Centerspace (CSR) 10-Q 12 Mar 14 2014 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information (USD $)	9 Months Ended
	Jan. 31, 2014
Document and Entity Information [Abstract]	'
Entity Registrant Name	'Investors Real Estate Trust
Entity Central Index Key	'0000798359
Current Fiscal Year End Date	'--04-30
Entity Well-known Seasoned Issuer	'Yes
Entity Voluntary Filers	'No
Entity Current Reporting Status	'Yes
Entity Filer Category	'Large Accelerated Filer
Entity Public Float	$770,620,552
Entity Common Stock, Shares Outstanding	107,263,423
Document Fiscal Year Focus	'2014
Document Fiscal Period Focus	'Q3
Document Type	'10-Q
Amendment Flag	'false
Document Period End Date	31-Jan-14

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Jan. 31, 2014	Apr. 30, 2013
In Thousands, unless otherwise specified
Real estate investments	'	'
Property owned	$2,042,290	$2,032,970
Less accumulated depreciation	-439,233	-420,421
Total property owned	1,603,057	1,612,549
Development in progress	89,086	46,782
Unimproved land	21,498	21,503
Total real estate investments	1,713,641	1,680,834
Other assets	'	'
Cash and cash equivalents	53,494	94,133
Other investments	643	639
Receivable arising from straight-lining of rents, net of allowance of $783 and $830, respectively	27,026	26,354
Accounts receivable, net of allowance of $260 and $563, respectively	15,540	4,534
Real estate deposits	3,502	196
Prepaid and other assets	8,197	5,124
Intangible assets, net of accumulated amortization of $22,703 and $27,708, respectively	34,008	40,457
Tax, insurance, and other escrow	24,550	12,569
Property and equipment, net of accumulated depreciation of $1,938 and $1,673, respectively	1,719	1,221
Goodwill	1,100	1,106
Deferred charges and leasing costs, net of accumulated amortization of $20,051 and $18,714, respectively	21,138	22,387
TOTAL ASSETS	1,904,558	1,889,554
LIABILITIES	'	'
Accounts payable and accrued expenses	54,337	50,797
Revolving line of credit	22,500	10,000
Mortgages payable	1,008,524	1,049,206
Other	47,767	18,170
TOTAL LIABILITIES	1,133,128	1,128,173
Statement [Line Items]	'	'
Series A Preferred Shares of Beneficial Interest (Cumulative redeemable preferred shares, no par value, 1,150,000 shares issued and outstanding at January 31, 2014 and April 30, 2013, aggregate liquidation preference of $28,750,000)	27,317	27,317
Series B Preferred Shares of Beneficial Interest (Cumulative redeemable preferred shares, no par value, 4,600,000 shares issued and outstanding at January 31, 2014 and April 30, 2013, aggregate liquidation preference of $115,000,000)	111,357	111,357
Common Shares of Beneficial Interest (Unlimited authorization, no par value, 106,937,304 shares issued and outstanding at January 31, 2014, and 101,487,976 shares issued and outstanding at April 30, 2013)	829,816	784,454
Accumulated distributions in excess of net income	-344,294	-310,341
Total Investors Real Estate Trust shareholders' equity	624,196	612,787
Noncontrolling interests - Operating Partnership (21,799,285 units at January 31, 2014 and 21,635,127 units at April 30, 2013)	117,803	122,539
Noncontrolling interests - consolidated real estate entities	29,431	26,055
Total equity	771,430	761,381
TOTAL LIABILITIES AND EQUITY	$1,904,558	$1,889,554

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Jan. 31, 2014	Apr. 30, 2013
Other assets	'	'
Receivable arising from straight-lining of rents, allowance	$783,000	$830,000
Accounts receivable, allowance	260,000	563,000
Intangible assets, accumulated amortization	22,703,000	27,708,000
Property and equipment, accumulated depreciation	1,938,000	1,673,000
Deferred charges and leasing costs, accumulated amortization	20,051,000	18,714,000
Statement [Line Items]	'	'
Common Shares of Beneficial Interest, no par value (in dollars per share)	$0	$0
Common Shares of Beneficial Interest, shares issued (in shares)	106,937,304	101,487,976
Common Shares of Beneficial Interest, shares outstanding (in shares)	106,937,304	101,487,976
Noncontrolling interests - Operating Partnership (in shares)	21,799,285	21,635,127
Preferred Class A [Member]	'	'
Statement [Line Items]	'	'
Preferred Shares of Beneficial Interest, no par value (in dollars per share)	$0	$0
Preferred Shares of Beneficial Interest, shares issued (in shares)	1,150,000	1,150,000
Preferred Shares of Beneficial Interest, shares outstanding (in shares)	1,150,000	1,150,000
Preferred Shares of Beneficial Interest, aggregate liquidation preference	28,750,000	28,750,000
Preferred Class B [Member]	'	'
Statement [Line Items]	'	'
Preferred Shares of Beneficial Interest, no par value (in dollars per share)	$0	$0
Preferred Shares of Beneficial Interest, shares issued (in shares)	4,600,000	4,600,000
Preferred Shares of Beneficial Interest, shares outstanding (in shares)	4,600,000	4,600,000
Preferred Shares of Beneficial Interest, aggregate liquidation preference	$115,000,000	$115,000,000

CONSOLIDATED_STATEMENTS_OF_OPE

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Jan. 31, 2014	Jan. 31, 2013	Jan. 31, 2014	Jan. 31, 2013
REVENUE	'	'	'	'
Real estate rentals	$56,156	$51,973	$164,256	$152,042
Tenant reimbursement	11,473	11,107	34,243	31,832
TOTAL REVENUE	67,629	63,080	198,499	183,874
EXPENSES	'	'	'	'
Depreciation/amortization related to real estate investments	16,733	14,754	51,156	44,273
Utilities	5,042	4,655	15,173	13,568
Maintenance	7,828	7,454	22,719	20,895
Real estate taxes	7,679	8,190	24,415	23,782
Insurance	1,190	1,025	3,904	2,798
Property management expenses	4,064	3,824	12,383	11,293
Other property expenses	124	200	304	766
Administrative expenses	2,479	2,092	7,313	5,970
Advisory and trustee services	183	153	629	432
Other expenses	273	464	1,630	1,496
Amortization related to non-real estate investments	756	739	2,500	2,232
Impairment of real estate investments	4,798	0	4,798	0
TOTAL EXPENSES	51,149	43,550	146,924	127,505
Gain on involuntary conversion	1,514	0	2,480	2,263
Operating income	17,994	19,530	54,055	58,632
Interest expense	-15,130	-15,197	-44,525	-46,554
Interest income	573	70	1,346	176
Other income	167	185	256	424
Income from continuing operations	3,604	4,588	11,132	12,678
Income from discontinued operations	465	1,565	6,450	5,481
NET INCOME	4,069	6,153	17,582	18,159
Net income attributable to noncontrolling interests - Operating Partnership	-130	-556	-1,406	-2,097
Net income attributable to noncontrolling interests - consolidated real estate entities	-436	-273	-808	-547
Net income attributable to Investors Real Estate Trust	3,503	5,324	15,368	15,515
Dividends to preferred shareholders	-2,879	-2,879	-8,636	-6,350
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS	$624	$2,445	$6,732	$9,165
Earnings per common share from continuing operations - Investors Real Estate Trust - basic and diluted	$0	$0.01	$0.01	$0.05
Earnings per common share from discontinued operations - Investors Real Estate Trust - basic and diluted	$0	$0.02	$0.05	$0.05
NET INCOME PER COMMON SHARE - BASIC AND DILUTED	$0	$0.03	$0.06	$0.10
DIVIDENDS PER COMMON SHARE	$0.13	$0.13	$0.39	$0.39

CONSOLIDATED_STATEMENTS_OF_EQU

CONSOLIDATED STATEMENTS OF EQUITY (USD $)	PREFERRED SHARES [Member]	COMMON SHARES [Member]	ACCUMULATED DISTRIBUTIONS IN EXCESS OF NET INCOME [Member]	NONCONTROLLING INTERESTS [Member]	Total	Preferred Class A [Member]	Preferred Class A [Member]	Preferred Class B [Member]	Preferred Class B [Member]
						ACCUMULATED DISTRIBUTIONS IN EXCESS OF NET INCOME [Member]		ACCUMULATED DISTRIBUTIONS IN EXCESS OF NET INCOME [Member]
Balance at Apr. 30, 2012	$27,317,000	$684,049,000	($278,377,000)	$132,274,000	$565,263,000	'	'	'	'
Balance, shares (in shares) at Apr. 30, 2012	1,150,000	89,474,000	'	'	'	'	'	'	'
Net income attributable to Investors Real Estate Trust and nonredeemable interests	'	'	15,515,000	2,644,000	18,159,000	'	'	'	'
Distributions - common shares and units	'	'	-35,933,000	-8,193,000	-44,126,000	'	'	'	'
Distributions - preferred shares	'	'	'	'	-6,350,000	-1,779,000	-1,779,000	-4,571,000	-4,571,000
Distribution reinvestment and share purchase plan	'	34,072,000	'	'	34,072,000	'	'	'	'
Distribution reinvestment and share purchase plan (in shares)	'	4,315,000	'	'	'	'	'	'	'
Shares issued	'	2,846,000	'	'	2,846,000	'	'	'	'
Shares issued, shares (in shares)	'	396,000	'	'	'	'	'	'	'
Series B preferred shares issued	111,357,000	'	'	'	111,357,000	'	'	'	'
Series B preferred shares issued (in shares)	4,600,000	'	'	'	'	'	'	'	'
Partnership units issued	'	'	'	10,116,000	10,116,000	'	'	'	'
Redemption of units for common shares	'	846,000	'	-846,000	0	'	'	'	'
Redemption of units for common shares, shares (in shares)	'	203,000	'	'	'	'	'	'	'
Contributions from noncontrolling interests - consolidated real estate entities	'	'	'	7,068,000	7,068,000	'	'	'	'
Other	'	-71,000	'	-55,000	-126,000	'	'	'	'
Other, shares (in shares)	'	-2,000	'	'	'	'	'	'	'
Balance at Jan. 31, 2013	138,674,000	721,742,000	-305,145,000	143,008,000	698,279,000	'	'	'	'
Balance, shares (in shares) at Jan. 31, 2013	5,750,000	94,386,000	'	'	'	'	'	'	'
Balance at Apr. 30, 2013	138,674,000	784,454,000	-310,341,000	148,594,000	761,381,000	'	'	'	'
Balance, shares (in shares) at Apr. 30, 2013	5,750,000	101,488,000	'	'	'	'	'	'	'
Net income attributable to Investors Real Estate Trust and nonredeemable interests	'	'	15,368,000	2,214,000	17,582,000	'	'	'	'
Distributions - common shares and units	'	'	-40,685,000	-8,508,000	-49,193,000	'	'	'	'
Distributions - preferred shares	'	'	'	'	-8,636,000	-1,779,000	-1,779,000	-6,857,000	-6,857,000
Distribution reinvestment and share purchase plan	'	44,153,000	'	'	44,153,000	'	'	'	'
Distribution reinvestment and share purchase plan (in shares)	'	5,239,000	'	'	'	'	'	'	'
Shares issued	'	112,000	'	'	112,000	'	'	'	'
Shares issued, shares (in shares)	'	13,000	'	'	'	'	'	'	'
Partnership units issued	'	'	'	3,480,000	3,480,000	'	'	'	'
Redemption of units for common shares	'	1,131,000	'	-1,131,000	0	'	'	'	'
Redemption of units for common shares, shares (in shares)	'	197,000	'	'	'	'	'	'	'
Contributions from noncontrolling interests - consolidated real estate entities	'	'	'	3,316,000	3,316,000	'	'	'	'
Other	'	-34,000	'	-731,000	-765,000	'	'	'	'
Balance at Jan. 31, 2014	$138,674,000	$829,816,000	($344,294,000)	$147,234,000	$771,430,000	'	'	'	'
Balance, shares (in shares) at Jan. 31, 2014	5,750,000	106,937,000	'	'	'	'	'	'	'

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Jan. 31, 2014	Jan. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES	'	'
Net income	$17,582	$18,159
Adjustments to reconcile net income to net cash provided by operating activities:	'	'
Depreciation and amortization	55,996	50,475
Gain on sale of real estate, land, other investments and discontinued operations	-6,999	-3,452
Gain on involuntary conversion	-2,480	-2,263
Impairment of real estate investments	6,658	0
Bad debt expense	346	893
Changes in other assets and liabilities:	'	'
Increase in receivable arising from straight-lining of rents	-2,179	-2,319
(Increase) decrease in accounts receivable	-3,483	1,969
Increase in prepaid and other assets	-3,127	-1,846
Increase in tax, insurance and other escrow	-1,779	-1,189
Increase in deferred charges and leasing costs	-3,506	-4,705
Increase (decrease) in accounts payable, accrued expenses, and other liabilities	3,075	-478
Net cash provided by operating activities	60,104	55,244
CASH FLOWS FROM INVESTING ACTIVITIES	'	'
Proceeds from real estate deposits	926	1,193
Payments for real estate deposits	-4,232	-1,095
Decrease in holdbacks for improvements	2,186	1,514
Increase in holdbacks for improvements	-12,388	-1,962
Proceeds from sale of discontinued operations	78,879	3,909
Proceeds from sale of real estate and other investments	165	45
Insurance proceeds received	2,452	3,455
Payments for acquisitions of real estate assets	-33,662	-43,283
Payments for development and re-development of real estate assets	-97,288	-38,194
Payments for improvements of real estate assets	-25,815	-21,525
Net cash used by investing activities	-88,777	-95,943
CASH FLOWS FROM FINANCING ACTIVITIES	'	'
Proceeds from mortgages payable	40,733	57,030
Principal payments on mortgages payable	-81,432	-84,359
Proceeds from revolving line of credit and other debt	52,284	26,854
Principal payments on revolving line of credit and other debt	-17,443	-34,550
Proceeds from financing liability	7,900	0
Proceeds from sale of common shares, net of issue costs	0	2,448
Proceeds from sale of common shares under distribution reinvestment and share purchase program	33,160	24,300
Proceeds from underwritten Public Offering of Preferred Shares - Series B, net of offering costs	0	111,357
Repurchase of fractional shares and partnership units	0	-15
Proceeds from noncontrolling partner - consolidated real estate entities	416	0
Distributions paid to common shareholders, net of reinvestment of $10,511 and $9,307, respectively	-30,174	-26,626
Distributions paid to preferred shareholders	-8,636	-5,588
Distributions paid to noncontrolling interests - Unitholders of the Operating Partnership, net of reinvestment of $482 and $465, respectively	-8,026	-7,728
Distributions paid to noncontrolling interests - consolidated real estate entities	-748	-111
Net cash (used) provided by financing activities	-11,966	63,012
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	-40,639	22,313
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	94,133	39,989
CASH AND CASH EQUIVALENTS AT END OF PERIOD	53,494	62,302
SUPPLEMENTARY SCHEDULE OF NON-CASH INVESTING AND FINANCING	'	'
Distribution reinvestment plan	10,511	9,307
Operating partnership distribution reinvestment plan	482	465
Operating partnership units converted to shares	1,131	846
Shares issued under the Incentive Award Plan	112	398
Real estate assets acquired through the issuance of operating partnership units	3,480	10,116
Real estate assets acquired through assumption of indebtedness and accrued costs	0	12,500
Mortgages included in real estate dispositions	0	5,887
Adjustments to accounts payable included within real estate investments	-325	-2,868
Noncontrolling partnership interest	2,900	7,068
Involuntary conversion of assets due to flood and fire damage	7,052	107
Construction debt reclassified to mortgages payable	0	13,650
Forfeiture of note payable in conjunction with sale of property	600	0
Cash paid during the year for:	'	'
Cash paid for interest, net of amounts capitalized of $2,139 and $438, respectively	$40,845	$47,296

CONSOLIDATED_STATEMENTS_OF_CAS1

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Jan. 31, 2014	Jan. 31, 2013
CASH FLOWS FROM FINANCING ACTIVITIES	'	'
Distributions paid to common shareholders, net of reinvestment	$10,511	$9,307
Distributions paid to noncontrolling interests - Unitholders of the Operating Partnership, net reinvestment	482	465
Cash paid for interest	$2,139	$438

ORGANIZATION

ORGANIZATION	9 Months Ended
	Jan. 31, 2014
ORGANIZATION [Abstract]	'
ORGANIZATION	'
	NOTE 1 • ORGANIZATION
	Investors Real Estate Trust ("IRET" or the "Company") is a self-advised real estate investment trust engaged in acquiring, owning and leasing multi-family and commercial real estate. IRET has elected to be taxed as a Real Estate Investment Trust ("REIT") under Sections 856-860 of the Internal Revenue Code of 1986, as amended. As a REIT, we are subject to a number of organizational and operational requirements, including a requirement to distribute 90% of ordinary taxable income to shareholders, and, generally, are not subject to federal income tax on net income, except for taxes on undistributed REIT taxable income and taxes on the income generated by our taxable REIT subsidiary ("TRS"). Our TRS is subject to corporate federal and state income tax on its taxable income at regular statutory rates. We have considered estimated future taxable income and have determined that there were no material income tax provisions or material net deferred income tax items for our TRS for the quarter ended January 31, 2014. IRET's multi-family residential properties and commercial properties are located mainly in the states of North Dakota and Minnesota, but also in the states of Colorado, Idaho, Iowa, Kansas, Missouri, Montana, Nebraska, South Dakota, Wisconsin and Wyoming. As of January 31, 2014, IRET owned 92 multi-family residential properties with 10,725 apartment units and 165 commercial properties, consisting of office, healthcare, industrial and retail properties, totaling 10.4 million net rentable square feet. IRET conducts a majority of its business activities through its consolidated operating partnership, IRET Properties, a North Dakota Limited Partnership (the "Operating Partnership"), as well as through a number of other consolidated subsidiary entities.
	All references to IRET or the Company refer to Investors Real Estate Trust and its consolidated subsidiaries.

