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TRANSACTIONS WITH RELATED PARTIES | 12 Months Ended
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Apr. 30, 2017
RELATED PARTY TRANSACTIONS [Abstract] |
TRANSACTIONS WITH RELATED PARTIES | NOTE 9 • TRANSACTIONS WITH RELATED PARTIES BANKING SERVICES – FIRST INTERNATIONAL BANK AND TRUST We have an ongoing banking relationship with First International Bank. Prior to his declination to stand for reelection on September 19, 2016, Stephen L. Stenehjem, was a member of our Board of Trustees. Mr. Stenehjem is the Chief Executive Officer and Chairman of First International Bank and the Chief Executive Officer of Watford City BancShares, Inc., its bank holding company, and the bank holding company is owned by Mr. Stenehjem and members of his family. We had two mortgage loans outstanding with First International Bank as of April 30, 2017, with original principal balances of $43.0 million (Renaissance Heights I) and $27.0 million (Commons and Landing at Southgate), respectively, and bearing variable interest at 5.24% per annum and fixed interest at 4.04% per annum. We paid interest on these loans of approximately $1.7 million and $579,000 in fiscal year 2017, respectively. Prior to January 31, 2017, we had a multi-bank line of credit with a capacity of $100.0 million, of which First International Bank was the lead bank and a participant with an $11.0 million commitment. In fiscal year 2017, we paid First International Bank a total of approximately $106,000 in interest on First International Bank’s portion of the outstanding balance of this credit line, and paid fees of approximately $56,000. In connection with this multi-bank line of credit, we maintained compensating balances with First International Bank totaling $6.0 million, of which $1.5 million is held in a non-interest bearing account, and $4.5 million was held in an account that paid us interest on the deposited amount of 0.20% per annum. We also maintained checking accounts with First International Bank. In fiscal year 2017, we paid less than $900 in total in various bank service and other fees charged on these checking accounts. In fiscal years 2016 and 2015, we paid interest and fees on outstanding mortgage and construction loans of approximately $2.2 million and $1.7 million respectively. In fiscal years 2016 and 2015, respectively, we paid First International Bank $186,000 and $245,000 in interest on First International Bank’s portion of the multi-bank line of credit and paid fees of $77,000 and $40,000. Also in both fiscal years 2016 and 2015, we paid under $500 in total in various bank service and other fees charged on checking accounts maintained with First International Bank. Total payments of interest and fees from us to First International Bank were approximately $2.4 million, $2.5 million and $2.0 million in fiscal years 2017, 2016 and 2015, respectively.

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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 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 2: 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 3: 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 4: 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 5: 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 6: 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 + Details
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