Centerspace (CSR) 10-K 28 Jun 17 2017 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Apr. 30, 2017	Jun. 22, 2017	Oct. 31, 2016
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 Public Float			$ 726,914,604
Entity Common Stock, Shares Outstanding		120,622,114
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	FY
Document Type	10-K
Amendment Flag	false
Document Period End Date	Apr. 30, 2017

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands	Apr. 30, 2017	Apr. 30, 2016
Real estate investments
Property owned	$ 1,677,481	$ 1,681,471
Less accumulated depreciation	(340,417)	(312,889)
Total property owned	1,337,064	1,368,582
Development in progress		51,681
Unimproved land	18,455	20,939
Total real estate investments	1,355,519	1,441,202
Other assets
Assets held for sale and assets of discontinued operations	37,708	220,537
Cash and cash equivalents	28,819	66,698
Other investments		50
Receivable arising from straight-lining of rents, net of allowance of $340 and $333, respectively	7,822	7,179
Accounts receivable, net of allowance of $210 and $97, respectively	2,600	1,524
Real estate deposits	23,659
Prepaid and other assets	3,131	2,937
Intangible assets, net of accumulated amortization of $5,444 and $6,230, respectively	658	1,858
Tax, insurance, and other escrow	5,050	5,450
Property and equipment, net of accumulated depreciation of $1,199 and $1,058, respectively	901	1,011
Goodwill	1,572	1,680
Deferred charges and leasing costs, net of accumulated amortization of $4,038 and $3,719, respectively	7,075	4,896
TOTAL ASSETS	1,474,514	1,755,022
LIABILITIES
Liabilities held for sale and liabilities of discontinued operations	30,062	77,488
Accounts payable and accrued expenses	40,350	39,727
Revolving line of credit	57,050	17,500
Mortgages payable, net of unamortized loan costs of $5,137 and $4,931, respectively	661,960	812,393
Construction debt and other	41,817	82,130
TOTAL LIABILITIES	831,239	1,029,238
COMMITMENTS AND CONTINGENCIES (NOTE 15)
REDEEMABLE NONCONTROLLING INTERESTS - CONSOLIDATED REAL ESTATE ENTITIES	7,181	7,522
Investors Real Estate Trust shareholders' equity
Common Shares of Beneficial Interest (Unlimited authorization, no par value, 121,199,299 shares issued and outstanding at April 30, 2017 and 121,091,249 shares issued and outstanding at April 30, 2016)	916,121	922,084
Accumulated distributions in excess of net income	(466,541)	(442,000)
Total Investors Real Estate Trust shareholders' equity	560,937	618,758
Noncontrolling interests – Operating Partnership (15,617,216 units at April 30, 2017 and 16,285,239 units at April 30, 2016)	1,924	21,020
Noncontrolling interests - consolidated real estate entities	73,233	78,484
Total equity	636,094	718,262
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY	1,474,514	1,755,022
Series A Preferred Stock [Member]
Investors Real Estate Trust shareholders' equity
Preferred Shares of Beneficial Interest (Cumulative redeemable preferred shares)		27,317
Series B Preferred Stock [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 ($)	Apr. 30, 2017	Apr. 30, 2016
Other assets
Intangible assets, accumulated amortization	$ 5,444,000	$ 6,230,000
Property and equipment, accumulated depreciation	1,199,000	1,058,000
Deferred charges and leasing costs, accumulated amortization	4,275,000	3,719,000
LIABILITIES
Mortgages payable, loan costs	$ 3,480,000	$ 4,931,000
EQUITY
Common Shares of Beneficial Interest, no par value (in dollars per share)	$ 0	$ 0
Common Shares of Beneficial Interest, shares issued (in shares)	121,199,299	121,091,249
Common Shares of Beneficial Interest, shares outstanding (in shares)	121,199,299	121,091,249
Noncontrolling interests - Operating Partnership (in shares)	15,617,216	16,285,239
Receivable Arising from Straight-Lining of Rents [Member]
Other assets
Accounts receivable, allowance	$ 340,000	$ 333,000
Accounts Receivable [Member]
Other assets
Accounts receivable, allowance	$ 210,000	$ 97,000
Series A Preferred Stock [Member]
EQUITY
Preferred Shares of Beneficial Interest, par value (in dollars per share)	$ 0	$ 0
Preferred Shares of Beneficial Interest, shares issued (in shares)	0	1,150,000
Preferred Shares of Beneficial Interest, shares outstanding (in shares)	0	1,150,000
Preferred shares liquidation preference	$ 28,750,000	$ 28,750,000
Series B Preferred Stock [Member]
EQUITY
Preferred Shares of Beneficial Interest, 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 liquidation preference	$ 115,000,000	$ 115,000,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2017	Apr. 30, 2016	Apr. 30, 2015
REVENUE
Real estate rentals	$ 186,837	$ 170,698	$ 159,969
Tenant reimbursement	18,901	17,622	19,352
TOTAL REVENUE	205,738	188,320	179,321
EXPENSES
Property operating expenses, excluding real estate taxes	64,768	58,859	53,535
Real estate taxes	23,587	20,241	19,602
Depreciation and amortization	55,009	49,832	42,784
Impairment of real estate investments	57,028	5,543	4,663
General and administrative expenses	12,075	11,267	11,824
Acquisition and investment related costs	3,276	830	362
Other expenses	3,796	2,231	1,647
TOTAL EXPENSES	219,539	148,803	134,417
Operating (loss) income	(13,801)	39,517	44,904
Interest expense	(41,127)	(35,768)	(34,447)
Loss on extinguishment of debt	(3,099)	(106)
Interest income	369	81	62
Other income	807	317	718
(Loss) income before gain on sale of real estate and other investments, gain on bargain purchase and income from discontinued operations	(56,851)	4,041	11,237
Gain on sale of real estate and other investments	18,701	9,640	6,093
Gain on bargain purchase		3,424
(Loss) income from continuing operations	(38,150)	17,105	17,330
Income from discontinued operations	68,675	59,497	11,354
NET INCOME	30,525	76,602	28,684
Net income attributable to noncontrolling interests – Operating Partnership	(4,059)	(7,032)	(1,526)
Net loss (income) attributable to noncontrolling interests – consolidated real estate entities	16,881	2,436	(3,071)
Net income attributable to Investors Real Estate Trust	43,347	72,006	24,087
Dividends to preferred shareholders	(10,546)	(11,514)	(11,514)
Redemption of preferred shares	(1,435)
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS	$ 31,366	$ 60,492	$ 12,573
(Loss) earnings per common share from continuing operations – Investors Real Estate Trust – basic and diluted	$ (0.24)	$ 0.06	$ 0.02
Earnings per common share from discontinued operations – Investors Real Estate Trust – basic and diluted	0.50	0.43	0.09
NET INCOME PER COMMON SHARE – BASIC & DILUTED	$ 0.26	$ 0.49	$ 0.11

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (unaudited) - USD ($) shares in Thousands, $ in Thousands	Series A Preferred Stock [Member]ACCUMULATED DISTRIBUTIONS IN EXCESS OF NET INCOME [Member]	Series A Preferred Stock [Member]	Series B Preferred Stock [Member]ACCUMULATED DISTRIBUTIONS IN EXCESS OF NET INCOME [Member]	Series B Preferred Stock [Member]	PREFERRED SHARES [Member]	Common Shares and Limited Partnership Units [Member]	ACCUMULATED DISTRIBUTIONS IN EXCESS OF NET INCOME [Member]	NONREDEEMABLE NONCONTROLLING INTERESTS [Member]	Total
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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to Investors Real Estate Trust and noncontrolling interests							24,087	4,432	28,519
Distributions - common shares and units							(61,247)	(8,607)	(69,854)
Distributions - preferred shares	$ (2,372)	$ (2,372)	$ (9,142)	$ (9,142)					(11,514)
Distribution reinvestment and share purchase plan						$ 64,856			64,856
Distribution reinvestment and share purchase plan (in shares)						8,102
Shares issued and share-based compensation						$ 2,626			2,626
Shares issued and share-based compensation (in shares)						151
Partnership units issued								800	800
Redemption of units for common shares						$ 41,264		(41,264)
Redemption of units for common shares (in shares)						7,183
Contributions from nonredeemable noncontrolling interests - consolidated real estate entities								8,909	8,909
Distributions to nonredeemable noncontrolling interests - consolidated real estate entities								(3,926)	(3,926)
Other						$ (146)		138	(8)
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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to Investors Real Estate Trust and noncontrolling interests							72,006	4,562	76,568
Distributions - common shares and units							(64,060)	(7,230)	(71,290)
Distributions - preferred shares	(2,372)	(2,372)	(9,142)	(9,142)					(11,514)
Distribution reinvestment and share purchase plan						$ 5,619			5,619
Distribution reinvestment and share purchase plan (in shares)						821
Shares issued and share-based compensation						$ 1,728			1,728
Shares issued and share-based compensation (in shares)						185
Partnership units issued								18,226	18,226
Redemption of units for common shares						$ 1,477		(1,477)
Redemption of units for common shares (in shares)						273
Shares repurchased						$ (35,000)			(35,000)
Shares repurchased (in shares)						(4,643)
Distributions to nonredeemable noncontrolling interests - consolidated real estate entities								(7,029)	(7,029)
Adjustments to prior year redemption of units for common shares						$ (3,608)		3,608
Balance at Apr. 30, 2016					$ 138,674	$ 922,084	(442,000)	99,504	718,262
Balance (in shares) at Apr. 30, 2016					5,750	121,091
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to Investors Real Estate Trust and noncontrolling interests							43,347	(12,400)	30,947
Distributions - common shares and units							(55,907)	(7,453)	(63,360)
Distributions - preferred shares	$ (1,403)	$ (1,403)	$ (9,143)	$ (9,143)					(10,546)
Shares issued and share-based compensation						$ 358			358
Shares issued and share-based compensation (in shares)						389
Redemption of units for common shares						$ 875		(875)
Redemption of units for common shares (in shares)						503
Redemption of units for cash								(966)	(966)
Shares repurchased					$ (27,317)	$ (4,501)	(1,435)		(33,253)
Shares repurchased (in shares)					(1,150)	(778)
Contributions from nonredeemable noncontrolling interests - consolidated real estate entities								7,188	7,188
Distributions to nonredeemable noncontrolling interests - consolidated real estate entities								(174)	(174)
Conversion of to equity of notes receivable from nonredeemable noncontrolling interests – consolidated real estate entities								(7,366)	(7,366)
Acquisition of nonredeemable noncontrolling interests – consolidated real estate entities						$ (2,677)		(2,261)	(4,938)
Other						$ (18)		(40)	(58)
Other (in shares)						(6)
Balance at Apr. 30, 2017					$ 111,357	$ 916,121	$ (466,541)	$ 75,157	$ 636,094
Balance (in shares) at Apr. 30, 2017					4,600	121,199

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2017	Apr. 30, 2016	Apr. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 30,525	$ 76,602	$ 28,684
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	56,525	50,978	43,762
Depreciation and amortization from discontinued operations	87	14,477	28,316
Gain on sale of real estate, land, other investments and discontinued operations	(74,847)	(33,423)	(6,093)
Loss (gain) on extinguishment of debt and discontinued operations	1,041	(35,552)
Gain on bargain purchase		(3,424)
Share-based compensation expense	6	2,256	2,215
Impairment of real estate investments	57,028	5,983	6,105
Bad debt expense	499	651	967
Write off prepaid development costs	3,161
Changes in other assets and liabilities:
Receivable arising from straight-lining of rents	(662)	(437)	(64)
Accounts receivable	930	1,815	4,058
Prepaid and other assets	(244)	762	(150)
Tax, insurance and other escrow	(123)	1,463	1,445
Deferred charges and leasing costs	(2,430)	(1,366)	(2,300)
Accounts payable, accrued expenses and other liabilities	2,434	(14,292)	7,234
Net cash provided by operating activities	73,930	66,493	114,179
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from real estate deposits	1,370	5,203	1,168
Payments for real estate deposits	(25,029)	(2,714)	(3,512)
Decrease in other investments	50	279
Decrease in lender holdbacks for improvements	2,665	4,347	10,738
Increase in lender holdbacks for improvements	(903)	(1,136)	(1,204)
Proceeds from sale of discontinued operations	237,135	365,845
Proceeds from sale of real estate and other investments	47,354	40,306	73,835
Insurance proceeds received	88	1,320	2,678
Payments for acquisitions of real estate assets		(121,821)	(38,704)
Payments for development and re-development of real estate assets	(18,274)	(122,801)	(189,091)
Payments for improvements of real estate assets	(42,193)	(28,976)	(21,327)
Payments for improvements of real estate assets from discontinued operations		(5,600)	(10,988)
Net cash provided (used) by investing activities	202,263	134,252	(176,407)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from mortgages payable	84,150	143,574	90,749
Principal payments on mortgages payable	(295,136)	(234,885)	(127,622)
Proceeds from revolving lines of credit	246,000	82,000	55,000
Principal payments on revolving lines of credit	(206,450)	(125,000)	(17,000)
Proceeds from construction debt	19,341	94,142	93,643
Principal payments on construction debt	(49,080)	(24,754)	(12,685)
Proceeds from sale of common shares under distribution reinvestment and share purchase program		1,493	48,701
Additions to notes receivable from noncontrolling partner – consolidated real estate entities	(9,211)
Proceeds from noncontrolling partner - consolidated real estate entities	9,749	1,120	2,284
Payments for acquisition of noncontrolling interests - consolidated real estate entities	(4,938)
Repurchase of common shares	(4,501)	(35,000)
Repurchase of Preferred shares	(28,752)
Repurchase of partnership units	(966)
Distributions paid to common shareholders	(55,907)	(60,063)	(45,728)
Distributions paid to preferred shareholders	(10,744)	(11,514)	(11,514)
Distributions paid to noncontrolling interests - Unitholders of the Operating Partnership	(7,453)	(7,101)	(7,971)
Distributions paid to noncontrolling interests - consolidated real estate entities	(174)	(7,029)	(3,926)
Net cash (used) provided by financing activities	(314,072)	(183,017)	63,931
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(37,879)	17,728	1,703
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR	66,698	48,970	47,267
CASH AND CASH EQUIVALENTS AT END OF YEAR	28,819	66,698	48,970
SUPPLEMENTARY SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Distribution reinvestment plan - shares issued		3,997	15,519
Operating partnership distribution reinvestment plan - shares issued		130	636
Operating partnership units converted to shares	875	1,477	41,264
Real estate assets acquired through the issuance of operating partnership units		18,226	800
Real estate assets acquired through the issuance of operating partnership units			12,169
(Decrease) increase to accounts payable included within real estate investments	(1,851)	(10,420)	5,116
Real estate assets contributed by noncontrolling interests - consolidated real estate entities			6,624
Conversion to equity of notes receivable from noncontrolling interests – consolidated real estate entities	9,846
Construction debt reclassified to mortgages payable	10,549	123,553
Decrease in real estate assets in connection with transfer of real estate assets in settlement of debt		87,213
Decrease in debt in connection with transfer of real estate assets in settlement of debt		122,610
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for interest, net of amounts capitalized of $298 and $3,367, respectively	$ 34,432	$ 39,668	$ 51,283

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2017	Apr. 30, 2016	Apr. 30, 2015
CASH FLOWS FROM FINANCING ACTIVITIES
Cash paid for interest	$ 431	$ 4,396	$ 4,903

ORGANIZATION

ORGANIZATION	12 Months Ended
	Apr. 30, 2017
ORGANIZATION [Abstract]
ORGANIZATION	NOTE 1 • ORGANIZATION Investors Real Estate Trust (“IRET”, “we” or “us”) is a self-advised equity real estate investment trust engaged in acquiring, owning and leasing real estate. We have 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 years ended April 30, 2017, 2016 and 2015. Our properties are located mainly in the states of North Dakota and Minnesota, but also in the states of Idaho, Iowa, Kansas, Montana, Nebraska, South Dakota, Wisconsin and Wyoming. As of April 30, 2017, we held for investment 87 multifamily properties with 12,885 apartment units and 42 commercial properties, consisting of healthcare, industrial, office and retail, totaling 2.6 million net rentable square feet. As of April 30, 2017, we held for sale 13 multifamily properties consisting of 327 units, and 4 commercial properties. We conduct a majority of our business activities through our consolidated operating partnership, IRET Properties, a North Dakota Limited Partnership (the “Operating Partnership”), as well as through a number of other subsidiary entities. All references to IRET, we or us refer to Investors Real Estate Trust and its consolidated subsidiaries.