BASIS_OF_PRESENTATION_AND_SIGN

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Jan. 31, 2014
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES [Abstract]	'
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	'
	NOTE 2 • BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
	BASIS OF PRESENTATION
	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.
	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 83.1% of the common units of the Operating Partnership as of January 31, 2014 and 82.4% as of April 30, 2013. 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.
	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.
	UNAUDITED INTERIM FINANCIAL STATEMENTS
	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.
	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, 2013, as filed with the SEC on July 1, 2013, as amended by the Current Report on Form 8-K filed with the SEC on September 24, 2013.
	IMPAIRMENT OF LONG-LIVED ASSETS
	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.
	During the nine months ended January 31, 2014, the Company incurred a loss of $6.7 million due to impairment of five commercial properties, of which $1.9 million is reflected in discontinued operations.  See Note 7 for additional information on discontinued operations. 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; $402,000 on a commercial industrial property in Clive, Iowa and $4.8 million on a commercial industrial property in Roseville, Minnesota. These properties were written-down to estimated fair value during the first, second and third quarters of fiscal year 2014 based on receipt of individual market offers to purchase and the Company's intent to dispose of the properties or, in the case of the Roseville, Minnesota property, a commitment to dispose of a significant portion of the property due to planned redevelopment. The St. Louis Park and Bloomington properties were subsequently sold in the second quarter of fiscal year 2014. The Clive and Anoka properties were subsequently sold during the third quarter of fiscal year 2014. During the nine months ended January 31, 2013, the Company incurred no losses due to impairment.
	COMPENSATING BALANCES AND OTHER INVESTMENTS; HOLDBACKS
	The Company maintains compensating balances, not restricted as to withdrawal, with several financial institutions in connection with financing received from those institutions and/or to ensure future credit availability. At January 31, 2014, the Company's compensating balances totaled $8.2 million and consisted of the following: Dacotah Bank, Minot, North Dakota, deposit of $350,000; United Community Bank, Minot, North Dakota, deposit of $275,000; First International Bank, Watford City, North Dakota, deposit of $6.1 million; Peoples State Bank of Velva, North Dakota, deposit of $225,000; Equity Bank, Minnetonka, Minnesota, deposit of $300,000; Associated Bank, Green Bay, Wisconsin, deposit of $600,000, and American National Bank, Omaha, Nebraska, deposit of $400,000. The deposits at United Community Bank and Equity Bank and a portion of the deposit at Dacotah Bank are held as certificates of deposit and comprise the approximately $643,000 in other investments on the Condensed Consolidated Balance Sheets. The certificates of deposit have remaining terms of less than one year and the Company intends to hold them to maturity.
	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 $2.2 million in holdbacks for improvements reflected in the Condensed Consolidated Statements of Cash Flows for the nine months ended January 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 $12.4 million is due primarily to a lender-required deposit for development of the Cardinal Point Apartments project in Grand Forks, North Dakota.
	IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES AND GOODWILL
	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 nine months ended January 31, 2014 and 2013, respectively, the Company added approximately $900,000 and $813,000 of new intangible assets and no new intangible liabilities. The weighted average lives of the intangible assets acquired in the nine months ended January 31, 2014 and 2013 are 0.7 years and 0.5 years, respectively. Amortization of intangibles related to above or below-market leases is recorded in real estate rentals in the Condensed Consolidated Statements of Operations. Amortization of other intangibles is recorded in depreciation/amortization related to real estate investments in the Condensed Consolidated Statements of Operations. Intangible assets subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. An impairment loss is recognized if the carrying amount of an intangible asset is not recoverable and its carrying amount exceeds its estimated fair value.
	The Company's identified intangible assets and intangible liabilities at January 31, 2014 and April 30, 2013 were as follows:
		(in thousands)
		31-Jan-14		30-Apr-13
	Identified intangible assets (included in intangible assets):
	Gross carrying amount	$	56,711	$	68,165
	Accumulated amortization		-22,703		-27,708
	Net carrying amount	$	34,008	$	40,457
	Identified intangible liabilities (included in other liabilities):
	Gross carrying amount	$	173	$	391
	Accumulated amortization		-123		-296
	Net carrying amount	$	50	$	95
	The effect of amortization of acquired below-market leases and acquired above-market leases on rental income was approximately $(11,000) and $(8,000) for the three months ended January 31, 2014 and 2013, respectively, and approximately $(32,000) and $(28,000) for the nine months ended January 31, 2014 and 2013, respectively. The estimated annual amortization of acquired below-market leases, net of acquired above-market leases, for each of the five succeeding fiscal years is as follows:
	Year Ended April 30,	(in thousands)
	2015	$	22
	2016		19
	2017		11
	2018		-2
	2019		-3
	Amortization of all other identified intangible assets (a component of depreciation and amortization expense) was $1.5 million and $1.2 million for the three months ended January 31, 2014 and 2013, respectively, and $6.9 million and $4.1 million for the nine months ended January 31, 2014 and 2013, respectively. The estimated annual amortization of all other identified intangible assets for each of the five succeeding fiscal years is as follows:
	Year Ended April 30,	(in thousands)
	2015	$	4,959
	2016		4,567
	2017		4,099
	2018		3,667
	2019		3,543
	The excess of the cost of an acquired business over the net of the amounts assigned to assets acquired (including identified intangible assets) and liabilities assumed is recorded as goodwill.  The Company's goodwill has an indeterminate life and is not amortized, but is tested for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that the asset might be impaired. The book value of goodwill as of January 31, 2014 and April 30, 2013 was $1.1 million. The annual review at April 30, 2013 indicated no impairment to goodwill and there was no indication of impairment at January 31, 2014.  During the nine months
	ended January 31, 2014, 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.
	USE OF ESTIMATES
	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.
	RECLASSIFICATIONS
	Certain previously reported amounts have been reclassified to conform to the current financial statement presentation. The Company reports, in discontinued operations, the results of operations and the related gains or losses of a property that has either been disposed of or is classified as held for sale and otherwise meets the classification of a discontinued operation. As a result of discontinued operations, retroactive reclassifications that change prior period numbers have been made. See Note 7 for additional information. During the nine months ended January 31, 2014, the Company sold two multi-family residential properties, three commercial office properties, twelve commercial industrial properties and three commercial retail properties. During fiscal year 2013, the Company sold three multi-family residential properties, one commercial retail property, one commercial healthcare property and four condominium units. The results of operations for these properties are included in income from discontinued operations on the Condensed Consolidated Statements of Operations.
	The Company also reclassified bad debt provision expense from property management expenses to other property expenses on the Consolidated Statements of Operations and reclassified amounts from payments for acquisitions and improvements of real estate assets to payments for acquisitions of real estate assets and payments for development and re-development of real estate assets on the Consolidated Statements of Cash Flows.
	During the first quarter of fiscal year 2014 the Company reclassified a commercial property in Minot, North Dakota from the Company's commercial retail segment to its commercial office segment, following the departure of a retail tenant from the property and the Company's subsequent repurposing of the majority of the space in the building from retail to office premises.
	INVOLUNTARY CONVERSION OF ASSETS
	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").
	Final settlement of the Chateau 2012 Fire loss claim was reached during the third quarter of fiscal year 2014 with proceeds received during the quarter of $1.3 million. The insurance proceeds for redevelopment related to the Chateau 2012 Fire exceeded the basis in the assets requiring replacement, resulting in the recognition of $1.5 million in gain from involuntary conversion in the third quarter of fiscal year 2014. In the second quarter of fiscal year 2014, the Company received no insurance proceeds for the Chateau 2012 Fire loss. During the first quarter of fiscal year 2014, the Company received $966,000 of insurance proceeds for the Chateau 2012 Fire loss. The total insurance proceeds received through the first quarter of fiscal year 2014 for redevelopment related to the Chateau 2012 Fire exceeded the basis in the assets requiring replacement, resulting in the recognition of $966,000 in gain from involuntary conversion in the first quarter of fiscal year 2014.
	In the second quarter of fiscal year 2013, for the Chateau 2012 Fire loss, the Company received $2.9 million of insurance proceeds for redevelopment. The total insurance proceeds for redevelopment related to the Chateau 2012 Fire at October 31, 2012 exceeded the estimated basis in the assets requiring replacement, resulting in the recognition of $2.3 million in gain from involuntary conversion in the second quarter of fiscal year 2013. Final settlement was reached during the second quarter of fiscal year 2013 for business interruption from the flood and the 2012 Fire, with proceeds received during the quarter of $409,000.
	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 15-unit building had been anticipated to open in February 2014, and the 57-unit building was anticipated to open in the summer of 2014. A third, occupied 32-unit building on the west side of the complex did not suffer any fire damage. The financial effect in the third quarter of fiscal year 2014 of the 2013 Fire is reflected in our financial statements through a write-down of assets on the Condensed Consolidated Balance Sheets, totaling $7.1 million, with an offsetting insurance receivable recorded within accounts receivable. The Company is named as an insured party under the construction contractor's insurance policy, which the Company expects to cover its costs to rebuild the 15-unit and 57-unit buildings. The Company intends to rebuild both buildings, and currently expects both buildings to be completed in the fourth quarter of fiscal year 2015. The insurance coverage for the 2013 Fire does not cover the Company's lost net operating income for the period extending from
	the dates on which the 15-unit and 57-unit buildings were formerly expected to be in service and occupied (February 2014 and Summer 2014, respectively) to the dates on which those buildings are actually placed in service and occupied. The Company estimates this lost net operating income to total approximately $882,000.
	PROCEEDS FROM FINANCING LIABILITY
	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.
	VARIABLE INTEREST ENTITY
	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 – 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.  See Developments Placed in Service in Note 8 for additional information on Landing at Southgate.  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. IRET is the approximately 51% owner of the joint venture and will have management and leasing responsibilities when the project is completed. The real estate development company owns approximately 49% 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 51% 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.

EARNINGS_PER_SHARE

EARNINGS PER SHARE	9 Months Ended
	Jan. 31, 2014
EARNINGS PER SHARE [Abstract]	'
EARNINGS PER SHARE	'
	NOTE 3 • EARNINGS PER SHARE
	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 and nine months ended January 31, 2014 and 2013:
		(in thousands, except per share data)
		Three Months Ended				Nine Months Ended
		31-Jan				31-Jan
		2014		2013		2014		2013
	NUMERATOR
	Income from continuing operations – Investors Real Estate Trust	$	3,117	$	4,050	$	10,034	$	11,055
	Income from discontinued operations – Investors Real Estate Trust		386		1,274		5,334		4,460
	Net income attributable to Investors Real Estate Trust		3,503		5,324		15,368		15,515
	Dividends to preferred shareholders		-2,879		-2,879		-8,636		-6,350
	Numerator for basic earnings per share – net income available to common shareholders		624		2,445		6,732		9,165
	Noncontrolling interests – Operating Partnership		130		556		1,406		2,097
	Numerator for diluted earnings per share	$	754	$	3,001	$	8,138	$	11,262
	DENOMINATOR
	Denominator for basic earnings per share weighted average shares		106,208		93,794		104,472		92,260
	Effect of convertible operating partnership units		21,819		21,413		21,830		21,098
	Denominator for diluted earnings per share		128,027		115,207		126,302		113,358
	Earnings per common share from continuing operations – Investors Real Estate Trust – basic and diluted	$	0	$	0.01	$	0.01	$	0.05
	Earnings per common share from discontinued operations – Investors Real Estate Trust – basic and diluted		0		0.02		0.05		0.05
	NET INCOME PER COMMON SHARE – BASIC & DILUTED	$	0	$	0.03	$	0.06	$	0.1

EQUITY

EQUITY	9 Months Ended
	Jan. 31, 2014
EQUITY [Abstract]	'
EQUITY	'
	NOTE 4 • EQUITY
	During the first quarter of fiscal year 2014, on June 27, 2013, the Company filed a shelf registration statement with the SEC to enable the Company to offer and sell, from time to time, in one or more offerings, an indeterminate amount of its common and preferred shares of beneficial interest and debt securities. The Company subsequently filed, on July 18, 2013, a prospectus supplement under this registration statement, relating to 10 million common shares registered for purchase under the Company's Distribution Reinvestment and Share Purchase Plan.
	On August 30, 2013, the Company entered into an ATM program with Robert W. Baird & 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.
	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 Company's 2008 Incentive Award Plan, for trustee compensation for fiscal year 2013 performance. During the first quarter of fiscal year 2013, the Company issued approximately 53,000 common shares, with a total grant-date value of approximately $398,000, under the 2008 Incentive Award Plan, for trustee and executive officer compensation for fiscal year 2012 performance.
	During the nine months ended January 31, 2014 and 2013, respectively, approximately 197,000 Units and 203,000 Units were converted to common shares, with a total value of $1.1 million and approximately $846,000 included in equity. The Company issued no shares under its 401(k) plan during the nine months ended January 31, 2014 (following the Company's transition in the second quarter of fiscal year 2013 to a new 401(k) plan service provider and trustee, common shares of the Company are no longer an investment option under the Company's 401(k) plan). Approximately 43,000 common shares were issued under the 401(k) plan during the nine months ended January 31, 2013, with a total value of approximately $337,000 included in equity. Under the Company's Distribution Reinvestment and Share Purchase Plan, approximately 5.2 million common shares and 4.3 million common shares were issued during the nine months ended January 31, 2014 and 2013, respectively, with a total value of $44.2 million and $34.1 million included in equity, and an average price per share of $8.43 and $7.90, respectively, after applicable discounts.

SEGMENT_REPORTING

SEGMENT REPORTING	9 Months Ended
	Jan. 31, 2014
SEGMENT REPORTING [Abstract]	'
SEGMENT REPORTING	'
	NOTE 5 • SEGMENT REPORTING
	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.
	IRET measures the performance of its segments based on net operating income ("NOI"), which the Company defines as total real estate revenues and gain on involuntary conversion less real estate expenses (which consist of utilities, maintenance, real estate taxes, insurance, property management expenses and other property expenses). 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.
	The revenues and net operating income for these reportable segments are summarized as follows for the three and nine month periods ended January 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.
	Three Months Ended January 31, 2014	(in thousands)
		Multi-Family		Commercial-		Commercial-		Commercial-		Commercial-		Total
		Residential		Office		Healthcare		Industrial		Retail
	Real estate revenue	$	25,848	$	19,394	$	17,242	$	1,664	$	3,481	$	67,629
	Real estate expenses		10,998		9,037		4,120		493		1,279		25,927
	Gain on involuntary conversion		1,514		0		0		0		0		1,514
	Net operating income	$	16,364	$	10,357	$	13,122	$	1,171	$	2,202		43,216
	Depreciation/amortization												-17,489
	Administrative, advisory and trustee services												-2,662
	Impairment of real estate investments												-4,798
	Other expenses												-273
	Interest expense												-15,130
	Interest and other income												740
	Income from continuing operations												3,604
	Income from discontinued operations												465
	Net income											$	4,069
	Three Months Ended January 31, 2013	(in thousands)
		Multi-Family		Commercial-		Commercial-		Commercial-		Commercial-		Total
		Residential		Office		Healthcare		Industrial		Retail
	Real estate revenue	$	22,859	$	19,046	$	15,952	$	1,738	$	3,485	$	63,080
	Real estate expenses		10,208		9,270		4,128		492		1,250		25,348
	Net operating income	$	12,651	$	9,776	$	11,824	$	1,246	$	2,235		37,732
	Depreciation/amortization												-15,493
	Administrative, advisory and trustee services												-2,245
	Other expenses												-464
	Interest expense												-15,197
	Interest and other income												255
	Income from continuing operations												4,588
	Income from discontinued operations												1,565
	Net income											$	6,153
	Nine Months Ended January 31, 2014	(in thousands)
		Multi-Family		Commercial-		Commercial-		Commercial-		Commercial-		Total
		Residential		Office		Healthcare		Industrial		Retail
	Real estate revenue	$	75,659	$	58,075	$	49,340	$	5,273	$	10,152	$	198,499
	Real estate expenses		33,006		28,315		12,534		1,447		3,596		78,898
	Gain on involuntary conversion		2,480		0		0		0		0		2,480
	Net operating income	$	45,133	$	29,760	$	36,806	$	3,826	$	6,556		122,081
	Depreciation/amortization												-53,656
	Administrative, advisory and trustee services												-7,942
	Impairment of real estate investments												-4,798
	Other expenses												-1,630
	Interest expense												-44,525
	Interest and other income												1,602
	Income from continuing operations												11,132
	Income from discontinued operations												6,450
	Net income											$	17,582
	Nine Months Ended January 31, 2013	(in thousands)
		Multi-Family		Commercial-		Commercial-		Commercial-		Commercial-		Total
		Residential		Office		Healthcare		Industrial		Retail
	Real estate revenue	$	66,758	$	56,214	$	46,286	$	4,704	$	9,912	$	183,874
	Real estate expenses		28,284		27,591		12,387		1,350		3,490		73,102
	Gain on involuntary conversion		2,263		0		0		0		0		2,263
	Net operating income	$	40,737	$	28,623	$	33,899	$	3,354	$	6,422		113,035
	Depreciation/amortization												-46,505
	Administrative, advisory and trustee services												-6,402
	Other expenses												-1,496
	Interest expense												-46,554
	Interest and other income												600
	Income from continuing operations												12,678
Income from discontinued operations												5,481
Net income											$	18,159
Segment Assets and Accumulated Depreciation
Segment assets are summarized as follows as of January 31, 2014, and April 30, 2013, along with reconciliations to the condensed consolidated financial statements:
	(in thousands)
As of January 31, 2014	Multi-Family		Commercial-		Commercial-		Commercial-		Commercial-		Total
	Residential		Office		Healthcare		Industrial		Retail
Segment Assets
Property owned	$	738,948	$	613,663	$	517,441	$	55,268	$	116,970	$	2,042,290
Less accumulated depreciation		-152,447		-147,392		-102,027		-9,848		-27,519		-439,233
Net property owned	$	586,501	$	466,271	$	415,414	$	45,420	$	89,451		1,603,057
Cash and cash equivalents												53,494
Other investments												643
Receivables and other assets												136,780
Development in progress												89,086
Unimproved land												21,498
Total assets											$	1,904,558
	(in thousands)
As of April 30, 2013	Multi-Family		Commercial-		Commercial-		Commercial-		Commercial-		Total
	Residential		Office		Healthcare		Industrial		Retail
Segment assets
Property owned	$	659,696	$	613,775	$	501,191	$	125,772	$	132,536	$	2,032,970
Less accumulated depreciation		-140,354		-138,270		-90,891		-23,688		-27,218		-420,421
Net property owned	$	519,342	$	475,505	$	410,300	$	102,084	$	105,318		1,612,549
Cash and cash equivalents												94,133
Other investments												639
Receivables and other assets												113,948
Development in progress												46,782
Unimproved land												21,503
Total assets											$	1,889,554

COMMITMENTS_AND_CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Jan. 31, 2014
COMMITMENTS AND CONTINGENCIES [Abstract]	'
COMMITMENTS AND CONTINGENCIES	'
	NOTE 6 • COMMITMENTS AND CONTINGENCIES
	Litigation.  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.
	Insurance.  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.
	Purchase Options.  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 January 31, 2014, the total property cost of the 14 properties subject to purchase options was $113.4 million, and the total gross rental revenue from these properties was $7.2 million for the nine months ended January 31, 2014.
	Environmental Matters.  Under various federal, state and local laws, ordinances and regulations, a current or previous owner or operator of real estate may be liable for the costs of removal of, or remediation of, certain hazardous or toxic substances in, on, around or under the property. While IRET currently has no knowledge of any material violation of environmental laws, ordinances or regulations at any of its properties, there can be no assurance that areas of contamination will not be identified at any of the Company's properties, or that changes in environmental laws, regulations or cleanup requirements would not result in material costs to the Company.
	Restrictions on Taxable Dispositions.  Approximately 110 of IRET's properties, consisting of 5.5 million square feet of the Company's combined commercial segments' properties and 5,068 apartment units, are subject to restrictions on taxable dispositions under agreements entered into with some of the sellers or contributors of the properties. The real estate investment amount of these properties (net of accumulated depreciation) was $854.4 million at January 31, 2014. The restrictions on taxable dispositions are effective for varying periods. The terms of these agreements generally prevent the Company from selling the properties in taxable transactions. The Company does not believe that the agreements materially affect the conduct of the Company's business or decisions whether to dispose of restricted properties during the restriction period because the Company generally holds these and the Company's other properties for investment purposes, rather than for sale. Historically, however, where IRET has deemed it to be in the shareholders' best interests to dispose of restricted properties, it has done so through transactions structured as tax-deferred transactions under Section 1031 of the Internal Revenue Code.
	Redemption Value of UPREIT Units.  The limited partnership units ("UPREIT Units") of the Company's operating partnership, IRET Properties, are redeemable at the option of the holder for cash, or, at our option, for the Company's common shares of beneficial interest on a one-for-one basis, after a minimum one-year holding period.  All UPREIT Units receive the same cash distributions as those paid on common shares.  UPREIT Units are redeemable for an amount of cash per Unit equal to the average of the daily market price of an IRET common share for the ten consecutive trading days immediately preceding the date of valuation of the Unit.  As of January 31, 2014 and 2013, the aggregate redemption value of the then-outstanding UPREIT Units of the operating partnership owned by limited partners was approximately $186.9 million and $198.9 million, respectively.
	Joint Venture Buy/Sell Options.  Certain of IRET's joint venture agreements contain buy/sell options in which each party under certain circumstances has the option to acquire the interest of the other party, but do not generally require that the Company buy its partners' interests. The Company currently has no joint ventures in which its joint venture partner can require the Company to buy the partner's interest.
	Tenant Improvements. In entering into leases with tenants, IRET may commit itself to fund improvements or build-outs of the rented space to suit tenant requirements. These tenant improvements are typically funded at the beginning of the lease term, and IRET is accordingly exposed to some risk of loss if a tenant defaults prior to the expiration of the lease term, and the rental income that was expected to cover the cost of the tenant improvements is not received. As of January 31, 2014, the Company is committed to fund $7.3 million in tenant improvements, within approximately the next 12 months.
	Development, Expansion and Renovation Projects.  As of January 31, 2014, the Company had several development, expansion and renovation projects underway or recently completed, the costs for which have been capitalized, as follows:
				(in thousands)				Final or Anticipated Construction Completion
	Project Name and Location	Planned Segment	Total Rentable	Anticipated		Costs as of		Quarter	Fiscal
			Square Feet	Total Cost		31-Jan-14			Year
			or Number of Units
	River Ridge - Bismarck, ND(1)	Multi-Family Residential	146 units	$	25,863	$	24,818	3	2014
	Cypress Court - St. Cloud, MN(2)	Multi-Family Residential	132 units		14,322		13,583	3	2014
	Dakota Commons - Williston, ND	Multi-Family Residential	44 units		10,736		6,139	1	2015
	Commons at Southgate - Minot, ND(3)	Multi-Family Residential	233 units		37,201		23,492	2	2015
	Renaissance Heights I - Williston, ND(4)	Multi-Family Residential	288 units		62,362		33,934	2	2015
	Arcata - Golden Valley, MN	Multi-Family Residential	165 units		33,151		9,250	2	2015
	RED 20 - Minneapolis, MN(5)	Multi-Family Residential and Commercial	130 units and 10,625 sq ft		29,462		9,333	2	2015
	Chateau II - Minot, ND(6)	Multi-Family Residential	72 units		14,711		1,741	4	2015
	Cardinal Point - Grand Forks, ND	Multi-Family Residential	251 units		40,042		4,986	4	2015
				$	267,850	$	127,276
	-1	The project was substantially completed in the third quarter of the Company's fiscal year 2014.
	-2	The project was substantially completed in the third quarter of the Company's fiscal year 2014.The Company is an approximately 86% 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 joint venture's results are consolidated in the Company's financial statements.
	-3	The Company is an approximately 51% 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 joint venture's results are consolidated in the Company's financial statements.
	-4	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 joint venture's results are consolidated in the Company's financial statements.
	-5	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. The joint venture's results are consolidated in the Company's financial statements.
	-6	On December 5, 2013, this development project was destroyed by fire. See Note 2 for additional information.
	These development projects are subject to various contingencies, and no assurances can be given that they will be completed within the time frames or on the terms currently expected.
	Construction interest capitalized for the three month periods ended January 31, 2014 and 2013, respectively, was approximately $778,000 and $157,000 for development projects completed and in progress. Construction interest capitalized for the nine month periods ended January 31, 2014 and 2013, respectively, was $2.1 million and approximately $438,000 for development projects completed and in progress.
	Pending Acquisitions. As of January 31, 2014, the Company had signed purchase agreements for the acquisition of the following properties. These pending acquisitions are subject to various closing conditions and contingencies, and no assurances can be given that the transactions will be completed on the terms currently proposed, or at all:
	·	two parcels of vacant land in Rapid City, South Dakota, totaling approximately 10.8 acres, for a purchase price of $1.4 million, to be paid in cash;
	·	two multi-family residential properties in Rapid City, South Dakota, with 152 and 52 units, respectively, for a total purchase price of approximately $18.3 million, of which $6.0 million is to be paid in cash with assumed debt of $12.3 million;
	·	an approximately 11.0-acre parcel of vacant land in Brooklyn Park, Minnesota, for a purchase price of $2.5 million, to be paid in cash; and
	·	an approximately 35.0-acre parcel of vacant land in Bismarck, North Dakota, for a purchase price of $4.3 million, to be paid in cash.

