffff; width: 75.84%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 1.66%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 10.86%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 1.66%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 9.98%; vertical-align: bottom;"><div>&#160;</div></td></tr><tr><td style="background-color: #cceeff; width: 75.84%; vertical-align: bottom;"><div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;">Identified intangible liabilities (included in other liabilities):</div></td><td style="background-color: #cceeff; width: 1.66%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 10.86%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 1.66%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 9.98%; vertical-align: bottom;"><div>&#160;</div></td></tr><tr><td style="background-color: #ffffff; width: 75.84%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;">Gross carrying amount</div></td><td style="background-color: #ffffff; width: 1.66%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="background-color: #ffffff; width: 10.86%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">173</div></td><td style="background-color: #ffffff; width: 1.66%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="background-color: #ffffff; width: 9.98%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;">173</div></td></tr><tr><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 75.84%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;">Accumulated amortization</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 1.66%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 10.86%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 0.15pt;">(131)</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 1.66%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 9.98%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">(127)</div></td></tr><tr><td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 75.84%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;">Net carrying amount</div></td><td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 1.66%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 10.86%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">42</div></td><td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 1.66%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 9.98%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">46</div></td></tr></table></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_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: left; margin-top: 6pt; font-family: ''Times New Roman'', Times, 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 $(6,000) and $(11,000) for the three months ended July 31, 2014 and 2013, respectively. The estimated annual amortization of acquired below-market leases, net of acquired above-market leases, for each of the five succeeding fiscal years is as follows:</div><table align="center" border="0" cellpadding="0" cellspacing="0" style="width: 50%; font-family: 'Times New Roman', Times, Serif; font-size: 10pt;"><tr><td style="border-bottom: #000000 2px solid; width: 61.51%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold; margin-right: 5.05pt;">Year Ended April 30,</div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 38.49%; vertical-align: bottom;"><div style="text-align: right; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">(in thousands)</div></td></tr><tr><td style="background-color: #cceeff; width: 61.51%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 5.05pt;">2016</div></td><td style="background-color: #cceeff; width: 15.13%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="background-color: #cceeff; width: 23.36%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">19</div></td></tr><tr><td style="background-color: #ffffff; width: 61.51%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 5.05pt;">2017</div></td><td style="background-color: #ffffff; width: 15.13%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 23.36%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">11</div></td></tr><tr><td style="background-color: #cceeff; width: 61.51%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 5.05pt;">2018</div></td><td style="background-color: #cceeff; width: 15.13%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 23.36%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">(2)</div></td></tr><tr><td style="background-color: #ffffff; width: 61.51%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 5.05pt;">2019</div></td><td style="background-color: #ffffff; width: 15.13%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 23.36%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">(3)</div></td></tr><tr><td style="background-color: #cceeff; width: 61.51%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 5.05pt;">2020</div></td><td style="background-color: #cceeff; width: 15.13%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 23.36%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">(2)</div></td></tr></table></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_ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock', 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'', Times, serif; margin-bottom: 12pt; font-size: 10pt;">Amortization of all other identified intangible assets (a component of depreciation and amortization expense) was $1.4 million and $3.6 million for the three months ended July 31, 2014 and 2013, respectively. The estimated annual amortization of all other identified intangible assets for each of the five succeeding fiscal years is as follows:</div><table align="center" border="0" cellpadding="0" cellspacing="0" style="width: 50%; font-family: 'Times New Roman', Times, Serif; font-size: 10pt;"><tr><td style="border-bottom: #000000 2px solid; width: 61.51%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold; margin-right: 5.05pt;">Year Ended April 30,</div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 38.49%; vertical-align: bottom;"><div style="text-align: right; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">(in thousands)</div></td></tr><tr><td style="background-color: #cceeff; width: 61.51%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 5.05pt;">2016</div></td><td style="background-color: #cceeff; width: 15.13%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="background-color: #cceeff; width: 23.36%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">4,567</div></td></tr><tr><td style="background-color: #ffffff; width: 61.51%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 5.05pt;">2017</div></td><td style="background-color: #ffffff; width: 15.13%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 23.36%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">4,099</div></td></tr><tr><td style="background-color: #cceeff; width: 61.51%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 5.05pt;">2018</div></td><td style="background-color: #cceeff; width: 15.13%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 23.36%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">3,667</div></td></tr><tr><td style="background-color: #ffffff; width: 61.51%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 5.05pt;">2019</div></td><td style="background-color: #ffffff; width: 15.13%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 23.36%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">3,543</div></td></tr><tr><td style="background-color: #cceeff; width: 61.51%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 5.05pt;">2020</div></td><td style="background-color: #cceeff; width: 15.13%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 23.36%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">3,457</div></td></tr></table></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_ScheduleOfErrorCorrectionsAndPriorPeriodAdjustmentsTextBlock', window );">Restatement of Condensed Consolidated Statement of Equity</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'', Times, serif; margin-bottom: 10pt; font-size: 10pt;">The following table presents the effect of this correction on the Company's Condensed Consolidated Statement of Equity for the period affected:</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><tr><td style="width: 65.38%; vertical-align: top;"><div>&#160;</div></td><td colspan="6" style="border-bottom: #000000 2px solid; width: 34.62%; vertical-align: bottom;"><div style="text-align: center; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">(in thousands)</div></td></tr><tr><td style="border-bottom: #000000 2px solid; width: 65.38%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">Three Months Ended July 31, 2013</div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 13.48%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold; margin-right: 3.6pt;">As Previously Reported</div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 9.62%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold; margin-right: 3.6pt;">Adjustment</div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 11.52%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold; margin-right: 3.6pt;">As Revised</div></td></tr><tr><td style="width: 65.38%; vertical-align: bottom;"><div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Consolidated Statement of Equity</div></td><td style="width: 1.94%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 11.54%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 1.92%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 7.7%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 1.92%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 9.6%; vertical-align: bottom;"><div>&#160;</div></td></tr><tr><td style="width: 65.38%; vertical-align: bottom;"><div style="text-align: justify; text-indent: 9pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Noncontrolling Interests</div></td><td style="width: 1.94%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 11.54%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 1.92%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 7.7%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 1.92%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 9.6%; 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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0E1AAC">
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          <div style="width: 200px;"><strong>ACQUISITIONS, DEVELOPMENTS PLACED IN SERVICE AND DISPOSITIONS (Tables)<br></strong></div>
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        <th class="th" colspan="1">3 Months Ended</th>
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          <div>Jul. 31, 2014</div>
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width: 7.52%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">8,298</div></td><td style="background-color: #ffffff; width: 1.66%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 8.34%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">6,885</div></td><td style="background-color: #ffffff; width: 1.66%; vertical-align: top;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 8.34%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">1,413</div></td><td style="background-color: #ffffff; width: 1.66%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 7.5%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">8,298</div></td><td style="background-color: #ffffff; width: 1.68%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 7.52%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">0</div></td><td style="background-color: #ffffff; width: 1.66%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 7.48%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">0</div></td></tr><tr><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 31.65%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 10.88%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 2.46%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 7.52%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 1.66%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 8.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 1.66%; vertical-align: top;"><div>&#160;</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 8.34%; vertical-align: top;"><div>&#160;</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 1.66%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 7.5%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 1.68%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 7.52%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 1.66%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 7.48%; vertical-align: bottom;"><div>&#160;</div></td></tr><tr><td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 31.65%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Total Property Acquisitions</div></td><td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 10.88%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 2.46%; vertical-align: bottom;"><div style="text-align: right; 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background-color: #ffffff; width: 8.34%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">13,582</div></td><td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 1.66%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 7.5%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">9,168</div></td><td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 1.68%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 7.52%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">17,145</div></td><td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 1.66%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 7.48%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">265</div></td></tr></table><div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="margin-top: 6pt; 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; margin-top: 6pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">(1)</div></td><td style="width: auto; vertical-align: top;"><div style="text-align: left; font-style: italic; margin-top: 6pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Consists of assumed debt (Homestead Garden I - $9.9 million, Silver Springs - $2.3 million) and value of land contributed by the joint venture partner (71 France - $1.4 million).</div></td></tr></table></div><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'', Times, serif; font-size: 10pt;">(2)</div></td><td style="width: auto; vertical-align: top;"><div style="text-align: left; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">At acquisition the Company adjusted the assumed debt to fair value and recognized approximately $852,000 of goodwill.</div></td></tr></table></div><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'', Times, serif; font-size: 10pt;">(3)</div></td><td style="width: auto; vertical-align: top;"><div style="text-align: left; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Land is owned by a joint venture in which the Company currently has an approximately 55.3% interest. The joint venture is consolidated in IRET's financial statements.