Centerspace (CSR) 10-Q 9 Sep 15 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Jul. 31, 2015	Sep. 02, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	INVESTORS REAL ESTATE TRUST
Entity Central Index Key	798,359
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 Common Stock, Shares Outstanding		125,548,702
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jul. 31, 2015

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jul. 31, 2015	Apr. 30, 2015
Real estate investments
Property owned	$ 1,618,948	$ 1,546,367
Less accumulated depreciation	(325,536)	(313,308)
Total property owned	1,293,412	1,233,059
Development in progress	133,794	153,994
Unimproved land	24,542	25,827
Total real estate investments	1,451,748	1,412,880
Assets held for sale	453,217	463,103
Cash and cash equivalents	44,770	48,970
Other investments	329	329
Receivable arising from straight-lining of rents, net of allowance of $689 and $718, respectively	15,612	15,617
Accounts receivable, net of allowance of $135 and $438, respectively	3,650	2,865
Real estate deposits	6,614	2,489
Prepaid and other assets	2,224	3,174
Intangible assets, net of accumulated amortization of $20,643 and $19,610, respectively	25,179	26,213
Tax, insurance, and other escrow	8,858	10,073
Property and equipment, net of accumulated depreciation of $1,482 and $1,464, respectively	1,464	1,542
Goodwill	1,718	1,718
Deferred charges and leasing costs, net of accumulated amortization of $8,301 and $8,077, respectively	9,290	8,864
TOTAL ASSETS	2,024,673	1,997,837
LIABILITIES
Liabilities held for sale	308,812	321,393
Accounts payable and accrued expenses	60,506	56,399
Revolving line of credit	83,500	60,500
Mortgages payable	669,734	668,112
Construction debt and other	165,873	144,111
TOTAL LIABILITIES	$ 1,288,425	$ 1,250,515
COMMITMENTS AND CONTINGENCIES (NOTE 6)
REDEEMABLE NONCONTROLLING INTERESTS - CONSOLIDATED REAL ESTATE ENTITIES	$ 6,361	$ 6,368
Investors Real Estate Trust shareholders' equity
Common Shares of Beneficial Interest (Unlimited authorization, no par value, 125,519,557 shares issued and outstanding at July 31, 2015, and 124,455,624 shares issued and outstanding at April 30, 2015)	957,707	951,868
Accumulated distributions in excess of net income	(452,971)	(438,432)
Total Investors Real Estate Trust shareholders' equity	643,410	652,110
Noncontrolling interests - Operating Partnership (13,921,386 units at July 31, 2015 and 13,999,725 units at April 30, 2015)	56,120	58,325
Noncontrolling interests - consolidated real estate entities	30,357	30,519
Total equity	729,887	740,954
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY	2,024,673	1,997,837
Preferred Series A [Member]
Investors Real Estate Trust shareholders' equity
Preferred Shares of Beneficial Interest (Cumulative redeemable preferred shares)	27,317	27,317
Preferred Series B [Member]
Investors Real Estate Trust shareholders' equity
Preferred Shares of Beneficial Interest (Cumulative redeemable preferred shares)	$ 111,357	$ 111,357

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($)	Jul. 31, 2015	Apr. 30, 2015
Other assets
Intangible assets, accumulated amortization	$ 20,643,000	$ 19,610,000
Property and equipment, accumulated depreciation	1,482,000	1,464,000
Deferred charges and leasing costs, accumulated amortization	$ 8,301,000	$ 8,077,000
EQUITY
Common Shares of Beneficial Interest, no par value (in dollars per share)	$ 0	$ 0
Common Shares of Beneficial Interest, shares issued (in shares)	125,519,557	124,455,624
Common Shares of Beneficial Interest, shares outstanding (in shares)	125,519,557	124,455,624
Noncontrolling interests - Operating Partnership (in shares)	13,921,386	13,999,725
Receivable Arising from Straight-Lining of Rents [Member]
Other assets
Accounts receivable, allowance	$ 689,000	$ 718,000
Accounts Receivable [Member]
Other assets
Accounts receivable, allowance	$ 135,000	$ 438,000
Preferred Series A [Member]
EQUITY
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 Series B [Member]
EQUITY
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

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2015	Jul. 31, 2014
REVENUE
Real estate rentals	$ 45,522	$ 43,564
Tenant reimbursement	4,396	4,857
TRS senior housing revenue	1,038	793
TOTAL REVENUE	50,956	49,214
EXPENSES
Depreciation/amortization related to real estate investments	13,272	12,214
Utilities	3,206	2,945
Maintenance	5,374	4,986
Real estate taxes	4,917	4,987
Insurance	1,100	1,462
Property management expenses	3,871	3,666
Other property expenses	(68)	206
TRS senior housing expenses	769	693
Administrative expenses	2,454	3,664
Other expenses	424	612
Amortization related to non-real estate investments	171	221
Impairment of real estate investments	1,285	2,320
TOTAL EXPENSES	36,775	37,976
Operating income	14,181	11,238
Interest expense	(9,196)	(9,747)
Interest income	556	560
Other income	51	126
Income before loss on sale of real estate and other investments and income from discontinued operations	5,592	2,177
Loss on sale of real estate and other investments	(175)	(2,993)
Income (loss) from continuing operations	5,417	(816)
(Loss) income from discontinued operations	(690)	617
NET INCOME (LOSS)	4,727	(199)
Net (income) loss attributable to noncontrolling interests - Operating Partnership	(186)	402
Net income attributable to noncontrolling interests - consolidated real estate entities	(1)	(354)
Net income (loss) attributable to Investors Real Estate Trust	4,540	(151)
Dividends to preferred shareholders	(2,879)	(2,879)
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS	$ 1,661	$ (3,030)
Earnings (loss) per common share from continuing operations - Investors Real Estate Trust - basic and diluted (in dollars per share)	$ 0.02	$ (0.03)
Loss per common share from discontinued operations - Investors Real Estate Trust - basic and diluted (in dollars per share)	(0.01)	0
NET INCOME (LOSS) PER COMMON SHARE - BASIC AND DILUTED (in dollars per share)	0.01	(0.03)
DIVIDENDS PER COMMON SHARE (in dollars per share)	$ 0.1300	$ 0.1300

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands	PREFERRED SHARES [Member]	COMMON SHARES [Member]	ACCUMULATED DISTRIBUTIONS IN EXCESS OF NET INCOME [Member]	NONREDEEMABLE NONCONTROLLING INTERESTS [Member]	Total	Preferred Series A [Member]ACCUMULATED DISTRIBUTIONS IN EXCESS OF NET INCOME [Member]	Preferred Series A [Member]	Preferred Series B [Member]ACCUMULATED DISTRIBUTIONS IN EXCESS OF NET INCOME [Member]	Preferred Series B [Member]
Balance at Apr. 30, 2014	$ 138,674	$ 843,268	$ (389,758)	$ 128,362	$ 720,546
Balance (in shares) at Apr. 30, 2014	5,750	109,019
Net income attributable to Investors Real Estate Trust and noncontrolling interests			(151)	(157)	(308)
Distributions - common shares and units			(14,264)		(17,004)
Distributions - common shares and units				(2,740)
Distributions - preferred shares					(2,879)	$ (593)	$ (593)	$ (2,286)	$ (2,286)
Distribution reinvestment and share purchase plan		$ 20,926			20,926
Distribution reinvestment and share purchase plan (in shares)		2,422
Share-based compensation		$ 1,889			1,889
Share-based compensation (in shares)		204
Redemption of units for common shares		$ 18,332		(18,332)	0
Redemption of units for common shares (in shares)		3,118
Contributions from nonredeemable noncontrolling interests - consolidated real estate entities				3,212	3,212
Other				(185)	(185)
Balance (in shares) at Jul. 31, 2014	5,750	114,763
Balance at Jul. 31, 2014	$ 138,674	$ 884,415	(407,052)	110,160	726,197
Balance at Apr. 30, 2015	$ 138,674	$ 951,868	(438,432)	88,844	740,954
Balance (in shares) at Apr. 30, 2015	5,750	124,455
Net income attributable to Investors Real Estate Trust and noncontrolling interests			4,540	194	4,734
Distributions - common shares and units			(16,200)		(18,015)
Distributions - common shares and units				(1,815)
Distributions - preferred shares					(2,879)	$ (593)	$ (593)	$ (2,286)	$ (2,286)
Distribution reinvestment and share purchase plan		$ 5,241			5,241
Distribution reinvestment and share purchase plan (in shares)		766
Share-based compensation		$ 22			22
Share-based compensation (in shares)		220
Partnership units issued				0	0
Redemption of units for common shares		$ 576		(576)	0
Redemption of units for common shares (in shares)		79
Other				(170)	(170)
Balance (in shares) at Jul. 31, 2015	5,750	125,520
Balance at Jul. 31, 2015	$ 138,674	$ 957,707	$ (452,971)	$ 86,477	$ 729,887

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2015	Jul. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ 4,727	$ (199)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	13,713	12,730
Depreciation and amortization from discontinued operations	4,996	4,733
Loss on sale of real estate, land, other investments and discontinued operations	175	2,993
Share-based compensation expense	66	1,763
Impairment of real estate investments	1,725	2,320
Bad debt expense	(97)	136
Changes in other assets and liabilities:
Decrease (increase) in receivable arising from straight-lining of rents	269	(143)
Decrease in accounts receivable	313	1,229
Decrease in prepaid and other assets	1,215	1,197
Decrease in tax, insurance and other escrow	41	146
Increase in deferred charges and leasing costs	(1,436)	(926)
Decrease in accounts payable, accrued expenses and other liabilities	(925)	(2,594)
Net cash provided by operating activities	24,782	23,385
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from real estate deposits	5	140
Payments for real estate deposits	(4,131)	(3,736)
Decrease in lender holdbacks for improvements	1,354	609
Increase in lender holdbacks for improvements	(292)	(326)
Proceeds from sale of real estate and other investments	6,783	6,416
Insurance proceeds received	20	2,054
Payments for acquisitions of real estate assets	0	(13,008)
Payments for development and re-development of real estate assets	(40,678)	(36,892)
Payments for improvements of real estate assets	(7,043)	(5,849)
Payments for improvements of real estate assets from discontinued operations	(1,470)	(1,707)
Net cash used by investing activities	(45,452)	(52,299)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from mortgages payable	23,123	25,000
Principal payments on mortgages payable	(35,594)	(18,090)
Proceeds from revolving lines of credit and other debt	23,000	30,000
Principal payments on revolving lines of credit and other debt	0	(17,000)
Proceeds from construction debt	21,763	20,492
Proceeds from sale of common shares under distribution reinvestment and share purchase program	1,115	16,941
Proceeds from noncontrolling partner - consolidated real estate entities	0	1,006
Distributions paid to common shareholders, net of reinvestment of $3,997 and $3,801, respectively	(12,203)	(10,463)
Distributions paid to preferred shareholders	(2,879)	(2,879)
Distributions paid to noncontrolling interests - Unitholders of the Operating Partnership, net reinvestment of $130 and $185, respectively	(1,685)	(2,555)
Distributions paid to noncontrolling interests - consolidated real estate entities	(170)	(185)
Net cash provided by financing activities	16,470	42,267
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(4,200)	13,353
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	48,970	47,267
CASH AND CASH EQUIVALENTS AT END OF PERIOD	44,770	60,620
SUPPLEMENTARY SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES FOR THE PERIOD
Distribution reinvestment plan	3,997	3,801
Operating partnership distribution reinvestment plan	130	185
Operating partnership units converted to shares	576	18,332
Real estate assets acquired through assumption of indebtedness and accrued costs	0	12,169
Increase to accounts payable included within real estate investments	6,880	6,129
Real estate assets contributed by noncontrolling interest - consolidated real estate entities	0	2,206
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for interest, net of amounts capitalized of $2,310 and $1,030, respectively	$ 9,268	$ 13,099

CONSOLIDATED STATEMENTS OF CAS7

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2015	Jul. 31, 2014
CASH FLOWS FROM FINANCING ACTIVITIES
Distributions paid to common shareholders, reinvestment	$ 3,997	$ 3,801
Distributions paid to noncontrolling interests - Unitholders of the Operating Partnership, reinvestment	130	185
Cash paid for interest	$ 2,310	$ 1,030

ORGANIZATION

ORGANIZATION	3 Months Ended
	Jul. 31, 2015
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 three months ended July 31, 2015 and 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 July 31, 2015, IRET held for investment 100 multi-family residential properties with 12,027 apartment units and 81 commercial properties, consisting of healthcare, industrial and other, totaling 4.4 million net rentable square feet. IRET held for sale 67 commercial properties as of July 31, 2015. 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 SIGNI