DISCONTINUED_OPERATIONS

DISCONTINUED OPERATIONS	9 Months Ended
	Jan. 31, 2014
DISCONTINUED OPERATIONS [Abstract]	'
DISCONTINUED OPERATIONS	'
	NOTE 7 • DISCONTINUED OPERATIONS
	The Company reports in discontinued operations the results of operations of a property that has either been disposed of or is classified as held for sale. The Company also reports any gains or losses from the sale of a property in discontinued operations. During the third quarter of fiscal year 2014, the Company sold two multi-family residential properties, three commercial industrial properties and two commercial retail properties. During the second quarter of fiscal year 2014, the Company sold five commercial industrial properties and three commercial office properties. During the first quarter of fiscal year 2014, the Company sold four commercial industrial properties and one commercial retail property. During the third quarter of fiscal year 2013, IRET sold one multi-family residential property. During the second quarter of fiscal year 2013, IRET sold two condominium units and two multi-family residential properties. During the first quarter of fiscal year 2013, IRET sold two condominium units and a commercial retail property. There were no properties classified as held for sale at January 31, 2014. Four condominium units were classified as held for sale at January 31, 2013. See Note 8 for additional information on the properties sold during the nine months ended January 31, 2014 and 2013. 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 and nine months ended January 31, 2014 and 2013:
		(in thousands)
		Three Months Ended				Nine Months Ended
		31-Jan				31-Jan
			2014		2013			2014		2013
	REVENUE
	Real estate rentals	$	327	$	2,361		$	3,173	$	7,762
	Tenant reimbursement		64		817			1,302		2,302
	TOTAL REVENUE		391		3,178			4,475		10,064
	EXPENSES
	Depreciation/amortization related to real estate investments		75		752			920		2,443
	Utilities		26		108			164		315
	Maintenance		35		243			299		782
	Real estate taxes		80		543			951		1,654
	Insurance		10		46			97		158
	Property management expenses		27		106			222		412
	Other property expenses		0		0			0		16
	Amortization related to non-real estate investments		2		55			90		194
	Impairment of real estate investments		0		0			1,860		0
	TOTAL EXPENSES		255		1,853			4,603		5,974
	Operating income (loss)		136		1,325			-128		4,090
	Interest expense		-29		-534			-421		-2,063
	Other income		0		2			0		2
	Income (loss) from discontinued operations before gain on sale		107		793			-549		2,029
	Gain on sale of discontinued operations		358		772			6,999		3,452
	INCOME FROM DISCONTINUED OPERATIONS	$	465	$	1,565		$	6,450	$	5,481

ACQUISITIONS_AND_DISPOSITIONS

ACQUISITIONS AND DISPOSITIONS	9 Months Ended
	Jan. 31, 2014
ACQUISITIONS AND DISPOSITIONS [Abstract]	'
ACQUISITIONS AND DISPOSITIONS	'
	NOTE 8 • ACQUISITIONS, DEVELOPMENTS PLACED IN SERVICE AND DISPOSITIONS
	PROPERTY ACQUISITIONS AND DEVELOPMENTS PLACED IN SERVICE
	During the third quarter of fiscal year 2014, the Company closed on its acquisition of:
	·	an approximately 3.4-acre parcel of vacant land in Fruitland, Idaho, acquired for possible future development, for a purchase price of $335,000, paid in cash.
	During the third quarter of fiscal year 2014, the Company placed in service:
	·	the 132-unit Cypress Court multi-family residential property in St. Cloud, Minnesota, owned by a joint venture entity in which the Company has an approximately 86% interest; and
	·	the 146-unit River Ridge multi-family residential property in Bismarck, North Dakota.
	During the second quarter of fiscal year 2014, the Company closed on its acquisitions of:
	·	a 24-unit multi-family residential property and a 98,174-square foot senior housing property (with an associated parcel of unimproved land) in Sartell, Minnesota, on approximately 21.6 acres of land, for a purchase price of $15.2 million, paid in cash;
	·	a 96-unit multi-family residential property in Grand Forks, North Dakota, on approximately 6.0 acres of land, for a purchase price of $10.6 million, of which $10.4 million was paid in cash and the remainder in limited partnership units of the Operating Partnership valued at $200,000;
	·	an approximately 58.6% interest in a joint venture entity currently constructing the RED 20 project in Minneapolis, Minnesota, a 130-unit multi-family residential property with approximately 10,000 square feet of commercial space; and
	·	an approximately 9.2 acre parcel of vacant land in Jamestown, North Dakota, acquired for possible future development for a purchase price of approximately $700,000, paid in cash.
	During the second quarter of fiscal year 2014, the Company placed in service:
	·	the 108-unit Landing at Southgate multi-family residential property in Minot, North Dakota, owned by a joint venture entity in which the Company has an approximately 51% interest.
	During the first quarter of fiscal year 2014, the Company closed on its acquisitions of:
	·	a 71-unit multi-family residential property in Rapid City, South Dakota, on approximately 3.2 acres of land, for a purchase price of $6.2 million, of which $2.9 million was paid in cash and the remainder in limited partnership units of the Operating Partnership valued at $3.3 million; and
	·	an approximately 0.7-acre parcel of vacant land in Minot, North Dakota acquired for possible future development for a purchase price, including acquisition costs, of $179,000, paid in cash.
	The Company had no development projects placed in service during the first quarter of fiscal year 2014.
	During the third quarter of fiscal year 2013, the Company closed on its acquisitions of:
	·	two parcels of vacant land in Rochester, Minnesota, acquired for possible future development, of approximately 20.1 acres and 3.8 acres, respectively, for purchase prices of $775,000 and $275,000, paid in cash;
	·	an approximately 48.4 acre parcel of vacant land in Grand Forks, North Dakota, acquired for possible future development, for  a purchase price of approximately $4.3 million, of which approximately $2.3 million was paid in cash and the remainder in limited partnership units of the Operating Partnership valued at $2.0 million;
	·	an approximately 51% interest in a joint venture entity currently constructing the Southgate Apartments project in Minot, North Dakota, which project is expected to be completed in two phases, with a total of approximately 341 units, for a currently-estimated total cost of $52.2 million; and
	·	a parcel of vacant land in Minot, North Dakota, acquired for possible future development for a purchase price of approximately $1.9 million.
	During the third quarter of fiscal year 2013, the Company placed in service an additional 29 assisted living units, and completed the conversion of 16 existing units to memory care units, at the Company's Spring Wind senior housing facility in Laramie Wyoming; completed an approximately 45,000 square foot medical office building in Jamestown, North Dakota; and completed an approximately 28,000 square foot industrial building in Minot, North Dakota. During the second quarter of fiscal year 2013, the Company closed on its acquisitions of a multi-family residential property in Sartell, Minnesota and two parcels of vacant land in Williston, North Dakota and St. Cloud, Minnesota. The Company had no development projects placed in service during the second quarter of fiscal year 2013. During the first quarter of fiscal year 2013, the Company closed on its acquisitions of a multi-family residential property in Topeka, Kansas and two multi-family residential properties in Lincoln, Nebraska. During the first quarter of fiscal year 2013, the Company placed in service its 159-unit multi-family residential development in Rochester, Minnesota and placed in service buildings 3 and 4 of its multi-family residential development in Williston, North Dakota.
	The Company expensed approximately $160,000 and $125,000 of transaction costs related to acquisitions in the nine months ended January 31, 2014 and 2013, respectively. The Company's acquisitions and development projects placed in service during the nine months ended January 31, 2014 and 2013 are detailed below:
	Nine Months Ended January 31, 2014
	Acquisitions		(in thousands)
		Date Acquired	Land		Building		Intangible		Acquisition
							Assets		Cost
	Multi-Family Residential
	71 unit - Alps Park - Rapid City, SD	5/1/13	$	287	$	5,551	$	362	$	6,200
	96 unit - Southpoint - Grand Forks, ND	9/5/13		576		9,893		131		10,600
	24 unit - Pinecone Villas - Sartell, MN	10/31/13		584		2,191		25		2,800
				1,447		17,635		518		19,600
	Commercial Healthcare
	98,174 sq ft Legends at Heritage Place - Sartell, MN	10/31/13		970		10,511		382		11,863
	Unimproved Land
	Chateau II - Minot, ND	5/21/13		179		0		0		179
	Jamestown Unimproved - Jamestown, ND	8/9/13		700		0		0		700
	RED 20 - Minneapolis, MN(1)	8/20/13		1,900		0		0		1,900
	Legends at Heritage Place - Sartell, MN	10/31/13		537		0		0		537
	Spring Creek Fruitland – Fruitland, ID	1/21/14		335		0		0		335
				3,651		0		0		3,651
	Total Property Acquisitions		$	6,068	$	28,146	$	900	$	35,114
	-1	Land is owned by a joint venture in which the Company has an approximately 58.6% interest. The joint venture is consolidated in IRET's financial statements.
			(in thousands)
	Development Projects Placed in Service	Date Placed in
		Service	Land		Building		Intangible		Acquisition
							Assets		Cost
	Multi-Family Residential
	108 unit - Landing at Southgate - Minot, ND(1)	9/4/13	$	0	$	8,809	$	0	$	8,809
	132 unit - Cypress Court - St. Cloud, MN(2)	11/1/13		0		7,836		0		7,836
	146 unit - River Ridge - Bismarck, ND(3)	12/2/13		0		14,703		0		14,703
	Total Development Projects Placed in Service		$	0	$	31,348	$	0	$	31,348
	-1	Development property placed in service September 4, 2013. Additional costs paid in fiscal year 2013 totaled $6.3 million, for a total project cost at January 31, 2014 of $15.1 million. The project is owned by a joint venture entity in which the Company has an approximately 51% interest.
	-2	Development property placed in service November 1, 2013. Additional costs paid in fiscal year 2013 totaled $5.8 million, for a total project cost at January 31, 2014 of $13.6 million. The project is owned by a joint venture entity in which the Company has an approximately 86% interest.
	-3	Development property placed in service December 2, 2013. Additional costs paid in fiscal year 2013 totaled $10.1 million, including land acquired in fiscal year 2009, for a total project cost at January 31, 2014 of $24.8 million.
	Nine Months Ended January 31, 2013
	Acquisitions		(in thousands)
		Date Acquired	Land		Building		Intangible		Acquisition
							Assets		Cost
	Multi-Family Residential
	308 unit - Villa West - Topeka, KS	5/8/12	$	1,590	$	15,760	$	300	$	17,650
232 unit - Colony - Lincoln, NE	6/4/12		1,515		15,731		254		17,500
208 unit - Lakeside Village - Lincoln, NE	6/4/12		1,215		15,837		198		17,250
58 unit - Ponds at Heritage Place - Sartell, MN	10/10/12		395		4,564		61		5,020
			4,715		51,892		813		57,420
Unimproved Land
University Commons - Williston, ND	8/1/12		823		0		0		823
Cypress Court - St. Cloud, MN(1)	8/10/12		447		0		0		447
Cypress Court Apartment Development - St. Cloud, MN(2)	8/10/12		1,136		0		0		1,136
Badger Hills - Rochester, MN(3)	12/14/12		1,050		0		0		1,050
Grand Forks Unimproved - Grand Forks, ND	12/31/12		4,278		0		0		4,278
Minot Unimproved (Southgate Lot 4) - Minot, ND	1/11/13		1,882		0		0		1,882
Commons at Southgate - Minot, ND(4)	1/22/13		3,691		0		0		3,691
Landing at Southgate - Minot, ND(4)	1/22/13		2,262		0		0		2,262
			15,569		0		0		15,569
Total Property Acquisitions		$	20,284	$	51,892	$	813	$	72,989
-1	Land was contributed to a joint venture entity in which the Company has an approximately 86% interest, as of January 31, 2014.
-2	Land is owned by a joint venture in which the Company has an approximately 86% interest, as of January 31, 2014.
-3	Acquisition of unimproved land consisted of two parcels acquired separately on December 14 and December 20, 2012, respectively.
-4	Land is owned by a joint venture entity in which the Company has an approximately 51% interest.
		(in thousands)
Development Projects Placed in Service	Date Placed in	Land		Building		Intangible		Acquisition
	Service					Assets		Cost
Multi-Family Residential
159 unit - Quarry Ridge II - Rochester, MN(1)	6/29/12	$	0	$	4,591	$	0	$	4,591
73 unit - Williston Garden Buildings 3 and 4 - Williston, ND(2)	7/31/12		0		7,058		0		7,058
			0		11,649		0		11,649
Commercial Medical
26,662 sq ft Spring Wind Expansion - Laramie, WY(3)	11/16/12		0		1,675		0		1,675
45,222 sq ft Jamestown Medical Office Building - Jamestown, ND(4)	1/1/13		0		4,901		0		4,901
			0		6,576		0		6,576
Commercial Industrial
27,567 sq ft Minot IPS - Minot, ND(5)	12/17/12		0		3,953		0		3,953
Total Development Projects Placed in Service		$	0	$	22,178	$	0	$	22,178
-1	Development property placed in service June 29, 2012. Additional costs paid in fiscal years 2012 and 2011, and land acquired in fiscal year 2007, totaled $13.0 million, for a total project cost at January 31, 2013 of $17.6 million.
-2	Development property placed in service July 31, 2012. Buildings 1 and 2 were placed in service in fiscal year 2012. Additional costs paid in fiscal year 2012 totaled $12.0 million, for a total project cost at January 31, 2013 of $19.1 million.
-3	Expansion project placed in service November 16, 2012. Additional costs paid in fiscal year 2012 totaled $1.8 million, for a total project cost at January 31, 2013 of $3.5 million.
-4	Development property placed in service January 1, 2013. Additional costs paid in fiscal year 2012 totaled $1.0 million, for a total project cost at January 31, 2013 of $5.9 million.
-5	Development property placed in service December 17, 2012. Additional costs paid in fiscal year 2012 totaled $1.8 million, for a total project cost at January 31, 2013 of $5.8 million.
Acquisitions in the nine months ended January 31, 2014 and 2013 are immaterial to our real estate portfolio both individually and in the aggregate, and consequently no proforma information is presented. The results of operations from acquired properties are included in the Condensed Consolidated Statements of Operations as of their acquisition date. The revenue and net income of our acquisitions in the nine months ended January 31, 2014 and 2013, respectively, (excluding development projects placed in service) are detailed below.
	(in thousands)
	Nine Months Ended
	31-Jan
	2014		2013
Total revenue	$	1,149	$	4,669
Net (loss) income	$	-194	$	-116
PROPERTY DISPOSITIONS
During the third quarter of fiscal year 2014, the Company sold two multi-family residential properties, three commercial industrial properties and two commercial retail properties for a total sales price of $11.7 million.
During the third quarter of fiscal year 2013, the Company sold one multi-family residential property for a sale price of approximately $2.0 million. Mortgage debt in the amount of approximately $1.2 million was assumed by the buyer. The following table details the Company's dispositions during the nine months ended January 31, 2014 and 2013:
Nine Months Ended January 31, 2014
		(in thousands)
Dispositions	Date	Sales Price		Book Value		Gain/(Loss)
	Disposed			and Sales Cost
Multi-Family Residential
84 unit - East Park - Sioux Falls, SD	12/18/13	$	2,214	$	2,358	$	-144
48 unit - Sycamore Village - Sioux Falls, SD	12/18/13		1,296		1,380		-84
			3,510		3,738		-228
Commercial Office
121,669 sq ft Bloomington Business Plaza - Bloomington, MN	9/12/13		4,500		7,339		-2,839
118,125 sq ft Nicollet VII - Burnsville, MN	9/12/13		7,290		6,001		1,289
42,929 sq ft Pillsbury Business Center - Bloomington, MN	9/12/13		1,160		1,164		-4
			12,950		14,504		-1,554
Commercial Industrial
41,880 sq ft Bodycote Industrial Building- Eden Prairie, MN	5/13/13		3,150		1,375		1,775
42,244 sq ft Fargo 1320 45th Street N - Fargo, ND	5/13/13		4,700		4,100		600
49,620 sq ft Metal Improvement Company - New Brighton, MN	5/13/13		2,350		1,949		401
172,057 sq ft Roseville 2929 Long Lake Road - Roseville, MN	5/13/13		9,275		9,998		-723
322,751 sq ft Brooklyn Park 7401 Boone Ave - Brooklyn Park, MN	9/12/13		12,800		12,181		619
50,400 sq ft Cedar Lake Business Center - St. Louis Park, MN	9/12/13		2,550		2,607		-57
35,000 sq ft API Building - Duluth, MN	9/24/13		2,553		1,488		1,065
59,292 sq ft Lighthouse - Duluth, MN	10/8/13		1,825		1,547		278
606,006 sq ft Dixon Avenue Industrial Park - Des Moines, IA	10/31/13		14,675		10,328		4,347
41,685 sq ft Winsted Industrial Building - Winsted, MN	1/17/14		725		747		-22
69,984 sq ft Minnetonka 13600 County Road 62 - Minnetonka, MN	1/30/14		3,800		3,084		716
42,510 sq ft Clive 2075NW 94th Street - Clive, IA	1/30/14		2,735		2,675		60
			61,138		52,079		9,059
Commercial Retail
23,187 sq ft Eagan Community - Eagan, MN	5/14/13		2,310		2,420		-110
10,625 sq ft Anoka Strip Center- Anoka, MN	12/23/13		325		347		-22
8,400 sq ft Burnsville 2 Strip Center - Burnsville, MN	1/8/14		650		796		-146
			3,285		3,563		-278
Total Property Dispositions		$	80,883	$	73,884	$	6,999
Nine Months Ended January 31, 2013
		(in thousands)
Dispositions	Date	Sales Price		Book Value		Gain/(Loss)
	Disposed			and Sales Cost
Multi-Family Residential
116 unit - Terrace on the Green - Fargo, ND	9/27/12	$	3,450	$	1,248	$	2,202
85 unit -  Prairiewood Meadows - Fargo, ND	9/27/12		3,450		2,846		604
66 unit - Candlelight - Fargo, ND	11/27/12		1,950		1,178		772
			8,850		5,272		3,578
Commercial Retail
16,080 sq ft Kentwood Thomasville - Kentwood, MI	6/20/12		625		692		-67
Other
Georgetown Square Condominiums 5 and 6	6/21/12		330		336		-6
Georgetown Square Condominiums 3 and 4	8/2/12		368		421		-53
			698		757		-59
Total Property Dispositions		$	10,173	$	6,721	$	3,452

MORTGAGES_PAYABLE_AND_LINE_OF_

MORTGAGES PAYABLE AND LINE OF CREDIT	9 Months Ended
	Jan. 31, 2014
MORTGAGES PAYABLE AND LINE OF CREDIT [Abstract]	'
MORTGAGES PAYABLE AND LINE OF CREDIT	'
	NOTE 9 • MORTGAGES PAYABLE AND LINE OF CREDIT
	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. As of January 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 2.53% to 8.25%, and the mortgages have varying maturity dates from the current fiscal year through July 1, 2036.
	Of the mortgages payable, the balances of fixed rate mortgages totaled $1.0 billion at January 31, 2014 and April 30, 2013. The balances of variable rate mortgages totaled $8.3 million and $26.2 million as of January 31, 2014 and April 30, 2013, 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 January 31, 2014, the weighted average rate of interest on the Company's mortgage debt was 5.48%, compared to 5.55% on April 30, 2013. The aggregate amount of required future principal payments on mortgages payable as of January 31, 2014, is as follows:
	Fiscal year ended April 30,	(in thousands)
	2014 (remainder)	$	22,791
	2015		91,980
	2016		92,444
	2017		216,310
	2018		64,401
	Thereafter		520,598
	Total payments	$	1,008,524
	In addition to the individual first mortgage loans comprising the Company's $1.0 billion of mortgage indebtedness, the Company also has a revolving, multi-bank line of credit with First International Bank and Trust, Watford City, North Dakota, as lead bank, which had, as of January 31, 2014, lending commitments of $72.0 million. This facility is not included in the Company's mortgage indebtedness total. As of January 31, 2014, the line of credit was secured by mortgages on 14 properties; under the terms of the line of credit, properties may be added and removed from the collateral pool with the agreement of the lenders. Participants in this credit facility as of January 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 & Trust Company; Town & Country Credit Union and United Community Bank. As of January 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 January 31, 2014 and April 30, 2013, the Company had borrowed $22.5 million and $10.0 million, respectively. The facility includes covenants and restrictions requiring the Company to achieve on a fiscal and calendar quarter basis a debt service coverage ratio on borrowing base collateral of 1.25x in the
	aggregate and 1.00x on individual assets in the collateral pool, and the Company is also required to maintain minimum depository account(s) totaling $6.0 million with First International, of which $1.5 million is to be held in a non-interest bearing account. As of January 31, 2014, the Company believes it was in compliance with the facility covenants.