</div></td></tr></table></div><div><br /></div><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">Three Months Ended July 31, 2013</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: 31.67%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 10.84%; vertical-align: bottom;"><div>&#160;</div></td><td colspan="12" style="border-bottom: #000000 2px solid; width: 57.49%; vertical-align: bottom;"><div style="text-align: center; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">(in thousands)</div></td></tr><tr><td style="width: 31.67%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 10.84%; vertical-align: bottom;"><div>&#160;</div></td><td colspan="2" rowspan="2" style="border-bottom: #000000 2px solid; width: 10%; vertical-align: bottom;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">Total</div><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">Acquisition</div><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">Cost</div></td><td colspan="4" style="border-bottom: #000000 2px solid; width: 20%; vertical-align: bottom;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">Form of Consideration</div></td><td colspan="6" style="border-bottom: #000000 2px solid; width: 27.49%; vertical-align: bottom;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">Investment Allocation</div></td></tr><tr><td style="border-bottom: #000000 2px solid; width: 31.67%; vertical-align: bottom;"><div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">Acquisitions</div></td><td style="border-bottom: #000000 2px solid; width: 10.84%; vertical-align: bottom;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">Date Acquired</div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 10%; vertical-align: bottom;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">Cash</div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 10%; vertical-align: bottom;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">Units<sup>(1)</sup></div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 9.16%; vertical-align: bottom;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">Land</div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 9.18%; vertical-align: bottom;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">Building</div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 9.16%; vertical-align: bottom;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">Intangible</div><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">Assets</div></td></tr><tr><td style="width: 31.67%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 10.84%; vertical-align: top;"><div>&#160;</div></td><td style="width: 2.5%; vertical-align: top;"><div>&#160;</div></td><td style="width: 7.5%; vertical-align: top;"><div>&#160;</div></td><td style="width: 1.66%; vertical-align: top;"><div>&#160;</div></td><td style="width: 8.34%; vertical-align: top;"><div>&#160;</div></td><td style="width: 1.66%; vertical-align: top;"><div>&#160;</div></td><td style="width: 8.34%; vertical-align: top;"><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: 1.68%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 7.5%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 1.5%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 7.66%; vertical-align: bottom;"><div>&#160;</div></td></tr><tr><td style="width: 31.67%; vertical-align: bottom;"><div style="text-align: left; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Multi-Family Residential</div></td><td style="width: 10.84%; vertical-align: top;"><div>&#160;</div></td><td style="width: 2.5%; vertical-align: top;"><div>&#160;</div></td><td style="width: 7.5%; vertical-align: top;"><div>&#160;</div></td><td style="width: 1.66%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 1.66%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 8.34%; 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: 1.68%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 7.5%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 1.5%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 7.66%; vertical-align: bottom;"><div>&#160;</div></td></tr><tr><td style="background-color: #cceeff; width: 31.67%; vertical-align: bottom;"><div style="text-align: left; text-indent: -7.2pt; font-family: ''Times New Roman'', Times, serif; margin-left: 16.2pt; font-size: 10pt;">71 unit - Alps Park - Rapid City, SD</div></td><td style="background-color: #cceeff; width: 10.84%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;">2013-05-01</div></td><td style="background-color: #cceeff; 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font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">3,280</div></td><td style="background-color: #cceeff; width: 1.66%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="background-color: #cceeff; width: 7.5%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">287</div></td><td style="background-color: #cceeff; width: 1.68%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="background-color: #cceeff; width: 7.5%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">5,551</div></td><td style="background-color: #cceeff; width: 1.5%; vertical-align: bottom;"><div style="text-align: right; 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width: 8.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 1.66%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 7.5%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 1.68%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 7.5%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 1.5%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 7.66%; vertical-align: bottom;"><div>&#160;</div></td></tr><tr><td style="background-color: #cceeff; width: 31.67%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 10.84%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 2.5%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 7.5%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 1.66%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 8.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 1.66%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 8.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 1.66%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 7.5%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 1.68%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 7.5%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 1.5%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 7.66%; vertical-align: bottom;"><div>&#160;</div></td></tr><tr><td style="background-color: #ffffff; width: 31.67%; vertical-align: bottom;"><div style="text-align: left; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Unimproved Land</div></td><td style="background-color: #ffffff; width: 10.84%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 2.5%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 7.5%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 1.66%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 8.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 1.66%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 8.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 1.66%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; 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width: 7.5%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">179</div></td><td style="background-color: #cceeff; width: 1.66%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 8.34%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">179</div></td><td style="background-color: #cceeff; width: 1.66%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 8.34%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">0</div></td><td style="background-color: #cceeff; width: 1.66%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 7.5%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">179</div></td><td style="background-color: #cceeff; width: 1.68%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 7.5%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">0</div></td><td style="background-color: #cceeff; width: 1.5%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 7.66%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">0</div></td></tr><tr><td style="background-color: #ffffff; width: 31.67%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 10.84%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 2.5%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 7.5%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 1.66%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 8.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 1.66%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 8.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 1.66%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 7.5%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 1.68%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 7.5%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 1.5%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 7.66%; vertical-align: bottom;"><div>&#160;</div></td></tr><tr><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 31.67%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 10.84%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 2.5%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 7.5%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 1.66%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 8.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 1.66%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 8.34%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 1.66%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 7.5%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 1.68%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 7.5%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 1.5%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 7.66%; vertical-align: bottom;"><div>&#160;</div></td></tr><tr><td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 31.67%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Total Property Acquisitions</div></td><td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 10.84%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 2.5%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 7.5%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">6,379</div></td><td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 1.66%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 8.34%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">3,099</div></td><td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 1.66%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 8.34%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">3,280</div></td><td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 1.66%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 7.5%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">466</div></td><td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 1.68%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 7.5%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">5,551</div></td><td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 1.5%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 7.66%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">362</div></td></tr></table><div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="margin-top: 6pt; 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; margin-top: 6pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">(1)</div></td><td style="width: auto; vertical-align: top;"><div style="text-align: left; font-style: italic; margin-top: 6pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Value of limited partnership units of the Operating Partnership at the acquisition date.</div></td></tr></table></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_iret_ResultsOfOperationsFromAcquiredPropertiesTextBlock', window );">Results of operations from acquired properties</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'', Times, serif; margin-bottom: 12pt; font-size: 10pt;">Acquisitions in the three months ended July 31, 2014 and 2013 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, 2014 and 2013, respectively, (excluding development projects placed in service) are detailed below.</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><tr><td style="width: 75.86%; vertical-align: top;"><div>&#160;</div></td><td colspan="4" style="border-bottom: #000000 2px solid; width: 24.14%; vertical-align: bottom;"><div style="text-align: center; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">(in thousands)</div></td></tr><tr><td style="width: 75.86%; vertical-align: top;"><div>&#160;</div></td><td colspan="4" style="border-bottom: #000000 2px solid; width: 24.14%; vertical-align: bottom;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">Three Months Ended</div><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; 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 colspan="2" style="border-bottom: #000000 2px solid; width: 12.52%; vertical-align: bottom;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">2014</div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 11.62%; vertical-align: bottom;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">2013</div></td></tr><tr><td style="background-color: #cceeff; width: 75.86%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Total revenue</div></td><td style="background-color: #cceeff; width: 1.66%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="background-color: #cceeff; width: 10.86%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">362</div></td><td style="background-color: #cceeff; width: 1.66%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="background-color: #cceeff; width: 9.96%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">186</div></td></tr><tr><td style="background-color: #ffffff; width: 75.86%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Net (loss) income</div></td><td style="background-color: #ffffff; width: 1.66%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="background-color: #ffffff; width: 10.86%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">20</div></td><td style="background-color: #ffffff; width: 1.66%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="background-color: #ffffff; width: 9.96%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">(108)</div></td></tr></table><div><br /></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_PropertyPlantAndEquipmentScheduleOfSignificantAcquisitionsAndDisposalsTextBlock', window );">Development projects placed in service</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'', Times, serif; margin-bottom: 12pt; font-size: 10pt;">IRET Properties placed approximately $10.3 million of development projects in service during the three months ended July 31, 2014. There were no development projects placed in service in the three months ended July 31, 2013. 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font-weight: bold;">Development Projects Placed in Service<sup> (1)</sup></div></td><td style="border-bottom: #000000 2px solid; width: 13.36%; vertical-align: bottom;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">Date Placed in</div><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">Service</div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 11.44%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">Land</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'', Times, serif; font-size: 10pt; font-weight: bold;">Building</div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 13.44%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">Development</div><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">Cost</div></td></tr><tr><td style="width: 49.27%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 13.36%; vertical-align: top;"><div>&#160;</div></td><td style="width: 2.76%; 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: 10.56%; vertical-align: bottom;"><div>&#160;</div></td></tr><tr><td style="width: 49.27%; vertical-align: bottom;"><div style="text-align: left; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Multi-Family Residential</div></td><td style="width: 13.36%; vertical-align: top;"><div>&#160;</div></td><td style="width: 2.76%; 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: 10.56%; vertical-align: bottom;"><div>&#160;</div></td></tr><tr><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 49.27%; vertical-align: bottom;"><div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 18pt; font-size: 10pt;">44 unit &#8211; Dakota Commons - Williston, ND<sup>(2)</sup></div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 13.36%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;">2014-07-15</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 2.76%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 8.68%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;">823</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 2.88%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 9.62%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;">9,442</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 2.88%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 10.56%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;">10,265</div></td></tr><tr><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 49.27%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 13.36%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 2.76%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 8.68%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 2.88%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; margin-left: 18pt; font-size: 10pt;">&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 9.62%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 2.88%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; margin-left: 18pt; font-size: 10pt;">&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 10.56%; vertical-align: bottom;"><div>&#160;</div></td></tr><tr><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 49.27%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Total Development Projects Placed in Service</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 13.36%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 2.76%; vertical-align: bottom;"><div style="text-align: right; 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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_iret_ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsGainLossOnDispositionTableTextBlock', window );">Schedule of Dispositions</a></td>
