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RELATED PARTY TRANSACTIONS | 6 Months Ended
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Oct. 31, 2016
RELATED PARTY TRANSACTIONS [Abstract] |
RELATED PARTY TRANSACTIONS | NOTE 13 • RELATED PARTY TRANSACTIONS Investment Banking Services We have an investment banking relationship with BMO Capital Markets Corp. (“BMO”). Mark O. Decker, Jr., our President and Chief Investment Officer since August 5, 2016, has been deemed a related party due to family members serving in various roles with BMO. On March 28, 2016, we engaged BMO to act as our exclusive financial advisor regarding the sale of our senior housing portfolio. Under the terms of this engagement, BMO will be entitled to compensation based on a percentage of the aggregate value of the transaction(s). As previously announced, on August 26, 2016, IRET Properties and its various subsidiaries entered into six sales agreements regarding 26 senior housing properties and one multifamily property for approximately $236.0 million in cash. It is anticipated that such sales will close in calendar year 2017. Also, on July 28, 2015, we engaged BMO to provide general financial and investment banking services, which included a right of first refusal to serve as lead financial advisor for large acquisition or disposition transactions for which we engage a financial advisor. The agreement may be terminated by either party for any reason, and remains currently in effect.

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- Definition The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39603-107864 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39622-107864 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39678-107864 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39691-107864 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(k)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph b -Article 3A + Details
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