FAIR_VALUE_OF_FINANCIAL_INSTRU

FAIR VALUE OF FINANCIAL INSTRUMENTS	9 Months Ended
	Jan. 31, 2014
FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract]	'
FAIR VALUE OF FINANCIAL INSTRUMENTS	'
	NOTE 10 • FAIR VALUE OF FINANCIAL INSTRUMENTS
	ASC 820, Fair Value Measurement and Disclosures defines and establishes a framework for measuring fair value.  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:
	Level 1:  Quoted prices in active markets for identical assets
	Level 2:  Significant other observable inputs
	Level 3:  Significant unobservable inputs
	Fair value estimates may be different than the amounts that may ultimately be realized upon sale or disposition of the assets and liabilities.
	Fair Value Measurements on a Recurring Basis
	The Company had no assets or liabilities recorded at fair value on a recurring basis at January 31, 2014 and April 30, 2013.
	Fair Value Measurements on a Nonrecurring Basis
	Non-financial assets measured at fair value on a nonrecurring basis at January 31, 2014 consisted of real estate investments that were written-down to estimated fair value during the nine months ended January 31, 2014. Non-financial assets measured at fair value on a nonrecurring basis at April 30, 2013 consisted of real estate investments that were written-down to estimated fair value during fiscal year 2013. 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:
		(in thousands)
		31-Jan-14
		Total		Level 1		Level 2		Level 3
	Real estate investments	$	1,335	$	0	$	0	$	1,335
		(in thousands)
		30-Apr-13
		Total		Level 1		Level 2		Level 3
	Real estate investments	$	335	$	0	$	0	$	335
	Financial Assets and Liabilities Not Measured at Fair Value
	The following methods and assumptions were used to estimate the fair value of each class of financial assets and liabilities. The fair values of our financial instruments approximate their carrying amount in our consolidated financial statements except for debt.
	Cash and Cash Equivalents. The carrying amount approximates fair value because of the short maturity.
	Other Investments. The carrying amount, or cost plus accrued interest, of the certificates of deposit approximates fair value.
	Other Debt. 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).
	Lines of Credit.  The carrying amount approximates fair value because the variable rate debt re-prices frequently.
	Mortgages Payable. 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).
	The estimated fair values of the Company's financial instruments as of January 31, 2014 and April 30, 2013, are as follows:
		(in thousands)
		31-Jan-14				30-Apr-13
		Carrying Amount		Fair Value		Carrying Amount		Fair Value
	FINANCIAL ASSETS
	Cash and cash equivalents	$	53,494	$	53,494	$	94,133	$	94,133
	Other investments		643		643		639		639
	FINANCIAL LIABILITIES
	Other debt		47,717		47,818		18,076		18,156
	Line of credit		22,500		22,500		10,000		10,000
	Mortgages payable		1,008,524		1,131,399		1,049,206		1,160,190

SUBSEQUENT_EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Jan. 31, 2014
SUBSEQUENT EVENTS [Abstract]	'
SUBSEQUENT EVENTS	'
	NOTE 11 • SUBSEQUENT EVENTS
	Common and Preferred Share Distributions. On March 4, 2014, the Company's Board of Trustees declared the following distributions:
	Class of shares/units	Quarterly Amount	Record Date	Payment Date
		per Share or Unit
	Common shares and limited partnership units	$0.13	17-Mar-14	1-Apr-14
	Preferred shares:
	Series A	$0.52	17-Mar-14	31-Mar-14
	Series B	$0.50	17-Mar-14	31-Mar-14
	Closed Acquisitions. Subsequent to the end of the third quarter of fiscal year 2014, the Company closed on its acquisitions of the following properties.
	·	an approximately 4.7-acre parcel of vacant land in Isanti, Minnesota, for a purchase price, paid in cash, of approximately $50,000; and
	·	an approximately 39,000-square foot senior housing property in Fruitland, Idaho, on approximately 2.3 acres of land, for a purchase price, paid in cash, of approximately $7.1 million.
	The purchase price accounting is incomplete for these acquisitions that closed subsequent to the end of the third quarter of fiscal year 2014.
	Pending Dispositions.  Subsequent to the end of the third quarter of fiscal year 2014, the Company signed sales agreements for the disposition of the following properties. These pending dispositions are subject to various closing conditions and contingencies, and no assurances can be given that these transactions will be completed on the terms currently expected, or at all.
	·	a commercial office property in Maple Grove, Minnesota, for a sales price of $7.2 million; and
	·	a commercial office property in Edina, Minnesota, for a sales price of $3.1 million.

BASIS_OF_PRESENTATION_AND_SIGN1

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Jan. 31, 2014
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES [Abstract]	'
BASIS OF PRESENTATION AND UNAUDITED INTERIM FINANCIAL STATEMENTS	'
	BASIS OF PRESENTATION
	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.
	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 83.1% of the common units of the Operating Partnership as of January 31, 2014 and 82.4% as of April 30, 2013. 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.
	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.
	UNAUDITED INTERIM FINANCIAL STATEMENTS
	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.
	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, 2013, as filed with the SEC on July 1, 2013, as amended by the Current Report on Form 8-K filed with the SEC on September 24, 2013.
IMPAIRMENT OF LONG-LIVED ASSETS	'
	IMPAIRMENT OF LONG-LIVED ASSETS
	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.
	During the nine months ended January 31, 2014, the Company incurred a loss of $6.7 million due to impairment of five commercial properties, of which $1.9 million is reflected in discontinued operations.  See Note 7 for additional information on discontinued operations. 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; $402,000 on a commercial industrial property in Clive, Iowa and $4.8 million on a commercial industrial property in Roseville, Minnesota. These properties were written-down to estimated fair value during the first, second and third quarters of fiscal year 2014 based on receipt of individual market offers to purchase and the Company's intent to dispose of the properties or, in the case of the Roseville, Minnesota property, a commitment to dispose of a significant portion of the property due to planned redevelopment. The St. Louis Park and Bloomington properties were subsequently sold in the second quarter of fiscal year 2014. The Clive and Anoka properties were subsequently sold during the third quarter of fiscal year 2014. During the nine months ended January 31, 2013, the Company incurred no losses due to impairment.
COMPENSATING BALANCES AND OTHER INVESTMENTS; LENDER HOLDBACKS	'
	COMPENSATING BALANCES AND OTHER INVESTMENTS; HOLDBACKS
	The Company maintains compensating balances, not restricted as to withdrawal, with several financial institutions in connection with financing received from those institutions and/or to ensure future credit availability. At January 31, 2014, the Company's compensating balances totaled $8.2 million and consisted of the following: Dacotah Bank, Minot, North Dakota, deposit of $350,000; United Community Bank, Minot, North Dakota, deposit of $275,000; First International Bank, Watford City, North Dakota, deposit of $6.1 million; Peoples State Bank of Velva, North Dakota, deposit of $225,000; Equity Bank, Minnetonka, Minnesota, deposit of $300,000; Associated Bank, Green Bay, Wisconsin, deposit of $600,000, and American National Bank, Omaha, Nebraska, deposit of $400,000. The deposits at United Community Bank and Equity Bank and a portion of the deposit at Dacotah Bank are held as certificates of deposit and comprise the approximately $643,000 in other investments on the Condensed Consolidated Balance Sheets. The certificates of deposit have remaining terms of less than one year and the Company intends to hold them to maturity.
	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 $2.2 million in holdbacks for improvements reflected in the Condensed Consolidated Statements of Cash Flows for the nine months ended January 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 $12.4 million is due primarily to a lender-required deposit for development of the Cardinal Point Apartments project in Grand Forks, North Dakota.
IDENTIFIED INTANGIBLE ASSETS AND INTANGIBLE LIABILITIES AND GOODWILL	'
	IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES AND GOODWILL
	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 nine months ended January 31, 2014 and 2013, respectively, the Company added approximately $900,000 and $813,000 of new intangible assets and no new intangible liabilities. The weighted average lives of the intangible assets acquired in the nine months ended January 31, 2014 and 2013 are 0.7 years and 0.5 years, respectively. Amortization of intangibles related to above or below-market leases is recorded in real estate rentals in the Condensed Consolidated Statements of Operations. Amortization of other intangibles is recorded in depreciation/amortization related to real estate investments in the Condensed Consolidated Statements of Operations. Intangible assets subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. An impairment loss is recognized if the carrying amount of an intangible asset is not recoverable and its carrying amount exceeds its estimated fair value.
	The Company's identified intangible assets and intangible liabilities at January 31, 2014 and April 30, 2013 were as follows:
		(in thousands)
		31-Jan-14		30-Apr-13
	Identified intangible assets (included in intangible assets):
	Gross carrying amount	$	56,711	$	68,165
	Accumulated amortization		-22,703		-27,708
	Net carrying amount	$	34,008	$	40,457
	Identified intangible liabilities (included in other liabilities):
	Gross carrying amount	$	173	$	391
	Accumulated amortization		-123		-296
	Net carrying amount	$	50	$	95
	The effect of amortization of acquired below-market leases and acquired above-market leases on rental income was approximately $(11,000) and $(8,000) for the three months ended January 31, 2014 and 2013, respectively, and approximately $(32,000) and $(28,000) for the nine months ended January 31, 2014 and 2013, respectively. The estimated annual amortization of acquired below-market leases, net of acquired above-market leases, for each of the five succeeding fiscal years is as follows:
	Year Ended April 30,	(in thousands)
	2015	$	22
	2016		19
	2017		11
	2018		-2
	2019		-3
	Amortization of all other identified intangible assets (a component of depreciation and amortization expense) was $1.5 million and $1.2 million for the three months ended January 31, 2014 and 2013, respectively, and $6.9 million and $4.1 million for the nine months ended January 31, 2014 and 2013, respectively. The estimated annual amortization of all other identified intangible assets for each of the five succeeding fiscal years is as follows:
	Year Ended April 30,	(in thousands)
	2015	$	4,959
	2016		4,567
	2017		4,099
	2018		3,667
	2019		3,543
	The excess of the cost of an acquired business over the net of the amounts assigned to assets acquired (including identified intangible assets) and liabilities assumed is recorded as goodwill.  The Company's goodwill has an indeterminate life and is not amortized, but is tested for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that the asset might be impaired. The book value of goodwill as of January 31, 2014 and April 30, 2013 was $1.1 million. The annual review at April 30, 2013 indicated no impairment to goodwill and there was no indication of impairment at January 31, 2014.  During the nine months
	ended January 31, 2014, 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.
USE OF ESTIMATES	'
	USE OF ESTIMATES
	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.
RECLASSIFICATIONS	'
	RECLASSIFICATIONS
	Certain previously reported amounts have been reclassified to conform to the current financial statement presentation. The Company reports, in discontinued operations, the results of operations and the related gains or losses of a property that has either been disposed of or is classified as held for sale and otherwise meets the classification of a discontinued operation. As a result of discontinued operations, retroactive reclassifications that change prior period numbers have been made. See Note 7 for additional information. During the nine months ended January 31, 2014, the Company sold two multi-family residential properties, three commercial office properties, twelve commercial industrial properties and three commercial retail properties. During fiscal year 2013, the Company sold three multi-family residential properties, one commercial retail property, one commercial healthcare property and four condominium units. The results of operations for these properties are included in income from discontinued operations on the Condensed Consolidated Statements of Operations.
	The Company also reclassified bad debt provision expense from property management expenses to other property expenses on the Consolidated Statements of Operations and reclassified amounts from payments for acquisitions and improvements of real estate assets to payments for acquisitions of real estate assets and payments for development and re-development of real estate assets on the Consolidated Statements of Cash Flows.
	During the first quarter of fiscal year 2014 the Company reclassified a commercial property in Minot, North Dakota from the Company's commercial retail segment to its commercial office segment, following the departure of a retail tenant from the property and the Company's subsequent repurposing of the majority of the space in the building from retail to office premises.
INVOLUNTARY CONVERSION OF ASSETS	'
	INVOLUNTARY CONVERSION OF ASSETS
	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").
	Final settlement of the Chateau 2012 Fire loss claim was reached during the third quarter of fiscal year 2014 with proceeds received during the quarter of $1.3 million. The insurance proceeds for redevelopment related to the Chateau 2012 Fire exceeded the basis in the assets requiring replacement, resulting in the recognition of $1.5 million in gain from involuntary conversion in the third quarter of fiscal year 2014. In the second quarter of fiscal year 2014, the Company received no insurance proceeds for the Chateau 2012 Fire loss. During the first quarter of fiscal year 2014, the Company received $966,000 of insurance proceeds for the Chateau 2012 Fire loss. The total insurance proceeds received through the first quarter of fiscal year 2014 for redevelopment related to the Chateau 2012 Fire exceeded the basis in the assets requiring replacement, resulting in the recognition of $966,000 in gain from involuntary conversion in the first quarter of fiscal year 2014.
	In the second quarter of fiscal year 2013, for the Chateau 2012 Fire loss, the Company received $2.9 million of insurance proceeds for redevelopment. The total insurance proceeds for redevelopment related to the Chateau 2012 Fire at October 31, 2012 exceeded the estimated basis in the assets requiring replacement, resulting in the recognition of $2.3 million in gain from involuntary conversion in the second quarter of fiscal year 2013. Final settlement was reached during the second quarter of fiscal year 2013 for business interruption from the flood and the 2012 Fire, with proceeds received during the quarter of $409,000.
	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 15-unit building had been anticipated to open in February 2014, and the 57-unit building was anticipated to open in the summer of 2014. A third, occupied 32-unit building on the west side of the complex did not suffer any fire damage. The financial effect in the third quarter of fiscal year 2014 of the 2013 Fire is reflected in our financial statements through a write-down of assets on the Condensed Consolidated Balance Sheets, totaling $7.1 million, with an offsetting insurance receivable recorded within accounts receivable. The Company is named as an insured party under the construction contractor's insurance policy, which the Company expects to cover its costs to rebuild the 15-unit and 57-unit buildings. The Company intends to rebuild both buildings, and currently expects both buildings to be completed in the fourth quarter of fiscal year 2015. The insurance coverage for the 2013 Fire does not cover the Company's lost net operating income for the period extending from
	the dates on which the 15-unit and 57-unit buildings were formerly expected to be in service and occupied (February 2014 and Summer 2014, respectively) to the dates on which those buildings are actually placed in service and occupied. The Company estimates this lost net operating income to total approximately $882,000.
PROCEEDS FROM FINANCING LIABILITY	'
	PROCEEDS FROM FINANCING LIABILITY
	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.
VARIABLE INTEREST ENTITY	'
	VARIABLE INTEREST ENTITY
	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 – 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.  See Developments Placed in Service in Note 8 for additional information on Landing at Southgate.  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. IRET is the approximately 51% owner of the joint venture and will have management and leasing responsibilities when the project is completed. The real estate development company owns approximately 49% 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 51% 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.