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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'', Times, serif; font-size: 10pt; font-weight: bold;">Date</div><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">Disposed</div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 11.86%; vertical-align: bottom;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">Sales Price</div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 13.55%; vertical-align: bottom;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">Book Value</div><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">and Sales Cost</div></td><td colspan="2" style="border-bottom: #000000 2px solid; 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          <div>Apr. 30, 2014</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">2.40%<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_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">$ 971,300,000<span></span></td>
        <td class="nump">$ 977,200,000<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">45,400,000<span></span></td>
        <td class="nump">20,500,000<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_LongtermDebtWeightedAverageInterestRate', window );">Weighted average rate of interest on mortgage debt (in hundredths)</a></td>
        <td class="nump">5.32%<span></span></td>
        <td class="nump">5.37%<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 );">2015 (remainder)</a></td>
        <td class="nump">70,760,000<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 );">2016</a></td>
        <td class="nump">92,893,000<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 );">2017</a></td>
        <td class="nump">214,722,000<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 );">2018</a></td>
        <td class="nump">113,386,000<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 );">2019</a></td>
        <td class="nump">132,793,000<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">393,020,000<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">1,017,574,000<span></span></td>
        <td class="nump">997,689,000<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">971,300,000<span></span></td>
        <td class="nump">977,200,000<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_LineOfCreditFacilityMaximumBorrowingCapacity', window );">Lending commitments</a></td>
        <td class="nump">75,000,000<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">14<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">4.75%<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">12,500,000<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_LineOfCredit', window );">Borrowed amount</a></td>
        <td class="nump">35,500,000<span></span></td>
        <td class="nump">25,500,000<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_DebtServiceCoverageOnAggregateAssets', window );">Debt service coverage on aggregate assets</a></td>
        <td class="nump">1.25<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_DebtServiceCoverageOnIndividualAssets', window );">Debt service coverage on individual assets</a></td>
        <td class="nump">1.00<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_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_DebtServiceCoverageOnAggregateAssets">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Financial covenant requiring the entity to maintain a specific debt service coverage on aggregate 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_DebtServiceCoverageOnAggregateAssets</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:pureItemType</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_DebtServiceCoverageOnIndividualAssets">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Financial covenant requiring the entity to maintain a specific debt service coverage on individual 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_DebtServiceCoverageOnIndividualAssets</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:pureItemType</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_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>The number of properties used as security under the 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_LineOfCredit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 and noncurrent portions 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> -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 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, 20, 22<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 210.7-03.16)<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_LineOfCredit</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>
                    <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>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <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 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_LineOfCreditFacilityMaximumBorrowingCapacity</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> -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 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 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 16<br><br> -Article 9<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 20, 22<br><br> -Article 5<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 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></p>
              </div><a href="javascript:void(0);" onclick="top.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_LongTermDebtByMaturityAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_LongTermDebtByMaturityAbstract</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_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 payable, sinking fund requirements, and other securities issued that are redeemable by holder at fixed or determinable prices and dates maturing after the fifth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest 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> -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 Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 3<br><br> -Subparagraph (SX 210.12-04.(a))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e24072-122690<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>
                  </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_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 payable, sinking fund requirements, and other securities issued that are redeemable by holder at fixed or determinable prices and dates maturing in the next fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest 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> -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 Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 3<br><br> -Subparagraph (SX 210.12-04.(a))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e24072-122690<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>
                  </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_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 payable, sinking fund requirements, and other securities issued that are redeemable by holder at fixed or determinable prices and dates maturing in the fifth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest 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> -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 Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 3<br><br> -Subparagraph (SX 210.12-04.(a))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e24072-122690<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>
                  </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_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 payable, sinking fund requirements, and other securities issued that are redeemable by holder at fixed or determinable prices and dates maturing in the fourth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest 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> -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 Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 3<br><br> -Subparagraph (SX 210.12-04.(a))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e24072-122690<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>
                  </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_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 payable, sinking fund requirements, and other securities issued that are redeemable by holder at fixed or determinable prices and dates maturing in the third fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest 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> -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 Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 3<br><br> -Subparagraph (SX 210.12-04.(a))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e24072-122690<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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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</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>Amount of long-term debt payable, sinking fund requirements, and other securities issued that are redeemable by holder at fixed or determinable prices and dates maturing in the second fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest 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> -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 Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 3<br><br> -Subparagraph (SX 210.12-04.(a))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e24072-122690<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 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 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>
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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>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>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>
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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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                    <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>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Weighted average interest rate of long-term debt 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">
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                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LongtermDebtWeightedAverageInterestRate</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>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=27047687&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>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></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>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=27047687&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>
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                <table border="0" cellpadding="0" cellspacing="0">
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                    <td><nobr>us-gaap_MortgageLoansOnRealEstateMinimumInterestRateInRange</nobr></td>
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EPRAK">
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          <div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF EQUITY (USD $)<br>In Thousands</strong></div>
        </th>
        <th class="th">
          <div>PREFERRED SHARES [Member]</div>
        </th>
        <th class="th">
          <div>COMMON SHARES [Member]</div>
        </th>
        <th class="th">
          <div>ACCUMULATED DISTRIBUTIONS IN EXCESS OF NET INCOME [Member]</div>
        </th>
        <th class="th">
          <div>Noncontrolling Interests [Member]</div>
        </th>
        <th class="th" colspan="2">
          <div>Total</div>
        </th>
        <th class="th">
          <div>Preferred Series A [Member]

</div>
          <div>ACCUMULATED DISTRIBUTIONS IN EXCESS OF NET INCOME [Member]</div>
        </th>
        <th class="th">
          <div>Preferred Series A [Member]</div>
        </th>
        <th class="th">
          <div>Preferred Series B [Member]

</div>
          <div>ACCUMULATED DISTRIBUTIONS IN EXCESS OF NET INCOME [Member]</div>
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          <div>Preferred Series B [Member]</div>
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        <td class="nump">$ 138,674<span></span></td>
        <td class="nump">$ 784,454<span></span></td>
        <td class="num">$ (310,341)<span></span></td>
        <td class="nump">$ 142,657<span></span></td>
        <td class="nump">$ 755,444<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="nump">5,750<span></span></td>
        <td class="nump">101,488<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></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="text">&#xA0;<span></span></td>
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        <td class="nump">3,078<span></span></td>
        <td class="nump">126<span></span></td>
        <td class="nump">3,204<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></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="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(13,264)<span></span></td>
        <td class="num">(2,829)<span></span></td>
        <td class="num">(16,093)<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></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="text">&#xA0;<span></span></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)<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="num">(593)<span></span></td>
        <td class="num">(593)<span></span></td>
        <td class="num">(2,286)<span></span></td>
        <td class="num">(2,286)<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_StockIssuedDuringPeriodValueDividendReinvestmentPlan', window );">Distribution reinvestment and share purchase plan</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">22,673<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">22,673<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<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="text">&#xA0;<span></span></td>