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Jul. 31, 2015
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 90.0% 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, 2015, as filed with the SEC on June 29, 2015. RECENT ACCOUNTING PRONOUNCEMENTS In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers Leases. The FASB recently delayed the effective date of the standard by one year. I In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs In April 2015, the FASB issued ASU 2015-05, Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement 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 three months ended July 31, 2015, the Company incurred a loss of approximately $1.7 million due to impairment of one office property and one parcel of land. The Company recognized impairment of approximately $440,000 on an office property in Eden Prairie, Minnesota, which was written-down to estimated fair value during the first quarter of fiscal year 2016 based on receipt of a market offer to purchase and the Company’s intent to dispose of the property. The Company recognized impairment of $1.3 million on a parcel of land in Grand Chute, Wisconsin based on its sale listing price and the Company’s intent to dispose of the property. The impairment loss of the Eden Prairie, Minnesota property for the first quarter of fiscal year 2016 is reported in discontinued operations. See Note 7 for additional information. During the three months ended July 31, 2014, the Company incurred a loss of $2.3 million due to impairment of two commercial properties. The Company recognized impairments of approximately $2.1 million on a retail property in Kalispell, Montana and approximately $183,000 on an office property in Golden Valley, Minnesota. These properties were written-down to estimated fair value during the first quarter of fiscal year 2015 based on receipt of individual market offers to purchase and the Company’s intent to dispose of the properties. HELD FOR SALE The Company classifies properties as held for sale when they meet the U.S. GAAP criteria, which include: (a) management commits to and initiates a plan to sell the asset (disposal group), (b) the sale is probable and expected to be completed within one year under terms that are usual and customary for sales of such assets (disposal groups), and (c) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Real estate held for sale is stated at the lower of its carrying amount or estimated fair value less disposal costs. Depreciation is not recorded on assets classified as held for sale. Liabilities classified as held for sale consist of liabilities to be included in the transaction and liabilities directly associated with assets that will be transferred in the transaction. At July 31, 2015, the Company had 48 office properties, 17 retail properties and two healthcare properties classified as held for sale with assets of $453.2 million and liabilities of $308.8 million. At April 30, 2015, the Company had 49 office properties, 17 retail properties and two healthcare properties classified as held for sale with assets of $463.1 million and liabilities of $321.4 million. 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 July 31, 2015, the Company’s compensating balances totaled $14.2 million and consisted of the following: First International Bank, Watford City, North Dakota, deposit of $6.0 million; Private Bank, Minneapolis, Minnesota, deposit of $2.0 million; Associated Bank, Green Bay, Wisconsin, deposit of $3.6 million; American National Bank, Omaha, Nebraska, deposit of $400,000; Dacotah Bank, Minot, North Dakota, deposit of $350,000; United Community Bank, 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 $1.4 million in holdbacks for improvements reflected in the Condensed Consolidated Statements of Cash Flows for the three months ended July 31, 2015 is due primarily to the release of loan proceeds to the Company upon completion of construction and tenant improvement projects, while the increase of approximately $292,000 represents additional amounts retained by lenders for new projects. 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 three months ended July 31, 2015 and 2014, respectively, the Company added approximately $0 and $265,000 of new intangible assets and no new intangible liabilities. The weighted average lives of the intangible assets acquired in the three months ended July 31, 2015 and 2014 are 0 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 July (in thousands) July 31, 2015 April 30, 2015 Identified intangible assets (included in intangible assets): Gross carrying amount $ 45,822 $ 45,823 Accumulated amortization (20,643 ) (19,610 ) Net carrying amount $ 25,179 $ 26,213 Identified intangible liabilities (included in other liabilities): Gross carrying amount $ 82 $ 82 Accumulated amortization (63 ) (61 ) Net carrying amount $ 19 $ 21 The amortization of acquired below-market leases and acquired above-market leases reduced rental income by approximately $6,000 for the three months ended July 31, 2015 and 2014. 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) 2017 $ 11 2018 (3 ) 2019 (3 ) 2020 (1 ) 2021 0 Amortization of all other identified intangible assets (a component of depreciation and amortization expense) was $1.0 million and $1.2 million for the three months ended July 31, 2015 and 2014, 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) 2017 $ 3,698 2018 3,469 2019 3,433 2020 3,390 2021 3,268 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 July 31, 2015 and April 30, 2015 was $1.7 million. Approximately $193,000 of goodwill is included in assets held for sale at July 31, 2015 and April 30, 2015. The annual review at April 30, 2015 indicated no impairment to goodwill and there was no indication of impairment at July 31, 2015. During the three months ended July 31, 2014, the Company recognized approximately $852,000 of goodwill from the acquisition of the Homestead Garden residential property. 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. On the Condensed Consolidated Balance Sheets, the Company reclassified assets and liabilities held for sale to assets held for sale and liabilities held for sale, respectively, for 48 office properties, 17 retail properties and 2 healthcare properties. On the Condensed Consolidated Statements of Operations, the Company reclassified advisory and trustee services to administrative expenses. The Company reports, in discontinued operations, the results of operations and the related gains or losses of properties that have either been disposed of or classified as held for sale and for which the disposition represents a strategic shift that has or will have a major effect on the Company’s operations and financial results. As the result of discontinued operations, retroactive reclassifications that change prior period numbers have been made. See Note 7 for additional information. During the first quarter of fiscal year 2016, the Company classified as discontinued operations 48 office properties, 17 retail properties and 1 healthcare property. 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. The balance of the liability as of July 31, 2015 is $7.9 million. 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, 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 two-phase project was substantially completed in the third quarter of fiscal year 2015. As of July 31, 2015, IRET is the approximately 52.9% owner of the joint venture and has management and leasing responsibilities; the real estate development company owns approximately 47.1% of the joint venture and was responsible for the development and construction of the property. The Company has determined that the joint venture is a variable interest entity (“VIE”), primarily based on the fact that the equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support. The Company has also determined that IRET is the primary beneficiary of the VIE due to the fact that IRET is providing more than 50% of the equity contributions, the subordinated debt and a guarantee on the third party debt and has the power to direct the most significant activities that impact the entity’s economic performance. On June 12, 2014 the Company entered into a joint venture operating agreement with a real estate development company and two other partners to construct a three-phase apartment project in Edina, Minnesota as IRET – 71 France, LLC. The Company estimates total costs for the project at $73.3 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 and second phases of the project are expected to be completed in the second and third quarters of fiscal year 2016, respectively. Construction of the third phase is expected to be completed in the first quarter of fiscal year 2017. See Development, Expansion and Renovation Projects in Note 6 for additional information. As of July 31, 2015, IRET is the approximately 52.6% owner of the joint venture and will have management and leasing responsibilities after the project has been in service for 24 months; the real estate development company and the other two partners own approximately 47.4% of the joint venture and are responsible for the development, construction and initial leasing of the property. The Company has determined that the joint venture is a variable interest entity (“VIE”), primarily based on the fact that the equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support. The Company has also determined that IRET is the primary beneficiary of the VIE due to the fact that IRET is providing more than 50% of the equity contributions, the subordinated debt and a guarantee on the third party debt and has the power to direct the most significant activities that impact the entity’s economic performance.

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Jul. 31, 2015
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 months ended July 31, 2015 and 2014: (in thousands, except per share data) Three Months Ended July 31 2015 2014 NUMERATOR Income (loss) from continuing operations – Investors Real Estate Trust $ 5,161 $ (671 ) (Loss) income from discontinued operations – Investors Real Estate Trust (621 ) 520 Net income (loss) attributable to Investors Real Estate Trust 4,540 (151 ) Dividends to preferred shareholders (2,879 ) (2,879 ) Numerator for basic earnings per share – net income (loss) available to common shareholders 1,661 (3,030 ) Noncontrolling interests – Operating Partnership 186 (402 ) Numerator for diluted earnings per share $ 1,847 $ (3,432 ) DENOMINATOR Denominator for basic earnings per share weighted average shares 124,855 111,039 Effect of convertible operating partnership units 13,951 20,293 Denominator for diluted earnings per share 138,806 131,332 Earnings (loss) per common share from continuing operations – Investors Real Estate Trust – basic and diluted $ .02 $ (.03 ) Loss per common share from discontinued operations – Investors Real Estate Trust – basic and diluted (.01 ) .00 NET INCOME (LOSS) PER COMMON SHARE – BASIC & DILUTED $ .01 $ (.03 )

EQUITY

EQUITY	3 Months Ended
	Jul. 31, 2015
EQUITY [Abstract]
EQUITY	NOTE 4 • EQUITY During the second quarter of fiscal year 2014, the Company and its Operating Partnership entered into an ATM sales agreement with Robert W. Baird & Co. Incorporated as sales agent, pursuant to which the Company may from time to time sell the Company’s common shares of beneficial interest having an aggregate offering price of up to $75 million. The shares would be issued pursuant to the Company’s currently-effective shelf registration statement on Form S-3ASR. The Company to date has issued no shares under the ATM program. During the first quarter of fiscal year 2016, the Company issued approximately 220,000 common shares, net of withholding, with a total grant-date value of approximately $1.6 million, under the Company’s 2008 Incentive Award Plan, for executive officer and trustee share-based compensation for fiscal year 2015 performance. Of these shares, approximately 108,000 are restricted, and will vest on the one-year anniversary of the grant date (i.e., on April 30, 2016), provided the recipient is still employed with the Company, and subject to the terms and conditions of the Company’s long-term incentive plan (“LTIP”). During the first quarter of fiscal year 2015, the Company issued approximately 204,000 common shares, with a total grant-date value of approximately $1.9 million, under the Company’s 2008 Incentive Award Plan, for executive officer and trustee share-based compensation for fiscal year 2014 performance. The Company has a Distribution Reinvestment and Share Purchase Plan (“DRIP”). The DRIP provides common shareholders of the Company and Unitholders of the Operating Partnership an opportunity to invest their cash distributions in common shares of the Company, and purchase additional shares through voluntary cash contributions. The maximum monthly voluntary cash contribution permitted without prior Company approval is currently $10,000. The Company can issue waivers to DRIP participants to provide for investments in excess of the $10,000 maximum monthly investment. There were no waivers issued during the three months ended July 31, 2015. During the three months ended July 31, 2014, the Company issued approximately 926,000 shares at an average price of $8.64 per share pursuant to such waivers, for total net proceeds to the Company of $8.0 million. During the three months ended July 31, 2015 and 2014, approximately 766,000 and 2.4 million common shares with a total value included in equity of $5.2 million and $20.9 million, and an average price per share after applicable discounts of $6.84 and $8.64, respectively, were issued under the DRIP plan. During the three months ended July 31, 2015 and 2014, respectively, approximately 78,000 Units and 3.1 million Units were converted to common shares, with a total value of approximately $576,000 and $18.3 million included in equity.

SEGMENT REPORTING

SEGMENT REPORTING	3 Months Ended
	Jul. 31, 2015
SEGMENT REPORTING [Abstract]
SEGMENT REPORTING	NOTE 5 • SEGMENT REPORTING IRET reports its results in three reportable segments: multi-family residential, healthcare (including senior housing) and industrial properties. The Company’s reportable segments are aggregations of similar properties. The Company also has office and retail segments which fall below the quantitative thresholds for reporting as reportable segments. The office and retail segments met the quantitative threshold for determining reportable segments prior to the first quarter of fiscal year 2016, at which time the Company classified the majority of the properties in those segments as held for sale and discontinued operations. 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). The revenues and NOI for these reportable segments are summarized as follows for the three month periods ended July 31, 2015 and 2014, 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. (in thousands) Three Months Ended July 31, 2015 Multi-Family Residential Healthcare Industrial All Other (1) Total Real estate revenue $ 31,379 $ 15,706 $ 1,622 $ 1,211 $ 49,918 Real estate expenses 13,922 3,832 396 250 18,400 Net operating income $ 17,457 $ 11,874 $ 1,226 $ 961 31,518 TRS senior housing revenue 1,038 TRS senior housing expenses (769 ) Depreciation/amortization (13,443 ) Administrative expenses (2,454 ) Other expenses (424 ) Impairment of real estate investments (1,285 ) Interest expense (9,196 ) Interest and other income 607 Income before loss on sale of real estate and other investments and income from discontinued operations 5,592 Loss on sale of real estate and other investments (175 ) Income from continuing operations 5,417 Loss from discontinued operations (690 ) Net income $ 4,727 (in thousands) Three Months Ended July 31, 2014 Multi-Family Residential Healthcare Industrial All Other (1) Total Real estate revenue $ 27,727 $ 16,202 $ 1,570 $ 2,922 $ 48,421 Real estate expenses 12,221 4,356 450 1,225 18,252 Net operating income $ 15,506 $ 11,846 $ 1,120 $ 1,697 30,169 TRS senior housing revenue 793 TRS senior housing expenses (693 ) Depreciation/amortization (12,435 ) Administrative expenses (3,664 ) Other expenses (612 ) Impairment of real estate investments (2,320 ) Interest expense (9,747 ) Interest and other income 686 Income before loss on sale of real estate and other investments and income from discontinued operations 2,177 Loss on sale of real estate and other investments (2,993 ) Loss from continuing operations (816 ) Income from discontinued operations 617 Net loss $ (199 ) (1) NOI from segments below the quantitative thresholds is attributable to the Company’s office and retail segments. Both of these segments met the quantitative threshold for determining reportable segments prior to the first quarter of fiscal year 2016, at which time the Company classified the majority of the properties in these segments as held for sale and discontinued operations. Segment Assets and Accumulated Depreciation Segment assets are summarized as follows as of July 31, 2015, and April 30, 2015, along with reconciliations to the condensed consolidated financial statements: (in thousands) As of July 31, 2015 Multi-Family Residential Healthcare Industrial All Other (1) Total Segment Assets Property owned $ 989,958 $ 524,414 $ 60,361 $ 44,215 $ 1,618,948 Less accumulated depreciation (188,062 ) (116,254 ) (11,676 ) (9,544 ) (325,536 ) Net property owned $ 801,896 $ 408,160 $ 48,685 $ 34,671 1,293,412 Assets held for sale 453,217 Cash and cash equivalents 44,770 Other investments 329 Receivables and other assets 74,609 Development in progress 133,794 Unimproved land 24,542 Total assets $ 2,024,673 (in thousands) As of April 31, 2015 Multi-Family Residential Healthcare Industrial All Other (1) Total Segment Assets Property owned $ 946,520 $ 495,021 $ 60,611 $ 44,215 $ 1,546,367 Less accumulated depreciation (180,414 ) (112,515 ) (11,256 ) (9,123 ) (313,308 ) Net property owned $ 766,106 $ 382,506 $ 49,355 $ 35,092 1,233,059 Assets held for sale 463,103 Cash and cash equivalents 48,970 Other investments 329 Receivables and other assets 72,555 Development in progress 153,994 Unimproved land 25,827 Total assets $ 1,997,837 (1) Property owned from segments below the quantitative thresholds is attributable to the Company’s office and retail segments. Both of these segments met the quantitative threshold for determining reportable segments prior to the first quarter of fiscal year 2016, at which time the Company classified the majority of the properties in these segments as held for sale and discontinued operations.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Jul. 31, 2015
COMMITMENTS AND CONTINGENCIES [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 6 • COMMITMENTS AND CONTINGENCIES Litigation. Insurance. Purchase Options. Environmental Matters. Restrictions on Taxable Dispositions. Redemption Value of Units Joint Venture Buy/Sell Options. Tenant Improvements Development, Expansion and Renovation Projects. (in thousands) (in fiscal years) Project Name and Location Planned Segment Rentable Square Feet or Number of Units Anticipated Total Cost Costs as of July 31, 2015 Anticipated Construction Completion Chateau II - Minot, ND Multi-Family Residential 72 units $ 14,711 $ 14,600 In Service Edina 6565 France SMC III - Edina, MN (1) Healthcare 57,624 sq ft 36,752 28,816 In Service Renaissance Heights - Williston, ND (2) Multi-Family Residential 288 units 62,362 62,339 In Service Minot Southgate Retail - Minot, ND Other 7,963 sq ft 2,923 2,550 2Q 2016 PrairieCare Medical - Brooklyn Park, MN Healthcare 70,756 sq ft 24,251 23,424 2Q 2016 Cardinal Point - Grand Forks, ND Multi-Family Residential 251 units 40,042 33,704 3Q 2016 Deer Ridge – Jamestown, ND Multi-Family Residential 163 units 24,519 20,627 3Q 2016 71 France Phase I, II & III - Edina, MN (3) Multi-Family Residential 241 units 73,290 50,455 1Q 2017 Monticello Crossings Phase I – Monticello, MN (4) Multi-Family Residential 136 units 19,097 1,978 2Q 2017 Other n/a n/a n/ a 2,790 n/a $ 297,947 $ 241,283 (1) Anticipated total cost includes estimated tenant improvement costs that have not been incurred as of July 31, 2015. (2) The Company is currently an approximately 70.0% partner in the joint venture entity constructing this project. The anticipated total cost amount given is the total cost to the joint venture entity. (3) The project will be constructed in three phases by a joint venture entity in which the Company has an approximately 52.6% interest. The anticipated total cost amount given in the table above is the total cost to the joint venture entity. The anticipated total cost includes approximately 21,772 square feet of retail space. (4) This project will be constructed in two phases with approximately 202 units and an anticipated total cost of $31.5 million. 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 and 2014, respectively, was $2.3 million and $1.0 million for development projects completed and in progress. Pending Acquisitions. · a 74-unit multi-family residential property in Grand Forks, North Dakota, for a purchase price of $9.3 million, of which approximately $8.9 million is to be paid in cash with the remainder in Units of the Operating Partnership valued at approximately $400,000; and · a 276-unit multi-family residential property in Rochester, Minnesota, for a purchase price of $56.0 million, to be paid in cash. Pending Dispositions. · a portfolio of 17 retail properties in Minnesota, Nebraska and North Dakota for a sales price of $80.6 million; and · an office property in Eden Prairie, Minnesota, for a sales price of $2.9 million.