BASIS_OF_PRESENTATION_AND_SIGN2

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Jan. 31, 2014
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES [Abstract]	'
Identified intangible assets and intangible liabilities	'
	The Company's identified intangible assets and intangible liabilities at January 31, 2014 and April 30, 2013 were as follows:
		(in thousands)
		31-Jan-14		30-Apr-13
	Identified intangible assets (included in intangible assets):
	Gross carrying amount	$	56,711	$	68,165
	Accumulated amortization		-22,703		-27,708
	Net carrying amount	$	34,008	$	40,457
	Identified intangible liabilities (included in other liabilities):
	Gross carrying amount	$	173	$	391
	Accumulated amortization		-123		-296
	Net carrying amount	$	50	$	95
Estimated annual amortization of acquired below-market leases, net of acquired above-market leases	'
	The effect of amortization of acquired below-market leases and acquired above-market leases on rental income was approximately $(11,000) and $(8,000) for the three months ended January 31, 2014 and 2013, respectively, and approximately $(32,000) and $(28,000) for the nine months ended January 31, 2014 and 2013, respectively. The estimated annual amortization of acquired below-market leases, net of acquired above-market leases, for each of the five succeeding fiscal years is as follows:
	Year Ended April 30,	(in thousands)
	2015	$	22
	2016		19
	2017		11
	2018		-2
	2019		-3
Estimated annual amortization of all other identified intangible assets	'
	Amortization of all other identified intangible assets (a component of depreciation and amortization expense) was $1.5 million and $1.2 million for the three months ended January 31, 2014 and 2013, respectively, and $6.9 million and $4.1 million for the nine months ended January 31, 2014 and 2013, respectively. The estimated annual amortization of all other identified intangible assets for each of the five succeeding fiscal years is as follows:
	Year Ended April 30,	(in thousands)
	2015	$	4,959
	2016		4,567
	2017		4,099
	2018		3,667
	2019		3,543

EARNINGS_PER_SHARE_Tables

EARNINGS PER SHARE (Tables)	9 Months Ended
	Jan. 31, 2014
EARNINGS PER SHARE [Abstract]	'
Reconciliation of numerator and denominator used to calculate basic and diluted earnings per share	'
	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 and nine months ended January 31, 2014 and 2013:
		(in thousands, except per share data)
		Three Months Ended				Nine Months Ended
		31-Jan				31-Jan
		2014		2013		2014		2013
	NUMERATOR
	Income from continuing operations – Investors Real Estate Trust	$	3,117	$	4,050	$	10,034	$	11,055
	Income from discontinued operations – Investors Real Estate Trust		386		1,274		5,334		4,460
	Net income attributable to Investors Real Estate Trust		3,503		5,324		15,368		15,515
	Dividends to preferred shareholders		-2,879		-2,879		-8,636		-6,350
	Numerator for basic earnings per share – net income available to common shareholders		624		2,445		6,732		9,165
	Noncontrolling interests – Operating Partnership		130		556		1,406		2,097
	Numerator for diluted earnings per share	$	754	$	3,001	$	8,138	$	11,262
	DENOMINATOR
	Denominator for basic earnings per share weighted average shares		106,208		93,794		104,472		92,260
	Effect of convertible operating partnership units		21,819		21,413		21,830		21,098
	Denominator for diluted earnings per share		128,027		115,207		126,302		113,358
	Earnings per common share from continuing operations – Investors Real Estate Trust – basic and diluted	$	0	$	0.01	$	0.01	$	0.05
	Earnings per common share from discontinued operations – Investors Real Estate Trust – basic and diluted		0		0.02		0.05		0.05
	NET INCOME PER COMMON SHARE – BASIC & DILUTED	$	0	$	0.03	$	0.06	$	0.1

SEGMENT_REPORTING_Tables

SEGMENT REPORTING (Tables)	9 Months Ended
	Jan. 31, 2014
SEGMENT REPORTING [Abstract]	'
Revenues and net operating income for reportable segments	'
	The revenues and net operating income for these reportable segments are summarized as follows for the three and nine month periods ended January 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.
	Three Months Ended January 31, 2014	(in thousands)
		Multi-Family		Commercial-		Commercial-		Commercial-		Commercial-		Total
		Residential		Office		Healthcare		Industrial		Retail
	Real estate revenue	$	25,848	$	19,394	$	17,242	$	1,664	$	3,481	$	67,629
	Real estate expenses		10,998		9,037		4,120		493		1,279		25,927
	Gain on involuntary conversion		1,514		0		0		0		0		1,514
	Net operating income	$	16,364	$	10,357	$	13,122	$	1,171	$	2,202		43,216
	Depreciation/amortization												-17,489
	Administrative, advisory and trustee services												-2,662
	Impairment of real estate investments												-4,798
	Other expenses												-273
	Interest expense												-15,130
	Interest and other income												740
	Income from continuing operations												3,604
	Income from discontinued operations												465
	Net income											$	4,069
	Three Months Ended January 31, 2013	(in thousands)
		Multi-Family		Commercial-		Commercial-		Commercial-		Commercial-		Total
		Residential		Office		Healthcare		Industrial		Retail
	Real estate revenue	$	22,859	$	19,046	$	15,952	$	1,738	$	3,485	$	63,080
	Real estate expenses		10,208		9,270		4,128		492		1,250		25,348
	Net operating income	$	12,651	$	9,776	$	11,824	$	1,246	$	2,235		37,732
	Depreciation/amortization												-15,493
	Administrative, advisory and trustee services												-2,245
	Other expenses												-464
	Interest expense												-15,197
	Interest and other income												255
	Income from continuing operations												4,588
	Income from discontinued operations												1,565
	Net income											$	6,153
	Nine Months Ended January 31, 2014	(in thousands)
		Multi-Family		Commercial-		Commercial-		Commercial-		Commercial-		Total
		Residential		Office		Healthcare		Industrial		Retail
	Real estate revenue	$	75,659	$	58,075	$	49,340	$	5,273	$	10,152	$	198,499
	Real estate expenses		33,006		28,315		12,534		1,447		3,596		78,898
	Gain on involuntary conversion		2,480		0		0		0		0		2,480
	Net operating income	$	45,133	$	29,760	$	36,806	$	3,826	$	6,556		122,081
	Depreciation/amortization												-53,656
	Administrative, advisory and trustee services												-7,942
	Impairment of real estate investments												-4,798
	Other expenses												-1,630
	Interest expense												-44,525
	Interest and other income												1,602
	Income from continuing operations												11,132
	Income from discontinued operations												6,450
	Net income											$	17,582
	Nine Months Ended January 31, 2013	(in thousands)
		Multi-Family		Commercial-		Commercial-		Commercial-		Commercial-		Total
		Residential		Office		Healthcare		Industrial		Retail
	Real estate revenue	$	66,758	$	56,214	$	46,286	$	4,704	$	9,912	$	183,874
	Real estate expenses		28,284		27,591		12,387		1,350		3,490		73,102
	Gain on involuntary conversion		2,263		0		0		0		0		2,263
	Net operating income	$	40,737	$	28,623	$	33,899	$	3,354	$	6,422		113,035
	Depreciation/amortization												-46,505
	Administrative, advisory and trustee services												-6,402
	Other expenses												-1,496
	Interest expense												-46,554
	Interest and other income												600
	Income from continuing operations												12,678
	Income from discontinued operations												5,481
	Net income											$	18,159
Segment Assets and Accumulated Depreciation	'
	Segment assets are summarized as follows as of January 31, 2014, and April 30, 2013, along with reconciliations to the condensed consolidated financial statements:
		(in thousands)
	As of January 31, 2014	Multi-Family		Commercial-		Commercial-		Commercial-		Commercial-		Total
		Residential		Office		Healthcare		Industrial		Retail
	Segment Assets
	Property owned	$	738,948	$	613,663	$	517,441	$	55,268	$	116,970	$	2,042,290
	Less accumulated depreciation		-152,447		-147,392		-102,027		-9,848		-27,519		-439,233
	Net property owned	$	586,501	$	466,271	$	415,414	$	45,420	$	89,451		1,603,057
	Cash and cash equivalents												53,494
	Other investments												643
	Receivables and other assets												136,780
	Development in progress												89,086
	Unimproved land												21,498
	Total assets											$	1,904,558
		(in thousands)
	As of April 30, 2013	Multi-Family		Commercial-		Commercial-		Commercial-		Commercial-		Total
		Residential		Office		Healthcare		Industrial		Retail
	Segment assets
	Property owned	$	659,696	$	613,775	$	501,191	$	125,772	$	132,536	$	2,032,970
	Less accumulated depreciation		-140,354		-138,270		-90,891		-23,688		-27,218		-420,421
	Net property owned	$	519,342	$	475,505	$	410,300	$	102,084	$	105,318		1,612,549
	Cash and cash equivalents												94,133
	Other investments												639
	Receivables and other assets												113,948
	Development in progress												46,782
	Unimproved land												21,503
	Total assets											$	1,889,554

COMMITMENTS_AND_CONTINGENCIES_

COMMITMENTS AND CONTINGENCIES (Tables)	9 Months Ended
	Jan. 31, 2014
COMMITMENTS AND CONTINGENCIES [Abstract]	'
Development. Expansion and Renovation Projects	'
	Development, Expansion and Renovation Projects.  As of January 31, 2014, the Company had several development, expansion and renovation projects underway or recently completed, the costs for which have been capitalized, as follows:
				(in thousands)				Final or Anticipated Construction Completion
	Project Name and Location	Planned Segment	Total Rentable	Anticipated		Costs as of		Quarter	Fiscal
			Square Feet	Total Cost		31-Jan-14			Year
			or Number of Units
	River Ridge - Bismarck, ND(1)	Multi-Family Residential	146 units	$	25,863	$	24,818	3	2014
	Cypress Court - St. Cloud, MN(2)	Multi-Family Residential	132 units		14,322		13,583	3	2014
	Dakota Commons - Williston, ND	Multi-Family Residential	44 units		10,736		6,139	1	2015
	Commons at Southgate - Minot, ND(3)	Multi-Family Residential	233 units		37,201		23,492	2	2015
	Renaissance Heights I - Williston, ND(4)	Multi-Family Residential	288 units		62,362		33,934	2	2015
	Arcata - Golden Valley, MN	Multi-Family Residential	165 units		33,151		9,250	2	2015
	RED 20 - Minneapolis, MN(5)	Multi-Family Residential and Commercial	130 units and 10,625 sq ft		29,462		9,333	2	2015
	Chateau II - Minot, ND(6)	Multi-Family Residential	72 units		14,711		1,741	4	2015
	Cardinal Point - Grand Forks, ND	Multi-Family Residential	251 units		40,042		4,986	4	2015
				$	267,850	$	127,276
	-1	The project was substantially completed in the third quarter of the Company's fiscal year 2014.
	-2	The project was substantially completed in the third quarter of the Company's fiscal year 2014.The Company is an approximately 86% 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 joint venture's results are consolidated in the Company's financial statements.
	-3	The Company is an approximately 51% 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 joint venture's results are consolidated in the Company's financial statements.
	-4	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 joint venture's results are consolidated in the Company's financial statements.
	-5	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. The joint venture's results are consolidated in the Company's financial statements.
	-6	On December 5, 2013, this development project was destroyed by fire. See Note 2 for additional information.

DISCONTINUED_OPERATIONS_Tables

DISCONTINUED OPERATIONS (Tables)	9 Months Ended
	Jan. 31, 2014
DISCONTINUED OPERATIONS [Abstract]	'
Effect on net income and the gains or losses from the sale of properties classified as discontinued operations	'
	The Company reports in discontinued operations the results of operations of a property that has either been disposed of or is classified as held for sale. The Company also reports any gains or losses from the sale of a property in discontinued operations. During the third quarter of fiscal year 2014, the Company sold two multi-family residential properties, three commercial industrial properties and two commercial retail properties. During the second quarter of fiscal year 2014, the Company sold five commercial industrial properties and three commercial office properties. During the first quarter of fiscal year 2014, the Company sold four commercial industrial properties and one commercial retail property. During the third quarter of fiscal year 2013, IRET sold one multi-family residential property. During the second quarter of fiscal year 2013, IRET sold two condominium units and two multi-family residential properties. During the first quarter of fiscal year 2013, IRET sold two condominium units and a commercial retail property. There were no properties classified as held for sale at January 31, 2014. Four condominium units were classified as held for sale at January 31, 2013. See Note 8 for additional information on the properties sold during the nine months ended January 31, 2014 and 2013. 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 and nine months ended January 31, 2014 and 2013:
		(in thousands)
		Three Months Ended				Nine Months Ended
		31-Jan				31-Jan
			2014		2013			2014		2013
	REVENUE
	Real estate rentals	$	327	$	2,361		$	3,173	$	7,762
	Tenant reimbursement		64		817			1,302		2,302
	TOTAL REVENUE		391		3,178			4,475		10,064
	EXPENSES
	Depreciation/amortization related to real estate investments		75		752			920		2,443
	Utilities		26		108			164		315
	Maintenance		35		243			299		782
	Real estate taxes		80		543			951		1,654
	Insurance		10		46			97		158
	Property management expenses		27		106			222		412
	Other property expenses		0		0			0		16
	Amortization related to non-real estate investments		2		55			90		194
	Impairment of real estate investments		0		0			1,860		0
	TOTAL EXPENSES		255		1,853			4,603		5,974
	Operating income (loss)		136		1,325			-128		4,090
	Interest expense		-29		-534			-421		-2,063
	Other income		0		2			0		2
	Income (loss) from discontinued operations before gain on sale		107		793			-549		2,029
	Gain on sale of discontinued operations		358		772			6,999		3,452
	INCOME FROM DISCONTINUED OPERATIONS	$	465	$	1,565		$	6,450	$	5,481

ACQUISITIONS_AND_DISPOSITIONS_

ACQUISITIONS AND DISPOSITIONS (Tables)	9 Months Ended
	Jan. 31, 2014
ACQUISITIONS AND DISPOSITIONS [Abstract]	'
Acquisitions and development projects placed in service	'
	The Company expensed approximately $160,000 and $125,000 of transaction costs related to acquisitions in the nine months ended January 31, 2014 and 2013, respectively. The Company's acquisitions and development projects placed in service during the nine months ended January 31, 2014 and 2013 are detailed below:
	Nine Months Ended January 31, 2014
	Acquisitions		(in thousands)
		Date Acquired	Land		Building		Intangible		Acquisition
							Assets		Cost
	Multi-Family Residential
	71 unit - Alps Park - Rapid City, SD	5/1/13	$	287	$	5,551	$	362	$	6,200
	96 unit - Southpoint - Grand Forks, ND	9/5/13		576		9,893		131		10,600
	24 unit - Pinecone Villas - Sartell, MN	10/31/13		584		2,191		25		2,800
				1,447		17,635		518		19,600
	Commercial Healthcare
	98,174 sq ft Legends at Heritage Place - Sartell, MN	10/31/13		970		10,511		382		11,863
	Unimproved Land
	Chateau II - Minot, ND	5/21/13		179		0		0		179
	Jamestown Unimproved - Jamestown, ND	8/9/13		700		0		0		700
	RED 20 - Minneapolis, MN(1)	8/20/13		1,900		0		0		1,900
	Legends at Heritage Place - Sartell, MN	10/31/13		537		0		0		537
	Spring Creek Fruitland – Fruitland, ID	1/21/14		335		0		0		335
				3,651		0		0		3,651
	Total Property Acquisitions		$	6,068	$	28,146	$	900	$	35,114
	-1	Land is owned by a joint venture in which the Company has an approximately 58.6% interest. The joint venture is consolidated in IRET's financial statements.
			(in thousands)
	Development Projects Placed in Service	Date Placed in
		Service	Land		Building		Intangible		Acquisition
							Assets		Cost
	Multi-Family Residential
	108 unit - Landing at Southgate - Minot, ND(1)	9/4/13	$	0	$	8,809	$	0	$	8,809
	132 unit - Cypress Court - St. Cloud, MN(2)	11/1/13		0		7,836		0		7,836
	146 unit - River Ridge - Bismarck, ND(3)	12/2/13		0		14,703		0		14,703
	Total Development Projects Placed in Service		$	0	$	31,348	$	0	$	31,348
	-1	Development property placed in service September 4, 2013. Additional costs paid in fiscal year 2013 totaled $6.3 million, for a total project cost at January 31, 2014 of $15.1 million. The project is owned by a joint venture entity in which the Company has an approximately 51% interest.
	-2	Development property placed in service November 1, 2013. Additional costs paid in fiscal year 2013 totaled $5.8 million, for a total project cost at January 31, 2014 of $13.6 million. The project is owned by a joint venture entity in which the Company has an approximately 86% interest.
	-3	Development property placed in service December 2, 2013. Additional costs paid in fiscal year 2013 totaled $10.1 million, including land acquired in fiscal year 2009, for a total project cost at January 31, 2014 of $24.8 million.
	Nine Months Ended January 31, 2013
	Acquisitions		(in thousands)
		Date Acquired	Land		Building		Intangible		Acquisition
							Assets		Cost
	Multi-Family Residential
	308 unit - Villa West - Topeka, KS	5/8/12	$	1,590	$	15,760	$	300	$	17,650
	232 unit - Colony - Lincoln, NE	6/4/12		1,515		15,731		254		17,500
	208 unit - Lakeside Village - Lincoln, NE	6/4/12		1,215		15,837		198		17,250
	58 unit - Ponds at Heritage Place - Sartell, MN	10/10/12		395		4,564		61		5,020
				4,715		51,892		813		57,420
	Unimproved Land
	University Commons - Williston, ND	8/1/12		823		0		0		823
	Cypress Court - St. Cloud, MN(1)	8/10/12		447		0		0		447
	Cypress Court Apartment Development - St. Cloud, MN(2)	8/10/12		1,136		0		0		1,136
	Badger Hills - Rochester, MN(3)	12/14/12		1,050		0		0		1,050
	Grand Forks Unimproved - Grand Forks, ND	12/31/12		4,278		0		0		4,278
	Minot Unimproved (Southgate Lot 4) - Minot, ND	1/11/13		1,882		0		0		1,882
	Commons at Southgate - Minot, ND(4)	1/22/13		3,691		0		0		3,691
	Landing at Southgate - Minot, ND(4)	1/22/13		2,262		0		0		2,262
				15,569		0		0		15,569
	Total Property Acquisitions		$	20,284	$	51,892	$	813	$	72,989
	-1	Land was contributed to a joint venture entity in which the Company has an approximately 86% interest, as of January 31, 2014.
	-2	Land is owned by a joint venture in which the Company has an approximately 86% interest, as of January 31, 2014.
	-3	Acquisition of unimproved land consisted of two parcels acquired separately on December 14 and December 20, 2012, respectively.
	-4	Land is owned by a joint venture entity in which the Company has an approximately 51% interest.
			(in thousands)
	Development Projects Placed in Service	Date Placed in	Land		Building		Intangible		Acquisition
		Service					Assets		Cost
	Multi-Family Residential
	159 unit - Quarry Ridge II - Rochester, MN(1)	6/29/12	$	0	$	4,591	$	0	$	4,591
73 unit - Williston Garden Buildings 3 and 4 - Williston, ND(2)	7/31/12		0		7,058		0		7,058
			0		11,649		0		11,649
Commercial Medical
26,662 sq ft Spring Wind Expansion - Laramie, WY(3)	11/16/12		0		1,675		0		1,675
45,222 sq ft Jamestown Medical Office Building - Jamestown, ND(4)	1/1/13		0		4,901		0		4,901
			0		6,576		0		6,576
Commercial Industrial
27,567 sq ft Minot IPS - Minot, ND(5)	12/17/12		0		3,953		0		3,953
Total Development Projects Placed in Service		$	0	$	22,178	$	0	$	22,178
-1	Development property placed in service June 29, 2012. Additional costs paid in fiscal years 2012 and 2011, and land acquired in fiscal year 2007, totaled $13.0 million, for a total project cost at January 31, 2013 of $17.6 million.
-2	Development property placed in service July 31, 2012. Buildings 1 and 2 were placed in service in fiscal year 2012. Additional costs paid in fiscal year 2012 totaled $12.0 million, for a total project cost at January 31, 2013 of $19.1 million.
-3	Expansion project placed in service November 16, 2012. Additional costs paid in fiscal year 2012 totaled $1.8 million, for a total project cost at January 31, 2013 of $3.5 million.
-4	Development property placed in service January 1, 2013. Additional costs paid in fiscal year 2012 totaled $1.0 million, for a total project cost at January 31, 2013 of $5.9 million.
-5	Development property placed in service December 17, 2012. Additional costs paid in fiscal year 2012 totaled $1.8 million, for a total project cost at January 31, 2013 of $5.8 million.
Results of operations from acquired properties	'
	Acquisitions in the nine months ended January 31, 2014 and 2013 are immaterial to our real estate portfolio both individually and in the aggregate, and consequently no proforma information is presented. The results of operations from acquired properties are included in the Condensed Consolidated Statements of Operations as of their acquisition date. The revenue and net income of our acquisitions in the nine months ended January 31, 2014 and 2013, respectively, (excluding development projects placed in service) are detailed below.
		(in thousands)
		Nine Months Ended
		31-Jan
		2014		2013
	Total revenue	$	1,149	$	4,669
	Net (loss) income	$	-194	$	-116
Schedule of Dispositions	'
	Nine Months Ended January 31, 2014
			(in thousands)
	Dispositions	Date	Sales Price		Book Value		Gain/(Loss)
		Disposed			and Sales Cost
	Multi-Family Residential
	84 unit - East Park - Sioux Falls, SD	12/18/13	$	2,214	$	2,358	$	-144
	48 unit - Sycamore Village - Sioux Falls, SD	12/18/13		1,296		1,380		-84
				3,510		3,738		-228
	Commercial Office
	121,669 sq ft Bloomington Business Plaza - Bloomington, MN	9/12/13		4,500		7,339		-2,839
	118,125 sq ft Nicollet VII - Burnsville, MN	9/12/13		7,290		6,001		1,289
	42,929 sq ft Pillsbury Business Center - Bloomington, MN	9/12/13		1,160		1,164		-4
				12,950		14,504		-1,554
	Commercial Industrial
	41,880 sq ft Bodycote Industrial Building- Eden Prairie, MN	5/13/13		3,150		1,375		1,775
	42,244 sq ft Fargo 1320 45th Street N - Fargo, ND	5/13/13		4,700		4,100		600
	49,620 sq ft Metal Improvement Company - New Brighton, MN	5/13/13		2,350		1,949		401
	172,057 sq ft Roseville 2929 Long Lake Road - Roseville, MN	5/13/13		9,275		9,998		-723
	322,751 sq ft Brooklyn Park 7401 Boone Ave - Brooklyn Park, MN	9/12/13		12,800		12,181		619
	50,400 sq ft Cedar Lake Business Center - St. Louis Park, MN	9/12/13		2,550		2,607		-57
	35,000 sq ft API Building - Duluth, MN	9/24/13		2,553		1,488		1,065
	59,292 sq ft Lighthouse - Duluth, MN	10/8/13		1,825		1,547		278
	606,006 sq ft Dixon Avenue Industrial Park - Des Moines, IA	10/31/13		14,675		10,328		4,347
	41,685 sq ft Winsted Industrial Building - Winsted, MN	1/17/14		725		747		-22
	69,984 sq ft Minnetonka 13600 County Road 62 - Minnetonka, MN	1/30/14		3,800		3,084		716
	42,510 sq ft Clive 2075NW 94th Street - Clive, IA	1/30/14		2,735		2,675		60
				61,138		52,079		9,059
	Commercial Retail
	23,187 sq ft Eagan Community - Eagan, MN	5/14/13		2,310		2,420		-110
	10,625 sq ft Anoka Strip Center- Anoka, MN	12/23/13		325		347		-22
	8,400 sq ft Burnsville 2 Strip Center - Burnsville, MN	1/8/14		650		796		-146
				3,285		3,563		-278
	Total Property Dispositions		$	80,883	$	73,884	$	6,999
	Nine Months Ended January 31, 2013
			(in thousands)
	Dispositions	Date	Sales Price		Book Value		Gain/(Loss)
		Disposed			and Sales Cost
	Multi-Family Residential
	116 unit - Terrace on the Green - Fargo, ND	9/27/12	$	3,450	$	1,248	$	2,202
	85 unit -  Prairiewood Meadows - Fargo, ND	9/27/12		3,450		2,846		604
	66 unit - Candlelight - Fargo, ND	11/27/12		1,950		1,178		772
				8,850		5,272		3,578
	Commercial Retail
	16,080 sq ft Kentwood Thomasville - Kentwood, MI	6/20/12		625		692		-67
	Other
	Georgetown Square Condominiums 5 and 6	6/21/12		330		336		-6
	Georgetown Square Condominiums 3 and 4	8/2/12		368		421		-53
				698		757		-59
	Total Property Dispositions		$	10,173	$	6,721	$	3,452