BASIS OF PRESENTATION AND SIGNI

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Apr. 30, 2017
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 consolidated financial statements include our accounts and the accounts of all our subsidiaries in which we maintain a controlling interest, including the Operating Partnership. All intercompany balances and transactions are eliminated in consolidation. Our fiscal year ends April 30th. Our interest in the Operating Partnership was 88.6% and 88.1%, respectively, of the limited partnership units of the Operating Partnership (“Units”) as of April 30, 2017 and 2016, which includes 100% of the general partnership interest. Under the terms of the Operating Partnership’s Agreement of Limited Partnership, limited partners have the right to require the Operating Partnership to redeem their Units for cash any time following the first anniversary of the date they acquired such Units (“Exchange Right”). When a limited partner exercises the Exchange Right, we have the right, in our sole discretion, to acquire such Units by either making a cash payment or exchanging the Units for our common shares of beneficial interest (“Common Shares”), on a one-for-one basis. The Exchange Right is subject to certain conditions and limitations, including the limited partner may not exercise the Exchange Right more than two times during a calendar year and the limited partner may not exercise for less than 1,000 Units, or, if such limited partner holds less than 1,000 Units, for less than all of the Units held by such limited partner. The Operating Partnership and some limited partners have contractually agreed to a holding period of greater than one year, a greater number of redemptions during a calendar year or other limitations to their Exchange Right. The consolidated financial statements also reflect the ownership by the Operating Partnership of certain joint venture entities in which the Operating Partnership has a general partners or controlling interest. These entities are consolidated into our other operations with noncontrolling interests reflecting the noncontrolling partners’ share of ownership, income and expenses. RECENT ACCOUNTING PRONOUNCEMENTS In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers and in August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers-Deferral of the Effective Date, which defers the effective date of the new revenue recognition standard until fiscal years beginning after December 15, 2017. Subsequently, the FASB has issued multiple ASUs clarifying ASU 2014-09 and ASU 2015-14. The standard will eliminate the transaction- and industry-specific revenue recognition guidance under current GAAP and replace it with a principle based approach for determining revenue recognition. The standard outlines a five-step model whereby revenue is recognized as performance obligations within a contract are satisfied. The majority of our revenue is derived from rental income, which is scoped out from this standard and will be accounted for under ASC 840, Leases. Our other revenue streams, which are being evaluated under this ASU, include but are not limited to other income from residents determined not to be within the scope of ASC 840 and gains and losses from real estate dispositions. We will continue to assess the impact of the new standard and anticipate adoption as of May 1, 2018 using the modified retrospective approach. In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis . ASU 2015-02 affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. Specifically, the amendments: (i) modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities or voting interest entities, (ii) eliminate the presumption that a general partner should consolidate a limited partnership, (iii) affect the consolidated analysis of reporting entities that are involved with variable interest entities, and (iv) provide a scope exception for certain entities. The ASU is effective for fiscal years beginning after December 15, 2015. We adopted the guidance in ASU 2015-02 as of May 1, 2016, as more fully described in the Variable Interest Entity section below. In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs . ASU 2015-03 requires that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of the debt liability to which they relate, consistent with debt discounts, as opposed to being presented as assets. The ASU is effective for fiscal years beginning after December 15, 2015. We adopted the guidance in ASU 2015-03 as of May 1, 2016. In April 2015, the FASB issued ASU 2015-05, Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement . Under ASU 2015-05, if a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The ASU is effective for fiscal years beginning after December 15, 2015. Our adoption of the guidance in ASU 2015-05 did not have a material impact on our operating results or financial position. In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities . ASU 2016-01 amends certain aspects of recognition, measurement, presentation and disclosure of financial instruments, including the requirement to measure certain equity investments at fair value with changes in fair value recognized in net income. The ASU is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017. We do not expect adoption of this update to have a material impact on our operating results or financial position. In February 2016, the FASB issued ASU 2016-02, Leases . ASU 2016-02 amends existing accounting standards for lease accounting, including by requiring lessees to recognize most leases on the balance sheet and making certain changes to lessor accounting. The ASU is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2018. We are currently evaluating the impact the new standard may have on our consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting . ASU 2016-09 amends several aspects of the accounting for share-based payment transactions, including the income tax consequences, accrual of compensation cost, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The ASU is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2016. We are currently evaluating the impact the new standard may have on our consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments . ASU 2016-15 addresses eight specific cash flow issues with the objective of reducing diversity in practice. The cash flow issues include debt prepayment or debt extinguishment costs and proceeds from the settlement of insurance claims. The ASU is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017. We are currently evaluating the impact the new standard may have on our consolidated financial statements. In January 2017, the FASB issued ASU 2017-01, Clarifying the Definition of a Business . ASU 2017-01 clarifies the definition of a business and provides further guidance for evaluating whether a transaction will be accounted for as an acquisition of an asset or a business. ASU 2017-01 is effective for interim and annual periods beginning after December 15, 2017, and early adoption is permitted. Under the ASU, we believe most of our future acquisitions of operating properties will qualify as asset acquisitions and most future transaction costs associated with these acquisitions will be capitalized. USE OF ESTIMATES The preparation of financial statements in conformity with 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 Consolidated Balance Sheets, we reclassified assets and liabilities related to properties classified as held for sale and we reclassified debt issuance costs from deferred charges and leasing costs to mortgages payable, as part of our adoption of ASU 2015-03, as described above in Recent Accounting Pronouncements. REVISION During the fourth quarter of fiscal year 2017 we identified an error pertaining to the reporting for interest income related to two properties that were classified as discontinued operations at April 30, 2016. Accounting guidance in ASC 205-20, Discontinued Operations , indicates that interest income should be allocated to discontinued operations. This error resulted in an overstatement of interest income and income from continuing operations and an understatement of income from discontinued operations of $2.2 million for the fiscal year ended April 30, 2016. This non-cash error did not impact net income, our consolidated balance sheets or statements of cash flows for any period. In accordance with accounting guidance found in ASC 250-10, Materiality , we assessed the materiality of the error and concluded the error was not material to any of the Company’s previously issued financial statements. In accordance with accounting guidance found in ASC 250-10, Considering the Effects of Prior Year Misstatement when Quantifying Misstatements in Current Year Financial Statements , we revised our previously issued consolidated statement of operations to correct the effect of this error. We will revise amounts pertaining to each of the fiscal year 2017 quarters from May 1, 2016 through January 31, 2017 in future quarterly filings on Form 10-Q. The following table presents the effect of this correction on our Consolidated Statement of Operations for the period affected: (in thousands, except per share data) Year Ended April 30, 2016 As Previously Adjustment As Revised Interest income $ 2,256 $ (2,175) $ 81 Income before gain on sale of real estate and other investments, gain on bargain purchase and income from discontinued operations 6,216 (2,175) 4,041 Income from continuing operations 19,280 (2,175) 17,105 Income from discontinued operations 57,322 2,175 59,497 Earnings per common share from continuing operations - Investors Real Estate Trust - basic and diluted $ 0.08 $ (0.02) $ 0.06 Earnings per common share from discontinued operations - Investors Real Estate Trust - basic and diluted 0.41 0.02 0.43 REAL ESTATE INVESTMENTS Real estate investments are recorded at cost less accumulated depreciation and an adjustment for impairment, if any. Acquisitions of real estate are recorded based upon preliminary allocations of the purchase price which are subject to adjustment as additional information is obtained, but in no case more than one year after the date of acquisition. We allocate the purchase price based on the relative fair values of the tangible and intangible assets of an acquired property (which includes the land, building and personal property) which are determined by valuing the property as if it were vacant and fair value of the intangible assets (which include in-place leases.) The as-if-vacant value is allocated to land, buildings and personal property based on management’s determination of the relative fair values of these assets. The estimated fair value of the property is the amount that would be recoverable upon the disposition of the property. Techniques used to estimate fair value include discounted cash flow analysis and reference to recent sales of comparables. A land value is assigned based on the purchase price if land is acquired separately or based on estimated fair value if acquired in a merger or in a single or portfolio acquisition. Acquired above- and below-market lease values are recorded as the difference between the contractual amounts to be paid pursuant to the in-place leases and management’s estimate of fair market value lease rates for the corresponding in-place leases. The capitalized above- and below-market lease values are amortized as adjustments to rental revenue over the remaining terms of the respective leases, which includes fixed rate renewal options for below-market leases if it is determined probable the tenant will execute a bargain renewal option. Other intangible assets acquired include amounts for in-place lease values that are based upon our evaluation of the specific characteristics of the leases. Factors considered in the fair value analysis include an estimate of carrying costs and foregone rental income during hypothetical expected lease-up periods, considering current market conditions, and costs to execute similar leases. We also consider information about each property obtained during pre-acquisition due diligence, marketing and leasing activities in estimating the relative fair value of the tangible and intangible assets acquired. Depreciation is computed on a straight-line basis over the estimated useful lives of the assets. We use a 20-40 year estimated life for buildings and improvements and a 5-12 year estimated life for furniture, fixtures and equipment. We follow the real estate project costs guidance in ASC 970, Real Estate – General, in accounting for the costs of development and re-development projects. As real estate is undergoing development or redevelopment, all project costs directly associated with and attributable to the development and construction of a project, including interest expense and real estate tax expense, are capitalized to the cost of the real property. The capitalization period begins when development activities and expenditures begin and are identifiable to a specific property and ends upon completion, which is when the asset is ready for its intended use. Generally, rental property is considered substantially complete and ready for its intended use upon completion of tenant improvements (in the case of commercial properties) or upon issuance of a certificate of occupancy (in the case of multifamily properties). General and administrative costs are expensed as incurred. Expenditures for ordinary maintenance and repairs are expensed to operations as incurred. Renovations and improvements that improve and/or extend the useful life of the asset are capitalized and depreciated over their estimated useful life, generally five to ten years. Property sales or dispositions are recorded when title transfers, we have received sufficient consideration and we have no significant involvement with the property sold. We periodically evaluate our long-lived assets, including real estate investments, for impairment indicators. 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, we compare the expected future undiscounted cash flows for the long-lived asset group against the carrying amount of that asset. If the sum of the estimated undiscounted cash flows is less than the carrying amount of the asset, 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 fiscal year 2017, we incurred a non-cash loss of $57.0 million due to impairment of 16 multifamily properties and two parcels of unimproved land. We recognized impairments of $40.9 million, $5.8 million, $4.7 million, and $2.8 million, respectively, on three multifamily properties and one parcel of unimproved land in Williston, North Dakota, due to deterioration of this energy-impacted market, which resulted in poor leasing activity and declining rental rates during the three months ended July 31, 2016, which should generally be a strong leasing period. These properties were written-down to estimated fair value based on an independent appraisal in the case of one property and management cash flow estimates and market data in the case of the remaining assets. The properties impaired for $40.9 million, $4.7 million, and $2.8 million are owned by joint venture entities in which, at the time of impairment, we had an approximately 70%, 60% and 70% interest, respectively, but which are consolidated in our consolidated financial statements. We recognized impairments of $2.9 million on 13 properties and one parcel of land in Minot, North Dakota. These properties were written-down to estimated fair value based on management cash flow estimates and market data and, in the case of the 13 properties, our intent to dispose of the properties. During fiscal year 2016, we incurred a non-cash loss of $6.0 million due to impairment of one office property, one healthcare property, two parcels of land and eight multifamily properties of which approximately $440,000 is reflected in discontinued operations. See Note 12 for additional information on discontinued operations. We recognized impairments of approximately $440,000 on an office property in Eden Prairie, Minnesota; $1.9 million on a healthcare property in Sartell, Minnesota; $1.6 million on a parcel of land in Grand Chute, Wisconsin; $1.9 million on eight multifamily properties in St. Cloud, Minnesota; and $162,000 on a parcel of land in River Falls, Wisconsin. These properties were written-down to estimated fair value during fiscal year 2016 based on receipt of individual market offers to purchase and our intent to dispose of the properties or, in the case of the Grand Chute, Wisconsin, the sale listing price and our intent to dispose of the property. The Sartell, Minnesota property is classified as held for sale at April 30, 2016. During fiscal year 2015, we incurred a non-cash loss of $6.1 million due to impairment of four commercial properties and two parcels of unimproved land of which $1.4 million is reflected in discontinued operations. See Note 12 for additional information on discontinued operations. We recognized impairments of $2.1 million on a retail property in Kalispell, Montana; approximately $183,000 on an office property in Golden Valley, Minnesota; $1.8 million on an office property in Minneapolis, Minnesota; $1.4 million on an office property in Boise, Idaho; approximately $98,000 on unimproved land in Eagan, Minnesota; and approximately $442,000 on unimproved land in Weston, Wisconsin. These properties were written-down to estimated fair value during fiscal year 2015 based on receipt of individual market offers to purchase and our intent to dispose of the properties or, in the case of the Boise and Weston properties, an independent appraisal. The Kalispell and Golden Valley properties were sold in the second quarter of fiscal year 2015. The Minneapolis property was classified as held for sale at April 30, 2015. REAL ESTATE HELD FOR SALE Real estate held for sale is stated at the lower of its carrying amount or estimated fair value less disposal costs. Our determination of fair value is based on inputs management believes are consistent with those that market participants would use. Estimates are significantly impacted by estimates of sales price, selling velocity and other factors. Due to uncertainties in the estimation process, actual results could differ from such estimates. Depreciation is not recorded on assets classified as held for sale. We classify properties as held for sale when they meet the 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. We generally consider these criteria met when the transaction has been approved by our Board of Trustees, there are no known significant contingencies related to the sale and management believes it is probable that the sale will be completed within one year. Thirteen multifamily properties, two healthcare properties, and two retail properties were classified as held for sale at April 30, 2017. Thirty-five healthcare properties, one multifamily property, one industrial property, and three parcels of unimproved land were classified as held for sale at April 30, 2016. We report in discontinued operations the results of operations and the related gains or losses on the sales of properties that have either been disposed of or classified as held for sale and meet the classification of a discontinued operation as described in ASC 205 - Presentation of Financial Statements and ASC 360 - Property, Plant, and Equipment: Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity . Under this standard, a disposal (or classification as held for sale) of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES AND GOODWILL Upon acquisition of real estate, we record 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. We amortize 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). We added no new intangible assets or liabilities in the twelve months ended April 30, 2017. In the twelve months ended April 30, 2016, we added $2.2 million of new intangible assets and approximately $101,000 of new intangible liabilities. The weighted average lives of the intangible assets acquired in the twelve months ended April 30, 2016 was 0.7 years. Amortization of intangibles related to above or below-market leases is recorded in real estate rentals in the Consolidated Statements of Operations. Amortization of other intangibles is recorded in depreciation/amortization related to real estate investments in the 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 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. Our 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. Goodwill book value as of April 30, 2017 and 2016 was $1.6 million and $1.7 million, respectively. The annual reviews of goodwill compared the fair value of the reporting units that have been assigned goodwill to their carrying value (investment cost less accumulated depreciation), with the results for these periods indicating no impairment. In fiscal year 2017, we disposed of four commercial properties that had goodwill assigned, and as a result, approximately $103,000 of goodwill was derecognized. In fiscal year 2016, we disposed of eight commercial properties that had goodwill assigned, and as a result, approximately $196,000 of goodwill was derecognized. PROPERTY AND EQUIPMENT Property and equipment consists primarily of office equipment contained at our headquarters in Minot, North Dakota, corporate offices in Minneapolis and St. Cloud, Minnesota, and additional property management offices located in the states where we own properties. The Consolidated Balance Sheets reflects these assets at cost, net of accumulated depreciation. As of April 30, 2017 and 2016, property and equipment cost was $2.1 million and $2.1 million, respectively. Accumulated depreciation was $1.2 million and $1.1 million as of April 30, 2017 and 2016, respectively. CASH AND CASH EQUIVALENTS Cash and cash equivalents include all cash and highly liquid investments purchased with maturities of three months or less. Cash and cash equivalents consist of our bank deposits and short-term investment certificates acquired subject to repurchase agreements, and our deposits in a money market mutual fund. At times, these deposits may exceed the FDIC limit. LENDER HOLDBACKS We have a number of mortgage loans under which the lender retains a portion of the loan proceeds or requires a deposit for the payment of construction costs or tenant improvements. The decrease of $2.7 million in lender holdbacks for improvements reflected in the Consolidated Statements of Cash Flows for the fiscal year ended April 30, 2017 is due primarily to the release of loan proceeds to us upon completion of these construction and tenant improvement projects, while the increase of $903,000 represents additional amounts retained by lenders for new projects. ALLOWANCE FOR DOUBTFUL ACCOUNTS Management evaluates the appropriate amount of the allowance for doubtful accounts by assessing the recoverability of individual real estate mortgage loans and rent receivables, through a comparison of their carrying amount with their estimated realizable value. Management considers tenant financial condition, credit history and current economic conditions in establishing these allowances. Receivable balances are written off when deemed uncollectible. Recoveries of receivables previously written off, if any, are recorded when received. A summary of the changes in the allowance for doubtful accounts including properties held for sale for fiscal years ended April 30, 2017, 2016 and 2015 is as follows: (in thousands) Balance at beginning of year $ 946 $ 1,156 $ 1,044 Provision 499 651 967 Write-off (895) (861) (855) Balance at close of year $ 550 $ 946 $ 1,156 TAX, INSURANCE, AND OTHER ESCROW Tax, insurance and other escrow includes funds deposited with a lender for payment of real estate tax and insurance, and reserves for funds to be used for replacement of structural elements and mechanical equipment of certain projects. The funds are under the control of the lender. Disbursements are made after supplying written documentation to the lender. REAL ESTATE DEPOSITS Real estate deposits consist of funds held in escrow to be applied toward the purchase of real estate, including from Internal Revenue Code Section 1031 exchanges, and the payment of debt costs associated with debt placement or refinancing. Real estate deposits at April 30, 2017 consisted of $23.7 million held in escrow from Internal Revenue Code Section 1031 exchanges. We had no real estate deposits at April 30, 2016. DEFERRED CHARGES AND LEASING COSTS Costs incurred in obtaining a line of credit are amortized to interest expense over the term of the line of credit using the straight-line method, which approximates the effective interest method. Costs and commissions incurred in obtaining tenant leases are amortized on the straight-line method over the terms of the related leases. INCOME TAXES We operate in a manner intended to enable us to continue to qualify as a REIT under Sections 856-860 of the Internal Revenue Code of 1986, as amended. Under those sections, a REIT which distributes at least 90% of its REIT taxable income, excluding capital gains, as a dividend to its shareholders each year and which meets certain other conditions will not be taxed on that portion of its taxable income which is distributed to shareholders. For the fiscal years ended April 30, 2017, 2016 and 2015, we distributed in excess of 90% of our taxable income and realized capital gains from property dispositions within the prescribed time limits. Accordingly, no provision has been made for federal income taxes in the accompanying consolidated financial statements. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income tax on our taxable income at regular corporate rates (including any alternative minimum tax) and may not be able to qualify as a REIT for the four subsequent taxable years. Even as a REIT, we may be subject to certain state and local income and property taxes, and to federal income and excise taxes on undistributed taxable income. In general, however, if we qualify as a REIT, no provisions for federal income taxes are necessary except for taxes on undistributed REIT taxable income and taxes on the income generated by a taxable REIT subsidiary (TRS). We have one TRS, acquired during the second quarter of fiscal year 2014, which is subject to corporate federal and state income taxes on its taxable income at regular statutory rates. For the fiscal year ended April 30, 2017, we estimate that the TRS will have no taxable income. There were no income tax provisions or material deferred income tax items for our TRS for the fiscal years ended April 30, 2017, 2016 and 2015. We conduct our business activity as an Umbrella Partnership Real Estate Investment Trust (“UPREIT”) through our Operating Partnership. UPREIT status allows us to accept the contribution of real estate in exchange for Units. Generally, such a contribution to a limited partnership allows for the deferral of gain by an owner of appreciated real estate. Distributions for the calendar year ended December 31, 2016 were characterized, for federal income tax purposes, as 12.43% ordinary income and 87.57% capital gain. Distributions for the calendar year ended December 31, 2015 were characterized, for federal income tax purposes, as 36.28% ordinary income, 11.99% capital gain and 51.73% return of capital. REVENUE RECOGNITION Multifamily rental properties are leased under operating leases with terms generally of one year or less. Commercial properties are leased under operating leases to tenants for various terms generally exceeding one year. Lease terms often include renewal options. Rental revenue is recognized on the straight-line basis, which averages minimum required rents over the terms of the leases. Rents recognized in advance of collection are reflected as receivable arising from straight-lining of rents, net of allowance for doubtful accounts. Rent concessions, including free rent, are amortized on a straight-line basis over the terms of the related leases. Reimbursements from tenants for real estate taxes and other recoverable operating expenses are recognized as revenue in the period the applicable expenditures are incurred. We receive payments for these reimbursements from substantially all of our tenants at multi-tenant commercial properties throughout the year. A number of the commercial leases provide for a base rent plus a percentage rent based on gross sales in excess of a stipulated amount. These percentage rents are recorded once

CREDIT RISK

CREDIT RISK	12 Months Ended
	Apr. 30, 2017
CREDIT RISK [Abstract]
CREDIT RISK	NOTE 3 • CREDIT RISK We are potentially exposed to credit risk for cash deposited with FDIC-insured financial institutions in accounts which, at times, may exceed federally insured limits. We have not experienced any losses in such accounts. We have entered into a cash management arrangement with First Western Bank (the “Bank”) with respect to deposit accounts that exceed FDIC Insurance coverage. On a daily basis, account balances are swept into a repurchase account. The Bank pledges fractional interests in U.S. Government Securities owned by the Bank at an amount equal to the excess over the uncollected balance in the repurchase account. The amounts deposited by us pursuant to the repurchase agreement are not insured by FDIC. At April 30, 2017 and 2016, these amounts totaled $6.0 million and $36.7 million, respectively.

PROPERTY OWNED

PROPERTY OWNED	12 Months Ended
	Apr. 30, 2017
PROPERTY OWNED [Abstract]
PROPERTY OWNED	NOTE 4 • PROPERTY OWNED Property, consisting principally of real estate, is stated at cost less accumulated depreciation and totaled $1.3 billion and $1.4 billion as of April 30, 2017 and 2016, respectively. Construction period interest of approximately $431,000, $4.9 million and $4.9 million has been capitalized for the years ended April 30, 2017, 2016 and 2015, respectively. The future minimum lease receipts to be received under non-cancellable leases for commercial properties held for investment as of April 30, 2017, assuming that no options to renew or buy out the lease are exercised, are as follows: Year Ended April 30, (in thousands) 2018 $ 25,922 2019 24,250 2020 22,695 2021 21,386 2022 19,601 Thereafter 120,772 $ 234,626 See Real Estate Investments within Note 2 for information about impairment losses recorded during fiscal years 2017, 2016, and 2015.