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS	3 Months Ended
	Jul. 31, 2015
DISCONTINUED OPERATIONS [Abstract]
DISCONTINUED OPERATIONS	NOTE 7 • DISCONTINUED OPERATIONS The Company reports in discontinued operations the results of operations and any gain or loss on sale of a property or group of properties that has either been disposed of or is classified as held for sale and for which the disposition represents a strategic shift that has or will have a major effect on the Company’s operations and financial results. During the first quarter of fiscal year 2016, the Company determined that its strategic plan to exit the office and retail segments met the criteria for discontinued operations. Accordingly, 48 office properties, 17 retail properties and 1 healthcare property which were classified as held for sale at July 31, 2015 were also classified as discontinued operations. The Company expects to dispose of the bulk of these properties in portfolio sales in the remainder of fiscal year 2016. In connection with the 9 properties encumbered by a $122.6 million CMBS loan, the Company is currently discussing a deed in lieu agreement with the lender, but the Company can give no assurance that such resolution will be entered into or that another mutually acceptable resolution will be reached. The following information shows the effect on net income from the properties classified as discontinued operations for the three months ended July 31, 2015 and 2014: (in thousands) Three Months Ended July 31 2015 2014 REVENUE Real estate rentals $ 13,614 $ 13,562 Tenant reimbursement 6,164 5,854 TOTAL REVENUE 19,778 19,416 EXPENSES Depreciation/amortization related to real estate investments 4,239 3,970 Utilities 1,743 1,736 Maintenance 2,992 2,778 Real estate taxes 3,419 3,514 Insurance 265 274 Property management expenses 1,051 964 Amortization related to non-real estate investments 624 651 Impairment of real estate investments 440 0 TOTAL EXPENSES 14,773 13,887 Operating income 5,005 5,529 Interest expense (1) (5,765 ) (4,917 ) Other income 70 5 (LOSS) INCOME FROM DISCONTINUED OPERATIONS $ (690 ) $ 617 (1) Includes $1.5 million and $0, respectively, of default interest related to a $122.6 million non-recourse loan by a Company subsidiary, for which we received a default notice from the special servicer on April 14, 2015 due to nonpayment on April 6, 2015. The following information reconciles the carrying amounts of major classes of assets and liabilities of the discontinued operations to assets and liabilities held for sale that are presented separately on the Condensed Consolidated Balance Sheets: (in thousands) July 31, 2015 April 30, 2015 Carrying amounts of major classes of assets included as part of discontinued operations Property owned and intangible assets, net of accumulated depreciation and amortization $ 414,380 $ 417,045 Receivable arising from straight-lining of rents 9,843 10,078 Accounts receivable 759 566 Prepaid and other assets 443 699 Tax, insurance and other escrow 1,017 1,176 Goodwill 193 193 Deferred charges and leasing costs 9,918 9,606 Total major classes of assets of the discontinued operations 436,553 439,363 Other assets included in the disposal group classified as held for sale 16,664 23,740 Total assets of the disposal groups classified as held for sale on the balance sheet $ 453,217 $ 463,103 Carrying amounts of major classes of liabilities included as part of discontinued operations Accounts payable and accrued expenses $ 15,173 $ 13,952 Mortgages payable 282,106 295,677 Other 0 4 Total major classes of liabilities of the discontinued operations 297,279 309,633 Other liabilities included in the disposal group classified as held for sale 11,533 11,760 Total liabilities of the disposal groups classified as held for sale on the balance sheet $ 308,812 $ 321,393

ACQUISITIONS, DEVELOPMENTS PLAC

ACQUISITIONS, DEVELOPMENTS PLACED IN SERVICE AND DISPOSITIONS	3 Months Ended
	Jul. 31, 2015
ACQUISITIONS, DEVELOPMENTS PLACED IN SERVICE AND DISPOSITIONS [Abstract]
ACQUISITIONS, DEVELOPMENTS PLACED IN SERVICE AND DISPOSITIONS	NOTE 8 • ACQUISITIONS, DEVELOPMENTS PLACED IN SERVICE AND DISPOSITIONS PROPERTY ACQUISITIONS The Company added no new real estate properties to its portfolio through property acquisitions during the three months ended July 31, 2015, compared to $26.6 million in the three months ended July 31, 2014. The Company expensed approximately $75,000 of transaction costs related to the acquisitions in the three months ended July 31, 2014. The Company’s acquisitions during the three months ended January 31, 2014 are detailed below. Three Months Ended July 31, 2014 (in thousands) Total Form of Consideration Investment Allocation Acquisitions Date Acquired Acquisition Cost Cash Other (1) Land Building Intangible Assets Multi-Family Residential 152 unit - Homestead Garden - Rapid City, SD (2) 2014-06-02 $ 15,000 $ 5,092 $ 9,908 $ 655 $ 14,139 $ 206 52 unit - Silver Springs - Rapid City, SD 2014-06-02 3,280 1,019 2,261 215 3,006 59 18,280 6,111 12,169 870 17,145 265 Unimproved Land Creekside Crossing - Bismarck, ND 2014-05-22 4,269 4,269 0 4,269 0 0 PrairieCare Medical - Brooklyn Park, MN 2014-06-05 2,616 2,616 0 2,616 0 0 71 France Phase I - Edina, MN (3) 2014-06-12 1,413 0 1,413 1,413 0 0 8,298 6,885 1,413 8,298 0 0 Total Property Acquisitions $ 26,578 $ 12,996 $ 13,582 $ 9,168 $ 17,145 $ 265 (1) Consists of assumed debt (Homestead Garden I: $9.9 million, Silver Springs: $2.3 million) and value of land contributed by the joint venture partner (71 France: $1.4 million). (2) At acquisition, the Company adjusted the assumed debt to fair value and recognized approximately $852,000 of goodwill. (3) Land was contributed to a joint venture in which the Company has an approximately 52.6% interest. The joint venture is consolidated in IRET’s financial statements. There were no acquisitions in the three months ended July 31, 2015. Acquisitions in the three months ended July 31, 2014 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 three months ended July 31, 2014, respectively, (excluding development projects placed in service) are detailed below. (in thousands) Three Months Ended July 31, 2014 Total revenue $ 362 Net income 20 DEVELOPMENT PROJECTS PLACED IN SERVICE The Operating Partnership placed $105.8 million and $10.3 million of development projects in service during the three months ended July 31, 2015 and 2014, respectively, as detailed below. Three Months Ended July 31, 2015 (in thousands) Development Projects Placed in Service Date Placed in Service Land Building Development Cost Multi-Family Residential 72 unit – Chateau II - Minot, ND (1) 2015-06-01 $ 240 $ 14,360 $ 14,600 288 unit – Renaissance Heights - Williston, ND (2) 2015-07-27 3,080 59,259 62,339 3,320 73,619 76,939 Healthcare 57,624 sq ft Edina 6565 France SMC III - Edina, MN (3) 2015-06-01 0 28,816 28,816 Total Development Projects Placed in Service $ 3,320 $ 102,435 $ 105,755 (1) Costs paid in prior fiscal years totaled $12.3 million. Additional costs paid in fiscal year 2016 totaled $2.3 million, for a total project cost at July 31, 2015 of $14.6 million. (2) Costs paid in prior fiscal years totaled $57.7 million. Additional costs paid in fiscal year 2016 totaled $4.6 million, for a total project cost at July 31, 2015 of $62.3 million. The project is owned by a joint venture entity in which the Company has an approximately 70.0% interest. The joint venture is consolidated in IRET’s financial statements. (3) Costs paid in prior fiscal years totaled $20.8 million. Additional costs paid in fiscal year 2016 totaled $8.0 million, for a total project cost at July 31, 2015 of $28.8 million. Three Months Ended July 31, 2014 (in thousands) Development Projects Placed in Service Date Placed in Service Land Building Development Cost Multi-Family Residential 44 unit - Dakota Commons - Williston, ND (1) 2014-07-15 $ 823 $ 9,442 $ 10,265 Total Development Projects Placed in Service $ 823 $ 9,442 $ 10,265 (1) Costs paid in prior fiscal years totaled $8.1 million. Additional costs paid in fiscal year 2015 totaled $2.2 million for a total project cost at July 31, 2014 of $10.3 million. PROPERTY DISPOSITIONS During the first quarter of fiscal year 2016, the Company sold one office property for a total sales price of $7.0 million. During the first quarter of fiscal year 2015, the Company sold one office property and one industrial property for a total sales price of $6.7 million. The Company also demolished a building at a retail property in Weston, Wisconsin. The following table details the Company’s dispositions during the three months ended July 31, 2015 and 2014: Three Months Ended July 31, 2015 (in thousands) Dispositions Date Disposed Sales Price Book Value and Sales Cost Gain/(Loss) Other 117,144 sq ft Thresher Square - Minneapolis, MN 2015-05-18 $ 7,000 $ 7,175 $ (175 ) Total Property Dispositions $ 7,000 $ 7,175 $ (175 ) Three Months Ended July 31, 2014 (in thousands) Dispositions Date Disposed Sales Price Book Value and Sales Cost Gain/(Loss) Industrial 198,600 sq ft Eagan 2785 & 2795 – Eagan, MN 2014-07-15 $ 3,600 $ 5,393 $ (1,793 ) Other 73,338 sq ft Dewey Hill - Edina, MN 2014-05-19 3,100 3,124 (24 ) 25,644 sq ft Weston Retail – Weston, WI 2014-07-28 n/a 1,176 (1,176 ) 3,100 4,300 (1,200 ) Total Property Dispositions $ 6,700 $ 9,693 $ (2,993 )

MORTGAGES PAYABLE AND LINE OF C

MORTGAGES PAYABLE AND LINE OF CREDIT	3 Months Ended
	Jul. 31, 2015
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. Of the mortgages payable, the balances of fixed rate mortgages totalled $619.2 million at July 31, 2015 and $629.8 million at April 30, 2015. The balances of variable rate mortgages totalled $50.6 million and $38.3 million as of July 31, 2015 and April 30, 2015, respectively. The Company does not utilize derivative financial instruments to mitigate its exposure to changes in market interest rates. Most of the fixed rate mortgages have substantial pre-payment penalties. As of July 31, 2015, the weighted average rate of interest on the Company’s mortgage debt was 4.89%, compared to 4.95% on April 30, 2015. The aggregate amount of required future principal payments on mortgages payable as of July 31, 2015, excluding $293.0 million in outstanding mortgage indebtedness related to assets held for sale, is as follows: Fiscal year ended April 30, (in thousands) 2016 (remainder) $ 65,336 2017 41,973 2018 39,278 2019 116,848 2020 72,598 Thereafter 333,701 Total payments $ 669,734 In addition to the individual first mortgage loans comprising the Company’s $669.7 million 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 July 31, 2015, lending commitments of $100.0 million. This facility is not included in the Company’s mortgage indebtedness total. As of July 31, 2015, the line of credit was secured by mortgages on 16 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 July 31, 2015 included, in addition to First International Bank, the following financial institutions: The Bank of North Dakota; First Western Bank and Trust; Dacotah Bank; Highland Bank; American State Bank & Trust Company; Town & Country Credit Union, WoodTrust Bank, and United Community Bank. As of July 31, 2015, the line of credit had an interest rate of 4.75% and a minimum outstanding principal balance requirement of $17.5 million, and as of July 31, 2015 and April 30, 2015, the Company had borrowed $83.5 million and $60.5 million, respectively. The facility includes covenants and restrictions requiring the Company to achieve on a fiscal and calendar quarter basis a debt service coverage ratio on borrowing base collateral of 1.25x in the aggregate and 1.00x on individual assets in the collateral pool, and the Company is also required to maintain minimum depository account(s) totaling $6.0 million with First International, of which $1.5 million is to be held in a non-interest bearing account. As of July 31, 2015, the Company believes it was in compliance with the facility covenants.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Jul. 31, 2015
FAIR VALUE MEASUREMENTS [Abstract]
FAIR VALUE MEASUREMENTS	NOTE 10 • FAIR VALUE MEASUREMENTS ASC 820, Fair Value Measurement and Disclosures 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 July 31, 2015 and April 30, 2015. Fair Value Measurements on a Nonrecurring Basis Non-financial assets and liabilities measured at fair value on a nonrecurring basis at July 31, 2015 consisted of real estate investments and real estate held for sale that were written-down to estimated fair value during the three months ended July 31, 2015. Non-financial assets measured at fair value on a nonrecurring basis at April 30, 2015 consisted of real estate held for sale that was written-down to estimated fair value during fiscal year 2015. See Note 2 for additional information on impairment losses recognized during fiscal years 2016 and 2015. The aggregate fair value of these assets by their levels in the fair value hierarchy are as follows: (in thousands) Total Level 1 Level 2 Level 3 July 31, 2015 Real estate investments $ 575 $ 0 $ 0 $ 575 Real estate held for sale 2,900 0 0 2,900 April 30, 2015 Real estate held for sale 7,100 0 0 7,100 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. Cash and Cash Equivalents. Other Investments. Other Debt. Lines of Credit. Mortgages Payable. The estimated fair values of the Company’s financial instruments as of July 31, 2015 and April 30, 2015, are as follows: (in thousands) July 31, 2015 April 30, 2015 Carrying Amount Fair Value Carrying Amount Fair Value FINANCIAL ASSETS Cash and cash equivalents $ 44,770 $ 44,770 $ 48,970 $ 48,970 Other investments 329 329 329 329 FINANCIAL LIABILITIES Other debt 165,854 165,511 144,090 143,749 Line of credit 83,500 83,500 60,500 60,500 Mortgages payable 669,743 778,990 668,112 749,604 Mortgages payable related to assets held for sale 293,021 409,931 306,716 374,818