MORTGAGES_PAYABLE_AND_LINE_OF_1

MORTGAGES PAYABLE AND LINE OF CREDIT (Tables)	9 Months Ended
	Jan. 31, 2014
MORTGAGES PAYABLE AND LINE OF CREDIT [Abstract]	'
Aggregate amount of required future principal payments on mortgages payable	'
	Of the mortgages payable, the balances of fixed rate mortgages totaled $1.0 billion at January 31, 2014 and April 30, 2013. The balances of variable rate mortgages totaled $8.3 million and $26.2 million as of January 31, 2014 and April 30, 2013, 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 January 31, 2014, the weighted average rate of interest on the Company's mortgage debt was 5.48%, compared to 5.55% on April 30, 2013. The aggregate amount of required future principal payments on mortgages payable as of January 31, 2014, is as follows:
	Fiscal year ended April 30,	(in thousands)
	2014 (remainder)	$	22,791
	2015		91,980
	2016		92,444
	2017		216,310
	2018		64,401
	Thereafter		520,598
	Total payments	$	1,008,524

FAIR_VALUE_OF_FINANCIAL_INSTRU1

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Jan. 31, 2014
FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract]	'
Fair Value Measurements on a Nonrecurring Basis	'
	Fair Value Measurements on a Nonrecurring Basis
	Non-financial assets measured at fair value on a nonrecurring basis at January 31, 2014 consisted of real estate investments that were written-down to estimated fair value during the nine months ended January 31, 2014. Non-financial assets measured at fair value on a nonrecurring basis at April 30, 2013 consisted of real estate investments that were written-down to estimated fair value during fiscal year 2013. 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:
		(in thousands)
		31-Jan-14
		Total		Level 1		Level 2		Level 3
	Real estate investments	$	1,335	$	0	$	0	$	1,335
		(in thousands)
		30-Apr-13
		Total		Level 1		Level 2		Level 3
	Real estate investments	$	335	$	0	$	0	$	335
Estimated Fair Values of Financial Instruments	'
	The estimated fair values of the Company's financial instruments as of January 31, 2014 and April 30, 2013, are as follows:
		(in thousands)
		31-Jan-14				30-Apr-13
		Carrying Amount		Fair Value		Carrying Amount		Fair Value
	FINANCIAL ASSETS
	Cash and cash equivalents	$	53,494	$	53,494	$	94,133	$	94,133
	Other investments		643		643		639		639
	FINANCIAL LIABILITIES
	Other debt		47,717		47,818		18,076		18,156
	Line of credit		22,500		22,500		10,000		10,000
	Mortgages payable		1,008,524		1,131,399		1,049,206		1,160,190

SUBSEQUENT_EVENTS_Tables

SUBSEQUENT EVENTS (Tables)	9 Months Ended
	Jan. 31, 2014
SUBSEQUENT EVENTS [Abstract]	'
Common and Preferred Share Distributions	'
	NOTE 11 • SUBSEQUENT EVENTS
	Common and Preferred Share Distributions. On March 4, 2014, the Company's Board of Trustees declared the following distributions:
	Class of shares/units	Quarterly Amount	Record Date	Payment Date
		per Share or Unit
	Common shares and limited partnership units	$0.13	17-Mar-14	1-Apr-14
	Preferred shares:
	Series A	$0.52	17-Mar-14	31-Mar-14
	Series B	$0.50	17-Mar-14	31-Mar-14
	Closed Acquisitions. Subsequent to the end of the third quarter of fiscal year 2014, the Company closed on its acquisitions of the following properties.
	·	an approximately 4.7-acre parcel of vacant land in Isanti, Minnesota, for a purchase price, paid in cash, of approximately $50,000; and
	·	an approximately 39,000-square foot senior housing property in Fruitland, Idaho, on approximately 2.3 acres of land, for a purchase price, paid in cash, of approximately $7.1 million.
	The purchase price accounting is incomplete for these acquisitions that closed subsequent to the end of the third quarter of fiscal year 2014.
	Pending Dispositions.  Subsequent to the end of the third quarter of fiscal year 2014, the Company signed sales agreements for the disposition of the following properties. These pending dispositions are subject to various closing conditions and contingencies, and no assurances can be given that these transactions will be completed on the terms currently expected, or at all.
	·	a commercial office property in Maple Grove, Minnesota, for a sales price of $7.2 million; and
	·	a commercial office property in Edina, Minnesota, for a sales price of $3.1 million.

ORGANIZATION_Details

ORGANIZATION (Details)	Jan. 31, 2014
ORGANIZATION [Abstract]	'
Percentage of ordinary taxable income that must be distributed to shareholders (in hundredths)	90.00%
Multi-family residential properties [Member]	'
Real Estate Properties [Line Items]	'
Number of real estate properties	92
Number of apartment units owned	10,725
Commercial properties [Member]	'
Real Estate Properties [Line Items]	'
Number of real estate properties	165
Net rentable area (in square feet)	10,400,000

BASIS_OF_PRESENTATION_AND_SIGN3

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $)

3 Months Ended

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Jan. 31, 2014

IRET [Member]

Real Estate Development Company [Member]

Chateau Apartment Flood, 2012 [Member]

Chateau Apartment Fire, 2012 [Member]

Chateau Apartment Fire, 2012 [Member]

Chateau Apartment Fire, 2012 [Member]

Chateau Apartment Fire, 2012 [Member]

Chateau Apartment, Fire 2013 [Member]

Chateau Apartment, Fire 2013 [Member]

Chateau Apartment, Fire 2013 [Member]

Acquired below-market leases and acquired above-market leases [Member]

Acquired below-market leases and acquired above-market leases [Member]

Acquired below-market leases and acquired above-market leases [Member]

Acquired below-market leases and acquired above-market leases [Member]

Other identified intangible assets [Member]

Other identified intangible assets [Member]

Other identified intangible assets [Member]

Other identified intangible assets [Member]

Dacotah Bank, Minot, North Dakota [Member]

United Community Bank, Minot, North Dakota [Member]

First International Bank, Watford City, North Dakota [Member]

Peoples State Bank of Velva, North Dakota [Member]

Equity Bank, Minnetonka, Minnesota [Member]

Associated Bank, Green Bay, Wisconsin [Member]

American National Bank, Omaha, Nebraska [Member]

United Community Bank and Equity Bank [Member]

Anoka, Minnesota [Member]

Bloomington, Minnesota [Member]

Clive, Iowa [Member]

Roseville, Minnesota [Member]

St. Louis Park, Minnesota [Member]

Five commercial properties [Member]

Building One [Member]

Building Two [Member]

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES [Abstract]

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'

'

Number of units to redeem, minimum (in units)

'

'

'

1,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Real Estate Properties [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Impairment of retail property

'

'

'

$6,658,000

$0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$265,000

$329,000

$402,000

$4,800,000

$864,000

$6,700,000

Impairment of retail property attributable to discontinued operations

'

'

'

1,900,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Compensating Balances [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Compensating balances

'

'

'

8,200,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

350,000

275,000

6,100,000

225,000

300,000

600,000

400,000

643,000

'

'

'

'

'

'

Decrease in lender holdbacks

'

'

'

2,186,000

1,514,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Increase in lender holdbacks

'

'

'

12,388,000

1,962,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

IDENTIFIED INTANGIBLE ASSETS AND INTANGIBLE LIABILITIES AND GOODWILL [Abstract]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Finite-lived Intangible Assets Acquired

'

'

'

900,000

813,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Weighted average lives of intangible assets and intangible liabilities

'

'

'

'7 months

'6 months

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Finite-Lived Intangible Assets [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Finite-Lived Intangible Assets, Gross, Total

'

'

'

56,711,000

'

68,165,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Finite-Lived Intangible Assets, Accumulated Amortization

'

'

'

-22,703,000

'

-27,708,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Finite-Lived Intangible Assets, Net, Total

'

'

'

34,008,000

'

40,457,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Indentified intangible liabilities, gross

'

'

'

173,000

'

391,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Indentified intangible liabilities, accumulated amortization

'

'

'

-123,000

'

-296,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Indentified intangible liabilities, net

'

'

'

50,000

'

95,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Amortization of Intangible Assets

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

-11,000

-8,000

-32,000

-28,000

1,500,000

1,200,000

6,900,000

4,100,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Estimated annual amortization [Abstract]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2015

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

22,000

'

22,000

'

4,959,000

'

4,959,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2016

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

19,000

'

19,000

'

4,567,000

'

4,567,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2017

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

11,000

'

11,000

'

4,099,000

'

4,099,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2018

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

-2,000

'

-2,000

'

3,667,000

'

3,667,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2019

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

-3,000

'

-3,000

'

3,543,000

'

3,543,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Goodwill

'

'

'

1,100,000

'

1,106,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Goodwill derecognized

'

'

'

7,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

RECLASSIFICATIONS [Abstract]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of commercial industrial properties sold

'

'

'

12

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of commercial office properties sold

'

'

'

3

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of commercial retail properties sold

'

'

'

3

'

1

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of commercial industrial held for sale

'

'

'

0

4

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of multi-family residential properties sold

'

'

2

2

1

3

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of commercial healthcare properties sold

'

'

'

'

'

1

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of condominium units sold

2

'

2

'

'

4

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Impaired Long-Lived Assets Held and Used [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of buildings

'

'

'

'

'

'

'

'

2

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of Units

'

'

'

'

'

'

'

'

32

'

'

'

'

'

15

57

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Insurance proceeds received

'

'

'

'

'

'

'

'

'

966,000

2,900,000

1,300,000

409,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Gain (Loss) on asset conversion

'

'

'

'

'

'

'

'

'

966,000

2,300,000

1,500,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Impairment of asset recorded

'

'

'

'

'

'

'

'

'

'

'

'

'

7,100,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Insurance Settlements Receivable

'

'

'

'

'

'

'

'

'

'

'

'

'

7,100,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Estimated loss on conversion

'

'

'

'

'

'

'

'

'

'

'

'

'

882,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

PROCEEDS FROM FINANCING LIABILITY [Abstract]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Proceeds from sale of non-core assisted living property

'

'

'

7,900,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Amount of deed contract

'

'

'

29,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Variable Interest Entity [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Estimated total costs of joint venture project

'

'

$52,200,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage of project financed with third-party debt in joint venture (in hundredths)

'

69.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage of project financed with IRET in joint venture (in hudnredths)

'

7.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage of ownership in VIE (in hundredths)

'

'

'

'

'

'

51.00%

49.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

EARNINGS_PER_SHARE_Details

EARNINGS PER SHARE (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Jan. 31, 2014	Jan. 31, 2013	Jan. 31, 2014	Jan. 31, 2013
NUMERATOR [Abstract]	'	'	'	'
Income from continuing operations - Investors Real Estate Trust	$3,117	$4,050	$10,034	$11,055
Income from discontinued operations - Investors Real Estate Trust	386	1,274	5,334	4,460
Net income attributable to Investors Real Estate Trust	3,503	5,324	15,368	15,515
Dividends to preferred shareholders	-2,879	-2,879	-8,636	-6,350
Numerator for basic earnings per share - net income available to common shareholders	624	2,445	6,732	9,165
Noncontrolling interests - Operating Partnership	130	556	1,406	2,097
Numerator for diluted earnings per share	$754	$3,001	$8,138	$11,262
DENOMINATOR [Abstract]	'	'	'	'
Denominator for basic earnings per share weighted average shares	106,208	93,794	104,472	92,260
Effect of convertible operating partnership units	21,819	21,413	21,830	21,098
Denominator for diluted earnings per share	128,027	115,207	126,302	113,358
Earnings per common share from continuing operations - Investors Real Estate Trust - basic and diluted	$0	$0.01	$0.01	$0.05
Earnings per common share from discontinued operations - Investors Real Estate Trust - basic and diluted	$0	$0.02	$0.05	$0.05
NET INCOME PER COMMON SHARE - BASIC AND DILUTED	$0	$0.03	$0.06	$0.10

EQUITY_Details

EQUITY (Details) (USD $)	9 Months Ended
	Jan. 31, 2014	Jan. 31, 2013
Class of Stock [Line Items]	'	'
Shares registered under Distribution Reinvestment and Share Purchase Plan (in shares)	10,000,000	'
Proceeds from sale of common shares, net of issue costs	$0	$2,448,000
Aggregate gross sales price of common shares of beneficial interest allowed to be sold	75,000,000	'
Common shares issued under 2008 Incentive Plan Award (in shares)	13,000	53,000
Value of common shares issued under 2008 Incentive Plan Award	112,000	398,000
Units converted to common shares (in shares)	197,000	203,000
Units converted to common shares	1,100,000	846,000
Shares issued	112,000	2,846,000
Continuous equity offering program [Member]	'	'
Class of Stock [Line Items]	'	'
Shares issued	0	'
401(k) plan [Member]	'	'
Class of Stock [Line Items]	'	'
Shares issued, shares (in shares)	'	43,000
Shares issued	'	337,000
Distribution Reinvestment and Share Purchase Plan [Member]	'	'
Class of Stock [Line Items]	'	'
Shares issued, shares (in shares)	5,200,000	4,300,000
Shares issued	$44,200,000	$34,100,000
Average price of shares issued (in dollars per share)	$8.43	$7.90

SEGMENT_REPORTING_Details

SEGMENT REPORTING (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Jan. 31, 2014	Jan. 31, 2013	Jan. 31, 2014	Jan. 31, 2013	Apr. 30, 2013	Apr. 30, 2012
Segment revenues and net operating income [Abstract]	'	'	'	'	'	'
Real estate revenue	$67,629	$63,080	$198,499	$183,874	'	'
Real estate expenses	25,927	25,348	78,898	73,102	'	'
Gain on involuntary conversion	1,514	0	2,480	2,263	'	'
Net operating income	43,216	37,732	122,081	113,035	'	'
Depreciation/amortization	-17,489	-15,493	-53,656	-46,505	'	'
Administrative, advisory and trustee services	-2,662	-2,245	-7,942	-6,402	'	'
Impairment of real estate investments	-4,798	'	-4,798	'	'	'
Other expenses	-273	-464	-1,630	-1,496	'	'
Interest expense	-15,130	-15,197	-44,525	-46,554	'	'
Interest and other income	740	255	1,602	600	'	'
Income from continuing operations	3,604	4,588	11,132	12,678	'	'
Income from discontinued operations	465	1,565	6,450	5,481	'	'
Net income	4,069	6,153	17,582	18,159	'	'
Segment Assets [Abstract]	'	'	'	'	'	'
Property owned	2,042,290	'	2,042,290	'	2,032,970	'
Less accumulated depreciation	-439,233	'	-439,233	'	-420,421	'
Net property owned	1,603,057	'	1,603,057	'	1,612,549	'
Cash and cash equivalents	53,494	62,302	53,494	62,302	94,133	39,989
Other investments	643	'	643	'	639	'
Receivables and other assets	136,780	'	136,780	'	113,948	'
Development in progress	89,086	'	89,086	'	46,782	'
Unimproved land	21,498	'	21,498	'	21,503	'
Total Assets	1,904,558	'	1,904,558	'	1,889,554	'
Multi-Family Residential [Member]	'	'	'	'	'	'
Segment revenues and net operating income [Abstract]	'	'	'	'	'	'
Real estate revenue	25,848	22,859	75,659	66,758	'	'
Real estate expenses	10,998	10,208	33,006	28,284	'	'
Gain on involuntary conversion	1,514	'	2,480	2,263	'	'
Net operating income	16,364	12,651	45,133	40,737	'	'
Segment Assets [Abstract]	'	'	'	'	'	'
Property owned	738,948	'	738,948	'	659,696	'
Less accumulated depreciation	-152,447	'	-152,447	'	-140,354	'
Net property owned	586,501	'	586,501	'	519,342	'
Commercial-Office [Member]	'	'	'	'	'	'
Segment revenues and net operating income [Abstract]	'	'	'	'	'	'
Real estate revenue	19,394	19,046	58,075	56,214	'	'
Real estate expenses	9,037	9,270	28,315	27,591	'	'
Gain on involuntary conversion	0	'	0	0	'	'
Net operating income	10,357	9,776	29,760	28,623	'	'
Segment Assets [Abstract]	'	'	'	'	'	'
Property owned	613,663	'	613,663	'	613,775	'
Less accumulated depreciation	-147,392	'	-147,392	'	-138,270	'
Net property owned	466,271	'	466,271	'	475,505	'
Commercial-Healthcare [Member]	'	'	'	'	'	'
Segment revenues and net operating income [Abstract]	'	'	'	'	'	'
Real estate revenue	17,242	15,952	49,340	46,286	'	'
Real estate expenses	4,120	4,128	12,534	12,387	'	'
Gain on involuntary conversion	0	'	0	0	'	'
Net operating income	13,122	11,824	36,806	33,899	'	'
Segment Assets [Abstract]	'	'	'	'	'	'
Property owned	517,441	'	517,441	'	501,191	'
Less accumulated depreciation	-102,027	'	-102,027	'	-90,891	'
Net property owned	415,414	'	415,414	'	410,300	'
Commercial-Industrial [Member]	'	'	'	'	'	'
Segment revenues and net operating income [Abstract]	'	'	'	'	'	'
Real estate revenue	1,664	1,738	5,273	4,704	'	'
Real estate expenses	493	492	1,447	1,350	'	'
Gain on involuntary conversion	0	'	0	0	'	'
Net operating income	1,171	1,246	3,826	3,354	'	'
Segment Assets [Abstract]	'	'	'	'	'	'
Property owned	55,268	'	55,268	'	125,772	'
Less accumulated depreciation	-9,848	'	-9,848	'	-23,688	'
Net property owned	45,420	'	45,420	'	102,084	'
Commercial-Retail [Member]	'	'	'	'	'	'
Segment revenues and net operating income [Abstract]	'	'	'	'	'	'
Real estate revenue	3,481	3,485	10,152	9,912	'	'
Real estate expenses	1,279	1,250	3,596	3,490	'	'
Gain on involuntary conversion	0	'	0	0	'	'
Net operating income	2,202	2,235	6,556	6,422	'	'
Segment Assets [Abstract]	'	'	'	'	'	'
Property owned	116,970	'	116,970	'	132,536	'
Less accumulated depreciation	-27,519	'	-27,519	'	-27,218	'
Net property owned	$89,451	'	$89,451	'	$105,318	'