IDENTIFIED INTANGIBLE ASSETS AN

IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES	12 Months Ended
	Apr. 30, 2017
IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES [Abstract]
IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES	NOTE 5 • IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES Our identified intangible assets and intangible liabilities at April 30, 2017 and 2016 were as follows: (in thousands) April 30, 2017 April 30, 2016 Identified intangible assets (included in intangible assets): Gross carrying amount $ 6,102 $ 8,088 Accumulated amortization (5,444) (6,230) Net carrying amount $ 658 $ 1,858 Identified intangible liabilities (included in other liabilities): Gross carrying amount $ 156 $ 159 Accumulated amortization (76) (55) Net carrying amount $ 80 $ 104 Amortization of identified intangible assets (a component of depreciation and amortization expense) was $1.2 million, $1.7 million and $1.5 million for the twelve months ended April 30, 2017, 2016 and 2015, respectively. The estimated annual amortization of identified intangible assets for each of the five succeeding fiscal years is immaterial.

NONCONTROLLING INTERESTS

NONCONTROLLING INTERESTS	12 Months Ended
	Apr. 30, 2017
NONCONTROLLING INTERESTS [Abstract]
NONCONTROLLING INTERESTS	NOTE 6 • NONCONTROLLING INTERESTS Interests in the Operating Partnership held by limited partners are represented by Units. The Operating Partnership’s income is allocated to holders of Units based upon the ratio of their holdings to the total Units outstanding during the period. Capital contributions, distributions and profits and losses are allocated to noncontrolling interests in accordance with the terms of the Operating Partnership’s Agreement of Limited Partnership. We reflect noncontrolling interests in consolidated real estate entities on the Balance Sheet for the portion of properties consolidated by us that are not wholly owned by us. The earnings or losses from these properties attributable to the noncontrolling interests are reflected as net income attributable to noncontrolling interests –‑consolidated real estate entities in the Consolidated Statements of Operations. Our noncontrolling interests – consolidated real estate entities at April 30, 2017 and 2016 were as follows: (in thousands) April 30, 2017 April 30, 2016 IRET-71 France, LLC $ 7,425 $ 8,070 IRET-Cypress Court Apartments, LLC 986 1,042 IRET-RED 20, LLC — 2,410 IRET-Williston Garden Apartments, LLC 1,057 3,014 IRET - WRH 1, LLC (7,904) 5,266 WRH Holding, LLC 360 1,195 Other — 23 Noncontrolling interests – consolidated real estate entities $ 1,924 $ 21,020

LINE OF CREDIT

LINE OF CREDIT	12 Months Ended
	Apr. 30, 2017
LINE OF CREDIT [Abstract]
LINE OF CREDIT	NOTE 7 • LINE OF CREDIT During the fiscal year ended April 30, 2017, we had a revolving, multi-bank line of credit with First International Bank and Trust, Watford City, North Dakota, as lead bank, which had lending commitments of $100.0 million (“FIB Line of Credit”). On January 31, 2017, we repaid the FIB Line of Credit in full in the amount of $17.5 million, along with other fees, and terminated the FIB Line of Credit. On January 31, 2017, our Operating Partnership entered into a credit agreement for the unsecured, variable interest rate BMO Line of Credit. The BMO Line of Credit contains a $250 million accordion option, which exercise is subject to the satisfaction of certain conditions. However, the maximum borrowing capacity of the BMO Line of Credit will be based on the value of an unencumbered asset pool (“UAP”). The UAP may not consist of less than 15 properties that meet certain eligibility criteria, and eligible properties may be added and removed from the UAP subject to the satisfaction of certain conditions. The BMO Line of Credit is guaranteed, jointly and severally, by us, the general partner of our Operating Partnership and each subsidiary that owns a UAP property. It will accrue interest at a rate based either on a margin percentage over the Lender’s Base Rate, ranging from 0.6% to 1.25%, or on a margin percentage over LIBOR, ranging from 1.6% to 2.25%, based on our total leverage ratio. The BMO Line of Credit has a termination date of January 31, 2021, which may be extended for an additional one year period subject to the satisfaction of certain conditions. The line also requires the payment of customary fees and contains covenants, representations, warranties and events of default customary for credit facilities of this type, including a covenant on a fiscal quarterly-end basis that the consolidated leverage ratio will not be greater than 0.60 to 1.00. Participants, as of April 30, 2017, included the following financial institutions: BMO Harris Bank N.A., KeyBank, National Association, PNC Bank, National Association, Royal Bank of Canada, U.S. Bank National Association, Associated Bank, National Association, Bank of North Dakota and Raymond James Bank, N.A.; with KeyBank, National Association and PNC Bank, National Association as syndication agents and BMO Capital Markets Corp., Keybanc Capital Markets Inc. and PNC Capital Markets, LLC as joint lead arrangers and joint book runners. As of April 30, 2017, the line of credit availability was $206.0 million based on the UAP, of which $57.1 million was drawn on the line, priced at an interest rate of 2.74%. As of April 30, 2017, we believe we and our Operating Partnership were in compliance with the covenants contained in the BMO Line of Credit. Weighted (in thousands) Average Int. Amount Amount Applicable Rate on Outstanding Outstanding Interest Rate Borrowings Amount as of April 30, as of April 30, as of April 30, Maturity during fiscal Financial Institution Available Date year 2017 First International Bank & Trust $ — $ — $ 17,500 n/a n/a n/a BMO Harris Bank N.A. $ 206,000 $ 57,050 $ — % 1/31/2021 %

MORTGAGES PAYABLE AND CONSTRUCT

MORTGAGES PAYABLE AND CONSTRUCTION DEBT	12 Months Ended
	Apr. 30, 2017
MORTGAGES PAYABLE AND CONSTRUCTION DEBT [Abstract]
MORTGAGES PAYABLE AND CONSTRUCTION DEBT	NOTE 8 • MORTGAGES PAYABLE AND CONSTRUCTION DEBT Most of our properties serve as collateral for separate mortgage loans on single properties or groups of properties. The majority of these mortgage loans are non-recourse to us, other than for standard carve-out obligations such as fraud, waste, failure to insure, environmental conditions and failure to pay real estate taxes. Interest rates on mortgage loans range from 3.28% to 6.66%, and the mortgage loans have varying maturity dates from May 28, 2017 through July 1, 2036. As of April 30, 2017, we believe there are no material defaults or material compliance issues in regards to any of these mortgage loans. Including mortgage loans on properties held for sale, the balance of fixed rate mortgage loans totaled $629.5 million and $689.3 million at April 30, 2017 and 2016, respectively, and the balance of variable rate mortgage loans totaled $57.7 million and $196.8 million as of April 30, 2017, and 2016, respectively. We do not utilize derivative financial instruments to mitigate our exposure to changes in market interest rates. Most of the fixed rate mortgage loans have substantial pre-payment penalties. As of April 30, 2017, the weighted-average rate of interest on our mortgage debt was 4.71%, compared to 4.54% on April 30, 2016. The aggregate amount of required future principal payments on mortgage loans payable as of April 30, 2017, is as follows: (in thousands) Mortgage Loans Mortgage Loans on Properties on Properties Held for Held for Year Ended April 30, Investment Sale 2018 $ 40,777 $ 16,621 2019 75,918 1,870 2020 93,678 183 2021 136,390 193 2022 87,654 993 Thereafter 231,023 1,943 Total payments $ 665,440 $ 21,803 In addition to mortgage loans comprising our $687.2 million of mortgage indebtedness, our revolving, multi-bank unsecured line of credit is discussed in Note 7. This line of credit is not included in our mortgage indebtedness total. As of April 30, 2017, we had 56 unencumbered properties. Our construction debt totaled $41.7 million and $82.0 million on April 30, 2017 and 2016, respectively. The weighted average rate of interest on the construction debt as of April 30, 2017 was 3.27%, compared to 2.74% as of April 30, 2016. The total available to be drawn on the construction loans was $4.8 million at April 30, 2017.

TRANSACTIONS WITH RELATED PARTI

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

ACQUISITIONS, DEVELOPMENT PROJE

ACQUISITIONS, DEVELOPMENT PROJECTS PLACED IN SERVICE AND DISPOSITIONS	12 Months Ended
	Apr. 30, 2017
ACQUISITIONS, DEVELOPMENT PROJECTS PLACED IN SERVICE AND DISPOSITIONS [Abstract]
ACQUISITIONS, DEVELOPMENT PROJECTS PLACED IN SERVICE AND DISPOSITIONS	NOTE 10 • ACQUISITIONS, DEVELOPMENT PROJECTS PLACED IN SERVICE AND DISPOSITIONS PROPERTY ACQUISITIONS We added no new real estate properties to our portfolio through property acquisitions during the fiscal year ended April 30, 2017, compared to $143.5 million in fiscal year ended April 30, 2016. We expensed approximately $253,000 of transaction costs related to the acquisitions in fiscal year 2016. The fiscal year 2016 acquisitions are detailed below. Fiscal 2016 ( May 1, 2015 to April 30, 2016 ) (in thousands) Total Form of Consideration Investment Allocation Date Acquisition Intangible Acquisitions Acquired Cost Cash Units (1) Land Building Assets Multifamily 74 unit - Gardens - Grand Forks, ND 2015-09-10 $ $ $ 400 $ $ $ 276 unit - GrandeVille at Cascade Lake - Rochester, MN 2015-10-29 — 187 unit - Avalon Cove - Rochester, MN (2) 2016-03-22 90 unit - Cascade Shores - Rochester, MN 2016-03-22 — 76 unit - Crystal Bay - Rochester, MN 2016-03-22 — 40-unit - French Creek - Rochester, MN 2016-03-22 — Healthcare 27,819 sq ft Lakeside Medical Plaza - Omaha, NE 2015-08-20 — Total Property Acquisitions $ $ $ $ $ $ (1) Value of Units of the Operating Partnership based on the closing market price of our common shares on the acquisition date. The number of Units issued were approximately 44,000 and 2.5 million, respectively, for the Gardens and Avalon Cove acquisitions. (2) Acquisition resulted in a gain on bargain purchase of approximately $3.4 million. See Note 2 for additional information. There were no acquisitions during fiscal year 2017. Acquisitions in fiscal year 2016 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 Consolidated Statements of Operations as of their acquisition date. The revenue and net income of our fiscal year 2017 and 2016 acquisitions are detailed below. (in thousands) Year Ended April 30, 2017 2016 Total revenue $ — $ Net income (loss) $ — $ DEVELOPMENT PROJECTS PLACED IN SERVICE We placed approximately $102.9 million of development projects in service during fiscal year 2017, compared to $211.8 million in fiscal year 2016. The fiscal year 2017 and 2016 development projects placed in service are detailed below. Fiscal 2017 ( May 1, 2016 to April 30, 2017 ) (in thousands) Date Placed Development Development Projects Placed in Service in Service Land Building Cost Multifamily 241 unit - 71 France - Edina, MN (1) 2016-05-01 $ $ $ 202 unit - Monticello Crossings - Monticello, MN (2) 2017-03-01 Total Development Projects Placed in Service $ $ $ (1) Costs paid in prior fiscal years totaled $70.9 million. Additional costs incurred in fiscal year 2017 totaled $1.5 million, for a total project cost at April 30, 2017 of $72.4 million. The project is owned by a joint venture entity in which we currently have an approximately 52.6% interest. The joint venture is consolidated in our financial statements. (2) Costs paid in prior fiscal years totaled $15.5 million. Additional costs incurred in fiscal year 2017 totaled $15.0 million, for a total project cost at April 30, 2017 of $30.5 million. Fiscal 2016 ( May 1, 2015 to April 30, 2016 ) (in thousands) Date Placed Development Development Projects Placed in Service (1) in Service Land Building Cost Multifamily 72 unit - Chateau II - Minot, ND (2) 2015-06-01 $ $ $ 288 unit - Renaissance Heights - Williston, ND (3) 2015-07-27 163 unit - Deer Ridge - Jamestown, ND (4) 2016-02-22 251 unit - Cardinal Point - Grand Forks, ND (5) 2016-03-18 Healthcare 57,624 sq ft Edina 6565 France SMC III - Edina, MN (6) 2015-06-01 — 70,756 sq ft PrairieCare Medical - Brooklyn Park, MN (7) 2015-09-08 Other 7,963 sq ft Minot Southgate Retail - Minot, ND (8) 2015-10-01 Total Development Projects Placed in Service $ $ $ (1) Development projects that are placed in service in phases are excluded from this table until the entire project has been placed in service. See Note 15 for additional information on the 71 France project, which was partially placed in service during the fiscal year ended April 30, 2016. (2) Costs paid in prior fiscal years totaled $12.3 million. Additional costs incurred in fiscal year 2016 totaled $2.3 million, for a total project cost at April 30, 2016 of $14.6 million. (3) Costs paid in prior fiscal years totaled $57.7 million. Additional costs incurred in fiscal year 2016 totaled $4.8 million, for a total project cost at April 30, 2016 of $62.5 million. The project is owned by a joint venture entity in which we currently have an approximately 86.6% interest. The joint venture is consolidated in our financial statements. (4) Costs paid in prior fiscal years totaled $14.3 million. Additional costs incurred in fiscal year 2016 totaled $10.5 million, for a total project cost at April 30, 2016 of $24.8 million. (5) Costs paid in prior fiscal years totaled $23.0 million. Additional costs incurred in fiscal year 2016 totaled $26.7 million, for a total project cost at April 30, 2016 of $49.7 million. (6) Costs paid in prior fiscal years totaled $20.8 million. Additional costs incurred in fiscal year 2016 totaled $12.2 million, for a total project cost at April 30, 2016 of $33.0 million. (7) Costs paid in prior fiscal years totaled $17.3 million. Additional costs incurred in fiscal year 2016 totaled $7.1 million, for a total project cost at April 30, 2016 of $24.4 million. (8) Costs paid in prior fiscal years totaled $2.1 million. Additional costs incurred in fiscal year 2016 totaled approximately $500,000, for a total project cost at April 30, 2016 of $2.6 million. PROPERTY DISPOSITIONS During the fiscal year ended April 30, 2017, we sold 1 multifamily property, 32 senior housing properties, 2 medical office properties, 1 retail property, 1 industrial property and 2 parcels of unimproved land for a total sales price of $286.9 million. Dispositions totaled $536.7 million in fiscal year 2016. The fiscal year 2017 and 2016 dispositions are detailed below. Fiscal 2017 ( May 1, 2016 to April 30, 2017 ) (in thousands) Date Book Value Dispositions Disposed Sales Price and Sales Cost Gain/(Loss) Multifamily 24 unit Pinecone Villas - Sartell, MN 2017-04-20 $ $ $ Healthcare 189,244 sq ft 9 Idaho Spring Creek Senior Housing Properties (1) 2016-10-31 426,652 sq ft 5 Edgewood Vista Senior Housing Properties (2) 2017-01-18 286,854 sq ft 5 Wyoming Senior Housing Properties (3) 2017-02-01 169,001 sq ft 9 Edgewood Vista Senior Housing Properties (4) 2017-02-15 169,562 sq ft 4 Edgewood Vista Senior Housing Properties (5) 2017-03-01 114,316 sq ft Healtheast St. John & Woodwinds - Maplewood & Woodbury MN 2017-03-06 59,760 sq ft Sartell 2000 23rd Street South - Sartell, MN 2017-03-31 98,174 sq ft Legends at Heritage Place - Sartell, MN 2017-04-20 265,736 202,990 62,746 Other 195,075 sq ft Stone Container - Fargo, ND 2016-07-25 28,528 sq ft Grand Forks Carmike - Grand Forks, ND 2016-12-29 17,400 5,981 11,419 Unimproved Land Georgetown Square Unimproved Land - Grand Chute, WI 2016-05-06 Total Property Dispositions $ $ $ (1) The properties included in this portfolio are: Spring Creek American Falls, Spring Creek Boise, Spring Creek Eagle, Spring Creek Fruitland, Spring Creek Fruitland Unimproved, Spring Creek Meridian, Spring Creek Overland, Spring Creek Soda Springs and Spring Creek Ustick. (2) The properties included in this portfolio are: Edgewood Vista Bismarck, Edgewood Vista Brainerd, Edgewood Vista East Grand Forks, Edgewood Vista Fargo, and Edgewood Vista Spearfish. (3) The properties included in this portfolio are: Casper 1930 E 12th Street (Park Place), Casper 3955 E 12th Street (Meadow Wind), Cheyenne 4010 N College Drive (Aspen Wind), Cheyenne 4606 N College Drive (Sierra Hills) and Laramie 1072 N 22nd Street (Spring Wind). (4) The properties included in this portfolio are: Edgewood Vista Belgrade, Edgewood Vista Billings, Edgewood Vista Columbus, Edgewood Vista Fremont, Edgewood Vista Grand Island, Edgewood Vista Minot, Edgewood Vista Missoula, Edgewood Vista Norfolk and Edgewood Vista Sioux Falls. (5) The properties included in this portfolio are: Edgewood Vista Hastings, Edgewood Vista Kalispell, Edgewood Vista Omaha and Edgewood Vista Virginia. Fiscal 2016 ( May 1, 2015 to April 30, 2016 ) (in thousands) Date Book Value Dispositions Disposed Sales Price and Sales Cost Gain/(Loss) Multifamily 391 unit - St. Cloud Student Housing Portfolio - St. Cloud, MN 2016-03-24 $ $ $ Healthcare 61,758 sq ft Nebraska Orthopaedic Hospital - Omaha, NE 2016-04-01 Other 117,144 sq ft Thresher Square – Minneapolis, MN 2015-05-18 2,549,222 sq ft Office Sale Portfolio (1) 2015-08-03 420,216 sq ft Mendota Office Center Portfolio – Mendota Heights, MN (2) 2015-08-12 1,027,208 sq ft Retail Sale Portfolio (3) 2015-09-30 48,700 sq ft Eden Prairie 6101 Blue Circle Drive – Eden Prairie, MN 2015-10-19 8,526 sq ft Burnsville I Strip Center – Burnsville, MN 2015-12-23 4,800 sq ft Pine City C-Store – Pine City, MN 2016-01-08 11,003 sq ft Minot Plaza – Minot, ND 2016-01-19 937,518 sq ft 9-Building Office Portfolio (4)(5) 2016-01-29 (5) (5) (5) 3,702 sq ft Arrowhead First International Bank - Minot, ND 2016-04-06 Unimproved Land River Falls Unimproved Land - River Falls, WI 2016-04-06 Total Property Dispositions $ $ $ (1) The properties included in this portfolio disposition are: 610 Business Center, 7800 West Brown Deer Road, Ameritrade, Barry Pointe Office Park, Benton Business Park, Brenwood, Brook Valley I, Crosstown Centre, Golden Hills Office Center, Granite Corporate Center, Great Plains, Highlands Ranch I, Highlands Ranch II, Interlachen Corporate Center, Intertech Building, Minnesota National Bank, Northpark Corporate Center, Omaha 10802 Farnam Dr, Plaza VII, Plymouth 5095 Nathan Lane, Prairie Oak Business Center, Rapid City 900 Concourse Drive, Spring Valley IV, Spring Valley V, Spring Valley X, Spring Valley XI, Superior Office Building, TCA Building & vacant land, Three Paramount Plaza, UHC Office, US Bank Financial Center, Wells Fargo Center, West River Business Park and Westgate. (2) The properties included in this portfolio disposition are: Mendota Office Center I, Mendota Office Center II, Mendota Office Center III, Mendota Office Center IV and American Corporate Center. (3) The properties included in this portfolio disposition are: Champlin South Pond, Chan West Village, Duluth 4615 Grand, Duluth Denfeld Retail, Forest Lake Auto, Forest Lake Westlake Center, Grand Forks Medpark Mall, Jamestown Buffalo Mall, Jamestown Business Center, Lakeville Strip Center, Monticello C Store & vacant land, Omaha Barnes & Noble, Pine City Evergreen Square, Rochester Maplewood Square and St. Cloud Westgate. (4) The properties included in this portfolio disposition are: Corporate Center West, Farnam Executive Center, Flagship Corporate Center, Gateway Corporate Center, Miracle Hills One, Pacific Hills, Riverport, Timberlands, and Woodlands Plaza IV. (5) On January 29, 2016, we transferred ownership of nine properties to the mortgage lender on a $122.6 million non-recourse loan and removed the debt obligation and accrued interest from our balance sheet. The properties had an estimated fair value of $89.3 million on the transfer date. Upon completion of this transfer, we recognized a gain on extinguishment of debt of $36.5 million, representing the difference between the loan and accrued interest payable extinguished over the carrying value of the properties, cash, accounts payable and accounts receivable transferred as of the transfer date and related closing costs.