REDEEMABLE NONCONTROLLING INTER

REDEEMABLE NONCONTROLLING INTERESTS	3 Months Ended
	Jul. 31, 2015
REDEEMABLE NONCONTROLLING INTERESTS [Abstract]
REDEEMABLE NONCONTROLLING INTERESTS	NOTE 11 • REDEEMABLE NONCONTROLLING INTERESTS Redeemable noncontrolling interests on the Condensed Consolidated Balance Sheets represent the noncontrolling interest in a joint venture of the Company in which the Company’s unaffiliated partner, at its election, could require the Company to buy its interest at a purchase price to be determined by an appraisal conducted in accordance with the terms of the agreement, or at a negotiated price. Redeemable noncontrolling interests are presented at the greater of their carrying amount or redemption value at the end of each reporting period. Changes in the value from period to period are charged to common shares of beneficial interest on the Condensed Consolidated Balance Sheets. The Company currently has one joint venture, the Southgate apartment project in Minot, North Dakota, in which the Company’s joint venture partner can, for the four-year period from February 6, 2016 through February 5, 2020, compel the Company to acquire the partner’s interest, for a price to be determined in accordance with the provisions of the joint venture agreement. As of July 31, 2015 and 2014, the estimated redemption value of the redeemable noncontrolling interests was $6.4 million and $6.3 million, respectively. Below is a table reflecting the activity of the redeemable noncontrolling interests. (in thousands) Balance at April 30, 2015 $ 6,368 Net loss (7) Balance at July 31, 2015 $ 6,361 (in thousands) Balance at April 30, 2014 $ 6,203 Net income 110 Balance at July 31, 2014 $ 6,313

SHARE BASED COMPENSATION

SHARE BASED COMPENSATION	3 Months Ended
	Jul. 31, 2015
SHARE BASED COMPENSATION [Abstract]
SHARE BASED COMPENSATION	NOTE 12 • SHARE BASED COMPENSATION Share based awards are provided to officers, non-officer employees and trustees, under the Company’s 2008 Incentive Award Plan approved by shareholders on September 16, 2008, which allows for awards in the form of cash and unrestricted and restricted common shares, up to an aggregate of 2,000,000 ten Total Compensation Expense Share-based compensation expense recognized in the consolidated financial statements for all outstanding share based awards was approximately $66,000 and $1.1 million for the three months ended July 31, 2015 and 2014, respectively. The decrease in expense was due to the delay in granting long term incentive share awards for fiscal year 2016 until the 2015 Shareholder Meeting on September 15, 2015, when it is expected that if the shareholders approve the new 2015 Incentive Plan, such awards will be granted under the 2015 Incentive Plan. Restricted Share Awards No share awards vested during the three months ended July 31, 2015 and 2014. The total unvested restricted share awards at July 31, 2015 was 107,536, which had a weighted average grant date fair value of $7.17 per share. As of July 31, 2015, the total compensation cost related to non-vested share awards not yet recognized was approximately $289,000, which the Company expects to recognize during the remainder of fiscal year 2016.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Jul. 31, 2015
SUBSEQUENT EVENTS [Abstract]
SUBSEQUENT EVENTS	NOTE 13 • SUBSEQUENT EVENTS Common and Preferred Share Distributions. Class of shares/units Quarterly Amount per Share or Unit Record Date Payment Date Common shares and limited partnership units $ 0.1300 September 15, 2015 October 1, 2015 Preferred shares: Series A $ 0.5156 September 15, 2015 September 30, 2015 Series B $ 0.4968 September 15, 2015 September 30, 2015 Completed Acquisition Completed Dispositions

BASIS OF PRESENTATION AND SIG21

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Jul. 31, 2015
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 90.0% 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, 2015, as filed with the SEC on June 29, 2015.
RECENT ACCOUNTING PRONOUNCEMENTS	RECENT ACCOUNTING PRONOUNCEMENTS In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers Leases. The FASB recently delayed the effective date of the standard by one year. I In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs In April 2015, the FASB issued ASU 2015-05, Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement
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 three months ended July 31, 2015, the Company incurred a loss of approximately $1.7 million due to impairment of one office property and one parcel of land. The Company recognized impairment of approximately $440,000 on an office property in Eden Prairie, Minnesota, which was written-down to estimated fair value during the first quarter of fiscal year 2016 based on receipt of a market offer to purchase and the Company’s intent to dispose of the property. The Company recognized impairment of $1.3 million on a parcel of land in Grand Chute, Wisconsin based on its sale listing price and the Company’s intent to dispose of the property. The impairment loss of the Eden Prairie, Minnesota property for the first quarter of fiscal year 2016 is reported in discontinued operations. See Note 7 for additional information. During the three months ended July 31, 2014, the Company incurred a loss of $2.3 million due to impairment of two commercial properties. The Company recognized impairments of approximately $2.1 million on a retail property in Kalispell, Montana and approximately $183,000 on an office property in Golden Valley, Minnesota. These properties were written-down to estimated fair value during the first quarter of fiscal year 2015 based on receipt of individual market offers to purchase and the Company’s intent to dispose of the properties.
HELD FOR SALE	HELD FOR SALE The Company classifies properties as held for sale when they meet the U.S. GAAP criteria, which include: (a) management commits to and initiates a plan to sell the asset (disposal group), (b) the sale is probable and expected to be completed within one year under terms that are usual and customary for sales of such assets (disposal groups), and (c) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Real estate held for sale is stated at the lower of its carrying amount or estimated fair value less disposal costs. Depreciation is not recorded on assets classified as held for sale. Liabilities classified as held for sale consist of liabilities to be included in the transaction and liabilities directly associated with assets that will be transferred in the transaction. At July 31, 2015, the Company had 48 office properties, 17 retail properties and two healthcare properties classified as held for sale with assets of $453.2 million and liabilities of $308.8 million. At April 30, 2015, the Company had 49 office properties, 17 retail properties and two healthcare properties classified as held for sale with assets of $463.1 million and liabilities of $321.4 million.
COMPENSATING BALANCES AND OTHER INVESTMENTS; 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 July 31, 2015, the Company’s compensating balances totaled $14.2 million and consisted of the following: First International Bank, Watford City, North Dakota, deposit of $6.0 million; Private Bank, Minneapolis, Minnesota, deposit of $2.0 million; Associated Bank, Green Bay, Wisconsin, deposit of $3.6 million; American National Bank, Omaha, Nebraska, deposit of $400,000; Dacotah Bank, Minot, North Dakota, deposit of $350,000; United Community Bank, 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 $1.4 million in holdbacks for improvements reflected in the Condensed Consolidated Statements of Cash Flows for the three months ended July 31, 2015 is due primarily to the release of loan proceeds to the Company upon completion of construction and tenant improvement projects, while the increase of approximately $292,000 represents additional amounts retained by lenders for new projects.
IDENTIFIED INTANGIBLE ASSETS AND 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 three months ended July 31, 2015 and 2014, respectively, the Company added approximately $0 and $265,000 of new intangible assets and no new intangible liabilities. The weighted average lives of the intangible assets acquired in the three months ended July 31, 2015 and 2014 are 0 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 July (in thousands) July 31, 2015 April 30, 2015 Identified intangible assets (included in intangible assets): Gross carrying amount $ 45,822 $ 45,823 Accumulated amortization (20,643 ) (19,610 ) Net carrying amount $ 25,179 $ 26,213 Identified intangible liabilities (included in other liabilities): Gross carrying amount $ 82 $ 82 Accumulated amortization (63 ) (61 ) Net carrying amount $ 19 $ 21 The amortization of acquired below-market leases and acquired above-market leases reduced rental income by approximately $6,000 for the three months ended July 31, 2015 and 2014. 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) 2017 $ 11 2018 (3 ) 2019 (3 ) 2020 (1 ) 2021 0 Amortization of all other identified intangible assets (a component of depreciation and amortization expense) was $1.0 million and $1.2 million for the three months ended July 31, 2015 and 2014, 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) 2017 $ 3,698 2018 3,469 2019 3,433 2020 3,390 2021 3,268 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 July 31, 2015 and April 30, 2015 was $1.7 million. Approximately $193,000 of goodwill is included in assets held for sale at July 31, 2015 and April 30, 2015. The annual review at April 30, 2015 indicated no impairment to goodwill and there was no indication of impairment at July 31, 2015. During the three months ended July 31, 2014, the Company recognized approximately $852,000 of goodwill from the acquisition of the Homestead Garden residential property.
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. On the Condensed Consolidated Balance Sheets, the Company reclassified assets and liabilities held for sale to assets held for sale and liabilities held for sale, respectively, for 48 office properties, 17 retail properties and 2 healthcare properties. On the Condensed Consolidated Statements of Operations, the Company reclassified advisory and trustee services to administrative expenses. The Company reports, in discontinued operations, the results of operations and the related gains or losses of properties that have either been disposed of or classified as held for sale and for which the disposition represents a strategic shift that has or will have a major effect on the Company’s operations and financial results. As the result of discontinued operations, retroactive reclassifications that change prior period numbers have been made. See Note 7 for additional information. During the first quarter of fiscal year 2016, the Company classified as discontinued operations 48 office properties, 17 retail properties and 1 healthcare property.
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. The balance of the liability as of July 31, 2015 is $7.9 million.
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, 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 two-phase project was substantially completed in the third quarter of fiscal year 2015. As of July 31, 2015, IRET is the approximately 52.9% owner of the joint venture and has management and leasing responsibilities; the real estate development company owns approximately 47.1% of the joint venture and was responsible for the development and construction of the property. The Company has determined that the joint venture is a variable interest entity (“VIE”), primarily based on the fact that the equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support. The Company has also determined that IRET is the primary beneficiary of the VIE due to the fact that IRET is providing more than 50% of the equity contributions, the subordinated debt and a guarantee on the third party debt and has the power to direct the most significant activities that impact the entity’s economic performance. On June 12, 2014 the Company entered into a joint venture operating agreement with a real estate development company and two other partners to construct a three-phase apartment project in Edina, Minnesota as IRET – 71 France, LLC. The Company estimates total costs for the project at $73.3 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 and second phases of the project are expected to be completed in the second and third quarters of fiscal year 2016, respectively. Construction of the third phase is expected to be completed in the first quarter of fiscal year 2017. See Development, Expansion and Renovation Projects in Note 6 for additional information. As of July 31, 2015, IRET is the approximately 52.6% owner of the joint venture and will have management and leasing responsibilities after the project has been in service for 24 months; the real estate development company and the other two partners own approximately 47.4% of the joint venture and are responsible for the development, construction and initial leasing of the property. The Company has determined that the joint venture is a variable interest entity (“VIE”), primarily based on the fact that the equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support. The Company has also determined that IRET is the primary beneficiary of the VIE due to the fact that IRET is providing more than 50% of the equity contributions, the subordinated debt and a guarantee on the third party debt and has the power to direct the most significant activities that impact the entity’s economic performance.

BASIS OF PRESENTATION AND SIG22

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Jul. 31, 2015
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Identified Intangible Assets and Intangible Liabilities	The Company’s identified intangible assets and intangible liabilities at July (in thousands) July 31, 2015 April 30, 2015 Identified intangible assets (included in intangible assets): Gross carrying amount $ 45,822 $ 45,823 Accumulated amortization (20,643 ) (19,610 ) Net carrying amount $ 25,179 $ 26,213 Identified intangible liabilities (included in other liabilities): Gross carrying amount $ 82 $ 82 Accumulated amortization (63 ) (61 ) Net carrying amount $ 19 $ 21
Estimated Annual Amortization of Acquired Below-Market Leases, Net of Acquired Above-Market Leases	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) 2017 $ 11 2018 (3 ) 2019 (3 ) 2020 (1 ) 2021 0
Estimated Annual Amortization of All Other Identified Intangible Assets	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) 2017 $ 3,698 2018 3,469 2019 3,433 2020 3,390 2021 3,268

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Jul. 31, 2015
EARNINGS PER SHARE [Abstract]
Reconciliation of Numerator and Denominator Used to Calculate Basic and Diluted Earnings Per Share	The following table presents a reconciliation of the numerator and denominator used to calculate basic and diluted earnings per share reported in the condensed consolidated financial statements for the three months ended July 31, 2015 and 2014: (in thousands, except per share data) Three Months Ended July 31 2015 2014 NUMERATOR Income (loss) from continuing operations – Investors Real Estate Trust $ 5,161 $ (671 ) (Loss) income from discontinued operations – Investors Real Estate Trust (621 ) 520 Net income (loss) attributable to Investors Real Estate Trust 4,540 (151 ) Dividends to preferred shareholders (2,879 ) (2,879 ) Numerator for basic earnings per share – net income (loss) available to common shareholders 1,661 (3,030 ) Noncontrolling interests – Operating Partnership 186 (402 ) Numerator for diluted earnings per share $ 1,847 $ (3,432 ) DENOMINATOR Denominator for basic earnings per share weighted average shares 124,855 111,039 Effect of convertible operating partnership units 13,951 20,293 Denominator for diluted earnings per share 138,806 131,332 Earnings (loss) per common share from continuing operations – Investors Real Estate Trust – basic and diluted $ .02 $ (.03 ) Loss per common share from discontinued operations – Investors Real Estate Trust – basic and diluted (.01 ) .00 NET INCOME (LOSS) PER COMMON SHARE – BASIC & DILUTED $ .01 $ (.03 )