COMMITMENTS_AND_CONTINGENCIES_1

COMMITMENTS AND CONTINGENCIES (Details) (USD $)	3 Months Ended			9 Months Ended
	Jan. 31, 2014		Jan. 31, 2013	Jan. 31, 2014		Jan. 31, 2013
	sqft			Units
				sqft
Real Estate Properties [Line Items]	'		'	'		'
Number of properties subject to purchase options	14		'	14		'
Total property cost subject to purchase options	$113,400,000		'	$113,400,000		'
Total gross rental revenue from properties subject to purchase options	'		'	7,200,000		'
Number of properties subject to restrictions on taxable dispositions	110		'	110		'
Area of a real estate property (in square feet)	5,500,000		'	5,500,000		'
Number of apartment units placed in service	'		'	5,068		'
Real estate investment amount of properties (net of accumulated depreciation)	854,400,000		'	854,400,000		'
Redemption basis	'one-for-one		'	'one-for-one		'
Redemption holding period, minimum	'		'	'1 year		'
Number of consecutive trading days for valuation	'		'	'10 days		'
Aggregate redemption value of UPREIT Units of operating partnership owned by limited partners	186,900,000		198,900,000	186,900,000		198,900,000
Joint ventures partner's interest acquired	0		'	0		'
Tenant Improvements	7,300,000		'	7,300,000		'
Commitment period for tenant improvements	'		'	'12 months		'
Anticipated Total Cost	267,850,000		'	267,850,000		'
Project costs incurred to date	127,276,000		'	127,276,000		'
Construction interest capitalized	778,000		157,000	2,100,000		438,000
Bismarck, North Dakota [Member]	'		'	'		'
Real Estate Properties [Line Items]	'		'	'		'
Acre of land purchased (in acres)	35		'	35		'
Purchase price of pending acquisition	4,300,000		'	4,300,000		'
Brooklyn Park 7401 Boone Avenue, Brooklyn Park, Minnesota [Member]	'		'	'		'
Real Estate Properties [Line Items]	'		'	'		'
Acre of land purchased (in acres)	11		'	11		'
Purchase price of pending acquisition	2,500,000		'	2,500,000		'
Cardinal Point, Grand Forks, North Dakota [Member]	'		'	'		'
Real Estate Properties [Line Items]	'		'	'		'
Number of apartment units	251		'	251		'
Anticipated Total Cost	40,042,000		'	40,042,000		'
Project costs incurred to date	4,986,000		'	4,986,000		'
Estimated quarter for completion	4		'	4		'
Estimated year for completion	'2015		'	'2015		'
Cypress Court - St. Cloud, MN [Member]	'		'	'		'
Real Estate Properties [Line Items]	'		'	'		'
Number of apartment units	132	[1]	'	132	[1]	'
Anticipated Total Cost	14,322,000	[1]	'	14,322,000	[1]	'
Project costs incurred to date	13,583,000	[1]	'	13,583,000	[1]	'
Estimated quarter for completion	3	[1]	'	3	[1]	'
Estimated year for completion	'2014	[1]	'	'2014	[1]	'
Interest in joint venture held by joint venture partner (in hundredths)	86.00%	[1]	'	86.00%	[1]	'
Arcata Apartments, Golden Valley, Minnesota [Member]	'		'	'		'
Real Estate Properties [Line Items]	'		'	'		'
Number of apartment units	165		'	165		'
Anticipated Total Cost	33,151,000		'	33,151,000		'
Project costs incurred to date	9,250,000		'	9,250,000		'
Estimated quarter for completion	2		'	2		'
Estimated year for completion	'2015		'	'2015		'
Chateau II, Minot, North Dakota [Member]	'		'	'		'
Real Estate Properties [Line Items]	'		'	'		'
Number of apartment units	72	[2]	'	72	[2]	'
Anticipated Total Cost	14,711,000	[2]	'	14,711,000	[2]	'
Project costs incurred to date	1,741,000	[2]	'	1,741,000	[2]	'
Estimated quarter for completion	4	[2]	'	4	[2]	'
Estimated year for completion	'2015	[2]	'	'2015	[2]	'
Dakota Commons, Williston, North Dakota [Member]	'		'	'		'
Real Estate Properties [Line Items]	'		'	'		'
Number of apartment units	44		'	44		'
Anticipated Total Cost	10,736,000		'	10,736,000		'
Project costs incurred to date	6,139,000		'	6,139,000		'
Estimated quarter for completion	1		'	1		'
Estimated year for completion	'2015		'	'2015		'
Rapid City, South Dakota [Member]	'		'	'		'
Real Estate Properties [Line Items]	'		'	'		'
Number of buildings	'		'	2		'
Purchase price of pending acquisition	18,300,000		'	18,300,000		'
Cash paid for acquisition	6,000,000		'	6,000,000		'
Debt assumed in acquisition	12,300,000		'	12,300,000		'
Rapid City, South Dakota [Member] | Building One [Member]	'		'	'		'
Real Estate Properties [Line Items]	'		'	'		'
Number of apartment units	152		'	152		'
Rapid City, South Dakota [Member] | Building Two [Member]	'		'	'		'
Real Estate Properties [Line Items]	'		'	'		'
Number of apartment units	52		'	52		'
River Ridge - Bismarck, ND [Member]	'		'	'		'
Real Estate Properties [Line Items]	'		'	'		'
Number of apartment units	146	[3]	'	146	[3]	'
Anticipated Total Cost	25,863,000	[3]	'	25,863,000	[3]	'
Project costs incurred to date	24,818,000	[3]	'	24,818,000	[3]	'
Estimated quarter for completion	3	[3]	'	3	[3]	'
Estimated year for completion	'2014	[3]	'	'2014	[3]	'
RED 20 - Minneapolis, MN [Member]	'		'	'		'
Real Estate Properties [Line Items]	'		'	'		'
Area of property (square feet)	10,625	[4]	'	10,625	[4]	'
Number of apartment units	130	[4]	'	130	[4]	'
Anticipated Total Cost	29,462,000	[4]	'	29,462,000	[4]	'
Project costs incurred to date	9,333,000	[4]	'	9,333,000	[4]	'
Estimated quarter for completion	2	[4]	'	2	[4]	'
Estimated year for completion	'2015	[4]	'	'2015	[4]	'
Interest in joint venture held by joint venture partner (in hundredths)	58.60%	[4]	'	58.60%	[4]	'
Renaissance Heights I Apartments, Williston, North Dakota [Member]	'		'	'		'
Real Estate Properties [Line Items]	'		'	'		'
Number of apartment units	288	[5]	'	288	[5]	'
Anticipated Total Cost	62,362,000	[5]	'	62,362,000	[5]	'
Project costs incurred to date	33,934,000	[5]	'	33,934,000	[5]	'
Estimated quarter for completion	2	[5]	'	2	[5]	'
Estimated year for completion	'2015	[5]	'	'2015	[5]	'
Interest in joint venture held by joint venture partner (in hundredths)	70.00%	[5]	'	70.00%	[5]	'
The Commons at Southgate, Minot, North Dakota [Member]	'		'	'		'
Real Estate Properties [Line Items]	'		'	'		'
Number of apartment units	233	[6]	'	233	[6]	'
Anticipated Total Cost	37,201,000	[6]	'	37,201,000	[6]	'
Project costs incurred to date	23,492,000	[6]	'	23,492,000	[6]	'
Estimated quarter for completion	2	[6]	'	2	[6]	'
Estimated year for completion	'2015	[6]	'	'2015	[6]	'
Interest in joint venture held by joint venture partner (in hundredths)	51.00%	[6]	'	51.00%	[6]	'
vacant land in Rapid City, South Dakota [Member]	'		'	'		'
Real Estate Properties [Line Items]	'		'	'		'
Area of land (in acres)	10.8		'	10.8		'
Number of land	'		'	2		'
Purchase price of pending acquisition	$1,400,000		'	$1,400,000		'
[1]	The project was substantially completed in the third quarter of the Companybs fiscal year 2014. The Company is an approximately 86% 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 joint venturebs results are consolidated in the Companybs financial statements.
[2]	On December 5, 2013, this development project was destroyed by fire. See Note 2 for additional information.
[3]	The project was substantially completed in the third quarter of the Companybs fiscal year 2014.
[4]	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. The joint venturebs results are consolidated in the Companybs financial statements.
[5]	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 joint venturebs results are consolidated in the Companybs financial statements.
[6]	The Company is an approximately 51% 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 joint venturebs results are consolidated in the Companybs financial statements.

DISCONTINUED_OPERATIONS_Detail

DISCONTINUED OPERATIONS (Details) (USD $)	3 Months Ended				6 Months Ended		9 Months Ended		12 Months Ended
	Jan. 31, 2014	Jul. 31, 2013	Jan. 31, 2013	Jul. 31, 2012	Oct. 31, 2013	Oct. 31, 2012	Jan. 31, 2014	Jan. 31, 2013	Apr. 30, 2013
DISCONTINUED OPERATIONS [Abstract]	'	'	'	'	'	'	'	'	'
Number of multifamily residential properties sold	'	'	'	'	'	2	2	1	3
Number Of Condominium Units Sold	'	'	'	2	'	2	'	'	4
Number of retail properties sold	'	1	'	1	'	'	2	'	'
Number of office properties sold	'	'	'	'	3	'	'	'	'
Number of industrial sold	'	4	'	'	5	'	3	'	'
Number of industrial held for sale	'	'	'	'	'	'	0	4	'
REVENUE	'	'	'	'	'	'	'	'	'
Real estate rentals	$56,156,000	'	$51,973,000	'	'	'	$164,256,000	$152,042,000	'
Tenant reimbursement	11,473,000	'	11,107,000	'	'	'	34,243,000	31,832,000	'
TOTAL REVENUE	67,629,000	'	63,080,000	'	'	'	198,499,000	183,874,000	'
EXPENSES	'	'	'	'	'	'	'	'	'
Depreciation/amortization related to real estate investments	16,733,000	'	14,754,000	'	'	'	51,156,000	44,273,000	'
Utilities	5,042,000	'	4,655,000	'	'	'	15,173,000	13,568,000	'
Maintenance	7,828,000	'	7,454,000	'	'	'	22,719,000	20,895,000	'
Real estate taxes	7,679,000	'	8,190,000	'	'	'	24,415,000	23,782,000	'
Insurance	1,190,000	'	1,025,000	'	'	'	3,904,000	2,798,000	'
Property management expenses	4,064,000	'	3,824,000	'	'	'	12,383,000	11,293,000	'
Other expenses	273,000	'	464,000	'	'	'	1,630,000	1,496,000	'
Amortization related to non-real estate investments	756,000	'	739,000	'	'	'	2,500,000	2,232,000	'
Impairment of real estate investments	'	'	'	'	'	'	6,658,000	0	'
TOTAL EXPENSES	51,149,000	'	43,550,000	'	'	'	146,924,000	127,505,000	'
Interest expense	-15,130,000	'	-15,197,000	'	'	'	-44,525,000	-46,554,000	'
Other income	167,000	'	185,000	'	'	'	256,000	424,000	'
Gain (loss) on sale of discontinued operations	'	'	'	'	'	'	6,999,000	3,452,000	'
INCOME FROM DISCONTINUED OPERATIONS	465,000	'	1,565,000	'	'	'	6,450,000	5,481,000	'
Discontinued Operations [Member]	'	'	'	'	'	'	'	'	'
REVENUE	'	'	'	'	'	'	'	'	'
Real estate rentals	327,000	'	2,361,000	'	'	'	3,173,000	7,762,000	'
Tenant reimbursement	64,000	'	817,000	'	'	'	1,302,000	2,302,000	'
TOTAL REVENUE	391,000	'	3,178,000	'	'	'	4,475,000	10,064,000	'
EXPENSES	'	'	'	'	'	'	'	'	'
Depreciation/amortization related to real estate investments	75,000	'	752,000	'	'	'	920,000	2,443,000	'
Utilities	26,000	'	108,000	'	'	'	164,000	315,000	'
Maintenance	35,000	'	243,000	'	'	'	299,000	782,000	'
Real estate taxes	80,000	'	543,000	'	'	'	951,000	1,654,000	'
Insurance	10,000	'	46,000	'	'	'	97,000	158,000	'
Property management expenses	27,000	'	106,000	'	'	'	222,000	412,000	'
Other expenses	0	'	0	'	'	'	0	16,000	'
Amortization related to non-real estate investments	2,000	'	55,000	'	'	'	90,000	194,000	'
Impairment of real estate investments	0	'	0	'	'	'	1,860,000	0	'
TOTAL EXPENSES	255,000	'	1,853,000	'	'	'	4,603,000	5,974,000	'
Operating (loss) income	136,000	'	1,325,000	'	'	'	-128,000	4,090,000	'
Interest expense	-29,000	'	-534,000	'	'	'	-421,000	-2,063,000	'
Other income	0	'	2,000	'	'	'	0	2,000	'
(Loss) income from discontinued operations before gain (loss) on sale	107,000	'	793,000	'	'	'	-549,000	2,029,000	'
Gain (loss) on sale of discontinued operations	358,000	'	772,000	'	'	'	6,999,000	3,452,000	'
INCOME FROM DISCONTINUED OPERATIONS	$465,000	'	$1,565,000	'	'	'	$6,450,000	$5,481,000	'