        <td class="nump">2,600<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<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_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures', window );">Share-based compensation</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">112<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">112<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<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_StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures', window );">Share-based compensation (in shares)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">13<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<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<span></span></td>
        <td class="nump">3,280<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<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<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(706)<span></span></td>
        <td class="nump">0<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<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<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<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)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(367)<span></span></td>
        <td class="num">(384)<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<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="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="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<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<span></span></td>
        <td class="nump">807,928<span></span></td>
        <td class="num">(323,406)<span></span></td>
        <td class="nump">142,161<span></span></td>
        <td class="nump">765,357<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<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<span></span></td>
        <td class="nump">104,226<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<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, 2014</a></td>
        <td class="nump">138,674<span></span></td>
        <td class="nump">843,268<span></span></td>
        <td class="num">(389,758)<span></span></td>
        <td class="nump">128,362<span></span></td>
        <td class="nump">720,546<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<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 (in shares) at Apr. 30, 2014</a></td>
        <td class="nump">5,750<span></span></td>
        <td class="nump">109,019<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<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="num">(151)<span></span></td>
        <td class="num">(157)<span></span></td>
        <td class="num">(308)<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<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">(14,264)<span></span></td>
        <td class="num">(2,740)<span></span></td>
        <td class="num">(17,004)<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<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)<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="num">(593)<span></span></td>
        <td class="num">(593)<span></span></td>
        <td class="num">(2,286)<span></span></td>
        <td class="num">(2,286)<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">20,926<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">20,926<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<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">2,422<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<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_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures', window );">Share-based compensation</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">1,889<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">1,889<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<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_StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures', window );">Share-based compensation (in shares)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">204<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<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">0<span></span></td>
        <td class="nump">0<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<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">18,332<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(18,332)<span></span></td>
        <td class="nump">0<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<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">3,118<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<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_NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance', window );">Contributions from nonredeemable noncontrolling interests - consolidated real estate entities</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">3,212<span></span></td>
        <td class="nump">3,212<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
        <td class="text">&#xA0;<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_StockholdersEquityOther', window );">Other</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="num">(185)<span></span></td>
        <td class="num">(185)<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<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, 2014</a></td>
        <td class="nump">$ 138,674<span></span></td>
        <td class="nump">$ 884,415<span></span></td>
        <td class="num">$ (407,052)<span></span></td>
        <td class="nump">$ 110,160<span></span></td>
        <td class="nump">$ 726,197<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<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, 2014</a></td>
        <td class="nump">5,750<span></span></td>
        <td class="nump">114,763<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<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>
        <td colspan="11"></td>
      </tr>
      <tr>
        <td colspan="11">
          <table class="outerFootnotes" width="100%">
            <tr class="outerFootnote">
              <td style="vertical-align: top;" valign="top">[1]</td>
              <td style="vertical-align: top;" valign="top">Consists of assumed debt (Homestead Garden I - $6.7 million, Homestead Garden II - $3.2 million, Silver Springs - $2.3 million) and value of land contributed by the joint</td>
            </tr>
          </table>
        </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>Amount of paid and unpaid common stock dividends declared with the form of settlement in cash, stock and payment-in-kind (PIK).</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=27012166&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>Amount of paid and unpaid preferred stock dividends declared with the form of settlement in cash, stock and payment-in-kind (PIK).</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=27012166&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_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_NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 in noncontrolling interest from subsidiary issuance of equity interests to noncontrolling interest holders.</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_NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance</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_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=27012166&amp;loc=d3e187171-122770<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_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=27012166&amp;loc=d3e187171-122770<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> -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 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 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 16<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7656940&amp;loc=SL4568740-111683<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 810<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 4I<br><br> -URI http://asc.fasb.org/extlink&amp;oid=35736750&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_StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 related to Restricted Stock Awards, net of any shares forfeited.</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 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 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 S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<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 29, 30<br><br> -Article 5<br><br><br><br></p>
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                <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>
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                <p>Value of stock related to Restricted Stock Awards issued during the period, net of the stock value of such awards forfeited.</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>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=27012166&amp;loc=d3e187085-122770<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">
      <tr>
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          <div style="width: 200px;"><strong>EARNINGS PER SHARE<br></strong></div>
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        <th class="th" colspan="1">3 Months Ended</th>
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          <div>Jul. 31, 2014</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_EarningsPerShareTextBlock', window );">EARNINGS PER SHARE</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'', Times, serif; margin-bottom: 6pt; font-size: 10pt; font-weight: bold;">NOTE 3 &#8226; EARNINGS PER SHARE</div><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; 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, 2014 and 2013:</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><tr style="height: 15px;"><td style="width: 72.51%; vertical-align: bottom;"><div>&#160;</div></td><td colspan="4" style="border-bottom: #000000 2px solid; width: 27.49%; vertical-align: top;"><div style="text-align: center; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">(in thousands, except per share data)</div></td></tr><tr><td style="width: 72.51%; vertical-align: bottom;"><div>&#160;</div></td><td colspan="4" style="border-bottom: #000000 2px solid; width: 27.49%; vertical-align: top;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">Three Months Ended</div><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">July 31</div></td></tr><tr><td style="border-bottom: #000000 2px solid; width: 72.51%; vertical-align: top;"><div style="text-align: left;">&#160;</div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 14.18%; vertical-align: bottom;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">2014</div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 13.31%; vertical-align: bottom;"><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">2013</div></td></tr><tr><td style="width: 72.51%; vertical-align: bottom;"><div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;">NUMERATOR</div></td><td style="width: 4.18%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 10%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 4.18%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 9.14%; vertical-align: bottom;"><div>&#160;</div></td></tr><tr><td style="background-color: #cceeff; width: 72.51%; vertical-align: bottom;"><div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;">(Loss) income from continuing operations &#8211; Investors Real Estate Trust</div></td><td style="background-color: #cceeff; width: 4.18%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="background-color: #cceeff; width: 10%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">(151)</div></td><td style="background-color: #cceeff; width: 4.18%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="background-color: #cceeff; width: 9.14%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">2,584</div></td></tr><tr><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 72.51%; vertical-align: bottom;"><div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, 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; background-color: #ffffff; width: 4.18%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 10%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">0</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 4.18%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 9.14%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">494</div></td></tr><tr><td style="background-color: #cceeff; width: 72.51%; vertical-align: bottom;"><div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;">Net (loss) income attributable to Investors Real Estate Trust</div></td><td style="background-color: #cceeff; width: 4.18%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 10%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">(151)</div></td><td style="background-color: #cceeff; width: 4.18%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; 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text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;">Denominator for basic earnings per share weighted average shares</div></td><td style="background-color: #cceeff; width: 4.18%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 10%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">111,039</div></td><td style="background-color: #cceeff; width: 4.18%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 9.14%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">102,358</div></td></tr><tr><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 72.51%; vertical-align: bottom;"><div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; 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text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;">Denominator for diluted earnings per share</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 4.18%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 10%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">131,332</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 4.18%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 9.14%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">124,179</div></td></tr><tr><td style="background-color: #ffffff; width: 72.51%; vertical-align: bottom;"><div style="text-align: left; 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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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          <div>Jul. 31, 2014</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'', Times, serif; margin-bottom: 12pt; font-size: 10pt;">Of the mortgages payable, the balances of fixed rate mortgages totaled $971.3 million at July 31, 2014 and $977.2 million at April 30, 2014. The balances of variable rate mortgages totaled $45.4 million and $20.5 million as of July 31, 2014 and April 30, 2014, respectively. The Company does not utilize derivative financial instruments to mitigate its exposure to changes in market interest rates. Most of the fixed rate mortgages have substantial pre-payment penalties. As of July 31, 2014, the weighted average rate of interest on the Company's mortgage debt was 5.32%, compared to 5.37% on April 30, 2014. The aggregate amount of required future principal payments on mortgages payable as of July 31, 2014, is as follows:</div><table align="center" border="0" cellpadding="0" cellspacing="0" style="width: 50%; font-family: 'Times New Roman', Times, Serif; font-size: 10pt;"><tr><td style="border-bottom: #000000 2px solid; width: 66.19%; vertical-align: bottom;"><div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">Fiscal year ended April 30,</div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 33.81%; vertical-align: bottom;"><div style="text-align: right; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">(in thousands)</div></td></tr><tr><td style="background-color: #cceeff; width: 66.19%; vertical-align: bottom;"><div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">2015 (remainder)</div></td><td style="background-color: #cceeff; width: 4.23%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="background-color: #cceeff; width: 29.58%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">70,760</div></td></tr><tr><td style="background-color: #ffffff; width: 66.19%; vertical-align: bottom;"><div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">2016</div></td><td style="background-color: #ffffff; width: 4.23%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 29.58%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">92,893</div></td></tr><tr><td style="background-color: #cceeff; width: 66.19%; vertical-align: bottom;"><div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">2017</div></td><td style="background-color: #cceeff; width: 4.23%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 29.58%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">214,722</div></td></tr><tr><td style="background-color: #ffffff; width: 66.19%; vertical-align: bottom;"><div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">2018</div></td><td style="background-color: #ffffff; width: 4.23%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 29.58%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">113,386</div></td></tr><tr><td style="background-color: #cceeff; width: 66.19%; vertical-align: bottom;"><div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">2019</div></td><td style="background-color: #cceeff; width: 4.23%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 29.58%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">132,793</div></td></tr><tr><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 66.19%; vertical-align: bottom;"><div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Thereafter</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 4.23%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 29.58%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">393,020</div></td></tr><tr><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 66.19%; vertical-align: bottom;"><div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Total payments</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 4.23%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 29.58%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">1,017,574</div></td></tr></table></div><span></span></td>