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	3 Months Ended
	Jul. 31, 2015
SEGMENT REPORTING [Abstract]
Revenues and Net Operating Income for Reportable Segments	The revenues and NOI for these reportable segments are summarized as follows for the three month periods ended July 31, 2015 and 2014, 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. (in thousands) Three Months Ended July 31, 2015 Multi-Family Residential Healthcare Industrial All Other (1) Total Real estate revenue $ 31,379 $ 15,706 $ 1,622 $ 1,211 $ 49,918 Real estate expenses 13,922 3,832 396 250 18,400 Net operating income $ 17,457 $ 11,874 $ 1,226 $ 961 31,518 TRS senior housing revenue 1,038 TRS senior housing expenses (769 ) Depreciation/amortization (13,443 ) Administrative expenses (2,454 ) Other expenses (424 ) Impairment of real estate investments (1,285 ) Interest expense (9,196 ) Interest and other income 607 Income before loss on sale of real estate and other investments and income from discontinued operations 5,592 Loss on sale of real estate and other investments (175 ) Income from continuing operations 5,417 Loss from discontinued operations (690 ) Net income $ 4,727 (in thousands) Three Months Ended July 31, 2014 Multi-Family Residential Healthcare Industrial All Other (1) Total Real estate revenue $ 27,727 $ 16,202 $ 1,570 $ 2,922 $ 48,421 Real estate expenses 12,221 4,356 450 1,225 18,252 Net operating income $ 15,506 $ 11,846 $ 1,120 $ 1,697 30,169 TRS senior housing revenue 793 TRS senior housing expenses (693 ) Depreciation/amortization (12,435 ) Administrative expenses (3,664 ) Other expenses (612 ) Impairment of real estate investments (2,320 ) Interest expense (9,747 ) Interest and other income 686 Income before loss on sale of real estate and other investments and income from discontinued operations 2,177 Loss on sale of real estate and other investments (2,993 ) Loss from continuing operations (816 ) Income from discontinued operations 617 Net loss $ (199 ) (1) NOI from segments below the quantitative thresholds is attributable to the Company’s office and retail segments. Both of these segments met the quantitative threshold for determining reportable segments prior to the first quarter of fiscal year 2016, at which time the Company classified the majority of the properties in these segments as held for sale and discontinued operations.
Segment Assets and Accumulated Depreciation	Segment assets are summarized as follows as of July 31, 2015, and April 30, 2015, along with reconciliations to the condensed consolidated financial statements: (in thousands) As of July 31, 2015 Multi-Family Residential Healthcare Industrial All Other (1) Total Segment Assets Property owned $ 989,958 $ 524,414 $ 60,361 $ 44,215 $ 1,618,948 Less accumulated depreciation (188,062 ) (116,254 ) (11,676 ) (9,544 ) (325,536 ) Net property owned $ 801,896 $ 408,160 $ 48,685 $ 34,671 1,293,412 Assets held for sale 453,217 Cash and cash equivalents 44,770 Other investments 329 Receivables and other assets 74,609 Development in progress 133,794 Unimproved land 24,542 Total assets $ 2,024,673 (in thousands) As of April 31, 2015 Multi-Family Residential Healthcare Industrial All Other (1) Total Segment Assets Property owned $ 946,520 $ 495,021 $ 60,611 $ 44,215 $ 1,546,367 Less accumulated depreciation (180,414 ) (112,515 ) (11,256 ) (9,123 ) (313,308 ) Net property owned $ 766,106 $ 382,506 $ 49,355 $ 35,092 1,233,059 Assets held for sale 463,103 Cash and cash equivalents 48,970 Other investments 329 Receivables and other assets 72,555 Development in progress 153,994 Unimproved land 25,827 Total assets $ 1,997,837 (1) Property owned from segments below the quantitative thresholds is attributable to the Company’s office and retail segments. Both of these segments met the quantitative threshold for determining reportable segments prior to the first quarter of fiscal year 2016, at which time the Company classified the majority of the properties in these segments as held for sale and discontinued operations.

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	3 Months Ended
	Jul. 31, 2015
COMMITMENTS AND CONTINGENCIES [Abstract]
Development. Expansion and Renovation Projects	Development, Expansion and Renovation Projects. (in thousands) (in fiscal years) Project Name and Location Planned Segment Rentable Square Feet or Number of Units Anticipated Total Cost Costs as of July 31, 2015 Anticipated Construction Completion Chateau II - Minot, ND Multi-Family Residential 72 units $ 14,711 $ 14,600 In Service Edina 6565 France SMC III - Edina, MN (1) Healthcare 57,624 sq ft 36,752 28,816 In Service Renaissance Heights - Williston, ND (2) Multi-Family Residential 288 units 62,362 62,339 In Service Minot Southgate Retail - Minot, ND Other 7,963 sq ft 2,923 2,550 2Q 2016 PrairieCare Medical - Brooklyn Park, MN Healthcare 70,756 sq ft 24,251 23,424 2Q 2016 Cardinal Point - Grand Forks, ND Multi-Family Residential 251 units 40,042 33,704 3Q 2016 Deer Ridge – Jamestown, ND Multi-Family Residential 163 units 24,519 20,627 3Q 2016 71 France Phase I, II & III - Edina, MN (3) Multi-Family Residential 241 units 73,290 50,455 1Q 2017 Monticello Crossings Phase I – Monticello, MN (4) Multi-Family Residential 136 units 19,097 1,978 2Q 2017 Other n/a n/a n/ a 2,790 n/a $ 297,947 $ 241,283 (1) Anticipated total cost includes estimated tenant improvement costs that have not been incurred as of July 31, 2015. (2) The Company is currently an approximately 70.0% partner in the joint venture entity constructing this project. The anticipated total cost amount given is the total cost to the joint venture entity. (3) The project will be constructed in three phases by a joint venture entity in which the Company has an approximately 52.6% interest. The anticipated total cost amount given in the table above is the total cost to the joint venture entity. The anticipated total cost includes approximately 21,772 square feet of retail space. (4) This project will be constructed in two phases with approximately 202 units and an anticipated total cost of $31.5 million.

DISCONTINUED OPERATIONS (Tables

DISCONTINUED OPERATIONS (Tables)	3 Months Ended
	Jul. 31, 2015
DISCONTINUED OPERATIONS [Abstract]
Effect on Net Income and Gains or Losses from the Sale of Properties Classified as Discontinued Operations	The following information shows the effect on net income from the properties classified as discontinued operations for the three months ended July 31, 2015 and 2014: (in thousands) Three Months Ended July 31 2015 2014 REVENUE Real estate rentals $ 13,614 $ 13,562 Tenant reimbursement 6,164 5,854 TOTAL REVENUE 19,778 19,416 EXPENSES Depreciation/amortization related to real estate investments 4,239 3,970 Utilities 1,743 1,736 Maintenance 2,992 2,778 Real estate taxes 3,419 3,514 Insurance 265 274 Property management expenses 1,051 964 Amortization related to non-real estate investments 624 651 Impairment of real estate investments 440 0 TOTAL EXPENSES 14,773 13,887 Operating income 5,005 5,529 Interest expense (1) (5,765 ) (4,917 ) Other income 70 5 (LOSS) INCOME FROM DISCONTINUED OPERATIONS $ (690 ) $ 617 (1) Includes $1.5 million and $0, respectively, of default interest related to a $122.6 million non-recourse loan by a Company subsidiary, for which we received a default notice from the special servicer on April 14, 2015 due to nonpayment on April 6, 2015.
Reconciliation of Assets and Liabilities of Discontinued Operations to Assets and Liabilities Held for Sale That Are Presented Separately on Condensed Consolidated Balance Sheets	The following information reconciles the carrying amounts of major classes of assets and liabilities of the discontinued operations to assets and liabilities held for sale that are presented separately on the Condensed Consolidated Balance Sheets: (in thousands) July 31, 2015 April 30, 2015 Carrying amounts of major classes of assets included as part of discontinued operations Property owned and intangible assets, net of accumulated depreciation and amortization $ 414,380 $ 417,045 Receivable arising from straight-lining of rents 9,843 10,078 Accounts receivable 759 566 Prepaid and other assets 443 699 Tax, insurance and other escrow 1,017 1,176 Goodwill 193 193 Deferred charges and leasing costs 9,918 9,606 Total major classes of assets of the discontinued operations 436,553 439,363 Other assets included in the disposal group classified as held for sale 16,664 23,740 Total assets of the disposal groups classified as held for sale on the balance sheet $ 453,217 $ 463,103 Carrying amounts of major classes of liabilities included as part of discontinued operations Accounts payable and accrued expenses $ 15,173 $ 13,952 Mortgages payable 282,106 295,677 Other 0 4 Total major classes of liabilities of the discontinued operations 297,279 309,633 Other liabilities included in the disposal group classified as held for sale 11,533 11,760 Total liabilities of the disposal groups classified as held for sale on the balance sheet $ 308,812 $ 321,393

ACQUISITIONS, DEVELOPMENTS PL27

ACQUISITIONS, DEVELOPMENTS PLACED IN SERVICE AND DISPOSITIONS (Tables)	3 Months Ended
	Jul. 31, 2015
ACQUISITIONS, DEVELOPMENTS PLACED IN SERVICE AND DISPOSITIONS [Abstract]
Acquisitions	The Company’s acquisitions during the three months ended January 31, 2014 are detailed below. Three Months Ended July 31, 2014 (in thousands) Total Form of Consideration Investment Allocation Acquisitions Date Acquired Acquisition Cost Cash Other (1) Land Building Intangible Assets Multi-Family Residential 152 unit - Homestead Garden - Rapid City, SD (2) 2014-06-02 $ 15,000 $ 5,092 $ 9,908 $ 655 $ 14,139 $ 206 52 unit - Silver Springs - Rapid City, SD 2014-06-02 3,280 1,019 2,261 215 3,006 59 18,280 6,111 12,169 870 17,145 265 Unimproved Land Creekside Crossing - Bismarck, ND 2014-05-22 4,269 4,269 0 4,269 0 0 PrairieCare Medical - Brooklyn Park, MN 2014-06-05 2,616 2,616 0 2,616 0 0 71 France Phase I - Edina, MN (3) 2014-06-12 1,413 0 1,413 1,413 0 0 8,298 6,885 1,413 8,298 0 0 Total Property Acquisitions $ 26,578 $ 12,996 $ 13,582 $ 9,168 $ 17,145 $ 265 (1) Consists of assumed debt (Homestead Garden I: $9.9 million, Silver Springs: $2.3 million) and value of land contributed by the joint venture partner (71 France: $1.4 million). (2) At acquisition, the Company adjusted the assumed debt to fair value and recognized approximately $852,000 of goodwill. (3) Land was contributed to a joint venture in which the Company has an approximately 52.6% interest. The joint venture is consolidated in IRET’s financial statements.
Results of Operations from Acquired Properties	The revenue and net income of our acquisitions in the three months ended July 31, 2014, respectively, (excluding development projects placed in service) are detailed below. (in thousands) Three Months Ended July 31, 2014 Total revenue $ 362 Net income 20
Development Projects Placed in Service	The Operating Partnership placed $105.8 million and $10.3 million of development projects in service during the three months ended July 31, 2015 and 2014, respectively, as detailed below. Three Months Ended July 31, 2015 (in thousands) Development Projects Placed in Service Date Placed in Service Land Building Development Cost Multi-Family Residential 72 unit – Chateau II - Minot, ND (1) 2015-06-01 $ 240 $ 14,360 $ 14,600 288 unit – Renaissance Heights - Williston, ND (2) 2015-07-27 3,080 59,259 62,339 3,320 73,619 76,939 Healthcare 57,624 sq ft Edina 6565 France SMC III - Edina, MN (3) 2015-06-01 0 28,816 28,816 Total Development Projects Placed in Service $ 3,320 $ 102,435 $ 105,755 (1) Costs paid in prior fiscal years totaled $12.3 million. Additional costs paid in fiscal year 2016 totaled $2.3 million, for a total project cost at July 31, 2015 of $14.6 million. (2) Costs paid in prior fiscal years totaled $57.7 million. Additional costs paid in fiscal year 2016 totaled $4.6 million, for a total project cost at July 31, 2015 of $62.3 million. The project is owned by a joint venture entity in which the Company has an approximately 70.0% interest. The joint venture is consolidated in IRET’s financial statements. (3) Costs paid in prior fiscal years totaled $20.8 million. Additional costs paid in fiscal year 2016 totaled $8.0 million, for a total project cost at July 31, 2015 of $28.8 million. Three Months Ended July 31, 2014 (in thousands) Development Projects Placed in Service Date Placed in Service Land Building Development Cost Multi-Family Residential 44 unit - Dakota Commons - Williston, ND (1) 2014-07-15 $ 823 $ 9,442 $ 10,265 Total Development Projects Placed in Service $ 823 $ 9,442 $ 10,265 (1) Costs paid in prior fiscal years totaled $8.1 million. Additional costs paid in fiscal year 2015 totaled $2.2 million for a total project cost at July 31, 2014 of $10.3 million.
Schedule of Dispositions	The following table details the Company’s dispositions during the three months ended July 31, 2015 and 2014: Three Months Ended July 31, 2015 (in thousands) Dispositions Date Disposed Sales Price Book Value and Sales Cost Gain/(Loss) Other 117,144 sq ft Thresher Square - Minneapolis, MN 2015-05-18 $ 7,000 $ 7,175 $ (175 ) Total Property Dispositions $ 7,000 $ 7,175 $ (175 ) Three Months Ended July 31, 2014 (in thousands) Dispositions Date Disposed Sales Price Book Value and Sales Cost Gain/(Loss) Industrial 198,600 sq ft Eagan 2785 & 2795 – Eagan, MN 2014-07-15 $ 3,600 $ 5,393 $ (1,793 ) Other 73,338 sq ft Dewey Hill - Edina, MN 2014-05-19 3,100 3,124 (24 ) 25,644 sq ft Weston Retail – Weston, WI 2014-07-28 n/a 1,176 (1,176 ) 3,100 4,300 (1,200 ) Total Property Dispositions $ 6,700 $ 9,693 $ (2,993 )

MORTGAGES PAYABLE AND LINE OF28

MORTGAGES PAYABLE AND LINE OF CREDIT (Tables)	3 Months Ended
	Jul. 31, 2015
MORTGAGES PAYABLE AND LINE OF CREDIT [Abstract]
Aggregate Amount of Required Future Principal Payments on Mortgages payable	The aggregate amount of required future principal payments on mortgages payable as of July 31, 2015, excluding $293.0 million in outstanding mortgage indebtedness related to assets held for sale, is as follows: Fiscal year ended April 30, (in thousands) 2016 (remainder) $ 65,336 2017 41,973 2018 39,278 2019 116,848 2020 72,598 Thereafter 333,701 Total payments $ 669,734