OPERATING SEGMENTS

OPERATING SEGMENTS	12 Months Ended
	Apr. 30, 2017
OPERATING SEGMENTS [Abstract]
OPERATING SEGMENTS	NOTE 11 • OPERATING SEGMENTS We report our results in two reportable segments, which are aggregations of similar properties: multifamily and healthcare. Segment information in this report is presented based on net operating income (“NOI”), which we define as total real estate revenues less real estate expenses (which consist of utilities, maintenance, real estate taxes, insurance, property management expenses and other property expenses). We believe that NOI is an important supplemental measure of operating performance for a REIT’s operating real estate because it provides a measure of core operations that is unaffected by depreciation, amortization, financing and general and administrative expense. NOI does not represent cash generated by operating activities in accordance with GAAP and should not be considered an alternative to net income, net income available for common shareholders or cash flow from operating activities as a measure of financial performance. The following tables present real estate revenues and net operating income for the fiscal years ended April 30, 2017, 2016 and 2015 from our two reportable segments, and reconcile net operating income of reportable segments to net income as reported in the consolidated financial statements. Segment assets are also reconciled to Total Assets as reported in the consolidated financial statements. (in thousands) Year Ended April 30, 2017 Multifamily Healthcare All Other Amounts Not (1) Total Real estate revenue $ 144,743 $ 49,856 $ 11,139 — $ 205,738 Real estate expenses 63,292 16,419 3,024 5,620 88,355 Net operating income (loss) $ 81,451 $ 33,437 $ 8,115 (5,620) 117,383 Depreciation and amortization Impairment of real estate investments General and administrative expenses Acquisition and investment related costs Other expenses Interest expense Loss on debt extinguishment Interest and other income Loss before gain on sale of real estate and other investments and income from discontinued operations (56,851) Gain on sale of real estate and other investments Loss from continuing operations (38,150) Income from discontinued operations Net income $ 30,525 (in thousands) Year Ended April 30, 2016 Multifamily Healthcare All Other Amounts Not (1) Total Real estate revenue $ 131,149 $ 45,621 $ 11,550 $ — $ 188,320 Real estate expenses 57,130 15,439 2,500 4,031 79,100 Net operating income (loss) $ 74,019 $ 30,182 $ 9,050 $ (4,031) 109,220 Depreciation and amortization Impairment of real estate investments General and administrative expenses Acquisition and investment related costs Other expenses Interest expense Loss on debt extinguishment Interest and other income Income before gain on sale of real estate and other investments 4,041 Gain on sale of real estate and other investments 9,640 Gain on bargain purchase 3,424 Income from continuing operations 17,105 Income from discontinued operations Net income $ 76,602 (1) Consists of offsite costs associated with property management and casualty-related amounts, which are excluded in our assessment of segment performance. (in thousands) Year Ended April 30, 2015 Multifamily Healthcare All Other Amounts Not (1) Total Real estate revenue $ 118,526 $ 44,153 $ 16,642 $ — $ 179,321 Real estate expenses 48,668 15,244 5,260 3,965 73,137 Net operating income (loss) $ 69,858 $ 28,909 $ 11,382 $ (3,965) 106,184 Depreciation and amortization Impairment of real estate investments General and administrative expenses Acquisition and investment related costs Other expenses Interest expense Interest and other income Income before loss on sale of real estate and other investments and loss from discontinued operations 11,237 Gain on sale of real estate and other investments 6,093 Income from continuing operations 17,330 Income from discontinued operations Net income $ 28,684 (1) Consists of offsite costs associated with property management and casualty-related amounts, which are excluded in our assessment of segment performance. Segment Assets and Accumulated Depreciation (in thousands) As of April 30, 2017 Multifamily Healthcare All Other Total Segment assets Property owned $ 1,260,541 $ 323,148 $ 93,792 $ 1,677,481 Less accumulated depreciation (232,592) (86,139) (21,686) (340,417) Total property owned $ 1,027,949 $ 237,009 $ 72,106 $ 1,337,064 Assets held for sale and assets from discontinued operations Cash and cash equivalents Receivables and other assets 52,468 Unimproved land Total Assets $ 1,474,514 (in thousands) As of April 30, 2016 Multifamily Healthcare All Other Total Segment assets Property owned $ 1,243,909 $ 337,920 $ 99,642 $ 1,681,471 Less accumulated depreciation (209,156) (83,558) (20,175) (312,889) Total property owned $ 1,034,753 $ 254,362 $ 79,467 $ 1,368,582 Assets held for sale and assets from discontinued operations Cash and cash equivalents 66,698 Other investments 50 Receivables and other assets 26,535 Development in progress 51,681 Unimproved land 20,939 Total Assets $ 1,755,022

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS	12 Months Ended
	Apr. 30, 2017
DISCONTINUED OPERATIONS [Abstract]
DISCONTINUED OPERATIONS	NOTE 12 • DISCONTINUED OPERATIONS We report in discontinued operations the results of operations and the related gains or losses on the sales of properties that have either been disposed of or classified as held for sale and meet the classification of a discontinued operation as described in ASC 205 - Presentation of Financial Statements and ASC 360 - Property, Plant, and Equipment: Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. Under this standard, a disposal (or classification as held for sale) of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. We classified no dispositions as discontinued operations during the fiscal year ended April 30, 2017. During the fiscal year ended April 30, 2016, we determined that our 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 were classified as discontinued operations and subsequently sold during the fiscal year ended April 30, 2016. Additionally, we determined that our strategic decision to exit senior housing, which was a subset of our healthcare segment, met the criteria for discontinued operations and we classified 34 senior housing properties as held for sale and discontinued operations at April 30, 2016. Thirty-two of these senior housing properties were subsequently sold during the fiscal year ended April 30, 2017. We classified no dispositions as discontinued operations during the fiscal year ended April 30, 2015. The following information shows the effect on net income and the gains or losses from the sale of properties classified as discontinued operations for the fiscal years ended April 30, 2017, 2016 and 2015. (in thousands) Year Ended April 30, REVENUE Real estate rentals $ 16,405 $ 43,544 $ 75,883 Tenant reimbursement 226 8,684 24,466 TRS senior housing revenue 3,218 3,955 3,520 TOTAL REVENUE 19,849 56,183 103,869 EXPENSES Property operating expenses, excluding real estate taxes 75 10,252 23,517 Real estate taxes — 5,777 14,343 Depreciation and amortization 16 14,166 27,823 Impairment of real estate investments — 440 1,442 TRS senior housing expenses 3,113 3,366 2,997 Other expenses — — 1 TOTAL EXPENSES 3,204 34,001 70,123 Operating income 16,645 22,182 33,746 Interest expense (1) (4,815) (18,406) (24,573) Gain/loss on extinguishment of debt (1) (1,790) 29,336 — Interest income 2,176 2,176 2,176 Other income 313 427 5 Income from discontinued operations before gain on sale 12,529 35,715 11,354 Gain on sale of discontinued operations 56,146 23,782 — INCOME FROM DISCONTINUED OPERATIONS $ 68,675 $ 59,497 $ 11,354 Segment Data Healthcare $ 68,362 $ 8,101 $ 9,008 All other 313 51,396 2,346 Total $ 68,675 $ 59,497 $ 11,354 (1) Interest expense includes $4.7 million and approximately $528,000 for fiscal years ended April 30, 2016 and 2015, respectively, of default interest related to a $122.6 million non-recourse loan. Gain on extinguishment of debt in the fiscal year ended April 30, 2016 includes $36.5 million of gain on extinguishment of debt recognized in connection with our transfer of ownership to the mortgage lender of the nine properties serving as collateral for the $122.6 million non-recourse loan and the removal of the debt obligation and accrued interest from our balance sheet. (in thousands) Property Sale Data Sales price 239,436 $ 373,460 $ — Net book value and sales costs (183,290) (349,678) — Gain on sale of discontinued operations 56,146 $ 23,782 $ — 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) April 30, 2017 April 30, 2016 Carrying amounts of major classes of assets included as part of discontinued operations Property owned and intangible assets, net of accumulated depreciation and amortization $ 21,332 $ 189,900 Receivable arising from straight-lining of rents 2,283 9,805 Accounts receivable — 1,707 Prepaid and other assets — 43 Tax, insurance and other escrow — 670 Property and equipment — 479 Goodwill 14 18 Total major classes of assets of the discontinued operations 23,629 202,622 Other assets included in the disposal group classified as held for sale 14,079 17,915 Total assets of the disposal group classified as held for sale on the balance sheet $ 37,708 $ 220,537 Carrying amounts of major classes of liabilities included as part of discontinued operations Accounts payable and accrued expenses $ 52 $ 810 Mortgages payable 16,226 67,940 Other 7,900 7,900 Total major classes of liabilities of the discontinued operations 24,178 76,650 Other liabilities included in the disposal group classified as held for sale 5,884 838 Total liabilities of the disposal group classified as held for sale on the balance sheet $ 30,062 $ 77,488

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
	Apr. 30, 2017
EARNINGS PER SHARE [Abstract]
EARNINGS PER SHARE	NOTE 13 • 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. We have no outstanding options, warrants, convertible stock or other contractual obligations requiring issuance of additional common shares that would result in a dilution of earnings. Pursuant to the exercise of Exchange Rights, Units may be tendered for redemption for cash or, at our option, for common shares on a one-for-one basis. The following table presents a reconciliation of the numerator and denominator used to calculate basic and diluted earnings per share reported in the consolidated financial statements for the fiscal years ended April 30, 2017, 2016 and 2015: For Year Ended April 30, (in thousands, except per share data) NUMERATOR (Loss) income from continuing operations – Investors Real Estate Trust $ (17,340) $ 18,651 $ 14,083 Income from discontinued operations – Investors Real Estate Trust 60,687 53,355 10,004 Net income attributable to Investors Real Estate Trust 43,347 72,006 24,087 Dividends to preferred shareholders (10,546) (11,514) (11,514) Redemption of preferred shares (1,435) — — Numerator for basic earnings per share – net income available to common shareholders 31,366 60,492 12,573 Noncontrolling interests – Operating Partnership 4,059 7,032 1,526 Numerator for diluted earnings per share $ 35,425 $ 67,524 $ 14,099 DENOMINATOR Denominator for basic earnings per share weighted average shares 121,169 123,094 118,004 Effect of redeemable operating partnership units 16,130 14,278 16,594 Denominator for diluted earnings per share 137,299 137,372 134,598 (Loss) earnings per common share from continuing operations – Investors Real Estate Trust – basic and diluted $ (0.24) $ 0.06 $ 0.02 Earnings per common share from discontinued operations – Investors Real Estate Trust – basic and diluted 0.50 0.43 0.09 NET INCOME PER COMMON SHARE – BASIC & DILUTED $ 0.26 $ 0.49 $ 0.11

RETIREMENT PLANS

RETIREMENT PLANS	12 Months Ended
	Apr. 30, 2017
RETIREMENT PLANS [Abstract]
RETIREMENT PLANS	NOTE 14 • RETIREMENT PLANS We sponsor a defined contribution 401(k) plan to provide retirement benefits for employees that meet minimum employment criteria. We currently match, dollar for dollar, employee contributions to the 401(k) plan in an amount equal to up to 4.0% of the eligible wages of each participating employee. 401(k) matching contributions are fully vested when made. We recognized expense of approximately $565,000, $836,000 and $1.0 million in fiscal years 2017, 2016 and 2015, respectively. The expense decreased from fiscal year 2016 to fiscal year 2017 because fiscal year 2016 included a 3.5% discretionary employer contribution. The decrease in cost from fiscal year 2015 to fiscal year 2016 was due to a decrease in discretionary employer contribution.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Apr. 30, 2017
COMMITMENTS AND CONTINGENCIES [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 15 • COMMITMENTS AND CONTINGENCIES Ground Leases. As of April 30, 2017, we are a tenant under operating ground or air rights leases on seven of our properties. We pay a total of approximately $330,000 per year in rent under these ground leases, which have remaining terms ranging from 14 to 39 years, and expiration dates ranging from February 2031 to October 2055. We have renewal options for three of the seven ground leases, and rights of first offer or first refusal for the remainder. The expected timing of ground and air rights lease payments as of April 30, 2017 is as follows: (in thousands) Fiscal Year Ended April 30, Lease Payments 2018 $ 331 2019 332 2020 333 2021 335 2022 336 Thereafter 8,167 Total $ 9,834 Legal Proceedings . We are involved in various lawsuits arising in the normal course of business. We believe that such matters will not have a material adverse effect on our consolidated financial statements. Environmental Matters . It is generally our policy to obtain a Phase I environmental assessment of each property that we seek to acquire. Such assessments have not revealed, nor are we aware of, any environmental liabilities that we believe would have a material adverse effect on our financial position or results of operations. We own properties that contain or potentially contain (based on the age of the property) asbestos or lead, or have underground fuel storage tanks. For certain of these properties, we estimated the fair value of the conditional asset retirement obligation and chose not to book a liability because the amounts involved were immaterial. With respect to certain other properties, we have not recorded any related asset retirement obligation as the fair value of the liability cannot be reasonably estimated due to insufficient information. We believe we do not have sufficient information to estimate the fair value of the asset retirement obligations for these properties because a settlement date or range of potential settlement dates has not been specified by others and, additionally, there are currently no plans or expectation of plans to demolish these properties or to undertake major renovations that would require removal of the asbestos, lead and/or underground storage tanks. These properties are expected to be maintained by repairs and maintenance activities that would not involve the removal of the asbestos, lead and/or underground storage tanks. Also, a need for renovations caused by tenant changes, technology changes or other factors has not been identified . Tenant Improvements . In entering into leases with tenants, we may commit to fund improvements or build-outs of the rented space to suit tenant requirements. These tenant improvements are typically funded at the beginning of the lease term, and we are accordingly exposed to some risk of loss if a tenant defaults prior to the expiration of the lease term, and the rental income that was expected to cover the cost of the tenant improvements is not received. As of April 30, 2017, we are committed to fund $4.3 million in tenant improvements within approximately the next 12 months. Purchase Options . Under certain lease agreements, we have granted options to the tenants of properties to purchase such properties. In general, these options grant the tenant the right to purchase the property at the greater of such property’s appraised value or an annual compounded increase of a specified percentage of the initial cost to us. As of April 30, 2017, two of our properties were subject to purchase options, and the total investment cost, plus improvements, of all such properties was $27.3 million with total gross rental revenues in fiscal year 2017 of $2.7 million. Insurance. We carry insurance coverage on our properties in amounts and types that we believe are customarily obtained by owners of similar properties and are sufficient to achieve our risk management objectives. Restrictions on Taxable Dispositions. Approximately 30 of our properties, consisting of approximately 431,000 square feet of our combined commercial properties and 3,285 apartment units, are subject to restrictions on taxable dispositions under agreements entered into with some of the sellers or contributors of the properties. The real estate investment amount of these properties (net of accumulated depreciation) was approximately $286.7 million at April 30, 2017. The restrictions on taxable dispositions are effective for varying periods. We do not believe that the agreements materially affect the conduct of our business or our decisions whether to dispose of restricted properties during the restriction period because we generally hold these and our other properties for investment purposes rather than for sale. In addition, where we deem it to be in our shareholders’ best interests to dispose of such properties, we generally seek to structure sales of such properties as tax deferred transactions under Section 1031 of the Internal Revenue Code. Otherwise, we may be required to provide tax indemnification payments to the parties to these agreements. Redemption Value of Units . Pursuant to a Unitholder’s exercise of its Exchange Rights, we have the right, in our sole discretion, to acquire such Units by either making a cash payment or acquiring the Units for our common shares, on a one-for-one basis. All Units receive the same per Unit cash distributions as the per share dividends paid on common shares. Units are redeemable for an amount of cash per Unit equal to the average of the daily market price of our common shares for the ten consecutive trading days immediately preceding the date of valuation of the Unit. As of April 30, 2017 and 2016, the aggregate redemption value of the then-outstanding Units owned by limited partners, as determined by the ten-day average market price for our common shares, was approximately $95.1 million and $109.3 million, respectively. Joint Venture Buy/Sell Options. Several of our joint venture agreements contain buy/sell options in which each party under certain circumstances has the option to acquire the interest of the other party, but do not generally require that we buy our partners’ interests. However, from time to time, we have entered into joint venture agreements which contain options compelling us to acquire the interest of the other parties. We currently have one such joint venture, which owns Commons and Landing at Southgate in Minot, North Dakota, in which our joint venture partner can, for the four-year period from February 6, 2016 through February 5, 2020, compel us to acquire the partner’s interest for a price to be determined in accordance with the provisions of the joint venture agreement. The joint venture partner’s interest is reflected as a redeemable noncontrolling interest on the Consolidated Balance Sheets. Pending Dispositions. We currently have signed sales agreements for the disposition of our two remaining senior housing properties for a total sales price of $36.9 million and a parcel of unimproved land for a sales price of $3.6 million. These pending dispositions are subject to various closing conditions and contingencies, and no assurances can be given that the transactions will be completed on the terms currently proposed, or at all.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Apr. 30, 2017
FAIR VALUE MEASUREMENTS [Abstract]
FAIR VALUE MEASUREMENTS	NOTE 16 • FAIR VALUE MEASUREMENTS ASC 820, Fair Value Measurement and Disclosures defines and establishes a framework for measuring fair value. The objective of fair value is to determine the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). ASC 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels, as follows: Level 1: Quoted prices in active markets for identical assets Level 2: Significant other observable inputs Level 3: Significant unobservable inputs There were no transfers in and out of Level 1, Level 2 and Level 3 fair value measurements during fiscal years 2017 and 2016. 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 We had no assets or liabilities recorded at fair value on a recurring basis at April 30, 2017 and 2016. Fair Value Measurements on a Nonrecurring Basis Non-financial assets measured at fair value on a nonrecurring basis at April 30, 2017 and 2016 consisted of real estate investments and real estate held for sale that were written-down to estimated fair value during fiscal year 2017 and 2016, respectively. 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 April 30, 2017 Real estate investments $ 506 $ — $ — $ 506 Real estate held for sale (1) $ 10,891 $ — $ — $ 10,891 April 30, 2016 Real estate held for sale $ 6,650 $ — $ — $ 6,650 (1) Represents only the portion of real estate held for sale at April 30, 2017 that was written-down to estimated fair value. We estimated the fair value of our real estate held for sale using an income approach, including management estimates, and cash flow calculations. We estimated the fair value of our real estate investments using market comparisons and a broker opinion of value. As of April 30, 2017, we estimated fair value on a group of our properties using projected net operating income and an estimated capitalization rate to estimate fair value. Significant unobservable quantitative inputs used in determining the fair value of each investment includes capitalization rates based on the location, type and nature of each property, and current and anticipated market conditions. Significant unobservable quantitative inputs used in determining the fair value of these real estate investments at April 30, 2017, was a capitalization rate of 7.0%. Financial Assets and Liabilities Not Measured at Fair Value The following methods and assumptions were used to estimate the fair value of each class of financial assets and liabilities. The fair values of our financial instruments approximate their carrying amount in our consolidated financial statements except for debt. Cash and Cash Equivalents. The carrying amount approximates fair value because of the short maturity. Other Investments. The carrying amount, or cost plus accrued interest, of the certificates of deposit approximates fair value. Other Debt. For variable rate loans that re-price frequently, fair values are based on carrying values. The fair value of fixed rate loans is estimated based on the discounted cash flows of the loans using relevant treasury interest rates plus credit spreads (Level 2). Lines of Credit. The carrying amount approximates fair value because the variable rate debt re-prices frequently. Mortgages Payable. For variable rate loans that re-price frequently, fair values are based on carrying values. The fair value of fixed rate loans is estimated based on the discounted cash flows of the loans using market research and management estimates of comparable interest rates (Level 3). The estimated fair values of our financial instruments as of April 30, 2017 and 2016 are as follows: (in thousands) 2017 2016 Amount Fair Value Amount Fair Value FINANCIAL ASSETS Cash and cash equivalents $ 28,819 $ 28,819 $ 66,698 $ 66,698 Other investments — — 50 50 FINANCIAL LIABILITIES Other debt, including other debt related to assets held for sale 49,637 49,637 82,026 82,026 Lines of credit 57,050 57,050 17,500 17,500 Mortgages payable 665,440 680,941 817,324 866,649 Mortgages payable related to assets held for sale 21,803 21,861 68,824 78,690