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          <div>Footnote (7) [Member]</div>
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        </th>
        <th class="th" colspan="2">
          <div>Jul. 31, 2014

</div>
          <div>Other [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_RealEstatePropertiesLineItems', window );"><strong>Real Estate Properties [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></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_NumberOfPropertiesSubjectToPurchaseOptions', window );">Number of properties subject to purchase options</a></td>
        <td class="nump">15<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></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_TotalPropertyCostSubjectToPurchaseOptions', window );">Total property cost subject to purchase options</a></td>
        <td class="nump">$ 120,500,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></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_TotalGrossRentalRevenueFromPropertiesSubjectToPurchaseOptions', window );">Total gross rental revenue from properties subject to purchase options</a></td>
        <td class="nump">2,600,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></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_NumberOfPropertiesSubjectToRestrictionsOnTaxableDispositions', window );">Number of properties subject to restrictions on taxable dispositions</a></td>
        <td class="nump">110<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></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_AreaOfRealEstateProperty', window );">Area of a real estate property</a></td>
        <td class="nump">5,300,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">10,625<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">75,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">72,012<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">4,998<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">202,807<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">12,700,000<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_NumberOfApartmentUnitsPlacedInService', window );">Number of apartment units placed in service</a></td>
        <td class="nump">5,106<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">68<span></span></td>
        <td class="nump">119<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">74<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></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_RealEstateInvestments', window );">Real estate investment amount of properties (net of accumulated depreciation)</a></td>
        <td class="nump">827,500,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></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_RedemptionBasis', window );">Redemption basis</a></td>
        <td class="text">one-for-one<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></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_PeriodToHoldBeneficialInterestMinimum', window );">Period to hold the beneficial interest, minimum</a></td>
        <td class="text">1 year<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></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_NumberOfConsecutiveTradingDaysForValuation', window );">Number of consecutive trading days for valuation</a></td>
        <td class="text">10 days<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></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_RedemptionValueOfUpreitUnits', window );">Aggregate redemption value of UPREIT Units of operating partnership owned by limited partners</a></td>
        <td class="nump">154,400,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">197,700,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></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_RealEstateInvestmentsJointVentures', window );">Joint ventures partner's interest acquired</a></td>
        <td class="nump">0<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></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_TenantImprovements', window );">Tenant Improvements</a></td>
        <td class="nump">8,700,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></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_CommitmentPeriodForTenantImprovements', window );">Commitment period for tenant improvements</a></td>
        <td class="text">12 months<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></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_NumberOfApartmentUnits', window );">Number of apartment units</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">233<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">251<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">66<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">165<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">72<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[4]</sup></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">163<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">130<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">109<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">288<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[5]</sup></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></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_AnticipatedTotalCost', window );">Anticipated Total Cost</a></td>
        <td class="nump">354,552,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">37,201,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">40,042,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">7,028,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">33,448,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">14,711,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[4]</sup></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">24,519,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">29,462,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">29,660,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">69,900,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[6]</sup></td>
        <td class="nump">24,251,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">62,362,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[5]</sup></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">34,665,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">3,288,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">13,915,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></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_ProjectCostsIncurredToDate', window );">Project costs incurred to date</a></td>
        <td class="nump">153,964,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[7]</sup></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">33,218,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[2],[7]</sup></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">9,333,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[7]</sup></td>
        <td class="nump">3,168,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[3],[7]</sup></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">19,048,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[7]</sup></td>
        <td class="nump">5,681,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[4],[7]</sup></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">1,793,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[7]</sup></td>
        <td class="nump">20,399,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1],[7]</sup></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">4,255,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[7]</sup></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">4,486,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[7]</sup></td>
        <td class="nump">44,251,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[5],[7]</sup></td>
        <td class="nump">23,000,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[5]</sup></td>
        <td class="nump">4,204,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[7]</sup></td>
        <td class="nump">1,550,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[7]</sup></td>
        <td class="nump">2,578,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[7]</sup></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">874,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[7]</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_iret_RealEstateConstructionEstimatedQuarterForCompletion', window );">Estimated quarter for completion</a></td>
        <td class="nump">189,193,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">24,480,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">24,500,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">4,200,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">24,250,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">0<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[4]</sup></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">0<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">21,726,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">20,365,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">15,000,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">43,672,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[5]</sup></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">0<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">0<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">11,000,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></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_RealEstateConstructionEstimatedYearForCompletion', window );">Estimated year for completion</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">FY2015 Q2<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">FY2016 Q1<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">FY2015 Q3<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">FY2015 Q3<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">FY2016 Q1<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[4]</sup></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">FY2016 Q2<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">FY2015 Q3<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">FY2016 Q1<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">FY2016 Q2<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">FY2015 Q4<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[5]</sup></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">FY2016 Q2<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">FY2015 Q2<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">FY2015 Q4<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></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_EquityMethodInvestmentOwnershipPercentage', window );">Interest in joint venture (in hundredths)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">52.90%<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">86.10%<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">58.60%<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">55.30%<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">51.00%<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[6]</sup></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">70.00%<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[5]</sup></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></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_InsuranceSettlementsReceivableCurrent', window );">Insurance proceeds receivable</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">4,000,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[4]</sup></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></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_RealEstateInventoryCapitalizedInterestCostsIncurred', window );">Construction interest capitalized</a></td>
        <td class="nump">1,000,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">580,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></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_PurchasePriceofPendingAcquisition', window );">Purchase Price of Pending Acquisition</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">8,500,000<span></span></td>
        <td class="nump">15,000,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">9,300,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">1,700,000<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_BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued', window );">Value of limited partnership units</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">100,000<span></span></td>
        <td class="nump">700,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">400,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></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_SaleAmountOfPendingDisposition', window );">Sales price of pending disposition</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">2,800,000<span></span></td>
        <td class="nump">4,500,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">7,200,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></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_us-gaap_PaymentsToAcquireBusinessesGross', window );">Cash paid for acquisition</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">$ 8,400,000<span></span></td>
        <td class="nump">$ 14,300,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">$ 8,900,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">$ 1,700,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr>
        <td colspan="45"></td>
      </tr>
      <tr>
        <td colspan="45">
          <table class="outerFootnotes" width="100%">