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Jul. 31, 2015
FAIR VALUE MEASUREMENTS [Abstract]
Fair Value Measurements on a Nonrecurring Basis	The aggregate fair value of these assets by their levels in the fair value hierarchy are as follows: (in thousands) Total Level 1 Level 2 Level 3 July 31, 2015 Real estate investments $ 575 $ 0 $ 0 $ 575 Real estate held for sale 2,900 0 0 2,900 April 30, 2015 Real estate held for sale 7,100 0 0 7,100
Estimated Fair Values of Financial Instruments	The estimated fair values of the Company’s financial instruments as of July 31, 2015 and April 30, 2015, are as follows: (in thousands) July 31, 2015 April 30, 2015 Carrying Amount Fair Value Carrying Amount Fair Value FINANCIAL ASSETS Cash and cash equivalents $ 44,770 $ 44,770 $ 48,970 $ 48,970 Other investments 329 329 329 329 FINANCIAL LIABILITIES Other debt 165,854 165,511 144,090 143,749 Line of credit 83,500 83,500 60,500 60,500 Mortgages payable 669,743 778,990 668,112 749,604 Mortgages payable related to assets held for sale 293,021 409,931 306,716 374,818

REDEEMABLE NONCONTROLLING INT30

REDEEMABLE NONCONTROLLING INTERESTS (Tables)	3 Months Ended
	Jul. 31, 2015
REDEEMABLE NONCONTROLLING INTERESTS [Abstract]
Redeemable Noncontrolling Interest	Below is a table reflecting the activity of the redeemable noncontrolling interests. (in thousands) Balance at April 30, 2015 $ 6,368 Net loss (7) Balance at July 31, 2015 $ 6,361 (in thousands) Balance at April 30, 2014 $ 6,203 Net income 110 Balance at July 31, 2014 $ 6,313

SUBSEQUENT EVENTS (Tables)

SUBSEQUENT EVENTS (Tables)	3 Months Ended
	Jul. 31, 2015
SUBSEQUENT EVENTS [Abstract]
Common and Preferred Share Distributions	Common and Preferred Share Distributions. Class of shares/units Quarterly Amount per Share or Unit Record Date Payment Date Common shares and limited partnership units $ 0.1300 September 15, 2015 October 1, 2015 Preferred shares: Series A $ 0.5156 September 15, 2015 September 30, 2015 Series B $ 0.4968 September 15, 2015 September 30, 2015

ORGANIZATION (Details)

ORGANIZATION (Details) - Jul. 31, 2015 ft² in Millions	ft²PropertyUnit
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	100
Number of apartment units owned | Unit	12,027
Commercial Properties [Member]
Real Estate Properties [Line Items]
Number of real estate properties	81
Net rentable area (in square feet) | ft²	4.4
Commercial Properties [Member] | Held for Sale [Member]
Real Estate Properties [Line Items]
Number of real estate properties	67

BASIS OF PRESENTATION AND SIG33

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Details)	3 Months Ended		12 Months Ended
	Jul. 31, 2015USD ($)PropertyRedemptionshares	Jul. 31, 2014USD ($)Property	Apr. 30, 2015USD ($)Property
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Interest in operating partnership (in hundredths)	90.00%		89.90%
Redemption basis	one-for-one
Redemptions by limited partner, maximum | Redemption	2
Number of units to redeem, minimum (in units) | shares	1,000
Period to hold the beneficial interest, minimum	1 year
Real Estate Properties [Line Items]
Impairment of property	$ 1,725,000	$ 2,320,000
Impairment of real estate investments	$ 1,285,000	$ 2,320,000
Number of impairment properties | Property	2	2
Held For Sale [Line Items]
Assets held for sale	$ 453,217,000		$ 463,103,000
Liabilities held for sale	308,812,000		$ 321,393,000
Compensating Balances [Line Items]
Compensating balances	$ 14,200,000
Remaining terms of certificates of deposit	1 year
Decrease in lender holdbacks	$ 1,354,000	$ 609,000
Increase in lender holdbacks	$ 292,000	326,000
Office Properties [Member]
Held For Sale [Line Items]
Number of properties | Property	48
Retail Properties [Member]
Held For Sale [Line Items]
Number of properties | Property	17
Healthcare Properties [Member]
Held For Sale [Line Items]
Number of properties | Property	2
Eden Prairie, Minnesota, Office Property [Member]
Real Estate Properties [Line Items]
Impairment of property	$ 440,000
Number of impairment properties | Property	1
Grand Chute, Wisconsin, Parcel of Land [Member]
Real Estate Properties [Line Items]
Impairment of property	$ 1,285,000
Number of impairment properties | Property	1
Kalispell, Montana, Retail Property [Member]
Real Estate Properties [Line Items]
Impairment of property		$ 2,100,000
Number of impairment properties | Property		1
Golden Valley, Minnesota, Office Property [Member]
Real Estate Properties [Line Items]
Impairment of property		$ 183,000
Number of impairment properties | Property		1
Discontinued Operations [Member]
Real Estate Properties [Line Items]
Impairment of real estate investments	$ 440,000	$ 0
Discontinued Operations [Member] | Eden Prairie, Minnesota, Office Property [Member]
Real Estate Properties [Line Items]
Impairment of real estate investments	$ 440,000
Held for Sale [Member] | Office Properties [Member]
Held For Sale [Line Items]
Number of properties | Property	48		49
Held for Sale [Member] | Retail Properties [Member]
Held For Sale [Line Items]
Number of properties | Property	17		17
Held for Sale [Member] | Healthcare Properties [Member]
Held For Sale [Line Items]
Number of properties | Property	2		2
First International Bank, Watford City, North Dakota [Member]
Compensating Balances [Line Items]
Compensating balances	$ 6,000,000
Private Bank, Minneapolis, Minnesota [Member]
Compensating Balances [Line Items]
Compensating balances	2,000,000
Associated Bank, Green Bay, Wisconsin [Member]
Compensating Balances [Line Items]
Compensating balances	3,600,000
American National Bank, Omaha, Nebraska [Member]
Compensating Balances [Line Items]
Compensating balances	400,000
Dacotah Bank, Minot, North Dakota [Member]
Compensating Balances [Line Items]
Compensating balances	350,000
United Community Bank, Minot, North Dakota [Member]
Compensating Balances [Line Items]
Compensating balances	275,000
Peoples State Bank of Velva, North Dakota [Member]
Compensating Balances [Line Items]
Compensating balances	225,000
Commerce Bank, a Minnesota Banking Corporation [Member]
Compensating Balances [Line Items]
Compensating balances	100,000
Bremer Bank, Saint Paul, Minnesota [Member]
Compensating Balances [Line Items]
Compensating balances	1,300,000
United Community and Dacotah Bank [Member] | Other Investments [Member]
Compensating Balances [Line Items]
Certificates of deposit	$ 329,000

BASIS OF PRESENTATION AND SIG34

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES, GOODWILL AND INTANGIBLES (Details)	3 Months Ended
	Jul. 31, 2015USD ($)Property	Jul. 31, 2014USD ($)	Apr. 30, 2015USD ($)
IDENTIFIED INTANGIBLE ASSETS AND INTANGIBLE LIABILITIES AND GOODWILL [Abstract]
New intangible assets	$ 0	$ 265,000
Addition to intangible liabilities	$ 0	$ 0
Weighted average lives of intangible assets and intangible liabilities		6 months
Identified intangible assets (included in intangible assets) [Abstract]
Gross carrying amount	$ 45,822,000		$ 45,823,000
Accumulated amortization	(20,643,000)		(19,610,000)
Net carrying amount	25,179,000		26,213,000
Identified intangible liabilities (included in other liabilities) [Abstract]
Gross carrying amount	82,000		82,000
Accumulated amortization	(63,000)		(61,000)
Net carrying amount	19,000		21,000
Estimated annual amortization [Abstract]
Goodwill book value	1,718,000		1,718,000
Goodwill recognized	0	$ 852,000
Held-for-Sale Properties [Member]
Estimated annual amortization [Abstract]
Goodwill book value	$ 193,000		193,000
Office Properties [Member]
Real Estate Properties [Line Items]
Number of real estate properties classified as held for sale | Property	48
Number of real estate properties classified as held for sale in discontinued operations | Property	48
Retail Properties [Member]
Real Estate Properties [Line Items]
Number of real estate properties classified as held for sale | Property	17
Number of real estate properties classified as held for sale in discontinued operations | Property	17
Healthcare Properties [Member]
Real Estate Properties [Line Items]
Number of real estate properties classified as held for sale | Property	2
Number of real estate properties classified as held for sale in discontinued operations | Property	1
Acquired below-market leases and acquired above-market leases [Member]
Identified intangible liabilities (included in other liabilities) [Abstract]
Amortization of intangible assets	$ 6,000	6,000
Estimated annual amortization [Abstract]
2,017			11,000,000
2,018			(3,000,000)
2,019			(3,000,000)
2,020			(1,000,000)
2,021			0
Other identified intangible assets [Member]
Identified intangible liabilities (included in other liabilities) [Abstract]
Amortization of intangible assets	$ 1,000,000	$ 1,200,000
Estimated annual amortization [Abstract]
2,017			3,698,000
2,018			3,469,000
2,019			3,433,000
2,020			3,390,000
2,021			$ 3,268,000

BASIS OF PRESENTATION AND SIG35

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES, INVOL CONV OF ASSETS, FINANCING LIAB, VIE (Details) $ in Thousands	3 Months Ended
	Jul. 31, 2015USD ($)Partners	Jul. 31, 2013USD ($)	Jul. 30, 2013USD ($)
Other Liabilities [Line Items]
Proceeds from sale of property		$ 7,900
Contract for deed			$ 29,000
Sale lease-back recorded in other liabilities			$ 7,900
IRET - Minot Apartments, LLC [Member]
Variable Interest Entity [Line Items]
Percentage of ownership in VIE (in hundredths)	52.90%
IRET - Minot Apartments, LLC [Member] | Third Party Debt [Member]
Variable Interest Entity [Line Items]
Percentage of project financed (in hundredths)	69.00%
IRET - Minot Apartments, LLC [Member] | Debt from IRET [Member]
Variable Interest Entity [Line Items]
Percentage of project financed (in hundredths)	7.00%
IRET - Minot Apartments, LLC [Member] | Real Estate Development Company [Member]
Variable Interest Entity [Line Items]
Percentage of ownership in VIE (in hundredths)	47.10%
IRET - 71 France, LLC [Member]
Variable Interest Entity [Line Items]
Estimated total costs of joint venture project	$ 73,290
Number of other partners in joint venture | Partners	2
Percentage of ownership in VIE (in hundredths)	52.60%
Threshold in-service period of project	24 months
IRET - 71 France, LLC [Member] | Third Party Debt [Member]
Variable Interest Entity [Line Items]
Percentage of project financed (in hundredths)	69.00%
IRET - 71 France, LLC [Member] | Debt from IRET [Member]
Variable Interest Entity [Line Items]
Percentage of project financed (in hundredths)	7.00%
IRET - 71 France, LLC [Member] | Real Estate Development Company [Member]
Variable Interest Entity [Line Items]
Percentage of ownership in VIE (in hundredths)	47.40%
Financing Liability [Member]
Other Liabilities [Line Items]
Financing liability balance	$ 7,900

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Jul. 31, 2015	Jul. 31, 2014
EARNINGS PER SHARE [Abstract]
Redemption basis	one-for-one
Period to hold the beneficial interest, minimum	1 year
NUMERATOR [Abstract]
Income (loss) from continuing operations - Investors Real Estate Trust	$ 5,161	$ (671)
(Loss) income from discontinued operations - Investors Real Estate Trust	(621)	520
Net income (loss) attributable to Investors Real Estate Trust	4,540	(151)
Dividends to preferred shareholders	(2,879)	(2,879)
Numerator for basic earnings per share - net income (loss) available to common shareholders	1,661	(3,030)
Noncontrolling interests - Operating Partnership	186	(402)
Numerator for diluted earnings per share	$ 1,847	$ (3,432)
DENOMINATOR [Abstract]
Denominator for basic earnings per share weighted average shares (in shares)	124,855	111,039
Effect of convertible operating partnership units (in shares)	13,951	20,293
Denominator for diluted earnings per share (in shares)	138,806	131,332
Earnings (loss) per common share from continuing operations - Investors Real Estate Trust - basic and diluted	$ 0.02	$ (0.03)
Loss per common share from discontinued operations - Investors Real Estate Trust - basic and diluted	(0.01)	0
NET INCOME (LOSS) PER COMMON SHARE - BASIC & DILUTED (in dollars per share)	$ 0.01	$ (0.03)

EQUITY (Details)

EQUITY (Details) - USD ($)	3 Months Ended
	Jul. 31, 2015	Jul. 31, 2014
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Aggregate offering price	$ 75,000,000
Units converted to common shares (in shares)	78,000	3,100,000
Units converted to common shares	$ 576,000	$ 18,300,000
2008 Incentive Award Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Shares issued (in shares)	220,000	204,000
Shares issued	$ 1,600,000	$ 1,900,000
Restricted shares (in shares)	108,000
Distribution Reinvestment and Share Purchase Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Shares issued (in shares)	766,000	2,400,000
Shares issued	$ 5,200,000	$ 20,900,000
Shares registered (in shares)	10,000
Average price of shares issued (in dollars per share)	$ 6.84	$ 8.64
Distribution Reinvestment Waiver [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Shares issued (in shares)		926,000
Shares issued		$ 8,000,000
Average price of shares issued (in dollars per share)		$ 8.64

SEGMENT REPORTING (Details)

