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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> 2014-06-05 2014-05-22 2014-06-12 2014-06-02 2014-06-02 2013-05-01 2013-05-21 0 9442000 0 0 5551000 0 17145000 5551000 17145000 3006000 14139000 0 0 9442000 5551000 2616000 179000 4269000 9168000 1413000 8298000 466000 655000 215000 179000 287000 287000 823000 823000 870000 0 0 3280000 3280000 3280000 0 0 0 362000 265000 0 0 362000 265000 206000 59000 362000 0 400000 100000 700000 <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. 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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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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%; 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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⁽¹⁾</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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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%; 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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; 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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%; 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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><br /></div><div><br /></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. 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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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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⁽²⁾</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; 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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; 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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. 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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. 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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⁽³⁾</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⁽⁴⁾</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; 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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⁽⁵⁾</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⁽⁶⁾</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⁽⁷⁾</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; 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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%; 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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. 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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> 0 2206000 18300000 706000 3100000 125000 7764000 7729000 185000 9327000 12221000 1303000 26640000 10845000 450000 455000 4284000 4416000 27518000 9753000 1104000 5393000 5393000 1176000 1176000 3124000 3124000 9693000 51863000 49072000 3397000 <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 $20.5 million as of July 31, 2014 and April 30, 2014, respectively. The Company does not utilize derivative financial instruments to mitigate its exposure to changes in market interest rates. Most of the fixed rate mortgages have substantial pre-payment penalties. As of July 31, 2014, the weighted average rate of interest on the Company's mortgage debt was 5.32%, compared to 5.37% on April 30, 2014. 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font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Total payments</div></td><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 4.23%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</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. 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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. 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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> 0.7 0.51 0.553 0.529 0.861 0.586 55.3 265000 362000 <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> <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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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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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. 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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>. 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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. 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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; 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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; 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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; 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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; 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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; 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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; 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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; 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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; 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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> <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 $5.9 million, respectively. 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width: 14.7%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;">5,937</div></td></tr><tr><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 79.18%; vertical-align: bottom;"><div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Net income</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 6.13%; vertical-align: top;"><div>&#160;</div></td><td style="border-bottom: #000000 2px solid; background-color: #ffffff; width: 14.7%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.75pt;">12</div></td></tr><tr><td style="border-bottom: #000000 4px double; background-color: #cceeff; width: 79.18%; vertical-align: bottom;"><div style="text-align: justify; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Balance at July 31, 2013</div></td><td style="border-bottom: #000000 4px double; 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font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Balance at April 30, 2014</div></td><td style="background-color: #cceeff; width: 6.13%; vertical-align: top;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</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> 17000000 0 18090000 22916000 407052000 389758000 3100000 0 3100000 3600000 3600000 0 6700000 143000 654000 <div style="font-family: 'Times New Roman', Times, serif; 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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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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; 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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; 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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; 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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⁽¹⁾</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; width: 2.5%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="background-color: #cceeff; width: 7.5%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">6,200</div></td><td style="background-color: #cceeff; width: 1.66%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="background-color: #cceeff; width: 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="background-color: #cceeff; width: 1.66%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</div></td><td style="background-color: #cceeff; width: 8.34%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">3,280</div></td><td style="background-color: #cceeff; width: 1.66%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</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;">$</div></td><td style="background-color: #cceeff; width: 7.5%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 3.6pt;">5,551</div></td><td style="background-color: #cceeff; width: 