            <tr class="outerFootnote">
              <td style="vertical-align: top;" valign="top">[1]</td>
              <td style="vertical-align: top;" valign="top">The Company is an approximately 58.6% partner in the joint venture entity constructing this project; the anticipated total cost amount given is the total cost to the joint venture entity.</td>
            </tr>
            <tr class="outerFootnote">
              <td style="vertical-align: top;" valign="top">[2]</td>
              <td style="vertical-align: top;" valign="top">The Company is an approximately 52.9% partner in the joint venture entity constructing this project; the anticipated total cost amount given is the total cost to the joint venture entity.</td>
            </tr>
            <tr class="outerFootnote">
              <td style="vertical-align: top;" valign="top">[3]</td>
              <td style="vertical-align: top;" valign="top">The Company is an approximately 86.1% partner in the joint venture entity constructing this project; the anticipated total cost amount given is the total cost to the joint venture entity.</td>
            </tr>
            <tr class="outerFootnote">
              <td style="vertical-align: top;" valign="top">[4]</td>
              <td style="vertical-align: top;" valign="top">On December 5, 2013, this development project was destroyed by fire. As of July 31, 2014, $4.0 million of expected insurance proceeds were included in accounts receivable on the Company&#x2019;s consolidated balance sheet. See Note 2 for additional information.</td>
            </tr>
            <tr class="outerFootnote">
              <td style="vertical-align: top;" valign="top">[5]</td>
              <td style="vertical-align: top;" valign="top">The Company is an approximately 70% partner in the joint venture entity constructing this project; the anticipated total cost amount given is the total cost to the joint venture entity.</td>
            </tr>
            <tr class="outerFootnote">
              <td style="vertical-align: top;" valign="top">[6]</td>
              <td style="vertical-align: top;" valign="top">The Company is currently an approximately 55.3% partner in the joint venture entity constructing this project. The project will be constructed in three phases, and at the conclusion of construction of the third phase, the Company will have an approximately 50.5% interest in the project. The anticipated total cost amount given in the table above is the total cost to the joint venture entity of the project&#x2019;s first phase. The expected total project cost for all three phases is approximately $69.9 million for a total of approximately 241 residential units and approximately 21,772 square feet of commercial retail space.</td>
            </tr>
            <tr class="outerFootnote">
              <td style="vertical-align: top;" valign="top">[7]</td>
              <td style="vertical-align: top;" valign="top">Includes costs related to development projects that are placed in service in phases (Renaissance Heights I - $23.0 million).</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>Estimated cost of project.</p>
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                <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 commitment period related to tenant improvements.</p>
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                <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>Number of apartment units.</p>
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                <p>No definition available.</p>
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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 number of apartment units placed in service during the period.</p>
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                <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 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;">
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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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                <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">
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                <p>The 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>
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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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        <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 minimum period for which some limited partners have contractually agreed to hold the beneficial interest.</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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                <p>Project costs incurred to date.</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>
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                <p>Purchase Price of Pending Acquisition</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_PurchasePriceofPendingAcquisition</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_RealEstateConstructionEstimatedQuarterForCompletion">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 quarter in which a construction project is estimated to be completed.</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_RealEstateConstructionEstimatedQuarterForCompletion</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_RealEstateConstructionEstimatedYearForCompletion">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 year in which a construction project is estimated to be completed.</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_RealEstateConstructionEstimatedYearForCompletion</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>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>The redemption value of UPREIT Units 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_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_SaleAmountOfPendingDisposition">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sale amount of pending property disposition.</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_SaleAmountOfPendingDisposition</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_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_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_BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 equity interests issued or issuable to acquire 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 805<br><br> -SubTopic 30<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (b)(4)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=35744584&amp;loc=d3e6927-128479<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_BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued</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_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 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></p>
              </div><a href="javascript:void(0);" onclick="top.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>
                  </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_us-gaap_InsuranceSettlementsReceivableCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 due in settlement of a claim for reimbursement from an insurance company when the Company has suffered a loss covered under an insurance policy.   For classified balance sheets, represents the current amount receivable, that is amounts expected to be collected within one year or 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> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.8)<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_InsuranceSettlementsReceivableCurrent</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_PaymentsToAcquireBusinessesGross">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 acquisition of business during the period. The cash portion only of the acquisition price.</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 (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&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_PaymentsToAcquireBusinessesGross</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_RealEstateInventoryCapitalizedInterestCostsIncurred">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 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></p>
              </div><a href="javascript:void(0);" 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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            <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>
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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>
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                <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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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EDLAC">
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          <div style="width: 200px;"><strong>BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)<br></strong></div>
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        <th class="th" colspan="1">3 Months Ended</th>
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          <div>Jul. 31, 2014</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_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 style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 10pt; font-size: 10pt; font-weight: bold;">BASIS OF PRESENTATION</div><div style="text-align: left; font-family: ''Times New Roman'', Times, 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: left; font-family: ''Times New Roman'', Times, 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'', Times, serif; font-size: 10pt;">86.5%</font> of the common units of the Operating Partnership as of July 31, 2014 and 83.8% as of April 30, 2014. 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: left; font-family: ''Times New Roman'', Times, 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'', Times, serif; margin-bottom: 10pt; font-size: 10pt; font-weight: bold;">UNAUDITED INTERIM FINANCIAL STATEMENTS</div><div style="text-align: left; font-family: ''Times New Roman'', Times, 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 style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"></div><div><br /></div><div><br /></div><div style="text-align: left; font-family: ''Times New Roman'', Times, 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, 2014, as filed with the SEC on June 30, 2014.</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_NewAccountingPronouncementsPolicyPolicyTextBlock', window );">RECENT ACCOUNTING PRONOUNCEMENTS</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'', Times, serif; margin-bottom: 10pt; font-size: 10pt; font-weight: bold;">RECENT ACCOUNTING PRONOUNCEMENTS</div><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt;">In April 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-08, <font style="font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360):&#160; Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. </font>Under this standard, a disposal (or classification as held for sale) of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity's operations and financial results. Examples include a disposal of a major geographic area, a major line of business, or a major equity method investment. In addition, the new guidance requires expanded disclosures about the assets, liabilities, income and expenses of discontinued operations. The ASU is effective for all disposals (or classifications as held for sale) of components of an entity that occur within annual periods beginning on or after December 15, 2014, and interim periods within those years. Early adoption is permitted, but only for disposals (or classifications as held for sale) that have not been reported in financial statements previously issued or available for issuance. The Company adopted this update effective February 1, 2014 and determined that the adoption did not have a material impact on the Company's consolidated results of operations or financial condition.</div><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt;">As a result of the adoption of ASU No. 2014-08, results of operations and gains or losses on sale for properties that are disposed or classified as held for sale in the ordinary course of business on or subsequent to February 1, 2014 would generally be included in continuing operations on the Company's consolidated statements of operations, to the extent such disposals did not meet the criteria for classification as a discontinued operation described above. During the quarter ended April 30, 2014, the Company applied the new standard to one property that was classified as held for sale.&#160; The Company applied the new standard to three property dispositions and one property classified as held for sale during the quarter ended July 31, 2014.</div><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 10.5pt; font-size: 10pt;">In May 2014, the FASB issued ASU No. 2014-09, <font style="font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Revenue from Contracts with Customers</font>. The standard will eliminate the transaction- and industry-specific revenue recognition guidance under current U.S. GAAP and replace it with a principle based approach for determining revenue recognition. ASU No. 2014-09 does not apply to lease contracts accounted for under ASC 840, <font style="font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Leases.</font> The ASU is effective for annual and interim periods beginning after December 15, 2016. The Company does not expect adoption of this update to have a material impact on the Company's operating results or financial position.</div><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 10.5pt; font-size: 10pt;">In June 2014, the FASB issued ASU No. 2014-12, <font style="font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Compensation &#8211; Stock Compensation (Topic 718):&#160; Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period</font>. ASU 2014-12 requires an entity to treat performance targets that can be met after the requisite service period of a share-based award has ended, as a performance condition that affects vesting. The ASU is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2015. The Company does not expect the adoption of this update to have a material impact on the Company's operating results or financial position.</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_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: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 10.5pt; font-size: 10pt; font-weight: bold;">IMPAIRMENT OF LONG-LIVED ASSETS</div><div style="text-align: left; font-family: ''Times New Roman'', Times, 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.</div><div style="text-align: center; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;"></div><div><br /></div><div><br /></div><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 10.5pt; font-size: 10pt;">During the three months ended July 31, 2014, the Company incurred a loss of $2.3 million due to impairment of two commercial properties. The Company recognized impairments of approximately $2.1 million on a commercial retail property in Kalispell, Montana and approximately $183,000 on a commercial office property in Golden Valley, Minnesota. These properties were written-down to estimated fair value during the first quarter of fiscal year 2015 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, 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. The impairment loss for the first quarter of fiscal year 2014 is reported in discontinued operations.&#160; See Note 7 for additional information.