SHAREHOLDERS_ EQUITY

SHAREHOLDERS’ EQUITY	12 Months Ended
	Apr. 30, 2017
SHAREHOLDERS’ EQUITY
COMMON AND PREFERRED SHARES OF BENEFICIAL INTEREST AND EQUITY	NOTE 17 • SHAREHOLDERS’ EQUITY Distribution Reinvestment and Share Purchase Plan. During fiscal year 2017 no shares were issued pursuant to our Distribution Reinvestment and Share Purchase Plan (“DRIP”). During fiscal years 2016 and 2015, we issued approximately 821,000 and 8.1 million common shares, respectively, under the DRIP, at a total value at issuance of $5.6 million and $64.9 million, respectively. The shares issued under the DRIP during fiscal year 2016 consisted of approximately 610,000 shares valued at issuance at $4.1 million that were purchased with reinvested distributions and approximately 211,000 shares valued at $1.5 million at issuance that were purchased with voluntary cash contributions. Participation in the DRIP is available to existing common shareholders and Unitholders as well as new investors. Under the DRIP, participants may purchase additional common shares by reinvesting their cash distributions and making voluntary cash contributions. Exchange of Units for Common Shares. During fiscal years 2017 and 2016, respectively, approximately 503,000 and 273,000 Units were redeemed in exchange for common shares in connection with Unitholders exercising their Exchange Rights, with a total value of $875,000 and $1.5 million included in equity. Equity Awards . During fiscal year 2017, we issued approximately 604,000 Common Shares, with a total grant-date value of $2.6 million, under our 2015 Incentive Award Plan, for executive officer and trustee share based compensation for future performance. We also issued approximately 59,000 Common Shares, with a total grant-date value of approximately $352,000, under our 2008 Incentive Award Plan, for trustee share based compensation for fiscal year 2016 performance. During fiscal year 2017, 274,000 common shares were forfeited under the 2015 Incentive Award Plan. During fiscal year 2016, we issued approximately 220,000 Common Shares, net of withholding, with a total grant-date value of approximately $1.6 million, under our 2008 Incentive Award Plan, for executive officer and trustee share based compensation for fiscal year 2015 performance. Share Repurchase Program . On December 7, 2016, our Board of Trustees authorized a share repurchase program to repurchase up to $50 million of our common shares and/or Series B preferred shares over a one year period. Under this program, we may repurchase the shares in open-market purchases including pursuant to Rule 10b5-1 plans, as determined by management and in accordance with the requirements of the Securities and Exchange Commission. The extent to which we repurchase our shares, and the timing of such repurchases, will depend upon a variety of factors, including market conditions, regulatory requirements and other corporate considerations, as determined by the executive management team. The program may be suspended or discontinued at any time. During fiscal year 2017, we repurchased and retired approximately 778,000 common shares for an aggregate cost of $4.5 million, including commissions, at an average price per share of $5.77. During fiscal year 2016, we repurchased and retired approximately 4.6 million common shares for an aggregate cost of $35.0 million, including commissions, at an average price per share of $7.52. ATM Program. During the second quarter of fiscal year 2014, we and our Operating Partnership entered into an At the Market sales agreement (“ATM”) with Robert W. Baird & Co. Incorporated as sales agent, pursuant to which we may from time to time sell common shares having an aggregate offering price of up to $75 million. On June 1, 2016, we and our Operating Partnership terminated the ATM sales agreement with Baird according to its terms. We did not issue any shares under the ATM. Issuance of Preferred Shares . On August 7, 2012, we completed the public offering of 4.6 million 7.95% Series B Cumulative Redeemable Preferred Shares of Beneficial Interest (“Series B preferred shares”) at a price of $25.00 per share for net proceeds of approximately $111.2 million after underwriting discounts and estimated offering expenses. These shares are nonvoting and redeemable for cash at $25.00 per share at our option on or after August 7, 2017. Holders of these shares are entitled to cumulative distributions, payable quarterly (as and if declared by the Board of Trustees). Distributions accrue at an annual rate of $1.9875 per share, which is equal to 7.95% of the $25.00 per share liquidation preference ($115 million liquidation preference in the aggregate). We contributed the net proceeds from the issuance to the Operating Partnership in exchange for 4.6 million Series B preferred units, which carry terms that are substantially the same as the Series B preferred shares. Redemption of Preferred A. On December 2, 2016, we completed the redemption of all of the outstanding 8.25% Series A Cumulative Redeemable Preferred Shares (“Preferred A Shares”) for an aggregate redemption price of $29.2 million, and such shares are no longer outstanding as of such date.

QUARTERLY RESULTS OF CONSOLIDAT

QUARTERLY RESULTS OF CONSOLIDATED OPERATIONS (unaudited)	12 Months Ended
	Apr. 30, 2017
QUARTERLY RESULTS OF CONSOLIDATED OPERATIONS (unaudited) [Abstract]
QUARTERLY RESULTS OF CONSOLIDATED OPERATIONS (unaudited)	NOTE 18 • QUARTERLY RESULTS OF CONSOLIDATED OPERATIONS (unaudited) (in thousands, except per share data) QUARTER ENDED July 31, 2016 October 31, 2016 January 31, 2017 April 30, 2017 Revenues $ 49,611 $ 50,609 $ 51,174 $ 54,344 Net (loss) income attributable to Investors Real Estate Trust $ (21,643) $ 11,600 $ 23,110 $ 30,280 Net (loss) income available to common shareholders $ (24,522) $ 8,722 $ 19,172 $ 27,994 Net (loss) income per common share - basic & diluted $ (0.20) $ 0.07 $ 0.16 $ 0.23 (in thousands, except per share data) QUARTER ENDED July 31, 2015 October 31, 2015 January 31, 2016 April 30, 2016 Revenues $ 45,045 $ 46,346 $ 48,406 $ 48,523 Net income attributable to Investors Real Estate Trust $ 4,540 $ 16,666 $ 39,797 $ 11,003 Net income available to common shareholders $ 1,661 $ 13,788 $ 36,918 $ 8,125 Net income per common share - basic & diluted $ 0.01 $ 0.11 $ 0.30 $ 0.07 The above financial information is unaudited. In the opinion of management, all adjustments (which are of a normal recurring nature) have been included for a fair presentation.

REDEEMABLE NONCONTROLLING INTER

REDEEMABLE NONCONTROLLING INTERESTS	12 Months Ended
	Apr. 30, 2017
REDEEMABLE NONCONTROLLING INTERESTS [Abstract]
REDEEMABLE NONCONTROLLING INTERESTS	NOTE 19 • REDEEMABLE NONCONTROLLING INTERESTS Redeemable noncontrolling interests on our Consolidated Balance Sheets represent the noncontrolling interest in a joint venture in which our unaffiliated partner, at its election, could require us 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 on our Consolidated Balance Sheets. We currently have one joint venture, which owns Commons and Landing at Southgate in Minot, North Dakota, in which our joint venture partner can, for the four-year period from February 6, 2016 through February 5, 2020, compel us to acquire its interest for a price to be determined in accordance with the provisions of the joint venture agreement. As of April 30, 2017 and 2016, the estimated redemption value of the redeemable noncontrolling interests was $7.2 million and $7.5 million, respectively. Below is a table reflecting the activity of the redeemable noncontrolling interests. (in thousands) Balance at beginning of fiscal year $ 7,522 $ 6,368 $ 6,203 Contributions 81 1,120 — Net (loss) income (422) 34 165 Balance at close of fiscal year $ 7,181 $ 7,522 $ 6,368

SHARE BASED COMPENSATION

SHARE BASED COMPENSATION	12 Months Ended
	Apr. 30, 2017
SHARE BASED COMPENSATION
SHARE BASED COMPENSATION	NOTE 20 • SHARE BASED COMPENSATION Share based awards are provided to officers, non-officer employees and trustees under our 2015 Incentive Plan approved by shareholders on September 15, 2015, which allows for awards in the form of cash and unrestricted and restricted Common Shares up to an aggregate of 4,250,000 shares over the ten year period in which the plan will be in effect. Through April 30, 2017, awards under the 2015 Incentive Plan consisted of restricted and unrestricted Common Shares. Long-Term Incentive Plan Under the 2015 Incentive Plan, our officers and non-officer employees may earn share awards under a long-term incentive plan which is a forward-looking program that measures long-term performance over the stated performance period. Such awards are payable to the extent deemed earned in shares. The terms of the long-term incentive awards granted under the program may vary from year to year. Fiscal Year 2017 LTIP Awards Awards granted on June 22, 2016 consist of time-based restricted share awards and performance restricted share awards for 45,651 and 273,901 shares, respectively, that are classified as equity awards. The 45,651 time-based restricted share awards vest as to one-third of the shares on each June 22, 2017, May 1, 2018 and May 1, 2019. We recognize compensation expense associated with the time-based restricted share awards ratably over the requisite service periods. The 273,901 performance restricted share awards are earned based on our TSR as compared to the MSCI US REIT Index over a forward looking three-year period. The maximum number of shares that are eligible to be earned are the shares that were granted. Earned awards (if any) will fully vest as of the last day of the measurement period. These awards have market conditions in addition to service conditions that must be met for the awards to vest. We recognize compensation expense ratably based on the grant date fair value, as determined using the Monte Carlo valuation model, and regardless of whether the market conditions are achieved and the performance restricted share awards ultimately vest. Therefore, previously recorded compensation expense is not adjusted in the event that the market conditions are not achieved. We based the expected volatility on the historical volatility of our daily closing share price. We based the risk-free interest rate on the interest rates on U.S. treasury bonds with a maturity equal to the remaining performance period of the award. We based the expected term on the performance period of the performance restricted share award. The assumptions used to value the performance restricted share awards were an expected volatility of 23.8%, a risk-free interest rate of 0.86% and an expected life of 2.85 years. The share price at the grant date, June 22, 2016, was $6.24. Awards granted on August 8, 2016 consist of time-based restricted share awards and performance restricted share awards for 43,549 and 77,243 shares, respectively, that are classified as equity awards. Of the time-based awards, 12,874 vest as to one-third of the shares on each August 8, 2017, May 1, 2018 and May 1, 2019. The remaining 30,675 time-based awards vest as to one-third of the shares on each August 8, 2017, August 8, 2018 and August 8, 2019. The assumptions used to value the performance restricted awards granted on August 8, 2016 were an expected volatility of 24.0%, a risk-free interest rate of 0.83% and an expected life of 2.72 years. We based the expected volatility on the historical volatility of our daily closing price. The share price at the grant date, August 8, 2016, was $6.57. Awards granted on April 30, 2017 consist of time-based restricted share awards for 56,203 shares that vest as to one-third of the shares on each April 30, 2017, April 30, 2018 and April 30, 2019 and 49,342 shares that vest as to one-third of the shares on each of April 30, 2018, April 30, 2019 and April 30, 2020. Trustee Awards Awards granted on June 22, 2016 consist of restricted shares that vest May 1, 2017. The value of share awards at grant date for non-management trustees was approximately $365,000, $352,000 and $274,000 for each of the fiscal years ended April 2017, 2016 , and 2015 , respectively. Total Compensation Expense Total share based compensation expense recognized in the consolidated financial statements for the three years ended April 30, 2017 for all share-based awards was as follows (in thousands): Year Ended April 30, 2017 2016 2015 Share based compensation expense $ 6 $ 2,256 $ 2,215 Share based compensation expense decreased due to forfeitures during the fiscal year ended April 30, 2017. Restricted Share Awards with Service Conditions The activity for the three years ended April 30, 2017 related to our restricted share awards, excluding those subject to market conditions, was as follows. Wtd Avg Grant- Shares Date Fair Value Unvested at April 30, 2014 104,855 $ 8.72 Granted 107,536 7.17 Vested (79,181) 8.72 Forfeited (25,674) 8.72 Unvested at April 30, 2015 107,536 7.17 Vested (107,536) 7.17 Unvested at April 30, 2016 — Granted 253,263 6.16 Vested (21,308) 5.95 Forfeited (36,817) 6.24 Unvested at April 30, 2017 195,138 6.17 The total fair value of share grants vested during the fiscal years ended April 30, 2017, 2016 and 2015 was approximately $127,000, $647,000 and $568,000. As of April 30, 2017, the total compensation cost related to non-vested share awards not yet recognized was approximately $485,000, which we expect to recognize over a weighted average period of 1.7 years. Restricted Share Awards with Market Conditions Share based awards with market conditions were granted under the LTIP during fiscal year 2017 with a fair market value, as determined using a Monte Carlo simulation, of $1.0 million. The unamortized value of awards with market conditions as of April 30, 2017 was approximately $300,000.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Apr. 30, 2017
SUBSEQUENT EVENTS [Abstract]
SUBSEQUENT EVENTS	NOTE 21 • SUBSEQUENT EVENTS Common and Preferred Share Distributions. On June 5, our Board of Trustees declared the following distributions: Quarterly Amount Class of shares/units per Share or Unit Record Date Payment Date Common shares and limited partnership units $ 0.0700 June 22, 2017 July 3, 2017 Preferred shares: Series B $ 0.4968 June 22, 2017 June 30, 2017 Completed Acquisition. On May 26, 2017, we closed on the acquisition of a 191-unit multifamily property in St. Paul, MN for a purchase price of $61.5 million, paid in cash. The purchase price accounting is incomplete for this acquisition. Completed Disposition . On May 15, 2017, we sold a retail property in Minot, ND for a sales price of $3.4 million. Pending Disposition . On June 19, 2017, we signed an agreement to sell a healthcare property in Eagan, MN for a sales price of $2.1 million. This pending disposition is subject to various closing conditions and contingencies, and no assurances can be given that the transaction will be completed on the terms currently expected, or at all.