SEGMENT REPORTING (Details) $ in Thousands		3 Months Ended
		Jul. 31, 2015USD ($)Segment	Jul. 31, 2014USD ($)	Apr. 30, 2015USD ($)	Apr. 30, 2014USD ($)
SEGMENT REPORTING [Abstract]
Number of reportable segments | Segment		3
Segment revenues and net operating income [Abstract]
Real estate revenue		$ 49,918	$ 48,421
Real estate expenses		18,400	18,252
Net operating income		31,518	30,169
TRS senior housing revenue		1,038	793
TRS senior housing expenses		(769)	(693)
Depreciation/amortization		(13,443)	(12,435)
Administrative expenses		(2,454)	(3,664)
Other expenses		(424)	(612)
Impairment of real estate investments		(1,285)	(2,320)
Interest expense		(9,196)	(9,747)
Interest and other income		607	686
Income before loss on sale of real estate and other investments and income from discontinued operations		5,592	2,177
Loss on sale of real estate and other investments		(175)	(2,993)
Income (loss) from continuing operations		5,417	(816)
Loss from discontinued operations		(690)	617
NET INCOME (LOSS)		4,727	(199)
Segment Assets [Abstract]
Property owned		1,618,948		$ 1,546,367
Less accumulated depreciation		(325,536)		(313,308)
Total property owned		1,293,412		1,233,059
Assets held for sale		453,217		463,103
Cash and cash equivalents		44,770	60,620	48,970	$ 47,267
Other investments		329		329
Receivables and other assets		74,609		72,555
Development in progress		133,794		153,994
Unimproved land		24,542		25,827
TOTAL ASSETS		2,024,673		1,997,837
All Other [Member]
Segment revenues and net operating income [Abstract]
Real estate revenue	[1]	1,211	2,922
Real estate expenses	[1]	250	1,225
Net operating income	[1]	961	1,697
Segment Assets [Abstract]
Property owned	[2]	44,215		44,215
Less accumulated depreciation	[2]	(9,544)		(9,123)
Total property owned	[2]	34,671		35,092
Operating Segments [Member] | Multi-Family Residential [Member]
Segment revenues and net operating income [Abstract]
Real estate revenue		31,379	27,727
Real estate expenses		13,922	12,221
Net operating income		17,457	15,506
Segment Assets [Abstract]
Property owned		989,958		946,520
Less accumulated depreciation		(188,062)		(180,414)
Total property owned		801,896		766,106
Operating Segments [Member] | Healthcare [Member]
Segment revenues and net operating income [Abstract]
Real estate revenue		15,706	16,202
Real estate expenses		3,832	4,356
Net operating income		11,874	11,846
Segment Assets [Abstract]
Property owned		524,414		495,021
Less accumulated depreciation		(116,254)		(112,515)
Total property owned		408,160		382,506
Operating Segments [Member] | Industrial [Member]
Segment revenues and net operating income [Abstract]
Real estate revenue		1,622	1,570
Real estate expenses		396	450
Net operating income		1,226	$ 1,120
Segment Assets [Abstract]
Property owned		60,361		60,611
Less accumulated depreciation		(11,676)		(11,256)
Total property owned		$ 48,685		$ 49,355
[1]	NOI from segments below the quantitative thresholds is attributable to the Company's office and retail segments. Both of these segments met the quantitative threshold for determining reportable segments prior to the first quarter of fiscal year 2016, at which time the Company classified the majority of the properties in these segments as held for sale and discontinued operations.
[2]	Property owned from segments below the quantitative thresholds is attributable to the Company's office and retail segments. Both of these segments met the quantitative threshold for determining reportable segments prior to the first quarter of fiscal year 2016, at which time the Company classified the majority of the properties in these segments as held for sale and discontinued operations.

COMMITMENTS AND CONTINGENCIES39

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands		3 Months Ended
		Jul. 31, 2015USD ($)ft²PropertyUnit	Jul. 31, 2014USD ($)	Apr. 30, 2015USD ($)
Real Estate Properties [Line Items]
Total property cost subject to purchase options		$ 1,618,948		$ 1,546,367
Total gross rental revenue from properties subject to purchase options		$ 45,522	$ 43,564
Redemption basis		one-for-one
Period to hold the beneficial interest, 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		$ 100,300	154,400
Tenant Improvements		$ 7,800
Commitment period for tenant improvements		12 months
Anticipated Total Cost		$ 297,947
Project costs incurred to date		241,283
Construction interest capitalized		2,300	$ 1,000
Properties Classified as Discontinued Operations [Member]
Real Estate Properties [Line Items]
Amount to be exchanged under Section 1031		$ 37,300
Subject to Purchase Options [Member]
Real Estate Properties [Line Items]
Number of properties | Property		15
Total property cost subject to purchase options		$ 114,900
Total gross rental revenue from properties subject to purchase options		$ 2,500
Subject to Restrictions on Taxable Dispositions [Member]
Real Estate Properties [Line Items]
Number of properties | Property		93
Area of real estate property | ft²		4,200,000
Number of apartment units at properties subject to restrictions on taxable dispositions | Unit		5,022
Real estate investment amount of properties (net of accumulated depreciation)		$ 741,900
Subject to Restrictions on Taxable Dispositions [Member] | Properties Classified as Discontinued Operations [Member]
Real Estate Properties [Line Items]
Number of properties | Property		17
Held for Sale Properties [Member]
Real Estate Properties [Line Items]
Tenant Improvements		$ 5,200
Eden Prairie, MN [Member] | Office Property [Member]
Real Estate Properties [Line Items]
Sales price of pending disposition		$ 2,900
Cardinal Point, Grand Forks, North Dakota [Member] | Multi-Family Residential [Member]
Real Estate Properties [Line Items]
Number of apartment units | Unit		251
Anticipated Total Cost		$ 40,042
Project costs incurred to date		$ 33,704
Estimated quarter for completion		3
Estimated year for completion		2,016
Grand Forks, ND [Member] | Multi-Family Residential [Member]
Real Estate Properties [Line Items]
Number of apartment units pending acquisition | Unit		74
Purchase price of pending acquisition		$ 9,300
Value of limited partnership units to be issued in pending acquisition		400
Cash to be paid for pending acquisition		$ 8,900
Monticello Crossings Phase I - Monticello, MN [Member] | Multi-Family Residential [Member]
Real Estate Properties [Line Items]
Number of apartment units | Unit	[1]	136
Anticipated Total Cost	[1]	$ 19,097
Project costs incurred to date	[1]	$ 1,978
Estimated quarter for completion	[1]	2
Estimated year for completion	[1]	2,017
Minot Southgate Retail Minot ND [Member] | Commercial Other [Member]
Real Estate Properties [Line Items]
Area of real estate property | ft²		7,963
Anticipated Total Cost		$ 2,923
Project costs incurred to date		$ 2,550
Estimated quarter for completion		2
Estimated year for completion		2,016
Rochester, MN [Member] | Multi-Family Residential [Member]
Real Estate Properties [Line Items]
Number of apartment units pending acquisition | Unit		276
Purchase price of pending acquisition		$ 56,000
Chateau II - Minot, ND [Member] | Multi-Family Residential [Member]
Real Estate Properties [Line Items]
Number of apartment units | Unit		72
Anticipated Total Cost		$ 14,711
Project costs incurred to date		$ 14,600
Deer Ridge - Jamestown, ND [Member] | Multi-Family Residential [Member]
Real Estate Properties [Line Items]
Number of apartment units | Unit		163
Anticipated Total Cost		$ 24,519
Project costs incurred to date		$ 20,627
Estimated quarter for completion		3
Estimated year for completion		2,016
71 France Phase I, II, & III - Edina Mn [Member] | Multi-Family Residential [Member]
Real Estate Properties [Line Items]
Area of real estate property | ft²		21,772
Number of apartment units | Unit	[2]	241
Anticipated Total Cost	[2]	$ 73,290
Project costs incurred to date	[2]	$ 50,455
Estimated quarter for completion	[2]	1
Estimated year for completion	[2]	2,017
Interest in joint venture (in hundredths)		52.60%
PrairieCare Medical - Brooklyn Park, MN [Member] | Commercial Healthcare [Member]
Real Estate Properties [Line Items]
Area of real estate property | ft²		70,756
Anticipated Total Cost		$ 24,251
Project costs incurred to date		$ 23,424
Estimated quarter for completion		2
Estimated year for completion		2,016
Renaissance Heights - Williston ND [Member] | Multi-Family Residential [Member]
Real Estate Properties [Line Items]
Number of apartment units | Unit	[3]	288
Anticipated Total Cost	[3]	$ 62,362
Project costs incurred to date	[3]	$ 62,339
Interest in joint venture (in hundredths)		70.00%
Edina 6565 France SMC III - Edina, MN [Member] | Commercial Healthcare [Member]
Real Estate Properties [Line Items]
Area of real estate property | ft²	[4]	57,624
Anticipated Total Cost	[4]	$ 36,752
Project costs incurred to date	[4]	28,816
Minnesota, Nebraska, North Dakota [Member] | Retail [Member]
Real Estate Properties [Line Items]
Sales price of pending disposition		$ 80,600
Number of properties | Property		17
Other [Member]
Real Estate Properties [Line Items]
Project costs incurred to date		$ 2,790
[1]	This project will be constructed in two phases with approximately 202 units and an anticipated total cost of $ 31.5 million.
[2]	The project will be constructed in three phases by a joint venture entity in which the Company has an approximately 52.6% interest. The anticipated total cost amount given in the table above is the total cost to the joint venture entity. The anticipated total cost includes approximately 21,772 square feet of retail space.
[3]	The Company is currently an approximately 70.0% partner in the joint venture entity constructing this project. The anticipated total cost amount given is the total cost to the joint venture entity.
[4]	Anticipated total cost includes estimated tenant improvement costs that have not been incurred as of July 31, 2015.

DISCONTINUED OPERATIONS (Detail

DISCONTINUED OPERATIONS (Details) $ in Thousands		3 Months Ended
		Jul. 31, 2015USD ($)Property	Jul. 31, 2014USD ($)	Apr. 30, 2015USD ($)
REVENUE
Real estate rentals		$ 45,522	$ 43,564
Tenant reimbursement		4,396	4,857
TOTAL REVENUE		50,956	49,214
EXPENSES
Depreciation/amortization related to real estate investments		13,272	12,214
Utilities		3,206	2,945
Maintenance		5,374	4,986
Real estate taxes		4,917	4,987
Insurance		1,100	1,462
Property management expenses		3,871	3,666
Amortization related to non-real estate investments		171	221
Impairment of real estate investments		1,285	2,320
TOTAL EXPENSES		36,775	37,976
Interest expense		(9,196)	(9,747)
Default interest	[1]	1,500	0
Other income		51	126
INCOME FROM DISCONTINUED OPERATIONS		(690)	617
Carrying amounts of major classes of assets included as part of discontinued operations
Property owned and intangible assets, net of accumulated depreciation and amortization		414,380		$ 417,045
Receivable arising from straight-lining of rents		9,843		10,078
Accounts receivable		759		566
Prepaid and other assets		443		699
Tax, insurance and other escrow		1,017		1,176
Goodwill		193		193
Deferred charges and leasing costs		9,918		9,606
Total major classes of assets of the discontinued operations		436,553		439,363
Other assets included in the disposal group classified as held for sale		16,664		23,740
Total assets of the disposal groups classified as held for sale on the balance sheet		453,217		463,103
Carrying amounts of major classes of liabilities included as part of discontinued operations
Accounts payable and accrued expenses		15,173		13,952
Mortgages payable		282,106		295,677
Other		0		4
Total major classes of liabilities of the discontinued operations		297,279		309,633
Other liabilities included in the disposal group classified as held for sale		11,533		11,760
Total liabilities of the disposal groups classified as held for sale on the balance sheet		308,812		$ 321,393
Defaulted Mortgage [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Non-recourse loan		$ 122,600
Retail Properties [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties held for sale | Property		17
Office [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties held for sale | Property		48
Number of loan properties | Property		9
Healthcare Properties [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties held for sale | Property		1
Discontinued Operations [Member]
REVENUE
Real estate rentals		$ 13,614	13,562
Tenant reimbursement		6,164	5,854
TOTAL REVENUE		19,778	19,416
EXPENSES
Depreciation/amortization related to real estate investments		4,239	3,970
Utilities		1,743	1,736
Maintenance		2,992	2,778
Real estate taxes		3,419	3,514
Insurance		265	274
Property management expenses		1,051	964
Amortization related to non-real estate investments		624	651
Impairment of real estate investments		440	0
TOTAL EXPENSES		14,773	13,887
Operating income (loss)		5,005	5,529
Interest expense	[1]	(5,765)	(4,917)
Other income		70	5
INCOME FROM DISCONTINUED OPERATIONS		$ (690)	$ 617
[1]	Includes $1.5 million and $0, respectively, of default interest related to a $122.6 million non-recourse loan by a Company subsidiary, for which we received a default notice from the special servicer on April 14, 2015 due to nonpayment on April 6, 2015.