ACQUISITIONS_AND_DISPOSITIONS_1

ACQUISITIONS AND DISPOSITIONS (Details) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Jan. 31, 2014		Jan. 31, 2013
Acquisitions and development projects placed in service [Abstract]	'		'
Land	$6,068		$20,284
Buildings	28,146		51,892
Intangible assets	900		813
Acquisition costs	35,114		72,989
Results of operations from acquired properties [Abstract]	'		'
Total revenue	1,149		4,669
Net income	-194		-116
Dispositions [Abstract]	'		'
Sales price	80,883		10,173
Book value and sales cost	73,884		6,721
Gain/(Loss)	6,999		3,452
Multi-Family Residential [Member]	'		'
Acquisitions and development projects placed in service [Abstract]	'		'
Land	1,447		4,715
Buildings	17,635		51,892
Intangible assets	518		813
Acquisition costs	19,600		57,420
Dispositions [Abstract]	'		'
Sales price	3,510		8,850
Book value and sales cost	3,738		5,272
Gain/(Loss)	-228		3,578
Commercial Office [Member]	'		'
Dispositions [Abstract]	'		'
Sales price	12,950		'
Book value and sales cost	14,504		'
Gain/(Loss)	-1,554		'
Commercial Retail [Member]	'		'
Dispositions [Abstract]	'		'
Sales price	3,285		'
Book value and sales cost	3,563		'
Gain/(Loss)	-278		'
Commercial Industrial [Member]	'		'
Dispositions [Abstract]	'		'
Sales price	61,138		'
Book value and sales cost	52,079		'
Gain/(Loss)	9,059		'
Unimproved Land [Member]	'		'
Acquisitions and development projects placed in service [Abstract]	'		'
Land	3,651		15,569
Buildings	0		0
Intangible assets	0		0
Acquisition costs	3,651		15,569
Other Disposition [Member]	'		'
Dispositions [Abstract]	'		'
Sales price	'		698
Book value and sales cost	'		757
Gain/(Loss)	'		-59
Alps Park - Rapid City, SD [Member] | Multi-Family Residential [Member]	'		'
Acquisitions and development projects placed in service [Abstract]	'		'
Date Acquisition	1-May-13		'
Land	287		'
Buildings	5,551		'
Intangible assets	362		'
Acquisition costs	6,200		'
Number of apartment units	71		'
Anoka Strip Center- Anoka, MN [Member] | Commercial Retail [Member]	'		'
Dispositions [Abstract]	'		'
Date Disposal	23-Dec-13		'
Sales price	325		'
Book value and sales cost	347		'
Gain/(Loss)	-22		'
Area of a real estate property (in square feet)	10,625		'
API Building, Duluth, Minnesota [Member] | Commercial Industrial [Member]	'		'
Dispositions [Abstract]	'		'
Date Disposal	24-Sep-13		'
Sales price	2,553		'
Book value and sales cost	1,488		'
Gain/(Loss)	1,065		'
Area of a real estate property (in square feet)	35,000		'
Badger Hills - Rochester, MN [Member] | Unimproved Land [Member]	'		'
Acquisitions and development projects placed in service [Abstract]	'		'
Date Acquisition	'		14-Dec-12	[1]
Land	'		1,050	[1]
Buildings	'		0	[1]
Intangible assets	'		0	[1]
Acquisition costs	'		1,050	[1]
Bloomington Business Plaza, Bloomington, Minnesota [Member] | Commercial Office [Member]	'		'
Dispositions [Abstract]	'		'
Date Disposal	12-Sep-13		'
Sales price	4,500		'
Book value and sales cost	7,339		'
Gain/(Loss)	-2,839		'
Area of a real estate property (in square feet)	121,669		'
Bodycote Industrial Building - Eden Prairie, MN [Member] | Commercial Industrial [Member]	'		'
Dispositions [Abstract]	'		'
Date Disposal	13-May-13		'
Sales price	3,150		'
Book value and sales cost	1,375		'
Gain/(Loss)	1,775		'
Area of a real estate property (in square feet)	41,880		'
Brooklyn Park 7401 Boone Avenue, Brooklyn Park, Minnesota [Member] | Commercial Industrial [Member]	'		'
Dispositions [Abstract]	'		'
Date Disposal	12-Sep-13		'
Sales price	12,800		'
Book value and sales cost	12,181		'
Gain/(Loss)	619		'
Area of a real estate property (in square feet)	322,751		'
Burnsville 2 Strip Center - Burnsville, MN [Member] | Commercial Retail [Member]	'		'
Dispositions [Abstract]	'		'
Date Disposal	8-Jan-14		'
Sales price	650		'
Book value and sales cost	796		'
Gain/(Loss)	-146		'
Area of a real estate property (in square feet)	8,400		'
Candlelight - Fargo, ND [Member] | Multi-Family Residential [Member]	'		'
Dispositions [Abstract]	'		'
Date Disposal	'		27-Nov-12
Sales price	'		1,950
Book value and sales cost	'		1,178
Gain/(Loss)	'		772
Number Of Apartment Units Dispositions (in units)	'		66
Chateau II - Minot, ND [Member] | Unimproved Land [Member]	'		'
Acquisitions and development projects placed in service [Abstract]	'		'
Date Acquisition	21-May-13		'
Land	179		'
Buildings	0		'
Intangible assets	0		'
Acquisition costs	179		'
Cedar Lake Business Center, St. Louis Park, Minnesota [Member] | Commercial Industrial [Member]	'		'
Dispositions [Abstract]	'		'
Date Disposal	12-Sep-13		'
Sales price	2,550		'
Book value and sales cost	2,607		'
Gain/(Loss)	-57		'
Area of a real estate property (in square feet)	50,400		'
Clive 2075NW 94th Street - Clive, IA [Member] | Commercial Industrial [Member]	'		'
Dispositions [Abstract]	'		'
Date Disposal	30-Jan-14		'
Sales price	2,735		'
Book value and sales cost	2,675		'
Gain/(Loss)	60		'
Area of a real estate property (in square feet)	42,510		'
Colony Lincoln, NE [Member] | Multi-Family Residential [Member]	'		'
Acquisitions and development projects placed in service [Abstract]	'		'
Date Acquisition	'		4-Jun-12
Land	'		1,515
Buildings	'		15,731
Intangible assets	'		254
Acquisition costs	'		17,500
Number of apartment units	'		232
Commons at Southgate - Minot, ND [Member] | Unimproved Land [Member]	'		'
Acquisitions and development projects placed in service [Abstract]	'		'
Date Acquisition	'		22-Jan-13	[2]
Land	'		3,691	[2]
Buildings	'		0	[2]
Intangible assets	'		0	[2]
Acquisition costs	'		3,691	[2]
Cypress Court - St. Cloud, MN [Member] | Unimproved Land [Member]	'		'
Acquisitions and development projects placed in service [Abstract]	'		'
Date Acquisition	'		10-Aug-12	[3]
Land	'		447	[3]
Buildings	'		0	[3]
Intangible assets	'		0	[3]
Acquisition costs	'		447	[3]
Cypress Court Apartment Development - St. Cloud, MN [Member] | Unimproved Land [Member]	'		'
Acquisitions and development projects placed in service [Abstract]	'		'
Date Acquisition	'		10-Aug-12	[4]
Land	'		1,136	[4]
Buildings	'		0	[4]
Intangible assets	'		0	[4]
Acquisition costs	'		1,136	[4]
Dixon Avenue Industrial Park, Des Moines, Iowa [Member] | Commercial Industrial [Member]	'		'
Dispositions [Abstract]	'		'
Date Disposal	31-Oct-13		'
Sales price	14,675		'
Book value and sales cost	10,328		'
Gain/(Loss)	4,347		'
Area of a real estate property (in square feet)	606,006		'
Eagan Community- Eagan, MN [Member] | Commercial Retail [Member]	'		'
Dispositions [Abstract]	'		'
Date Disposal	14-May-13		'
Sales price	2,310		'
Book value and sales cost	2,420		'
Gain/(Loss)	-110		'
Area of a real estate property (in square feet)	23,187		'
East Park - Sioux Falls, SD [Member] | Multi-Family Residential [Member]	'		'
Dispositions [Abstract]	'		'
Date Disposal	18-Dec-13		'
Sales price	2,214		'
Book value and sales cost	2,358		'
Gain/(Loss)	-144		'
Number Of Apartment Units Dispositions (in units)	84		'
Fargo 1320 45th St. N - Fargo, ND [Member] | Commercial Industrial [Member]	'		'
Dispositions [Abstract]	'		'
Date Disposal	13-May-13		'
Sales price	4,700		'
Book value and sales cost	4,100		'
Gain/(Loss)	600		'
Area of a real estate property (in square feet)	42,244		'
Heritage Place - Sartell, MN [Member] | Commercial Healthcare [Member]	'		'
Acquisitions and development projects placed in service [Abstract]	'		'
Date Acquisition	31-Oct-13		'
Land	970		'
Buildings	10,511		'
Intangible assets	382		'
Acquisition costs	11,863		'
Area Of Real Estate Property Acquisitions (in square feet)	98,174		'
Georgetown Square Condominiums 3 and 4 [Member] | Other Disposition [Member]	'		'
Dispositions [Abstract]	'		'
Date Disposal	'		2-Aug-12
Sales price	'		368
Book value and sales cost	'		421
Gain/(Loss)	'		-53
Georgetown Square Condominiums 5 and 6 [Member] | Other Disposition [Member]	'		'
Dispositions [Abstract]	'		'
Date Disposal	'		21-Jun-12
Sales price	'		330
Book value and sales cost	'		336
Gain/(Loss)	'		-6
Grand Forks Unimproved - Grand Forks, ND [Member] | Unimproved Land [Member]	'		'
Acquisitions and development projects placed in service [Abstract]	'		'
Date Acquisition	'		31-Dec-12
Land	'		4,278
Buildings	'		0
Intangible assets	'		0
Acquisition costs	'		4,278
Jamestown Unimproved - Jamestown, ND [Member] | Unimproved Land [Member]	'		'
Acquisitions and development projects placed in service [Abstract]	'		'
Date Acquisition	9-Aug-13		'
Land	700		'
Buildings	0		'
Intangible assets	0		'
Acquisition costs	700		'
Kentwood Thomasville Kentwood, MI [Member] | Commercial Retail [Member]	'		'
Dispositions [Abstract]	'		'
Date Disposal	'		20-Jun-12
Sales price	'		625
Book value and sales cost	'		692
Gain/(Loss)	'		-67
Area of a real estate property (in square feet)	'		16,080
Lakeside Village Lincoln, NE [Member] | Multi-Family Residential [Member]	'		'
Acquisitions and development projects placed in service [Abstract]	'		'
Date Acquisition	'		4-Jun-12
Land	'		1,215
Buildings	'		15,837
Intangible assets	'		198
Acquisition costs	'		17,250
Number of apartment units	'		208
Legends at Heritage Place - Sartell, MN [Member] | Unimproved Land [Member]	'		'
Acquisitions and development projects placed in service [Abstract]	'		'
Date Acquisition	31-Oct-13		'
Land	537		'
Buildings	0		'
Intangible assets	0		'
Acquisition costs	537		'
Lighthouse - Duluth, MN [Member] | Commercial Industrial [Member]	'		'
Dispositions [Abstract]	'		'
Date Disposal	8-Oct-13		'
Sales price	1,825		'
Book value and sales cost	1,547		'
Gain/(Loss)	278		'
Area of a real estate property (in square feet)	59,292		'
Metal Improvement - New Brighton, MN [Member] | Commercial Industrial [Member]	'		'
Dispositions [Abstract]	'		'
Date Disposal	13-May-13		'
Sales price	2,350		'
Book value and sales cost	1,949		'
Gain/(Loss)	401		'
Area of a real estate property (in square feet)	49,620		'
Minot Unimproved (Southgate Lot 4) - Minot, ND [Member] | Unimproved Land [Member]	'		'
Acquisitions and development projects placed in service [Abstract]	'		'
Date Acquisition	'		11-Jan-13
Land	'		1,882
Buildings	'		0
Intangible assets	'		0
Acquisition costs	'		1,882
Minnetonka 13600 County Road 62 - Minnetonka, MN [Member] | Commercial Industrial [Member]	'		'
Dispositions [Abstract]	'		'
Date Disposal	30-Jan-14		'
Sales price	3,800		'
Book value and sales cost	3,084		'
Gain/(Loss)	716		'
Area of a real estate property (in square feet)	69,984		'
Nicollet VII, Burnsville, Minnesota [Member] | Commercial Office [Member]	'		'
Dispositions [Abstract]	'		'
Date Disposal	12-Sep-13		'
Sales price	7,290		'
Book value and sales cost	6,001		'
Gain/(Loss)	1,289		'
Area of a real estate property (in square feet)	118,125		'
Pillsbury Business Center, Bloomington, Minnesota [Member] | Commercial Office [Member]	'		'
Dispositions [Abstract]	'		'
Date Disposal	12-Sep-13		'
Sales price	1,160		'
Book value and sales cost	1,164		'
Gain/(Loss)	-4		'
Area of a real estate property (in square feet)	42,929		'
Pinecone Villas - Sartell, MN [Member] | Multi-Family Residential [Member]	'		'
Acquisitions and development projects placed in service [Abstract]	'		'
Date Acquisition	31-Oct-13		'
Land	584		'
Buildings	2,191		'
Intangible assets	25		'
Acquisition costs	2,800		'
Number of apartment units	24		'
Ponds at Heritage Place - Sartell, MN [Member] | Multi-Family Residential [Member]	'		'
Acquisitions and development projects placed in service [Abstract]	'		'
Date Acquisition	'		10-Oct-12
Land	'		395
Buildings	'		4,564
Intangible assets	'		61
Acquisition costs	'		5,020
Number of apartment units	'		58
Prairiewood Meadows - Fargo, ND [Member] | Multi-Family Residential [Member]	'		'
Dispositions [Abstract]	'		'
Date Disposal	'		27-Sep-12
Sales price	'		3,450
Book value and sales cost	'		2,846
Gain/(Loss)	'		604
Number Of Apartment Units Dispositions (in units)	'		85
RED 20 - Minneapolis, MN [Member] | Unimproved Land [Member]	'		'
Acquisitions and development projects placed in service [Abstract]	'		'
Date Acquisition	20-Aug-13	[5]	'
Land	1,900	[5]	'
Buildings	0	[5]	'
Intangible assets	0	[5]	'
Acquisition costs	1,900	[5]	'
Roseville 2929 Long Lake Road - Roseville, MN [Member] | Commercial Industrial [Member]	'		'
Dispositions [Abstract]	'		'
Date Disposal	13-May-13		'
Sales price	9,275		'
Book value and sales cost	9,998		'
Gain/(Loss)	-723		'
Area of a real estate property (in square feet)	172,057		'
Southpoint - Grand Forks, ND [Member] | Multi-Family Residential [Member]	'		'
Acquisitions and development projects placed in service [Abstract]	'		'
Date Acquisition	5-Sep-13		'
Land	576		'
Buildings	9,893		'
Intangible assets	131		'
Acquisition costs	10,600		'
Number of apartment units	96		'
Spring Creek Fruitland - Fruitland, ID [Member] | Unimproved Land [Member]	'		'
Acquisitions and development projects placed in service [Abstract]	'		'
Date Acquisition	21-Jan-14		'
Land	335		'
Buildings	0		'
Intangible assets	0		'
Acquisition costs	335		'
Sycamore Village - Sioux Falls, SD [Member] | Multi-Family Residential [Member]	'		'
Dispositions [Abstract]	'		'
Date Disposal	18-Dec-13		'
Sales price	1,296		'
Book value and sales cost	1,380		'
Gain/(Loss)	-84		'
Number Of Apartment Units Dispositions (in units)	48		'
Terrace on the Green - Fargo, ND [Member] | Multi-Family Residential [Member]	'		'
Dispositions [Abstract]	'		'
Date Disposal	'		27-Sep-12
Sales price	'		3,450
Book value and sales cost	'		1,248
Gain/(Loss)	'		2,202
Number Of Apartment Units Dispositions (in units)	'		116
The Landing at Southgate, Minot, ND [Member] | Unimproved Land [Member]	'		'
Acquisitions and development projects placed in service [Abstract]	'		'
Date Acquisition	'		22-Jan-13	[2]
Land	'		2,262	[2]
Buildings	'		0	[2]
Intangible assets	'		0	[2]
Acquisition costs	'		2,262	[2]
Villa West Topeka, KS [Member] | Multi-Family Residential [Member]	'		'
Acquisitions and development projects placed in service [Abstract]	'		'
Date Acquisition	'		8-May-12
Land	'		1,590
Buildings	'		15,760
Intangible assets	'		300
Acquisition costs	'		17,650
Number of apartment units	'		308
University Commons - Williston, ND [Member] | Unimproved Land [Member]	'		'
Acquisitions and development projects placed in service [Abstract]	'		'
Date Acquisition	'		1-Aug-12
Land	'		823
Buildings	'		0
Intangible assets	'		0
Acquisition costs	'		823
Winsted Industrial Building - Winsted, MN [Member] | Commercial Industrial [Member]	'		'
Dispositions [Abstract]	'		'
Date Disposal	17-Jan-14		'
Sales price	725		'
Book value and sales cost	747		'
Gain/(Loss)	-22		'
Area of a real estate property (in square feet)	41,685		'
Development Projects Placed in Service [Member]	'		'
Acquisitions and development projects placed in service [Abstract]	'		'
Land	0		0
Buildings	31,348		22,178
Intangible assets	0		0
Acquisition costs	31,348		22,178
Development Projects Placed in Service [Member] | Multi-Family Residential [Member]	'		'
Acquisitions and development projects placed in service [Abstract]	'		'
Land	'		0
Buildings	'		11,649
Intangible assets	'		0
Acquisition costs	'		11,649
Development Projects Placed in Service [Member] | Commercial Healthcare [Member]	'		'
Acquisitions and development projects placed in service [Abstract]	'		'
Land	'		0
Buildings	'		6,576
Intangible assets	'		0
Acquisition costs	'		6,576
Development Projects Placed in Service [Member] | Cypress Court - St. Cloud, MN [Member] | Multi-Family Residential [Member]	'		'
Acquisitions and development projects placed in service [Abstract]	'		'
Date Acquisition	1-Nov-13	[6]	'
Land	0	[6]	'
Buildings	7,836	[6]	'
Intangible assets	0	[6]	'
Acquisition costs	7,836	[6]	'
Number of apartment units	132	[6]	'
Development Projects Placed in Service [Member] | Quarry Ridge II Rochester, MN [Member] | Multi-Family Residential [Member]	'		'
Acquisitions and development projects placed in service [Abstract]	'		'
Date Acquisition	'		29-Jun-12	[7]
Land	'		0	[7]
Buildings	'		4,591	[7]
Intangible assets	'		0	[7]
Acquisition costs	'		4,591	[7]
Number of apartment units	'		159	[7]
Development Projects Placed in Service [Member] | Jamestown Medical Office Building - Jamestown, ND [Member] | Commercial Healthcare [Member]	'		'
Acquisitions and development projects placed in service [Abstract]	'		'
Date Acquisition	'		1-Jan-13	[8]
Land	'		0	[8]
Buildings	'		4,901	[8]
Intangible assets	'		0	[8]
Acquisition costs	'		4,901	[8]
Area Of Real Estate Property Acquisitions (in square feet)	'		45,222	[8]
Development Projects Placed in Service [Member] | Minot IPS - Minot, ND [Member] | Commercial Industrial [Member]	'		'
Acquisitions and development projects placed in service [Abstract]	'		'
Date Acquisition	'		17-Dec-12	[9]
Land	'		0	[9]
Buildings	'		3,953	[9]
Intangible assets	'		0	[9]
Acquisition costs	'		3,953	[9]
Area Of Real Estate Property Acquisitions (in square feet)	'		27,567	[9]
Development Projects Placed in Service [Member] | River Ridge - Bismarck, ND [Member] | Multi-Family Residential [Member]	'		'
Acquisitions and development projects placed in service [Abstract]	'		'
Date Acquisition	2-Dec-13	[10]	'
Land	0	[10]	'
Buildings	14,703	[10]	'
Intangible assets	0	[10]	'
Acquisition costs	14,703	[10]	'
Number of apartment units	146	[10]	'
Development Projects Placed in Service [Member] | Spring Wind Expansion - Laramie, WY [Member] | Commercial Healthcare [Member]	'		'
Acquisitions and development projects placed in service [Abstract]	'		'
Date Acquisition	'		16-Nov-12	[11]
Land	'		0	[11]
Buildings	'		1,675	[11]
Intangible assets	'		0	[11]
Acquisition costs	'		1,675	[11]
Area Of Real Estate Property Acquisitions (in square feet)	'		26,662	[11]
Development Projects Placed in Service [Member] | The Landing at Southgate, Minot, ND [Member] | Multi-Family Residential [Member]	'		'
Acquisitions and development projects placed in service [Abstract]	'		'
Date Acquisition	4-Sep-13	[12]	'
Land	0	[12]	'
Buildings	8,809	[12]	'
Intangible assets	0	[12]	'
Acquisition costs	8,809	[12]	'
Number of apartment units	108	[12]	'
Development Projects Placed in Service [Member] | Williston Garden Buildings 3 and 4 Williston, ND [Member] | Multi-Family Residential [Member]	'		'
Acquisitions and development projects placed in service [Abstract]	'		'
Date Acquisition	'		31-Jul-12	[13]
Land	'		0	[13]
Buildings	'		7,058	[13]
Intangible assets	'		0	[13]
Acquisition costs	'		$7,058	[13]
Number of apartment units	'		73	[13]
[1]	Acquisition of unimproved land consisted of two parcels acquired separately on December 14 and December 20, 2012, respectively.
[2]	Land is owned by a joint venture entity in which the Company has an approximately 51% interest.
[3]	Land was contributed to a joint venture entity in which the Company has an approximately 86% interest, as of January 31, 2014.
[4]	Land is owned by a joint venture in which the Company has an approximately 86% interest, as of January 31, 2014.
[5]	Land is owned by a joint venture in which the Company has an approximately 58.6% interest. The joint venture is consolidated in IRET's financial statements.
[6]	Development property placed in service November 1, 2013. Additional costs paid in fiscal year 2013 totaled $5.8 million, for a total project cost at January 31, 2014 of $13.6 million. The project is owned by a joint venture entity in which the Company has an approximately 86% interest.
[7]	Development property placed in service June 29, 2012. Additional costs paid in fiscal years 2012 and 2011, and land acquired in fiscal year 2007, totaled $13.0 million, for a total project cost at January 31, 2013 of $17.6 million.
[8]	Development property placed in service January 1, 2013. Additional costs paid in fiscal year 2012 totaled $1.0 million, for a total project cost at January 31, 2013 of $5.9 million.
[9]	Development property placed in service December 17, 2012. Additional costs paid in fiscal year 2012 totaled $1.8 million, for a total project cost at January 31, 2013 of $5.8 million.
[10]	Development property placed in service December 2, 2013. Additional costs paid in fiscal year 2013 totaled $10.1 million, including land acquired in fiscal year 2009, for a total project cost at January 31, 2014 of $24.8 million.
[11]	Expansion project placed in service November 16, 2012. Additional costs paid in fiscal year 2012 totaled $1.8 million, for a total project cost at January 31, 2013 of $3.5 million.
[12]	Development property placed in service September 4, 2013. Additional costs paid in fiscal year 2013 totaled $6.3 million, for a total project cost at January 31, 2014 of $15.1 million. The project is owned by a joint venture entity in which the Company has an approximately 51% interest.
[13]	Development property placed in service July 31, 2012. Buildings 1 and 2 were placed in service in fiscal year 2012. Additional costs paid in fiscal year 2012 totaled $12.0 million, for a total project cost at January 31, 2013 of $19.1 million.

MORTGAGES_PAYABLE_AND_LINE_OF_2

MORTGAGES PAYABLE AND LINE OF CREDIT (Details) (USD $)	9 Months Ended
	Jan. 31, 2014	Apr. 30, 2013
MORTGAGES PAYABLE AND LINE OF CREDIT [Abstract]	'	'
Interest rates on mortgages payable range, minimum (in hundredths)	2.53%	'
Interest rates on mortgages payable range, maximum (in hundredths)	8.25%	'
Mortgages maturity date range, end	1-Jul-36	'
Fixed rate mortgages	$1,000,000,000	$1,000,000,000
Variable rate mortgages	8,300,000	26,200,000
Weighted average rate of interest on mortgage debt (in hundredths)	5.48%	5.55%
Aggregate amount of required future principal payments on mortgages payable [Abstract]	'	'
2014 (remainder)	22,791,000	'
2015	91,980,000	'
2016	92,444,000	'
2017	216,310,000	'
2018	64,401,000	'
Thereafter	520,598,000	'
Total payments	1,008,524,000	1,049,206,000
Long-term Debt, Percentage Bearing Fixed Interest, Amount	1,000,000,000	1,000,000,000
Lending commitments	72,000,000	'
Number of properties securing line of credit	14	'
Line of credit, current interest rate (in hundredths)	4.75%	'
Line of credit, minimum outstanding principal balance	12,500,000	'
Borrowed amount	22,500,000	10,000,000
Minimum depository accounts	6,000,000	'
Non-interest bearing account	$1,500,000	'

FAIR_VALUE_OF_FINANCIAL_INSTRU2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) (USD $)	Jan. 31, 2014	Apr. 30, 2013
In Thousands, unless otherwise specified
Carrying Amount [Member]	'	'
FINANCIAL ASSETS [Abstract]	'	'
Cash and cash equivalents	$53,494	$94,133
Other investments	643	639
FINANCIAL LIABILITIES [Abstract]	'	'
Other debt	47,717	18,076
Line of credit	22,500	10,000
Mortgages payable	1,008,524	1,049,206
Fair Value [Member]	'	'
FINANCIAL ASSETS [Abstract]	'	'
Cash and cash equivalents	53,494	94,133
Other investments	643	639
FINANCIAL LIABILITIES [Abstract]	'	'
Other debt	47,818	18,156
Line of credit	22,500	10,000
Mortgages payable	1,131,399	1,160,190
Nonrecurring [Member]	'	'
Fair Value Measurements on a Nonrecurring Basis [Abstract]	'	'
Real Estate Investment	1,335	335
Nonrecurring [Member] | Level 1 [Member]	'	'
Fair Value Measurements on a Nonrecurring Basis [Abstract]	'	'
Real Estate Investment	0	0
Nonrecurring [Member] | Level 2 [Member]	'	'
Fair Value Measurements on a Nonrecurring Basis [Abstract]	'	'
Real Estate Investment	0	0
Nonrecurring [Member] | Level 3 [Member]	'	'
Fair Value Measurements on a Nonrecurring Basis [Abstract]	'	'
Real Estate Investment	$1,335	$335

SUBSEQUENT_EVENTS_Details

SUBSEQUENT EVENTS (Details) (Subsequent Event [Member], USD $)	3 Months Ended				0 Months Ended
	Apr. 30, 2014	Apr. 30, 2014	Apr. 30, 2014	Apr. 30, 2014	Mar. 04, 2014	Mar. 04, 2014	Mar. 04, 2014
	Isanti [Member]	Fruitland [Member]	Maple Grove [Member]	Edina [Member]	Preferred Class A [Member]	Preferred Class B [Member]	Common Shares and Limited Partnership Units [Member]
	acre	acre
		sqft
Subsequent Event [Line Items]	'	'	'	'	'	'	'
Quarterly amount per share or unit	'	'	'	'	$0.52	$0.50	$0.13
Record date	'	'	'	'	17-Mar-14	17-Mar-14	17-Mar-14
Payment	'	'	'	'	31-Mar-14	31-Mar-14	1-Apr-14
Closed Acquisitions [Abstract]	'	'	'	'	'	'	'
Parcel of vacant land acquired (in acres)	4.7	2.3	'	'	'	'	'
Cash paid for acquisition	$50,000	$7,100,000	'	'	'	'	'
Square footage of the property acquired ( in sq-ft)	'	39,000	'	'	'	'	'
Pending Dispositions [Abstract]	'	'	'	'	'	'	'
Sale amount of pending disposition	'	'	$7,200,000	$3,100,000	'	'	'