SCHEDULE III - REAL ESTATE AND

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION	12 Months Ended
	Apr. 30, 2017
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION [Abstract]
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION	Gross amount at which carried at Life on which Initial Cost to Company close of period depreciation in Costs capitalized Date of latest income Buildings & subsequent to Buildings & Accumulated Construction statement is Description Encumbrances (1) Land Improvements acquisition Land Improvements Total Depreciation or Acquisition computed Multifamily 71 France - Edina, MN $ $ $ $ $ $ $ $ 2016 40 years Alps Park - Rapid City, SD 2013 40 years Arbors - S Sioux City, NE 2006 40 years Arcata - Golden Valley, MN 2015 40 years Ashland - Grand Forks, ND 2012 40 years Avalon Cove - Rochester, MN 2016 40 years Boulder Court - Eagan, MN 2003 40 years Brookfield Village - Topeka, KS 2003 40 years Canyon Lake - Rapid City, SD 2001 40 years Cardinal Point - Grand Forks, ND 2013 40 years Cascade Shores - Rochester, MN 47 2016 40 years Castlerock - Billings, MT 1998 40 years Chateau I & II - Minot, ND 2013 40 years Cimarron Hills - Omaha, NE 2001 40 years Colonial Villa - Burnsville, MN 2003 40 years Colony - Lincoln, NE 2012 40 years Commons and Landing at Southgate - Minot, ND 2015 40 years Cottage West Twin Homes - Sioux Falls, SD 2011 40 years Cottonwood - Bismarck, ND 1997 40 years Country Meadows - Billings, MT 1995 33 - 40 years Crestview - Bismarck, ND 1994 24 - 40 years Crown - Rochester, MN 2010 40 years Crown Colony - Topeka, KS 1999 40 years Crystal Bay - Rochester, MN 68 2016 40 years Cypress Court - St. Cloud, MN 2012 40 years Dakota Commons - Williston, ND 2015 40 years Deer Ridge - Jamestown, ND 2013 40 years Evergreen - Isanti, MN 2008 40 years Forest Park - Grand Forks, ND 1993 24 - 40 years French Creek - Rochester, MN 19 2016 40 years Gables Townhomes - Sioux Falls, SD 2011 40 years Gardens - Grand Forks, ND 2015 40 years Grand Gateway - St. Cloud, MN 2012 40 years GrandeVille at Cascade Lake - Rochester, MN 2015 40 years Greenfield - Omaha, NE 2007 40 years Heritage Manor - Rochester, MN 1998 40 years Homestead Garden - Rapid City, SD 2015 40 years Indian Hills - Sioux City, IA 2007 40 years Kirkwood Manor - Bismarck, ND 1997 12 - 40 years Lakeside Village - Lincoln, NE 2012 40 years Landmark - Grand Forks, ND 1997 40 years Legacy - Grand Forks, ND 1995-2005 24 - 40 years Legacy Heights - Bismarck, ND 2015 40 years Mariposa - Topeka, KS 2004 40 years Meadows - Jamestown, ND 1998 40 years Monticello Crossings - Monticello, MN 2017 40 years Monticello Village - Monticello, MN 2004 40 years Northern Valley - Rochester, MN 2010 40 years North Pointe - Bismarck, ND 1995-2011 24 - 40 years Northridge - Bismarck, ND 2015 40 years Oakmont Estates - Sioux Falls, SD 2002 40 years Oakwood Estates - Sioux Falls, SD 1993 40 years Olympic Village - Billings, MT 2000 40 years Olympik Village - Rochester, MN 2005 40 years Oxbow Park - Sioux Falls, SD 1994 24 - 40 years Park Meadows - Waite Park, MN 1997 40 years Pebble Springs - Bismarck, ND 1999 40 years Pinehurst - Billings, MT 2002 40 years Plaza - Minot, ND 2009 40 years Pointe West - Rapid City, SD 1994 24 - 40 years Ponds at Heritage Place - Sartell, MN 2012 40 years Prairie Winds - Sioux Falls, SD 1993 24 - 40 years Quarry Ridge - Rochester, MN 2006 40 years Red 20 - Minneapolis, MN 2015 40 years Regency Park Estates - St. Cloud, MN 2011 40 years Renaissance Heights - Williston, ND 2013 40 years Ridge Oaks - Sioux City, IA 2001 40 years Rimrock West - Billings, MT 1999 40 years River Ridge - Bismarck, ND 2008 40 years Rocky Meadows - Billings, MT 1995 40 years Rum River - Isanti, MN 2007 40 years Sherwood - Topeka, KS 1999 40 years Sierra Vista - Sioux Falls, SD 2011 40 years Silver Springs - Rapid City, SD 2015 40 years South Pointe - Minot, ND 1995 24 - 40 years Southpoint - Grand Forks, ND 2013 40 years Southwind - Grand Forks, ND 1995 24 - 40 years Sunset Trail - Rochester, MN 1999 40 years Thomasbrook - Lincoln, NE 1999 40 years Valley Park - Grand Forks, ND 1999 40 years Villa West - Topeka, KS 2012 40 years Village Green - Rochester, MN 2003 40 years West Stonehill - Waite Park, MN 1995 40 years Westwood Park - Bismarck, ND 1998 40 years Whispering Ridge - Omaha, NE 2012 40 years Williston Garden - Williston, ND 2012 40 years Winchester - Rochester, MN 2003 40 years Woodridge - Rochester, MN 1997 40 years Total Multifamily $ $ $ $ $ $ $ $ Gross amount at which carried at Life on which Initial Cost to Company close of period depreciation in Costs capitalized Date of latest income Buildings & subsequent to Buildings & Accumulated Construction statement is Description Encumbrances (1) Land Improvements acquisition Land Improvements Total Depreciation or Acquisition computed Healthcare 2800 Medical Building - Minneapolis, MN $ $ $ $ $ $ $ $ 2005 40 years 2828 Chicago Avenue - Minneapolis, MN 2007 40 years Airport Medical - Bloomington, MN — — 2002 40 years Billings 2300 Grant Road - Billings, MT — 2010 40 years Burnsville 303 Nicollet Medical (Ridgeview) - Burnsville, MN 2008 40 years Burnsville 305 Nicollet Medical (Ridgeview South) - Burnsville, MN 2008 40 years Denfeld Clinic - Duluth, MN 2004 40 years Eagan 1440 Duckwood Medical - Eagan, MN — 2008 40 years Edina 6363 France Medical - Edina, MN — — 2008 40 years Edina 6405 France Medical - Edina, MN — — 2008 40 years Edina 6517 Drew Avenue - Edina, MN — 2002 40 years Edina 6525 France SMC II - Edina, MN 2003 40 years Edina 6545 France SMC I - Edina MN 2001 40 years Fresenius - Duluth, MN 2004 40 years Garden View - St. Paul, MN — 2002 40 years Gateway Clinic - Sandstone, MN — 2004 40 years High Pointe Health Campus - Lake Elmo, MN 2004 40 years Lakeside Medical Plaza - Omaha, NE — 2015 40 years Mariner Clinic - Superior, WI — 2004 40 years Minneapolis 701 25th Avenue Medical - Minneapolis, MN* — — 2008 40 years Missoula 3050 Great Northern - Missoula, MT — 2010 40 years Park Dental - Brooklyn Center, MN — 2002 40 years Pavilion I - Duluth, MN 2004 40 years Pavilion II - Duluth, MN 2004 40 years PrairieCare Medical - Brooklyn Park, MN — 2015 40 years Ritchie Medical Plaza - St Paul, MN 2005 40 years St Michael Clinic - St Michael, MN 2007 40 years Trinity at Plaza 16 - Minot, ND 2011 40 years Wells Clinic - Hibbing, MN 2004 40 years Total Healthcare $ $ $ $ $ $ $ $ Gross amount at which carried at Life on which Initial Cost to Company close of period depreciation in Costs capitalized Date of latest income Buildings & subsequent to Buildings & Accumulated Construction statement is Description Encumbrances (1) Land Improvements acquisition Land Improvements Total Depreciation or Acquisition computed Other Bismarck 715 East Broadway - Bismarck, ND 2008 40 years Bloomington 2000 W 94th Street - Bloomington, MN 2006 40 years Dakota West Plaza - Minot , ND 2006 40 years Lexington Commerce Center - Eagan, MN 1999 40 years Minot 1400 31st Ave - Minot, ND — 2010 40 years Minot 2505 16th Street SW - Minot, ND — 2009 40 years Minot Arrowhead - Minot, ND — 1973 40 years Minot IPS - Minot, ND — — 2012 40 years Minot Southgate Retail - Minot, ND — 68 2015 40 years Plaza 16 - Minot, ND 2009 40 years Roseville 3075 Long Lake Road - Roseville, MN — 2001 40 years Urbandale 3900 106th Street - Urbandale, IA 2007 40 years Woodbury 1865 Woodlane - Woodbury, MN — 2007 40 years Total Other $ $ $ $ $ $ $ $ Subtotal $ 665,338 $ 115,144 $ 1,307,790 $ 254,547 $ 136,365 $ 1,541,116 $ 1,677,481 $ (340,417) Gross amount at which carried at Initial Cost to Company close of period Costs capitalized Date of Buildings & subsequent to Buildings & Accumulated Construction Description Encumbrances (1) Land Improvements acquisition Land Improvements Total Depreciation or Acquisition Unimproved Land Badger Hills - Rochester, MN $ — $ $ — $ $ $ — $ $ — 2012 Bismarck 4916 - Bismarck, ND — — — — 2013 Bismarck 700 E Main - Bismarck, ND — — — — 2008 Creekside Crossing - Bismarck, ND — — — — 2015 Grand Forks - Grand Forks, ND — — — — 2012 Isanti Unimproved - Isanti, MN — — — — — 2014 Minot 1525 24th Ave SW - Minot, ND — — — — — 2015 Rapid City Unimproved- Rapid City, SD — — — — — 2014 Renaissance Heights - Williston, ND — — — — — 2012 Urbandale - Urbandale, IA — — — — 2009 Weston - Weston, WI — — — — — 2006 Total Unimproved Land — $ 16,671 $ — $ 1,784 $ 18,455 — $ 18,455 $ — Total $ 665,338 $ 131,815 $ 1,307,790 $ 256,331 $ 154,820 $ 1,541,116 $ 1,695,936 $ (340,417) Gross amount at which carried at Life on which Initial Cost to Company close of period depreciation in Costs capitalized Date of latest income Buildings & subsequent to Buildings & Accumulated Construction statement is Description Encumbrances (1) Land Improvements acquisition Land Improvements Total Depreciation or Acquisition computed Held for Sale 4th Street 4 Plex - Minot, ND $ $ $ $ $ $ $ $ 2008 40 years 11th Street 3 Plex - Minot, ND 2008 40 years 17 South Main - Minot, ND 2000 40 years Apartments on Main - Minot, ND 1987 24 - 40 years Brooklyn Heights - Minot, ND 1997 12 - 40 years Colton Heights - Minot, ND 1984 40 years Edgewood Vista - Hermantown I, MN 2000 40 years Edgewood Vista - Hermantown II, MN 2005 40 years Fairmont - Minot, ND 2008 40 years First Avenue (Apartments) - Minot, ND (2) — — — 2013 40 years First Avenue (Office) - Minot, ND (2) — — 1981 33 - 40 years Minot Southgate Wells Fargo Bank - Minot, ND — — 2014 40 years Pines - Minot, ND 1997 40 years Southview - Minot, ND 1994 40 years Summit Park - Minot, ND 1997 24 - 40 years Temple - Minot, ND — — — 2006 40 years Terrace Heights - Minot, ND 2006 40 years Westridge - Minot, ND 2008 40 years Total Held for Sale $ 21,802 $ 2,959 $ 34,572 $ 14,528 $ 3,915 $ 48,144 $ 52,059 $ (16,744) (1) Amounts in this column are the mortgages payable balances as of April 30, 2017. These amounts do not include amounts owing under the Company’s multi-bank line of credit or under the Company’s construction loans. (2) Single multi-use property. Reconciliations of the carrying value of total property owned for the three years ended April 30, 2017, 2016, and 2015 are as follows: (in thousands) Balance at beginning of year $ $ $ Additions during year Multifamily Healthcare — — Other — Improvements and Other 1,785,327 1,718,991 1,457,538 Deductions during year Cost of real estate sold Impairment charge (51,401) — Write down of asset and accumulated depreciation on impaired assets (7,144) — Properties classified as held for sale during the year Other (1) Balance at close of year $ 1,677,481 $ 1,681,471 $ 1,335,687 Reconciliations of accumulated depreciation/amortization for the three years ended April 30, 2017, 2016, and 2015, are as follows: (in thousands) Balance at beginning of year $ $ $ Additions during year Provisions for depreciation Deductions during year Accumulated depreciation on real estate sold or classified as held for sale Write down of asset and accumulated depreciation on impaired assets — Other (1) Balance at close of year $ 340,417 $ 312,889 $ 279,417 Reconciliations of development in progress for the three years ended April 30, 2017, 2016, and 2015, are as follows: (in thousands) Balance at beginning of year $ $ $ Additions during year Unimproved land acquisitions — — Unimproved land moved to development in progress — Improvements and other Deductions during year Development placed in service (2) Other (3) — — Balance at close of year $ — $ 51,681 $ 153,994 Reconciliations of unimproved land for the three years ended April 30, 2017, 2016, and 2015 are as follows: (in thousands) 2016 2015 Balance at beginning of year $ $ 25,827 $ 22,864 Additions during year Unimproved land acquisitions — — 10,487 Improvements and other 1,533 Deductions during year Cost of real estate sold — (670) Impairment charge (1,293) Properties classified as held for sale during the year — (79) Unimproved land moved to development in progress — (7,015) Balance at close of year $ 18,455 $ 20,939 $ 25,827 Total real estate investments (4) $ 1,355,519 $ 1,441,202 $ 1,236,091 (1) Consists of miscellaneous disposed assets. (2) Includes development projects that are placed in service in phases. (3) Consists of miscellaneous re-classed assets. (4) The net basis of the Company’s real estate investments, including held for sale properties, for Federal Income Tax purposes was $1.4 billion, $1.6 billion and $1.7 billion at April 30, 2017, 2016 and 2015, respectively.