ACQUISITIONS, DEVELOPMENTS PL41

ACQUISITIONS, DEVELOPMENTS PLACED IN SERVICE AND DISPOSITIONS, PROPERTY ACQUISITIONS (Details)		3 Months Ended
		Jul. 31, 2015USD ($)Property	Jul. 31, 2014USD ($)PropertyUnit
Business Acquisition [Line Items]
Transaction costs expensed during the period			$ 75,000
Acquisitions and development projects placed in service [Abstract]
Total acquisition cost			26,578,000
Form of consideration, cash			12,996,000
Form of consideration, other	[1]		13,582,000
Investment allocation, land			9,168,000
Investment allocation, building			17,145,000
Investment allocation, intangible assets			265,000
Goodwill, acquired during period		$ 0	852,000
Results of operations from acquired properties [Abstract]
Total revenue			362,000
Net income			$ 20,000
Office [Member]
Results of operations from acquired properties [Abstract]
Number of properties sold | Property		1	1
Multi-Family Residential [Member]
Acquisitions and development projects placed in service [Abstract]
Total acquisition cost			$ 18,280,000
Form of consideration, cash			6,111,000
Form of consideration, other	[1]		12,169,000
Investment allocation, land			870,000
Investment allocation, building			17,145,000
Investment allocation, intangible assets			$ 265,000
Multi-Family Residential [Member] | Homestead Garden - Rapid City, SD [Member]
Acquisitions and development projects placed in service [Abstract]
Date acquired	[2]		Jun. 2, 2014
Total acquisition cost	[2]		$ 15,000,000
Form of consideration, cash	[2]		5,092,000
Form of consideration, other	[1],[2]		9,908,000
Investment allocation, land	[2]		655,000
Investment allocation, building	[2]		14,139,000
Investment allocation, intangible assets	[2]		$ 206,000
Number of units | Unit	[2]		152
Goodwill, acquired during period			$ 852,000
Assumed debt			$ 9,900,000
Multi-Family Residential [Member] | Silver Springs - Rapid City, SD [Member]
Acquisitions and development projects placed in service [Abstract]
Date acquired			Jun. 2, 2014
Total acquisition cost			$ 3,280,000
Form of consideration, cash			1,019,000
Form of consideration, other	[1]		2,261,000
Investment allocation, land			215,000
Investment allocation, building			3,006,000
Investment allocation, intangible assets			$ 59,000
Number of units | Unit			52
Assumed debt			$ 2,300,000
Commercial Industrial [Member]
Results of operations from acquired properties [Abstract]
Number of properties sold | Property			1
Unimproved Land [Member]
Acquisitions and development projects placed in service [Abstract]
Total acquisition cost			$ 8,298,000
Form of consideration, cash			6,885,000
Form of consideration, other	[1]		1,413,000
Investment allocation, land			8,298,000
Investment allocation, building			0
Investment allocation, intangible assets			$ 0
Unimproved Land [Member] | Creekside Crossing - Bismarck, ND [Member]
Acquisitions and development projects placed in service [Abstract]
Date acquired			May 22, 2014
Total acquisition cost			$ 4,269,000
Form of consideration, cash			4,269,000
Form of consideration, other	[1]		0
Investment allocation, land			4,269,000
Investment allocation, building			0
Investment allocation, intangible assets			$ 0
Unimproved Land [Member] | PrairieCare Medical - Brooklyn Park, MN [Member]
Acquisitions and development projects placed in service [Abstract]
Date acquired			Jun. 5, 2014
Total acquisition cost			$ 2,616,000
Form of consideration, cash			2,616,000
Form of consideration, other	[1]		0
Investment allocation, land			2,616,000
Investment allocation, building			0
Investment allocation, intangible assets			$ 0
Unimproved Land [Member] | 71 France Phase I - Edina, MN [Member]
Acquisitions and development projects placed in service [Abstract]
Date acquired	[3]		Jun. 12, 2014
Total acquisition cost	[3]		$ 1,413,000
Form of consideration, cash	[3]		0
Form of consideration, other	[1],[3]		1,413,000
Investment allocation, land	[3]		1,413,000
Investment allocation, building	[3]		0
Investment allocation, intangible assets	[3]		$ 0
Interest held (in hundredths)			52.60%
JV partner contributions			$ 1,400,000
[1]	Consists of assumed debt (Homestead Garden I: $9.9 million, Silver Springs: $2.3 million) and value of land contributed by the joint venture partner (71 France: $1.4 million).
[2]	At acquisition, the Company adjusted the assumed debt to fair value and recognized approximately $852,000 of goodwill.
[3]	Land was contributed to a joint venture in which the Company has an approximately 52.6% interest. The joint venture is consolidated in IRET's financial statements.

ACQUISITIONS, DEVELOPMENTS PL42

ACQUISITIONS, DEVELOPMENTS PLACED IN SERVICE AND DISPOSITIONS, DEVELOPMENT PROJECTS PLACED IN SERVICE (Details) $ in Thousands		3 Months Ended			12 Months Ended
		Jul. 31, 2015USD ($)ft²Unit	Jul. 31, 2014USD ($)		Apr. 30, 2015USD ($)Unit	Apr. 30, 2014USD ($)
Business Acquisition [Line Items]
Land			$ 9,168
Building			17,145
Multi-Family Residential [Member]
Business Acquisition [Line Items]
Land			870
Building			17,145
Unimproved Land [Member]
Business Acquisition [Line Items]
Land			8,298
Building			0
Development Projects Placed in Service [Member]
Business Acquisition [Line Items]
Land		$ 3,320	823
Building		102,435	9,442
Development cost		105,755	$ 10,265
Development Projects Placed in Service [Member] | Multi-Family Residential [Member]
Business Acquisition [Line Items]
Land		3,320
Building		73,619
Development cost		$ 76,939
Development Projects Placed in Service [Member] | Multi-Family Residential [Member] | Dakota Commons, Williston, North Dakota [Member]
Business Acquisition [Line Items]
Date placed in service	[1]		Jul. 15, 2014
Land	[1]		$ 823
Building	[1]		9,442
Development cost			$ 10,265	[1]	$ 2,200	$ 8,100
Number of apartment units owned | Unit					44
Development Projects Placed in Service [Member] | Multi-Family Residential [Member] | Chateau II - Minot, ND [Member]
Business Acquisition [Line Items]
Date placed in service	[2]	Jun. 1, 2015
Land	[2]	$ 240
Building	[2]	14,360
Development cost	[2]	14,600
Development cost paid		$ 2,300			$ 12,300
Number of apartment units owned | Unit		72
Development Projects Placed in Service [Member] | Multi-Family Residential [Member] | Renaissance Heights - Williston ND [Member]
Business Acquisition [Line Items]
Date placed in service	[3]	Jul. 27, 2015
Land	[3]	$ 3,080
Building	[3]	59,259
Development cost	[3]	62,339
Development cost paid		$ 4,600			57,700
Interest in joint venture (in hundredths)		70.00%
Number of apartment units owned | Unit		288
Development Projects Placed in Service [Member] | Healthcare [Member] | Edina 6565 France SMC III - Edina, MN [Member]
Business Acquisition [Line Items]
Date placed in service	[4]	Jun. 1, 2015
Land	[4]	$ 0
Building	[4]	28,816
Development cost	[4]	28,816
Development cost paid		$ 8,000			$ 20,800
Area of real estate property | ft²		57,624
[1]	Costs paid in prior fiscal years totaled $8.1 million. Additional costs paid in fiscal year 2015 totaled $2.2 million for a total project cost at July 31, 2014 of $10.3 million.
[2]	Costs paid in prior fiscal years totaled $12.3 million. Additional costs paid in fiscal year 2016 totaled $2.3 million, for a total project cost at July 31, 2015 of $14.6 million.
[3]	Costs paid in prior fiscal years totaled $57.7 million. Additional costs paid in fiscal year 2016 totaled $4.6 million, for a total project cost at July 31, 2015 of $62.3 million. The project is owned by a joint venture entity in which the Company has an approximately 70.0% interest. The joint venture is consolidated in IRET's financial statements.
[4]	Costs paid in prior fiscal years totaled $20.8 million. Additional costs paid in fiscal year 2016 totaled $8.0 million, for a total project cost at July 31, 2015 of $28.8 million.

ACQUISITIONS, DEVELOPMENTS PL43

ACQUISITIONS, DEVELOPMENTS PLACED IN SERVICE AND DISPOSITIONS, PROPERTY DISPOSITIONS (Details) $ in Thousands	3 Months Ended
	Jul. 31, 2015USD ($)ft²	Jul. 31, 2014USD ($)ft²
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sales price	$ 7,000	$ 6,700
Book value and sales cost	7,175	9,693
Gain/(loss)	$ (175)	(2,993)
Other Disposition [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sales price		3,100
Book value and sales cost		4,300
Gain/(loss)		$ (1,200)
Other Disposition [Member] | Thresher Square - Minneapolis, MN [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Date disposed	May 18, 2015
Sales price	$ 7,000
Book value and sales cost	7,175
Gain/(loss)	$ (175)
Area of real estate property | ft²	117,144
Other Disposition [Member] | Dewey Hill - Edina, MN [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Date disposed		May 19, 2014
Sales price		$ 3,100
Book value and sales cost		3,124
Gain/(loss)		$ (24)
Area of real estate property | ft²		73,338
Other Disposition [Member] | Weston Retail - Weston, WI [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Date disposed		Jul. 28, 2014
Book value and sales cost		$ 1,176
Gain/(loss)		$ (1,176)
Area of real estate property | ft²		25,644
Commercial Industrial [Member] | Eagan 2785 & 2795 - Eagan, MN [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Date disposed		Jul. 15, 2014
Sales price		$ 3,600
Book value and sales cost		5,393
Gain/(loss)		$ (1,793)
Area of real estate property | ft²		198,600

MORTGAGES PAYABLE AND LINE OF44

MORTGAGES PAYABLE AND LINE OF CREDIT (Details) $ in Thousands	3 Months Ended
	Jul. 31, 2015USD ($)PropertyLoan	Apr. 30, 2015USD ($)
Aggregate amount of required future principal payments on mortgages payable [Abstract]
Total payments	$ 669,734	$ 668,112
Mortgages Payable [Member]
Mortgages Payable [Abstract]
Interest rates on mortgages payable range, minimum (in hundredths)	2.69%
Interest rates on mortgages payable range, maximum (in hundredths)	8.25%
Mortgages maturity date	Jul. 1, 2036
Number of loans in default | Loan	1
Non-recourse loan	$ 122,600
Debt instrument maturity date	Oct. 6, 2015
Interest rate on mortgage payable (in hundredths)	5.93%
Fixed rate mortgages	$ 619,200	629,800
Variable rate mortgages	$ 50,600	$ 38,300
Weighted average rate of interest on mortgage debt (in hundredths)	4.89%	4.95%
Aggregate amount of required future principal payments on mortgages payable [Abstract]
2016 (remainder)	$ 65,336
2,017	41,973
2,018	39,278
2,019	116,848
2,020	72,598
Thereafter	333,701
Total payments	669,734
Mortgages Payable [Member] | Assets Held for Sale [Member]
Mortgages Payable [Abstract]
Minimum future principal payments		$ 293,000
Line of Credit [Member]
Line of Credit [Abstract]
Lending commitments	$ 100,000
Number of properties securing line of credit | Property	16
Line of credit, current interest rate (in hundredths)	4.75%
Line of credit, minimum outstanding principal balance	$ 17,500
Borrowed amount	$ 83,500	$ 60,500
Debt service coverage on aggregate assets	1.25
Debt service coverage on individual assets	1
Minimum depository accounts	$ 6,000
Non-interest bearing account	$ 1,500

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	Jul. 31, 2015	Apr. 30, 2015
Carrying Amount [Member]
FINANCIAL ASSETS [Abstract]
Cash and cash equivalents	$ 44,770	$ 48,970
Other investments	329	329
FINANCIAL LIABILITIES [Abstract]
Other debt	165,854	144,090
Line of credit	83,500	60,500
Mortgages payable	669,743	668,112
Mortgages payable related to assets held for sale	293,021	306,716
Fair Value [Member]
FINANCIAL ASSETS [Abstract]
Cash and cash equivalents	44,770	48,970
Other investments	329	329
FINANCIAL LIABILITIES [Abstract]
Other debt	165,511	143,749
Line of credit	83,500	60,500
Mortgages payable	778,990	749,604
Mortgages payable related to assets held for sale	409,931	374,818
Nonrecurring [Member]
Fair Value Measurements on a Nonrecurring Basis [Abstract]
Real Estate Investment	575
Real estate held for sale	2,900	7,100
Nonrecurring [Member] | Level 1 [Member]
Fair Value Measurements on a Nonrecurring Basis [Abstract]
Real Estate Investment	0
Real estate held for sale	0	0
Nonrecurring [Member] | Level 2 [Member]
Fair Value Measurements on a Nonrecurring Basis [Abstract]
Real Estate Investment	0
Real estate held for sale	0	0
Nonrecurring [Member] | Level 3 [Member]
Fair Value Measurements on a Nonrecurring Basis [Abstract]
Real Estate Investment	575
Real estate held for sale	$ 2,900	$ 7,100

REDEEMABLE NONCONTROLLING INT46

REDEEMABLE NONCONTROLLING INTERESTS (Details) $ in Thousands	3 Months Ended
	Jul. 31, 2015USD ($)JointVenture	Jul. 31, 2014USD ($)
Redeemable Noncontrolling Interest [Line Items]
Balance at beginning of fiscal year	$ 6,368
Balance at close of period	$ 6,361
Number of joint ventures | JointVenture	1
Agreement period of joint venture	4 years
Southgate - Minot, ND [Member]
Redeemable Noncontrolling Interest [Line Items]
Balance at beginning of fiscal year	$ 6,368	$ 6,203
Net (loss) income	(7)	110
Balance at close of period	$ 6,361	$ 6,313

SHARE BASED COMPENSATION (Detai

SHARE BASED COMPENSATION (Details) - USD ($)	3 Months Ended
	Jul. 31, 2015	Jul. 31, 2014
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares (in shares)	107,536
Awards vested during period (in shares)	0	0
Weighted average grant date fair value (in dollars per share)	$ 7.17
Unrecognized compensation cost related to non-vested share awards	$ 289,000
Trustee Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 66,000	$ 1,100,000
2008 Incentive Award Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares (in shares)	2,000,000
Term of award	10 years

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) $ / shares in Units, $ in Thousands	Aug. 20, 2015USD ($)ft²	Aug. 12, 2015USD ($)Property	Aug. 03, 2015USD ($)PropertyParcel	Jul. 31, 2015	Jul. 31, 2014USD ($)	Sep. 02, 2015$ / shares
Subsequent Event [Line Items]
Purchase price of acquired property					$ 26,578
Cash paid for acquisition of property					$ 12,996
Common Shares and Limited Partnership Units [Member]
Subsequent Event [Line Items]
Record date				Sep. 15, 2015
Payment date				Oct. 1, 2015
Series A Preferred Stock [Member]
Subsequent Event [Line Items]
Record date				Sep. 15, 2015
Payment date				Sep. 30, 2015
Series B Preferred Stock [Member]
Subsequent Event [Line Items]
Record date				Sep. 15, 2015
Payment date				Sep. 30, 2015
Subsequent Event [Member] | Common Shares and Limited Partnership Units [Member]
Subsequent Event [Line Items]
Quarterly amount per share or unit (in dollars per share) | $ / shares						$ 0.1300
Subsequent Event [Member] | Series A Preferred Stock [Member]
Subsequent Event [Line Items]
Quarterly amount per share or unit (in dollars per share) | $ / shares						0.5156
Subsequent Event [Member] | Series B Preferred Stock [Member]
Subsequent Event [Line Items]
Quarterly amount per share or unit (in dollars per share) | $ / shares						$ 0.4968
Subsequent Event [Member] | Healthcare [Member]
Subsequent Event [Line Items]
Number of units | Property			1
Subsequent Event [Member] | Healthcare [Member] | Omaha, Nebraska [Member]
Subsequent Event [Line Items]
Square footage acquired | ft²	28,000
Purchase price of acquired property	$ 6,500
Cash paid for acquisition of property	$ 6,500
Subsequent Event [Member] | Office Portfolio [Member]
Subsequent Event [Line Items]
Number of units | Property			33
Number of parcels of land sold | Parcel			1
Sales price of properties			$ 250,000
Gain on sale of properties			18,100
Gain (loss) on debt extinguishment			$ (4,800)
Subsequent Event [Member] | Office Portfolio [Member] | Mendota Heights, Minnesota [Member]
Subsequent Event [Line Items]
Number of units | Property		5
Sales price of properties		$ 40,000
Percentage of ownership in joint venture (in hundredths)		51.00%