</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_iret_CompensatingBalancesAndOtherInvestmentsLenderHoldbacksPolicyTextBlock', window );">COMPENSATING BALANCES AND OTHER INVESTMENTS; HOLDBACKS</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'', Times, serif; margin-bottom: 6pt; font-size: 10pt; font-weight: bold;">COMPENSATING BALANCES AND OTHER INVESTMENTS; HOLDBACKS</div><div style="text-align: left; font-family: ''Times New Roman'', Times, 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, 2014, the Company's compensating balances totaled $10.0 million and consisted of the following: First International Bank, Watford City, North Dakota, deposit of $6.1 million; Private Bank, Minneapolis, Minnesota, deposit of $2.0 million; Associated Bank, Green Bay, Wisconsin, deposit of $600,000; American National Bank, Omaha, Nebraska, deposit of $400,000; Dacotah Bank, Minot, North Dakota, deposit of $350,000; United Community Bank,<font style="font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">&#160;</font>Minot, North Dakota, deposit of $275,000; Peoples State Bank of Velva, North Dakota, deposit of $225,000, and Commerce Bank, a Minnesota Banking Corporation, deposit of $100,000. The deposits at United Community Bank and a portion of the deposit at Dacotah Bank are held as certificates of deposit and comprise the approximately $329,000 in other investments on the Condensed Consolidated Balance Sheets. The certificates of deposit have remaining terms of six months and two years and the Company intends to hold them to maturity.</div><div style="text-align: left; font-family: ''Times New Roman'', Times, 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 or requires a deposit for the payment of construction costs or tenant improvements. The decrease of approximately $609,000 in holdbacks for improvements reflected in the Condensed Consolidated Statements of Cash Flows for the three months ended July 31, 2014 is due primarily to the release of loan proceeds to the Company upon completion of construction and tenant improvement projects, while the increase of approximately $326,000 represents additional amounts retained by lenders for new projects.</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_GoodwillAndIntangibleAssetsPolicyTextBlock', window );">IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES AND GOODWILL</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'', Times, serif; margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES AND GOODWILL</div><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; 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, 2014 and 2013, respectively, the Company added approximately $265,000 and $362,000 of new intangible assets and no new intangible liabilities. The weighted average lives of the intangible assets acquired in the three months ended July 31, 2014 and 2013 are 0.5 years and 0.5 years, respectively. Amortization of intangibles related to above or below-market leases is recorded in real estate rentals in the Condensed Consolidated Statements of Operations. Amortization of other intangibles is recorded in depreciation/amortization related to real estate investments in the Condensed Consolidated Statements of Operations. Intangible assets subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. 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vertical-align: bottom;"><div>&#160;</div></td><td style="width: 10.86%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 1.66%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 9.98%; vertical-align: bottom;"><div>&#160;</div></td></tr><tr><td style="background-color: #cceeff; width: 75.84%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;">Gross carrying amount</div></td><td style="background-color: #cceeff; width: 1.66%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="background-color: #cceeff; width: 10.86%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">56,975</div></td><td style="background-color: #cceeff; width: 1.66%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="background-color: #cceeff; width: 9.98%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">56,710</div></td></tr><tr><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 75.84%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;">Accumulated amortization</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 1.66%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 10.86%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 0.15pt;">(25,497)</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; 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background-color: #cceeff; width: 1.66%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 9.98%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">32,639</div></td></tr><tr><td style="background-color: #ffffff; width: 75.84%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 1.66%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 10.86%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 1.66%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 9.98%; vertical-align: bottom;"><div>&#160;</div></td></tr><tr><td style="background-color: #cceeff; width: 75.84%; vertical-align: bottom;"><div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;">Identified intangible liabilities (included in other liabilities):</div></td><td style="background-color: #cceeff; width: 1.66%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 10.86%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 1.66%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 9.98%; vertical-align: bottom;"><div>&#160;</div></td></tr><tr><td style="background-color: #ffffff; width: 75.84%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;">Gross carrying amount</div></td><td style="background-color: #ffffff; width: 1.66%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="background-color: #ffffff; width: 10.86%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">173</div></td><td style="background-color: #ffffff; width: 1.66%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="background-color: #ffffff; width: 9.98%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;">173</div></td></tr><tr><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 75.84%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;">Accumulated amortization</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 1.66%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 10.86%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 0.15pt;">(131)</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 1.66%; vertical-align: bottom;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #cceeff; width: 9.98%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">(127)</div></td></tr><tr><td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 75.84%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;">Net carrying amount</div></td><td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 1.66%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 10.86%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">42</div></td><td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 1.66%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 9.98%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">46</div></td></tr></table><div style="text-align: left; margin-top: 6pt; font-family: ''Times New Roman'', Times, 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 $(6,000) and $(11,000) for the three months ended July 31, 2014 and 2013, respectively. The estimated annual amortization of acquired below-market leases, net of acquired above-market leases, for each of the five succeeding fiscal years is as follows:</div><table align="center" border="0" cellpadding="0" cellspacing="0" style="width: 50%; font-family: 'Times New Roman', Times, Serif; font-size: 10pt;"><tr><td style="border-bottom: #000000 2px solid; width: 61.51%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold; margin-right: 5.05pt;">Year Ended April 30,</div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 38.49%; vertical-align: bottom;"><div style="text-align: right; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">(in thousands)</div></td></tr><tr><td style="background-color: #cceeff; width: 61.51%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 5.05pt;">2016</div></td><td style="background-color: #cceeff; width: 15.13%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="background-color: #cceeff; width: 23.36%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">19</div></td></tr><tr><td style="background-color: #ffffff; width: 61.51%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 5.05pt;">2017</div></td><td style="background-color: #ffffff; width: 15.13%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 23.36%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">11</div></td></tr><tr><td style="background-color: #cceeff; width: 61.51%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 5.05pt;">2018</div></td><td style="background-color: #cceeff; width: 15.13%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 23.36%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">(2)</div></td></tr><tr><td style="background-color: #ffffff; width: 61.51%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 5.05pt;">2019</div></td><td style="background-color: #ffffff; width: 15.13%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 23.36%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">(3)</div></td></tr><tr><td style="background-color: #cceeff; width: 61.51%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 5.05pt;">2020</div></td><td style="background-color: #cceeff; width: 15.13%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 23.36%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">(2)</div></td></tr></table><div style="text-align: left; margin-top: 12pt; font-family: ''Times New Roman'', Times, serif; margin-bottom: 12pt; font-size: 10pt;">Amortization of all other identified intangible assets (a component of depreciation and amortization expense) was $1.4 million and $3.6 million for the three months ended July 31, 2014 and 2013, respectively. The estimated annual amortization of all other identified intangible assets for each of the five succeeding fiscal years is as follows:</div><table align="center" border="0" cellpadding="0" cellspacing="0" style="width: 50%; font-family: 'Times New Roman', Times, Serif; font-size: 10pt;"><tr><td style="border-bottom: #000000 2px solid; width: 61.51%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold; margin-right: 5.05pt;">Year Ended April 30,</div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 38.49%; vertical-align: bottom;"><div style="text-align: right; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">(in thousands)</div></td></tr><tr><td style="background-color: #cceeff; width: 61.51%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 5.05pt;">2016</div></td><td style="background-color: #cceeff; width: 15.13%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="background-color: #cceeff; width: 23.36%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">4,567</div></td></tr><tr><td style="background-color: #ffffff; width: 61.51%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 5.05pt;">2017</div></td><td style="background-color: #ffffff; width: 15.13%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 23.36%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">4,099</div></td></tr><tr><td style="background-color: #cceeff; width: 61.51%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 5.05pt;">2018</div></td><td style="background-color: #cceeff; width: 15.13%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 23.36%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">3,667</div></td></tr><tr><td style="background-color: #ffffff; width: 61.51%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 5.05pt;">2019</div></td><td style="background-color: #ffffff; width: 15.13%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 23.36%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">3,543</div></td></tr><tr><td style="background-color: #cceeff; width: 61.51%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 5.05pt;">2020</div></td><td style="background-color: #cceeff; width: 15.13%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 23.36%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">3,457</div></td></tr></table><div style="text-align: left; margin-top: 6pt; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; 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, 2014 and April 30, 2014 was $2.0 million and $1.1 million, respectively. The annual review at April 30, 2014 indicated no impairment to goodwill and there was no indication of impairment at July 31, 2014.&#160; During the three months ended July 31, 2014, the Company recognized approximately $852,000 of goodwill from the acquisition of the Homestead Garden residential property. 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: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt; font-weight: bold;">USE OF ESTIMATES</div><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; 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="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_PriorPeriodReclassificationAdjustmentDescription', window );">RECLASSIFICATIONS</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'', Times, serif; margin-bottom: 6pt; font-size: 10pt; font-weight: bold;">RECLASSIFICATIONS</div><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt;">Certain previously reported amounts have been reclassified to conform to the current financial statement presentation. Prior to February 1,&#160; 2014, the Company reported, in discontinued operations, the results of operations and the related gains or losses of properties that had either been disposed of or classified as held for sale and otherwise met the classification of a discontinued operation. As a result of the adoption of ASU No. 2014-08, results of operations and gains or losses on sale for properties that are disposed or classified as held for sale in the ordinary course of business on or subsequent to February 1, 2014 would generally be included in continuing operations on the Company's consolidated statements of operations, to the extent such disposals did not meet </div><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt;">the criteria for classification as a discontinued operation described above. See Recent Accounting Pronouncements above for additional information.</div><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt;">As a result of discontinued operations recognized prior to February 1, 2014, retroactive reclassifications that change prior period numbers have been made. See Note 7 for additional information. During fiscal year 2014, the Company classified as discontinued operations two multi-family residential properties, three commercial office properties, twelve commercial industrial properties and three commercial retail properties.</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_RevisionPolicyTextBlock', window );">REVISION</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'', Times, serif; margin-bottom: 6pt; font-size: 10pt; font-weight: bold;">REVISION</div><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt;">During fiscal year 2014 the Company identified an error pertaining to the reporting for a noncontrolling interest in a consolidated real estate joint venture formed in the fourth quarter of fiscal year 2013 for which the holder of such interest has the right to require the Company to acquire the interest at fair value twelve months after the final certificate of occupancy is obtained for the joint venture's development project. Accounting guidance in ASC 480-10, <font style="font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">CFRR 211:&#160; Redeemable Preferred Stocks,</font> requires that this noncontrolling interest be classified outside of permanent equity because it is redeemable at the option of the joint venture partner. This error resulted in an overstatement of noncontrolling interests and equity in the Company's consolidated statement of equity. This non-cash revision did not impact the Company's consolidated statements of operations or statements of cash flows for any period.