1.5%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</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;">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="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="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="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 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> <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> <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> <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;">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> <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%; 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> <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; 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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; 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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; 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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; 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; 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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; 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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; 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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; 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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; 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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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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. 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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. 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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 $362,000 of new intangible assets and no new intangible liabilities. The weighted average lives of the intangible assets acquired in the three months ended July 31, 2014 and 2013 are 0.5 years and 0.5 years, respectively. Amortization of intangibles related to above or below-market leases is recorded in real estate rentals in the Condensed Consolidated Statements of Operations. Amortization of other intangibles is recorded in depreciation/amortization related to real estate investments in the Condensed Consolidated Statements of Operations. 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The estimated annual amortization of acquired below-market leases, net of acquired above-market leases, for each of the five succeeding fiscal years is as follows:</div><table align="center" border="0" cellpadding="0" cellspacing="0" style="width: 50%; font-family: 'Times New Roman', Times, Serif; font-size: 10pt;"><tr><td style="border-bottom: #000000 2px solid; width: 61.51%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold; margin-right: 5.05pt;">Year Ended April 30,</div></td><td colspan="2" style="border-bottom: #000000 2px solid; width: 38.49%; vertical-align: bottom;"><div style="text-align: right; font-style: italic; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; font-weight: bold;">(in thousands)</div></td></tr><tr><td style="background-color: #cceeff; width: 61.51%; vertical-align: bottom;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; font-size: 10pt; margin-right: 5.05pt;">2016</div></td><td style="background-color: #cceeff; width: 15.13%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</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. 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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; 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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. 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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"). 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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. 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Actual results could differ from those estimates.</div></div> 0.471 0.529 21821000 20293000 102358000 111039000 124179000 131332000 <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 $5.9 million as of July 31, 2013. 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font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">Balance at April 30, 2014</div></td><td style="background-color: #cceeff; width: 6.13%; vertical-align: top;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</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; 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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; 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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⁽⁵⁾</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%; 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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⁽⁶⁾</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; 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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⁽⁷⁾</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; 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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; 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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> 4500000 7200000 2800000 1900000 120500000 FY2015 Q3 FY2016 Q2 FY2015 Q2 FY2015 Q4 FY2016 Q1 FY2016 Q2 FY2016 Q2 FY2015 Q2 FY2016 Q1 FY2016 Q1 FY2015 Q4 FY2015 Q3 FY2015 Q3 15 5681000 1550000 2578000 4255000 44251000 4204000 4486000 1793000 153964000 33218000 874000 20399000 3168000 9333000 23000000 19048000 154400000 197700000 3288000 13915000 29660000 34665000 24251000 24519000 69900000 37201000 29462000 14711000 40042000 33448000 354552000 62362000 7028000 2600000 0 21726000 0 11000000 24480000 20365000 0 15000000 189193000 43672000 0 24250000 24500000 4200000 P10D 9300000 8500000 15000000 1700000 163 130 109 72 288 165 233 251 66 110 68 119 74 5106 P12M 10265000 2200000 8100000 10265000 2014-07-15 1400000 2014-05-19 2014-07-15 2014-07-28 25644 73338 198600 3 3 12 2 44 152 52 71 <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. 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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; 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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. 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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 $326,000 represents additional amounts retained by lenders for new projects.</div></div> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt; font-weight: bold;">INVOLUNTARY CONVERSION OF ASSETS</div><div style="text-align: left; font-family: ''Times New Roman'', Times, serif; margin-bottom: 6pt; font-size: 10pt;">In June 2011, the Company's Chateau Apartments property, which at that time consisted of two 32-unit buildings, was extensively damaged by a flood. 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font-family: ''Times New Roman'', Times, serif; margin-left: 9pt; font-size: 10pt;">Net carrying amount</div></td><td style="border-bottom: #000000 4px double; background-color: #ffffff; width: 1.66%; vertical-align: bottom;"><div style="text-align: right; font-family: ''Times New Roman'', Times, serif; font-size: 10pt;">$</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; 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the anticipated total cost amount given is the total cost to the joint venture entity. Land is owned by a joint venture in which the Company has an approximately 55.3% interest. The joint venture is consolidated in IRET’s financial statements. At acquisition the Company adjusted the assumed debt to fair value and recognized approximately $ 852,000 of goodwill. 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. 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. Value of limited partnership units of the Operating Partnership at the acquisition date. 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. 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. 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. 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. 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. 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 Includes costs related to development projects that are placed in service in phases (Renaissance Heights I - $23.0 million).