SUBSEQUENT EVENTS

3 Months Ended

Jul. 31, 2014

NOTE 12 • SUBSEQUENT EVENTS

Common and Preferred Share Distributions. On September 3, 2014, the Company's Board of Trustees declared the following distributions:

Class of shares/units	Quarterly Amount per Share or Unit	Record Date	Payment Date
Common shares and limited partnership units	$0.1300	September 15, 2014	October 1, 2014
Preferred shares:
Series A	$0.5156	September 15, 2014	September 30, 2014
Series B	$0.4968	September 15, 2014	September 30, 2014

Completed Disposition. 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.

Pending Disposition. 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.

Insurance Proceeds. 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. No gain or loss on involuntary conversion was recorded due to the final settlement of the claim.