BASIS OF PRESENTATION AND SIG30

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Apr. 30, 2017	Apr. 30, 2016
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION The accompanying consolidated financial statements include our accounts and the accounts of all our subsidiaries in which we maintain a controlling interest, including the Operating Partnership. All intercompany balances and transactions are eliminated in consolidation. Our fiscal year ends April 30th. Our interest in the Operating Partnership was 88.6% and 88.1%, respectively, of the limited partnership units of the Operating Partnership (“Units”) as of April 30, 2017 and 2016, which includes 100% of the general partnership interest. Under the terms of the Operating Partnership’s Agreement of Limited Partnership, limited partners have the right to require the Operating Partnership to redeem their Units for cash any time following the first anniversary of the date they acquired such Units (“Exchange Right”). When a limited partner exercises the Exchange Right, we have the right, in our sole discretion, to acquire such Units by either making a cash payment or exchanging the Units for our common shares of beneficial interest (“Common Shares”), on a one-for-one basis. The Exchange Right is subject to certain conditions and limitations, including the limited partner may not exercise the Exchange Right more than two times during a calendar year and the limited partner may not exercise for less than 1,000 Units, or, if such limited partner holds less than 1,000 Units, for less than all of the Units held by such limited partner. The Operating Partnership and some limited partners have contractually agreed to a holding period of greater than one year, a greater number of redemptions during a calendar year or other limitations to their Exchange Right. The consolidated financial statements also reflect the ownership by the Operating Partnership of certain joint venture entities in which the Operating Partnership has a general partners or controlling interest. These entities are consolidated into our other operations with noncontrolling interests reflecting the noncontrolling partners’ share of ownership, income and expenses.
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 and in August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers-Deferral of the Effective Date, which defers the effective date of the new revenue recognition standard until fiscal years beginning after December 15, 2017. Subsequently, the FASB has issued multiple ASUs clarifying ASU 2014-09 and ASU 2015-14. The standard will eliminate the transaction- and industry-specific revenue recognition guidance under current GAAP and replace it with a principle based approach for determining revenue recognition. The standard outlines a five-step model whereby revenue is recognized as performance obligations within a contract are satisfied. The majority of our revenue is derived from rental income, which is scoped out from this standard and will be accounted for under ASC 840, Leases. Our other revenue streams, which are being evaluated under this ASU, include but are not limited to other income from residents determined not to be within the scope of ASC 840 and gains and losses from real estate dispositions. We will continue to assess the impact of the new standard and anticipate adoption as of May 1, 2018 using the modified retrospective approach. In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis . ASU 2015-02 affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. Specifically, the amendments: (i) modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities or voting interest entities, (ii) eliminate the presumption that a general partner should consolidate a limited partnership, (iii) affect the consolidated analysis of reporting entities that are involved with variable interest entities, and (iv) provide a scope exception for certain entities. The ASU is effective for fiscal years beginning after December 15, 2015. We adopted the guidance in ASU 2015-02 as of May 1, 2016, as more fully described in the Variable Interest Entity section below. In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs . ASU 2015-03 requires that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of the debt liability to which they relate, consistent with debt discounts, as opposed to being presented as assets. The ASU is effective for fiscal years beginning after December 15, 2015. We adopted the guidance in ASU 2015-03 as of May 1, 2016. In April 2015, the FASB issued ASU 2015-05, Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement . Under ASU 2015-05, if a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The ASU is effective for fiscal years beginning after December 15, 2015. Our adoption of the guidance in ASU 2015-05 did not have a material impact on our operating results or financial position. In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities . ASU 2016-01 amends certain aspects of recognition, measurement, presentation and disclosure of financial instruments, including the requirement to measure certain equity investments at fair value with changes in fair value recognized in net income. The ASU is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017. We do not expect adoption of this update to have a material impact on our operating results or financial position. In February 2016, the FASB issued ASU 2016-02, Leases . ASU 2016-02 amends existing accounting standards for lease accounting, including by requiring lessees to recognize most leases on the balance sheet and making certain changes to lessor accounting. The ASU is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2018. We are currently evaluating the impact the new standard may have on our consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting . ASU 2016-09 amends several aspects of the accounting for share-based payment transactions, including the income tax consequences, accrual of compensation cost, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The ASU is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2016. We are currently evaluating the impact the new standard may have on our consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments . ASU 2016-15 addresses eight specific cash flow issues with the objective of reducing diversity in practice. The cash flow issues include debt prepayment or debt extinguishment costs and proceeds from the settlement of insurance claims. The ASU is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017. We are currently evaluating the impact the new standard may have on our consolidated financial statements. In January 2017, the FASB issued ASU 2017-01, Clarifying the Definition of a Business . ASU 2017-01 clarifies the definition of a business and provides further guidance for evaluating whether a transaction will be accounted for as an acquisition of an asset or a business. ASU 2017-01 is effective for interim and annual periods beginning after December 15, 2017, and early adoption is permitted. Under the ASU, we believe most of our future acquisitions of operating properties will qualify as asset acquisitions and most future transaction costs associated with these acquisitions will be capitalized.
USE OF ESTIMATES	USE OF ESTIMATES The preparation of financial statements in conformity with 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 Consolidated Balance Sheets, we reclassified assets and liabilities related to properties classified as held for sale and we reclassified debt issuance costs from deferred charges and leasing costs to mortgages payable, as part of our adoption of ASU 2015-03, as described above in Recent Accounting Pronouncements.
REVISION	REVISION During the fourth quarter of fiscal year 2017 we identified an error pertaining to the reporting for interest income related to two properties that were classified as discontinued operations at April 30, 2016. Accounting guidance in ASC 205-20, Discontinued Operations , indicates that interest income should be allocated to discontinued operations. This error resulted in an overstatement of interest income and income from continuing operations and an understatement of income from discontinued operations of $2.2 million for the fiscal year ended April 30, 2016. This non-cash error did not impact net income, our consolidated balance sheets or statements of cash flows for any period. In accordance with accounting guidance found in ASC 250-10, Materiality , we assessed the materiality of the error and concluded the error was not material to any of the Company’s previously issued financial statements. In accordance with accounting guidance found in ASC 250-10, Considering the Effects of Prior Year Misstatement when Quantifying Misstatements in Current Year Financial Statements , we revised our previously issued consolidated statement of operations to correct the effect of this error. We will revise amounts pertaining to each of the fiscal year 2017 quarters from May 1, 2016 through January 31, 2017 in future quarterly filings on Form 10-Q. The following table presents the effect of this correction on our Consolidated Statement of Operations for the period affected: (in thousands, except per share data) Year Ended April 30, 2016 As Previously Adjustment As Revised Interest income $ 2,256 $ (2,175) $ 81 Income before gain on sale of real estate and other investments, gain on bargain purchase and income from discontinued operations 6,216 (2,175) 4,041 Income from continuing operations 19,280 (2,175) 17,105 Income from discontinued operations 57,322 2,175 59,497 Earnings per common share from continuing operations - Investors Real Estate Trust - basic and diluted $ 0.08 $ (0.02) $ 0.06 Earnings per common share from discontinued operations - Investors Real Estate Trust - basic and diluted 0.41 0.02 0.43
REAL ESTATE INVESTMENTS	REAL ESTATE INVESTMENTS Real estate investments are recorded at cost less accumulated depreciation and an adjustment for impairment, if any. Acquisitions of real estate are recorded based upon preliminary allocations of the purchase price which are subject to adjustment as additional information is obtained, but in no case more than one year after the date of acquisition. We allocate the purchase price based on the relative fair values of the tangible and intangible assets of an acquired property (which includes the land, building and personal property) which are determined by valuing the property as if it were vacant and fair value of the intangible assets (which include in-place leases.) The as-if-vacant value is allocated to land, buildings and personal property based on management’s determination of the relative fair values of these assets. The estimated fair value of the property is the amount that would be recoverable upon the disposition of the property. Techniques used to estimate fair value include discounted cash flow analysis and reference to recent sales of comparables. A land value is assigned based on the purchase price if land is acquired separately or based on estimated fair value if acquired in a merger or in a single or portfolio acquisition. Acquired above- and below-market lease values are recorded as the difference between the contractual amounts to be paid pursuant to the in-place leases and management’s estimate of fair market value lease rates for the corresponding in-place leases. The capitalized above- and below-market lease values are amortized as adjustments to rental revenue over the remaining terms of the respective leases, which includes fixed rate renewal options for below-market leases if it is determined probable the tenant will execute a bargain renewal option. Other intangible assets acquired include amounts for in-place lease values that are based upon our evaluation of the specific characteristics of the leases. Factors considered in the fair value analysis include an estimate of carrying costs and foregone rental income during hypothetical expected lease-up periods, considering current market conditions, and costs to execute similar leases. We also consider information about each property obtained during pre-acquisition due diligence, marketing and leasing activities in estimating the relative fair value of the tangible and intangible assets acquired. Depreciation is computed on a straight-line basis over the estimated useful lives of the assets. We use a 20-40 year estimated life for buildings and improvements and a 5-12 year estimated life for furniture, fixtures and equipment. We follow the real estate project costs guidance in ASC 970, Real Estate – General, in accounting for the costs of development and re-development projects. As real estate is undergoing development or redevelopment, all project costs directly associated with and attributable to the development and construction of a project, including interest expense and real estate tax expense, are capitalized to the cost of the real property. The capitalization period begins when development activities and expenditures begin and are identifiable to a specific property and ends upon completion, which is when the asset is ready for its intended use. Generally, rental property is considered substantially complete and ready for its intended use upon completion of tenant improvements (in the case of commercial properties) or upon issuance of a certificate of occupancy (in the case of multifamily properties). General and administrative costs are expensed as incurred. Expenditures for ordinary maintenance and repairs are expensed to operations as incurred. Renovations and improvements that improve and/or extend the useful life of the asset are capitalized and depreciated over their estimated useful life, generally five to ten years. Property sales or dispositions are recorded when title transfers, we have received sufficient consideration and we have no significant involvement with the property sold. We periodically evaluate our long-lived assets, including real estate investments, for impairment indicators. 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, we compare the expected future undiscounted cash flows for the long-lived asset group against the carrying amount of that asset. If the sum of the estimated undiscounted cash flows is less than the carrying amount of the asset, 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 fiscal year 2017, we incurred a non-cash loss of $57.0 million due to impairment of 16 multifamily properties and two parcels of unimproved land. We recognized impairments of $40.9 million, $5.8 million, $4.7 million, and $2.8 million, respectively, on three multifamily properties and one parcel of unimproved land in Williston, North Dakota, due to deterioration of this energy-impacted market, which resulted in poor leasing activity and declining rental rates during the three months ended July 31, 2016, which should generally be a strong leasing period. These properties were written-down to estimated fair value based on an independent appraisal in the case of one property and management cash flow estimates and market data in the case of the remaining assets. The properties impaired for $40.9 million, $4.7 million, and $2.8 million are owned by joint venture entities in which, at the time of impairment, we had an approximately 70%, 60% and 70% interest, respectively, but which are consolidated in our consolidated financial statements. We recognized impairments of $2.9 million on 13 properties and one parcel of land in Minot, North Dakota. These properties were written-down to estimated fair value based on management cash flow estimates and market data and, in the case of the 13 properties, our intent to dispose of the properties. During fiscal year 2016, we incurred a non-cash loss of $6.0 million due to impairment of one office property, one healthcare property, two parcels of land and eight multifamily properties of which approximately $440,000 is reflected in discontinued operations. See Note 12 for additional information on discontinued operations. We recognized impairments of approximately $440,000 on an office property in Eden Prairie, Minnesota; $1.9 million on a healthcare property in Sartell, Minnesota; $1.6 million on a parcel of land in Grand Chute, Wisconsin; $1.9 million on eight multifamily properties in St. Cloud, Minnesota; and $162,000 on a parcel of land in River Falls, Wisconsin. These properties were written-down to estimated fair value during fiscal year 2016 based on receipt of individual market offers to purchase and our intent to dispose of the properties or, in the case of the Grand Chute, Wisconsin, the sale listing price and our intent to dispose of the property. The Sartell, Minnesota property is classified as held for sale at April 30, 2016. During fiscal year 2015, we incurred a non-cash loss of $6.1 million due to impairment of four commercial properties and two parcels of unimproved land of which $1.4 million is reflected in discontinued operations. See Note 12 for additional information on discontinued operations. We recognized impairments of $2.1 million on a retail property in Kalispell, Montana; approximately $183,000 on an office property in Golden Valley, Minnesota; $1.8 million on an office property in Minneapolis, Minnesota; $1.4 million on an office property in Boise, Idaho; approximately $98,000 on unimproved land in Eagan, Minnesota; and approximately $442,000 on unimproved land in Weston, Wisconsin. These properties were written-down to estimated fair value during fiscal year 2015 based on receipt of individual market offers to purchase and our intent to dispose of the properties or, in the case of the Boise and Weston properties, an independent appraisal. The Kalispell and Golden Valley properties were sold in the second quarter of fiscal year 2015. The Minneapolis property was classified as held for sale at April 30, 2015.
REAL ESTATE HELD FOR SALE	REAL ESTATE HELD FOR SALE Real estate held for sale is stated at the lower of its carrying amount or estimated fair value less disposal costs. Our determination of fair value is based on inputs management believes are consistent with those that market participants would use. Estimates are significantly impacted by estimates of sales price, selling velocity and other factors. Due to uncertainties in the estimation process, actual results could differ from such estimates. Depreciation is not recorded on assets classified as held for sale. We classify properties as held for sale when they meet the 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. We generally consider these criteria met when the transaction has been approved by our Board of Trustees, there are no known significant contingencies related to the sale and management believes it is probable that the sale will be completed within one year. Thirteen multifamily properties, two healthcare properties, and two retail properties were classified as held for sale at April 30, 2017. Thirty-five healthcare properties, one multifamily property, one industrial property, and three parcels of unimproved land were classified as held for sale at April 30, 2016. We report in discontinued operations the results of operations and the related gains or losses on the sales of properties that have either been disposed of or classified as held for sale and meet the classification of a discontinued operation as described in ASC 205 - Presentation of Financial Statements and ASC 360 - Property, Plant, and Equipment: Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity . Under this standard, a disposal (or classification as held for sale) of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results.
IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES AND GOODWILL	IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES AND GOODWILL Upon acquisition of real estate, we record 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. We amortize 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). We added no new intangible assets or liabilities in the twelve months ended April 30, 2017. In the twelve months ended April 30, 2016, we added $2.2 million of new intangible assets and approximately $101,000 of new intangible liabilities. The weighted average lives of the intangible assets acquired in the twelve months ended April 30, 2016 was 0.7 years. Amortization of intangibles related to above or below-market leases is recorded in real estate rentals in the Consolidated Statements of Operations. Amortization of other intangibles is recorded in depreciation/amortization related to real estate investments in the 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 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. Our 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. Goodwill book value as of April 30, 2017 and 2016 was $1.6 million and $1.7 million, respectively. The annual reviews of goodwill compared the fair value of the reporting units that have been assigned goodwill to their carrying value (investment cost less accumulated depreciation), with the results for these periods indicating no impairment. In fiscal year 2017, we disposed of four commercial properties that had goodwill assigned, and as a result, approximately $103,000 of goodwill was derecognized. In fiscal year 2016, we disposed of eight commercial properties that had goodwill assigned, and as a result, approximately $196,000 of goodwill was derecognized.
PROPERTY AND EQUIPMENT	PROPERTY AND EQUIPMENT Property and equipment consists primarily of office equipment contained at our headquarters in Minot, North Dakota, corporate offices in Minneapolis and St. Cloud, Minnesota, and additional property management offices located in the states where we own properties. The Consolidated Balance Sheets reflects these assets at cost, net of accumulated depreciation. As of April 30, 2017 and 2016, property and equipment cost was $2.1 million and $2.1 million, respectively. Accumulated depreciation was $1.2 million and $1.1 million as of April 30, 2017 and 2016, respectively.
CASH AND CASH EQUIVALENTS	CASH AND CASH EQUIVALENTS Cash and cash equivalents include all cash and highly liquid investments purchased with maturities of three months or less. Cash and cash equivalents consist of our bank deposits and short-term investment certificates acquired subject to repurchase agreements, and our deposits in a money market mutual fund. At times, these deposits may exceed the FDIC limit.
LENDER HOLDBACKS	LENDER HOLDBACKS We have a number of mortgage loans under which the lender retains a portion of the loan proceeds or requires a deposit for the payment of construction costs or tenant improvements. The decrease of $2.7 million in lender holdbacks for improvements reflected in the Consolidated Statements of Cash Flows for the fiscal year ended April 30, 2017 is due primarily to the release of loan proceeds to us upon completion of these construction and tenant improvement projects, while the increase of $903,000 represents additional amounts retained by lenders for new projects.	LENDER HOLDBACKS We have a number of mortgage loans under which the lender retains a portion of the loan proceeds or requires a deposit for the payment of construction costs or tenant improvements. The decrease of $2.7 million in lender holdbacks for improvements reflected in the Consolidated Statements of Cash Flows for the fiscal year ended April 30, 2017 is due primarily to the release of loan proceeds to us upon completion of these construction and tenant improvement projects, while the increase of $903,000 represents additional amounts retained by lenders for new projects.
ALLOWANCE FOR DOUBTFUL ACCOUNTS	ALLOWANCE FOR DOUBTFUL ACCOUNTS Management evaluates the appropriate amount of the allowance for doubtful accounts by assessing the recoverability of individual real estate mortgage loans and rent receivables, through a comparison of their carrying amount with their estimated realizable value. Management considers tenant financial condition, credit history and current economic conditions in establishing these allowances. Receivable balances are written off when deemed uncollectible. Recoveries of receivables previously written off, if any, are recorded when received. A summary of the changes in the allowance for doubtful accounts including properties held for sale for fiscal years ended April 30, 2017, 2016 and 2015 is as follows: (in thousands) Balance at beginning of year $ 946 $ 1,156 $ 1,044 Provision 499 651 967 Write-off (895) (861) (855) Balance at close of year $ 550 $ 946 $ 1,156
TAX, INSURANCE, AND OTHER ESCROW	TAX, INSURANCE, AND OTHER ESCROW Tax, insurance and other escrow includes funds deposited with a lender for payment of real estate tax and insurance, and reserves for funds to be used for replacement of structural elements and mechanical equipment of certain projects. The funds are under the control of the lender. Disbursements are made after supplying written documentation to the lender.
REAL ESTATE DEPOSITS	REAL ESTATE DEPOSITS Real estate deposits consist of funds held in escrow to be applied toward the purchase of real estate, including from Internal Revenue Code Section 1031 exchanges, and the payment of debt costs associated with debt placement or refinancing. Real estate deposits at April 30, 2017 consisted of $23.7 million held in escrow from Internal Revenue Code Section 1031 exchanges. We had no real estate deposits at April 30, 2016.	REAL ESTATE DEPOSITS Real estate deposits consist of funds held in escrow to be applied toward the purchase of real estate, including from Internal Revenue Code Section 1031 exchanges, and the payment of debt costs associated with debt placement or refinancing. Real estate deposits at April 30, 2017 consisted of $23.7 million held in escrow from Internal Revenue Code Section 1031 exchanges
DEFERRED CHARGES AND LEASING COSTS	DEFERRED CHARGES AND LEASING COSTS Costs incurred in obtaining a line of credit are amortized to interest expense over the term of the line of credit using the straight-line method, which approximates the effective interest method. Costs and commissions incurred in obtaining tenant leases are amortized on the straight-line method over the terms of the related leases.	DEFERRED CHARGES AND LEASING COSTS Costs incurred in obtaining a line of credit are amortized to interest expense over the term of the line of credit using the straight-line method, which approximates the effective interest method. Costs and commissions incurred in obtaining tenant leases are amortized on the straight-line method over the terms of the related leases.
INCOME TAXES	INCOME TAXES We operate in a manner intended to enable us to continue to qualify as a REIT under Sections 856-860 of the Internal Revenue Code of 1986, as amended. Under those sections, a REIT which distributes at least 90% of its REIT taxable income, excluding capital gains, as a dividend to its shareholders each year and which meets certain other conditions will not be taxed on that portion of its taxable income which is distributed to shareholders. For the fiscal years ended April 30, 2017, 2016 and 2015, we distributed in excess of 90% of our taxable income and realized capital gains from property dispositions within the prescribed time limits. Accordingly, no provision has been made for federal income taxes in the accompanying consolidated financial statements. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income tax on our taxable income at regular corporate rates (including any alternative minimum tax) and may not be able to qualify as a REIT for the four subsequent taxable years. Even as a REIT, we may be subject to certain state and local income and property taxes, and to federal income and excise taxes on undistributed taxable income. In general, however, if we qualify as a REIT, no provisions for federal income taxes are necessary except for taxes on undistributed REIT taxable income and taxes on the income generated by a taxable REIT subsidiary (TRS). We have one TRS, acquired during the second quarter of fiscal year 2014, which is subject to corporate federal and state income taxes on its taxable income at regular statutory rates. For the fiscal year ended April 30, 2017, we estimate that the TRS will have no taxable income. There were no income tax provisions or material deferred income tax items for our TRS for the fiscal years ended April 30, 2017, 2016 and 2015. We conduct our business activity as an Umbrella Partnership Real Estate Investment Trust (“UPREIT”) through our Operating Partnership. UPREIT status allows us to accept the contribution of real estate in exchange for Units. Generally, such a contribution to a limited partnership allows for the deferral of gain by an owner of appreciated real estate. Distributions for the calendar year ended December 31, 2016 were characterized, for federal income tax purposes, as 12.43% ordinary income and 87.57% capital gain. Distributions for the calendar year ended December 31, 2015 were characterized, for federal income tax purposes, as 36.28% ordinary income, 11.99% capital gain and 51.73% return of capital.
REVENUE RECOGNITION	REVENUE RECOGNITION Multifamily rental properties are leased under operating leases with terms generally of one year or less. Commercial properties are leased under operating leases to tenants for various terms generally exceeding one year. Lease terms often include renewal options. Rental revenue is recognized on the straight-line basis, which averages minimum required rents over the terms of the leases. Rents recognized in advance of collection are reflected as receivable arising from straight-lining of rents, net of allowance for doubtful accounts. Rent concessions, including free rent, are amortized on a straight-line basis over the terms of the related leases. Reimbursements from tenants for real estate taxes and other recoverable operating expenses are recognized as revenue in the period the applicable expenditures are incurred. We receive payments for these reimbursements from substantially all of our tenants at multi-tenant commercial properties throughout the year. A number of the commercial leases provide for a base rent plus a percentage rent based on gross sales in excess of a stipulated amount. These percentage rents are recorded once the required sales level is achieved.
NET INCOME PER SHARE	NET INCOME PER SHARE Basic net income per share is computed as net income available to common shareholders divided by the weighted average number of common shares outstanding for the period. We have no potentially dilutive financial interests. The potential issuance of Units in exchange for common shares pursuant to the Exchange Right will have no effect on net income per share because Unitholders and common shareholders effectively share ratably in the net income of the Operating Partnership.
PROCEEDS FROM FINANCING LIABILITY	PROCEEDS FROM FINANCING LIABILITY During the first quarter of fiscal year 2014, we sold a senior housing property in exchange for $7.9 million in cash and a $29.0 million contract for deed which matures August 1, 2018. The buyer leased the property back to us, and also granted us an option to repurchase the property at a specified price at or prior to July 31, 2018. We accounted for the transaction as a financing due to our continuing involvement with the property and recorded the $7.9 million in sales proceeds within liabilities held for sale and liabilities from discontinued operations on the Consolidated Balance Sheets. The balance of the liability as of April 30, 2017 is $7.9 million.
VARIABLE INTEREST ENTITY	VARIABLE INTEREST ENTITY As discussed in the Recent Accounting Pronouncements section, effective May 1, 2016, we adopted the guidance in ASU 2015-02. As a result, the Operating Partnership and each of our less than wholly-owned real estate partnerships have been deemed to have the characteristics of a variable interest entity (“VIE”). However, we were not required to consolidate any previously unconsolidated entities or deconsolidate any previously consolidated entities as a result of the change in classification. Accordingly, there has been no change to the recognized amounts in our condensed consolidated balance sheets and statements of operations or amounts reported in our condensed consolidated statements of cash flows. We determined that an additional six consolidated partnerships, including the Operating Partnership, are VIEs under the new standard because the limited partners are not able to exercise substantive kick-out or participating rights. We are the VIEs primary beneficiary and the partnerships are required to be consolidated on our balance sheet because we have a controlling financial interest in the VIEs, and have both the power to direct the activities of the VIEs that most significantly impact the VIE’s economic performance as well as the obligation to absorb losses or the right to receive benefits from the VIEs that could potentially be significant to the VIEs. Because the Operating Partnership is a VIE, all of our assets and liabilities are held through a VIE.
GAIN ON BARGAIN PURCHASE	GAIN ON BARGAIN PURCHASE During fiscal year 2016, we acquired a multifamily property in Rochester, MN, which had a fair value at acquisition of approximately $36.3 million, as appraised by a third party. The consideration exchanged for the property consisted of $15.0 million cash and approximately 2.5 million Units, valued at approximately $17.8 million. The fair value of the Units transferred was based on the closing market price of our common shares on the acquisition date of $7.09 per share. The acquisition resulted in a gain on bargain purchase because the fair value of assets acquired exceeded the total of the fair value of the consideration paid by approximately $3.4 million. The seller accepted consideration below the fair value of the property in order to do a partial tax-deferred exchange for Units.

BASIS OF PRESENTATION AND SIG31

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Apr. 30, 2017
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Schedule of effect of correction on Consolidated Statement of Operations	The following table presents the effect of this correction on our Consolidated Statement of Operations for the period affected: (in thousands, except per share data) Year Ended April 30, 2016 As Previously Adjustment As Revised Interest income $ 2,256 $ (2,175) $ 81 Income before gain on sale of real estate and other investments, gain on bargain purchase and income from discontinued operations 6,216 (2,175) 4,041 Income from continuing operations 19,280 (2,175) 17,105 Income from discontinued operations 57,322 2,175 59,497 Earnings per common share from continuing operations - Investors Real Estate Trust - basic and diluted $ 0.08 $ (0.02) $ 0.06 Earnings per common share from discontinued operations - Investors Real Estate Trust - basic and diluted 0.41 0.02 0.43
Summary of Changes in Allowance for Doubtful Accounts	A summary of the changes in the allowance for doubtful accounts including properties held for sale for fiscal years ended April 30, 2017, 2016 and 2015 is as follows: (in thousands) Balance at beginning of year $ 946 $ 1,156 $ 1,044 Provision 499 651 967 Write-off (895) (861) (855) Balance at close of year $ 550 $ 946 $ 1,156

PROPERTY OWNED (Tables)

PROPERTY OWNED (Tables)	12 Months Ended
	Apr. 30, 2017
PROPERTY OWNED [Abstract]
Schedule of Future Minimum Lease Payments	The future minimum lease receipts to be received under non-cancellable leases for commercial properties held for investment as of April 30, 2017, assuming that no options to renew or buy out the lease are exercised, are as follows: Year Ended April 30, (in thousands) 2018 $ 25,922 2019 24,250 2020 22,695 2021 21,386 2022 19,601 Thereafter 120,772 $ 234,626

IDENTIFIED INTANGIBLE ASSETS 33

IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES (Tables)	12 Months Ended
	Apr. 30, 2017
IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES [Abstract]
Schedule Identified Intangible Assets and Intangible Liabilities	Our identified intangible assets and intangible liabilities at April 30, 2017 and 2016 were as follows: (in thousands) April 30, 2017 April 30, 2016 Identified intangible assets (included in intangible assets): Gross carrying amount $ 6,102 $ 8,088 Accumulated amortization (5,444) (6,230) Net carrying amount $ 658 $ 1,858 Identified intangible liabilities (included in other liabilities): Gross carrying amount $ 156 $ 159 Accumulated amortization (76) (55) Net carrying amount $ 80 $ 104
Estimated Annual Amortization of All Other Identified Intangible Assets	The estimated annual amortization of identified intangible assets for each of the five succeeding fiscal years is immaterial.