</div><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 10pt; font-size: 10pt;">In accordance with accounting guidance found in ASC 250-10, <font style="font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Materiality</font>, the Company assessed the materiality of the error and concluded that the error was not material to any of the Company's previously issued financial statements.&#160; In accordance with accounting guidance found in ASC 250-10, <font style="font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Considering the Effects of Prior Year Misstatement when Quantifying Misstatements in Current Year Financial Statements</font>, the Company revised its previously issued statement of equity to correct the effect of this error. The Company will revise amounts pertaining to each of the fiscal 2014 calendar quarters from August 1, 2013 through January 31, 2014 in future quarterly filings on Form 10-Q.</div><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 10pt; font-size: 10pt;">The following table presents the effect of this correction on the Company's Condensed Consolidated Statement of Equity for the period affected:</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><tr><td style="width: 65.38%; vertical-align: top;"><div>&#160;</div></td><td colspan="6" style="border-bottom: #000000 2px solid; width: 34.62%; vertical-align: bottom;"><div style="text-align: center; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">(in thousands)</div></td></tr><tr><td style="border-bottom: #000000 2px solid; width: 65.38%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">Three Months Ended July 31, 2013</div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 13.48%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold; margin-right: 3.6pt;">As Previously Reported</div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 9.62%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold; margin-right: 3.6pt;">Adjustment</div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 11.52%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold; margin-right: 3.6pt;">As Revised</div></td></tr><tr><td style="width: 65.38%; vertical-align: bottom;"><div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Consolidated Statement of Equity</div></td><td style="width: 1.94%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 11.54%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 1.92%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 7.7%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 1.92%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 9.6%; vertical-align: bottom;"><div>&#160;</div></td></tr><tr><td style="width: 65.38%; vertical-align: bottom;"><div style="text-align: justify; text-indent: 9pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Noncontrolling Interests</div></td><td style="width: 1.94%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 11.54%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 1.92%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 7.7%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 1.92%; vertical-align: bottom;"><div>&#160;</div></td><td style="width: 9.6%; vertical-align: bottom;"><div>&#160;</div></td></tr><tr><td style="background-color: #cceeff; width: 65.38%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 22.5pt; font-size: 10pt;">Balance April 30, 2013</div></td><td style="background-color: #cceeff; width: 1.94%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="background-color: #cceeff; width: 11.54%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">148,594</div></td><td style="background-color: #cceeff; width: 1.92%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">$</div></td><td style="background-color: #cceeff; width: 7.7%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">(5,937)</div></td><td style="background-color: #cceeff; width: 1.92%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="background-color: #cceeff; width: 9.6%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">142,657</div></td></tr><tr><td style="background-color: #ffffff; width: 65.38%; vertical-align: bottom;"><div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 31.5pt; font-size: 10pt;">Net income attributable to Investors Real Estate Trust and nonredeemable noncontrolling interests</div></td><td style="background-color: #ffffff; width: 1.94%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 11.54%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">138</div></td><td style="background-color: #ffffff; width: 1.92%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 7.7%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">(12)</div></td><td style="background-color: #ffffff; width: 1.92%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 9.6%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">126</div></td></tr><tr><td style="background-color: #cceeff; width: 65.38%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 22.5pt; font-size: 10pt;">Balance July 31, 2013</div></td><td style="background-color: #cceeff; width: 1.94%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 11.54%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">148,110</div></td><td style="background-color: #cceeff; width: 1.92%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 7.7%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">(5,949)</div></td><td style="background-color: #cceeff; width: 1.92%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 9.6%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">142,161</div></td></tr><tr><td style="background-color: #ffffff; width: 65.38%; vertical-align: bottom;"><div style="text-align: justify; text-indent: 9pt; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Total Equity</div></td><td style="background-color: #ffffff; width: 1.94%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 11.54%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 1.92%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 7.7%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 1.92%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 9.6%; vertical-align: bottom;"><div>&#160;</div></td></tr><tr><td style="background-color: #cceeff; width: 65.38%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 22.5pt; font-size: 10pt;">Balance April 30, 2013</div></td><td style="background-color: #cceeff; width: 1.94%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 11.54%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">761,381</div></td><td style="background-color: #cceeff; width: 1.92%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 7.7%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">(5,937)</div></td><td style="background-color: #cceeff; width: 1.92%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 9.6%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">755,444</div></td></tr><tr><td style="background-color: #ffffff; width: 65.38%; vertical-align: bottom;"><div style="text-align: left; text-indent: -9pt; font-family: ''Times New Roman'', Times, serif; margin-left: 31.5pt; font-size: 10pt;">Net income attributable to Investors Real Estate Trust and nonredeemable noncontrolling interests</div></td><td style="background-color: #ffffff; width: 1.94%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 11.54%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">3,216</div></td><td style="background-color: #ffffff; width: 1.92%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 7.7%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">(12)</div></td><td style="background-color: #ffffff; width: 1.92%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #ffffff; width: 9.6%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">3,204</div></td></tr><tr><td style="background-color: #cceeff; width: 65.38%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-left: 22.5pt; font-size: 10pt;">Balance July 31, 2013</div></td><td style="background-color: #cceeff; width: 1.94%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 11.54%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">771,306</div></td><td style="background-color: #cceeff; width: 1.92%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 7.7%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">(5,949)</div></td><td style="background-color: #cceeff; width: 1.92%; vertical-align: bottom;"><div>&#160;</div></td><td style="background-color: #cceeff; width: 9.6%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">765,357</div></td></tr></table><div style="margin-bottom: 6pt;"><br /></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_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: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt; font-weight: bold;">INVOLUNTARY CONVERSION OF ASSETS</div><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt;">In June 2011, the Company's Chateau Apartments property, which at that time consisted of two 32-unit buildings, was extensively damaged by a flood. In February 2012, one of the buildings of the Chateau Apartments property, which had been undergoing restoration work following the flood, was completely destroyed by fire (the "2012 Fire"). During the first quarter of fiscal year 2014, the Company received $966,000 of insurance proceeds for the 2012 Fire.&#160; The total insurance proceeds for redevelopment related to the 2012 Fire exceeded the basis in the assets requiring replacement, resulting in recognition of $966,000 in gain from involuntary conversion in the first quarter of fiscal year 2014.</div><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt;">In December 2013, 15-unit and 57-unit buildings at the Chateau Apartments property were destroyed by fire (the "2013 Fire"). Both buildings were under construction and were unoccupied. The Company intends to rebuild both buildings, and currently expects both buildings to be completed in the first quarter of fiscal year 2016. The Company received partial proceeds of $2.0 million for the 2013 Fire claim in the first quarter of fiscal year 2015, which reduced the accounts receivable recorded at the time of the fire for expected proceeds.</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_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: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt; font-weight: bold;">PROCEEDS FROM FINANCING LIABILITY</div><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; 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.&#160; The balance of the liability as of July 31, 2014 is $7.9 million.</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_ConsolidationVariableInterestEntityPolicy', window );">VARIABLE INTEREST ENTITY</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'', Times, serif; margin-bottom: 6pt; font-size: 10pt; font-weight: bold;">VARIABLE INTEREST ENTITY</div><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; 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. The first phase of the project, Landing at Southgate, was substantially completed in the second quarter of fiscal year 2014. The second phase of the project, Commons at Southgate, is expected to be completed in the second quarter of fiscal year 2015. See Development, Expansion and Renovation Projects in Note 6 for additional information on Commons at Southgate. As of July 31, 2014 IRET is the approximately 52.9% owner of the joint venture and will have management and leasing responsibilities when the project is completed; the real estate development company owns approximately 47.1% 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 more than 50% 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.<!--Anchor--></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 );">- 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> -Section 50<br><br> -Paragraph 5A<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=28200181&amp;loc=SL6759159-111685<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 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=28200181&amp;loc=d3e5728-111685<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 2AA<br><br> -Subparagraph a<br><br> -URI http://asc.fasb.org/extlink&amp;oid=28200181&amp;loc=SL6759068-111685<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 2A<br><br> -URI http://asc.fasb.org/extlink&amp;oid=28200181&amp;loc=SL6225816-111685<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>
                  </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>nonnum:textBlockItemType</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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          </td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GoodwillAndIntangibleAssetsPolicyTextBlock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <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 20<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=35741047&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 30<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26713463&amp;loc=d3e16265-109275<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_GoodwillAndIntangibleAssetsPolicyTextBlock</nobr></td>
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                    <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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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <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 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> -Section 05<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6390181&amp;loc=d3e202-110218<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>
                  </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>nonnum:textBlockItemType</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>Disclosure of accounting policy pertaining to new accounting pronouncements that may impact the entity's financial reporting. Includes, but is not limited to, quantification of the expected or actual impact.</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_NewAccountingPronouncementsPolicyPolicyTextBlock</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>nonnum:textBlockItemType</td>
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                    <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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          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PriorPeriodReclassificationAdjustmentDescription">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <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 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">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PriorPeriodReclassificationAdjustmentDescription</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>nonnum:textBlockItemType</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>
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          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SaleLeasebackTransactionsPolicy">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <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> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6456341&amp;loc=d3e50796-112755<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>
                  </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>nonnum:textBlockItemType</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>
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          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_UseOfEstimates">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <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 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></p>
              </div><a href="javascript:void(0);" onclick="top.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_UseOfEstimates</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
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