NONCONTROLLING INTERESTS (Table

NONCONTROLLING INTERESTS (Tables)	12 Months Ended
	Apr. 30, 2017
NONCONTROLLING INTERESTS [Abstract]
Schedule of Noncontrolling Interests - Consolidated Real Estate Entities	Our noncontrolling interests – consolidated real estate entities at April 30, 2017 and 2016 were as follows: (in thousands) April 30, 2017 April 30, 2016 IRET-71 France, LLC $ 7,425 $ 8,070 IRET-Cypress Court Apartments, LLC 986 1,042 IRET-RED 20, LLC — 2,410 IRET-Williston Garden Apartments, LLC 1,057 3,014 IRET - WRH 1, LLC (7,904) 5,266 WRH Holding, LLC 360 1,195 Other — 23 Noncontrolling interests – consolidated real estate entities $ 1,924 $ 21,020

LINE OF CREDIT (Tables)

LINE OF CREDIT (Tables)	12 Months Ended
	Apr. 30, 2017
LINE OF CREDIT [Abstract]
Schedule of Line of Credit Facilities	Weighted (in thousands) Average Int. Amount Amount Applicable Rate on Outstanding Outstanding Interest Rate Borrowings Amount as of April 30, as of April 30, as of April 30, Maturity during fiscal Financial Institution Available Date year 2017 First International Bank & Trust $ — $ — $ 17,500 n/a n/a n/a BMO Harris Bank N.A. $ 206,000 $ 57,050 $ — % 1/31/2021 %

MORTGAGES PAYABLE AND CONSTRU36

MORTGAGES PAYABLE AND CONSTRUCTION DEBT (Tables)	12 Months Ended
	Apr. 30, 2017
MORTGAGES PAYABLE AND CONSTRUCTION DEBT [Abstract]
Aggregate Amount of Required Future Principal Payments on Mortgages Payable	The aggregate amount of required future principal payments on mortgage loans payable as of April 30, 2017, is as follows: (in thousands) Mortgage Loans Mortgage Loans on Properties on Properties Held for Held for Year Ended April 30, Investment Sale 2018 $ 40,777 $ 16,621 2019 75,918 1,870 2020 93,678 183 2021 136,390 193 2022 87,654 993 Thereafter 231,023 1,943 Total payments $ 665,440 $ 21,803

ACQUISITIONS, DEVELOPMENT PRO37

ACQUISITIONS, DEVELOPMENT PROJECTS PLACED IN SERVICE AND DISPOSITIONS (Tables)	12 Months Ended
	Apr. 30, 2017
ACQUISITIONS, DEVELOPMENT PROJECTS PLACED IN SERVICE AND DISPOSITIONS [Abstract]
Acquisitions	The fiscal year 2016 acquisitions are detailed below. Fiscal 2016 ( May 1, 2015 to April 30, 2016 ) (in thousands) Total Form of Consideration Investment Allocation Date Acquisition Intangible Acquisitions Acquired Cost Cash Units (1) Land Building Assets Multifamily 74 unit - Gardens - Grand Forks, ND 2015-09-10 $ $ $ 400 $ $ $ 276 unit - GrandeVille at Cascade Lake - Rochester, MN 2015-10-29 — 187 unit - Avalon Cove - Rochester, MN (2) 2016-03-22 90 unit - Cascade Shores - Rochester, MN 2016-03-22 — 76 unit - Crystal Bay - Rochester, MN 2016-03-22 — 40-unit - French Creek - Rochester, MN 2016-03-22 — Healthcare 27,819 sq ft Lakeside Medical Plaza - Omaha, NE 2015-08-20 — Total Property Acquisitions $ $ $ $ $ $ (1) Value of Units of the Operating Partnership based on the closing market price of our common shares on the acquisition date. The number of Units issued were approximately 44,000 and 2.5 million, respectively, for the Gardens and Avalon Cove acquisitions. (2) Acquisition resulted in a gain on bargain purchase of approximately $3.4 million. See Note 2 for additional information.
Results of Operations from Acquired Properties	The revenue and net income of our fiscal year 2017 and 2016 acquisitions are detailed below. (in thousands) Year Ended April 30, 2017 2016 Total revenue $ — $ Net income (loss) $ — $
Development Projects Placed in Service	The fiscal year 2017 and 2016 development projects placed in service are detailed below. Fiscal 2017 ( May 1, 2016 to April 30, 2017 ) (in thousands) Date Placed Development Development Projects Placed in Service in Service Land Building Cost Multifamily 241 unit - 71 France - Edina, MN (1) 2016-05-01 $ $ $ 202 unit - Monticello Crossings - Monticello, MN (2) 2017-03-01 Total Development Projects Placed in Service $ $ $ (1) Costs paid in prior fiscal years totaled $70.9 million. Additional costs incurred in fiscal year 2017 totaled $1.5 million, for a total project cost at April 30, 2017 of $72.4 million. The project is owned by a joint venture entity in which we currently have an approximately 52.6% interest. The joint venture is consolidated in our financial statements. (2) Costs paid in prior fiscal years totaled $15.5 million. Additional costs incurred in fiscal year 2017 totaled $15.0 million, for a total project cost at April 30, 2017 of $30.5 million. Fiscal 2016 ( May 1, 2015 to April 30, 2016 ) (in thousands) Date Placed Development Development Projects Placed in Service (1) in Service Land Building Cost Multifamily 72 unit - Chateau II - Minot, ND (2) 2015-06-01 $ $ $ 288 unit - Renaissance Heights - Williston, ND (3) 2015-07-27 163 unit - Deer Ridge - Jamestown, ND (4) 2016-02-22 251 unit - Cardinal Point - Grand Forks, ND (5) 2016-03-18 Healthcare 57,624 sq ft Edina 6565 France SMC III - Edina, MN (6) 2015-06-01 — 70,756 sq ft PrairieCare Medical - Brooklyn Park, MN (7) 2015-09-08 Other 7,963 sq ft Minot Southgate Retail - Minot, ND (8) 2015-10-01 Total Development Projects Placed in Service $ $ $ (1) Development projects that are placed in service in phases are excluded from this table until the entire project has been placed in service. See Note 15 for additional information on the 71 France project, which was partially placed in service during the fiscal year ended April 30, 2016. (2) Costs paid in prior fiscal years totaled $12.3 million. Additional costs incurred in fiscal year 2016 totaled $2.3 million, for a total project cost at April 30, 2016 of $14.6 million. (3) Costs paid in prior fiscal years totaled $57.7 million. Additional costs incurred in fiscal year 2016 totaled $4.8 million, for a total project cost at April 30, 2016 of $62.5 million. The project is owned by a joint venture entity in which we currently have an approximately 86.6% interest. The joint venture is consolidated in our financial statements. (4) Costs paid in prior fiscal years totaled $14.3 million. Additional costs incurred in fiscal year 2016 totaled $10.5 million, for a total project cost at April 30, 2016 of $24.8 million. (5) Costs paid in prior fiscal years totaled $23.0 million. Additional costs incurred in fiscal year 2016 totaled $26.7 million, for a total project cost at April 30, 2016 of $49.7 million. (6) Costs paid in prior fiscal years totaled $20.8 million. Additional costs incurred in fiscal year 2016 totaled $12.2 million, for a total project cost at April 30, 2016 of $33.0 million. (7) Costs paid in prior fiscal years totaled $17.3 million. Additional costs incurred in fiscal year 2016 totaled $7.1 million, for a total project cost at April 30, 2016 of $24.4 million. (8) Costs paid in prior fiscal years totaled $2.1 million. Additional costs incurred in fiscal year 2016 totaled approximately $500,000, for a total project cost at April 30, 2016 of $2.6 million.
Schedule of Dispositions	The fiscal year 2017 and 2016 dispositions are detailed below. Fiscal 2017 ( May 1, 2016 to April 30, 2017 ) (in thousands) Date Book Value Dispositions Disposed Sales Price and Sales Cost Gain/(Loss) Multifamily 24 unit Pinecone Villas - Sartell, MN 2017-04-20 $ $ $ Healthcare 189,244 sq ft 9 Idaho Spring Creek Senior Housing Properties (1) 2016-10-31 426,652 sq ft 5 Edgewood Vista Senior Housing Properties (2) 2017-01-18 286,854 sq ft 5 Wyoming Senior Housing Properties (3) 2017-02-01 169,001 sq ft 9 Edgewood Vista Senior Housing Properties (4) 2017-02-15 169,562 sq ft 4 Edgewood Vista Senior Housing Properties (5) 2017-03-01 114,316 sq ft Healtheast St. John & Woodwinds - Maplewood & Woodbury MN 2017-03-06 59,760 sq ft Sartell 2000 23rd Street South - Sartell, MN 2017-03-31 98,174 sq ft Legends at Heritage Place - Sartell, MN 2017-04-20 265,736 202,990 62,746 Other 195,075 sq ft Stone Container - Fargo, ND 2016-07-25 28,528 sq ft Grand Forks Carmike - Grand Forks, ND 2016-12-29 17,400 5,981 11,419 Unimproved Land Georgetown Square Unimproved Land - Grand Chute, WI 2016-05-06 Total Property Dispositions $ $ $ (1) The properties included in this portfolio are: Spring Creek American Falls, Spring Creek Boise, Spring Creek Eagle, Spring Creek Fruitland, Spring Creek Fruitland Unimproved, Spring Creek Meridian, Spring Creek Overland, Spring Creek Soda Springs and Spring Creek Ustick. (2) The properties included in this portfolio are: Edgewood Vista Bismarck, Edgewood Vista Brainerd, Edgewood Vista East Grand Forks, Edgewood Vista Fargo, and Edgewood Vista Spearfish. (3) The properties included in this portfolio are: Casper 1930 E 12th Street (Park Place), Casper 3955 E 12th Street (Meadow Wind), Cheyenne 4010 N College Drive (Aspen Wind), Cheyenne 4606 N College Drive (Sierra Hills) and Laramie 1072 N 22nd Street (Spring Wind). (4) The properties included in this portfolio are: Edgewood Vista Belgrade, Edgewood Vista Billings, Edgewood Vista Columbus, Edgewood Vista Fremont, Edgewood Vista Grand Island, Edgewood Vista Minot, Edgewood Vista Missoula, Edgewood Vista Norfolk and Edgewood Vista Sioux Falls. (5) The properties included in this portfolio are: Edgewood Vista Hastings, Edgewood Vista Kalispell, Edgewood Vista Omaha and Edgewood Vista Virginia. Fiscal 2016 ( May 1, 2015 to April 30, 2016 ) (in thousands) Date Book Value Dispositions Disposed Sales Price and Sales Cost Gain/(Loss) Multifamily 391 unit - St. Cloud Student Housing Portfolio - St. Cloud, MN 2016-03-24 $ $ $ Healthcare 61,758 sq ft Nebraska Orthopaedic Hospital - Omaha, NE 2016-04-01 Other 117,144 sq ft Thresher Square – Minneapolis, MN 2015-05-18 2,549,222 sq ft Office Sale Portfolio (1) 2015-08-03 420,216 sq ft Mendota Office Center Portfolio – Mendota Heights, MN (2) 2015-08-12 1,027,208 sq ft Retail Sale Portfolio (3) 2015-09-30 48,700 sq ft Eden Prairie 6101 Blue Circle Drive – Eden Prairie, MN 2015-10-19 8,526 sq ft Burnsville I Strip Center – Burnsville, MN 2015-12-23 4,800 sq ft Pine City C-Store – Pine City, MN 2016-01-08 11,003 sq ft Minot Plaza – Minot, ND 2016-01-19 937,518 sq ft 9-Building Office Portfolio (4)(5) 2016-01-29 (5) (5) (5) 3,702 sq ft Arrowhead First International Bank - Minot, ND 2016-04-06 Unimproved Land River Falls Unimproved Land - River Falls, WI 2016-04-06 Total Property Dispositions $ $ $ (1) The properties included in this portfolio disposition are: 610 Business Center, 7800 West Brown Deer Road, Ameritrade, Barry Pointe Office Park, Benton Business Park, Brenwood, Brook Valley I, Crosstown Centre, Golden Hills Office Center, Granite Corporate Center, Great Plains, Highlands Ranch I, Highlands Ranch II, Interlachen Corporate Center, Intertech Building, Minnesota National Bank, Northpark Corporate Center, Omaha 10802 Farnam Dr, Plaza VII, Plymouth 5095 Nathan Lane, Prairie Oak Business Center, Rapid City 900 Concourse Drive, Spring Valley IV, Spring Valley V, Spring Valley X, Spring Valley XI, Superior Office Building, TCA Building & vacant land, Three Paramount Plaza, UHC Office, US Bank Financial Center, Wells Fargo Center, West River Business Park and Westgate. (2) The properties included in this portfolio disposition are: Mendota Office Center I, Mendota Office Center II, Mendota Office Center III, Mendota Office Center IV and American Corporate Center. (3) The properties included in this portfolio disposition are: Champlin South Pond, Chan West Village, Duluth 4615 Grand, Duluth Denfeld Retail, Forest Lake Auto, Forest Lake Westlake Center, Grand Forks Medpark Mall, Jamestown Buffalo Mall, Jamestown Business Center, Lakeville Strip Center, Monticello C Store & vacant land, Omaha Barnes & Noble, Pine City Evergreen Square, Rochester Maplewood Square and St. Cloud Westgate. (4) The properties included in this portfolio disposition are: Corporate Center West, Farnam Executive Center, Flagship Corporate Center, Gateway Corporate Center, Miracle Hills One, Pacific Hills, Riverport, Timberlands, and Woodlands Plaza IV. On January 29, 2016, we transferred ownership of nine properties to the mortgage lender on a $122.6 million non-recourse loan and removed the debt obligation and accrued interest from our balance sheet. The properties had an estimated fair value of $89.3 million on the transfer date. Upon completion of this transfer, we recognized a gain on extinguishment of debt of $36.5 million, representing the difference between the loan and accrued interest payable extinguished over the carrying value of the properties, cash, accounts payable and accounts receivable transferred as of the transfer date and related closing costs.

OPERATING SEGMENTS (Tables)

OPERATING SEGMENTS (Tables)	12 Months Ended
	Apr. 30, 2017
OPERATING SEGMENTS [Abstract]
Revenues and Net Operating Income for Reportable Segments	The following tables present real estate revenues and net operating income for the fiscal years ended April 30, 2017, 2016 and 2015 from our two reportable segments, and reconcile net operating income of reportable segments to net income as reported in the consolidated financial statements. Segment assets are also reconciled to Total Assets as reported in the consolidated financial statements. (in thousands) Year Ended April 30, 2017 Multifamily Healthcare All Other Amounts Not (1) Total Real estate revenue $ 144,743 $ 49,856 $ 11,139 — $ 205,738 Real estate expenses 63,292 16,419 3,024 5,620 88,355 Net operating income (loss) $ 81,451 $ 33,437 $ 8,115 (5,620) 117,383 Depreciation and amortization Impairment of real estate investments General and administrative expenses Acquisition and investment related costs Other expenses Interest expense Loss on debt extinguishment Interest and other income Loss before gain on sale of real estate and other investments and income from discontinued operations (56,851) Gain on sale of real estate and other investments Loss from continuing operations (38,150) Income from discontinued operations Net income $ 30,525 (in thousands) Year Ended April 30, 2016 Multifamily Healthcare All Other Amounts Not (1) Total Real estate revenue $ 131,149 $ 45,621 $ 11,550 $ — $ 188,320 Real estate expenses 57,130 15,439 2,500 4,031 79,100 Net operating income (loss) $ 74,019 $ 30,182 $ 9,050 $ (4,031) 109,220 Depreciation and amortization Impairment of real estate investments General and administrative expenses Acquisition and investment related costs Other expenses Interest expense Loss on debt extinguishment Interest and other income Income before gain on sale of real estate and other investments 4,041 Gain on sale of real estate and other investments 9,640 Gain on bargain purchase 3,424 Income from continuing operations 17,105 Income from discontinued operations Net income $ 76,602 (1) Consists of offsite costs associated with property management and casualty-related amounts, which are excluded in our assessment of segment performance. (in thousands) Year Ended April 30, 2015 Multifamily Healthcare All Other Amounts Not (1) Total Real estate revenue $ 118,526 $ 44,153 $ 16,642 $ — $ 179,321 Real estate expenses 48,668 15,244 5,260 3,965 73,137 Net operating income (loss) $ 69,858 $ 28,909 $ 11,382 $ (3,965) 106,184 Depreciation and amortization Impairment of real estate investments General and administrative expenses Acquisition and investment related costs Other expenses Interest expense Interest and other income Income before loss on sale of real estate and other investments and loss from discontinued operations 11,237 Gain on sale of real estate and other investments 6,093 Income from continuing operations 17,330 Income from discontinued operations Net income $ 28,684 (1) Consists of offsite costs associated with property management and casualty-related amounts, which are excluded in our assessment of segment performance.
Segment Assets and Accumulated Depreciation	Segment Assets and Accumulated Depreciation (in thousands) As of April 30, 2017 Multifamily Healthcare All Other Total Segment assets Property owned $ 1,260,541 $ 323,148 $ 93,792 $ 1,677,481 Less accumulated depreciation (232,592) (86,139) (21,686) (340,417) Total property owned $ 1,027,949 $ 237,009 $ 72,106 $ 1,337,064 Assets held for sale and assets from discontinued operations Cash and cash equivalents Receivables and other assets 52,468 Unimproved land Total Assets $ 1,474,514 (in thousands) As of April 30, 2016 Multifamily Healthcare All Other Total Segment assets Property owned $ 1,243,909 $ 337,920 $ 99,642 $ 1,681,471 Less accumulated depreciation (209,156) (83,558) (20,175) (312,889) Total property owned $ 1,034,753 $ 254,362 $ 79,467 $ 1,368,582 Assets held for sale and assets from discontinued operations Cash and cash equivalents 66,698 Other investments 50 Receivables and other assets 26,535 Development in progress 51,681 Unimproved land 20,939 Total Assets $ 1,755,022

DISCONTINUED OPERATIONS (Tables

DISCONTINUED OPERATIONS (Tables)	12 Months Ended
	Apr. 30, 2017
DISCONTINUED OPERATIONS [Abstract]
Effect on Net Income and Gains or Losses From Sale Of Properties Classified as Discontinued Operations	The following information shows the effect on net income and the gains or losses from the sale of properties classified as discontinued operations for the fiscal years ended April 30, 2017, 2016 and 2015. (in thousands) Year Ended April 30, REVENUE Real estate rentals $ 16,405 $ 43,544 $ 75,883 Tenant reimbursement 226 8,684 24,466 TRS senior housing revenue 3,218 3,955 3,520 TOTAL REVENUE 19,849 56,183 103,869 EXPENSES Property operating expenses, excluding real estate taxes 75 10,252 23,517 Real estate taxes — 5,777 14,343 Depreciation and amortization 16 14,166 27,823 Impairment of real estate investments — 440 1,442 TRS senior housing expenses 3,113 3,366 2,997 Other expenses — — 1 TOTAL EXPENSES 3,204 34,001 70,123 Operating income 16,645 22,182 33,746 Interest expense (1) (4,815) (18,406) (24,573) Gain/loss on extinguishment of debt (1) (1,790) 29,336 — Interest income 2,176 2,176 2,176 Other income 313 427 5 Income from discontinued operations before gain on sale 12,529 35,715 11,354 Gain on sale of discontinued operations 56,146 23,782 — INCOME FROM DISCONTINUED OPERATIONS $ 68,675 $ 59,497 $ 11,354 Segment Data Healthcare $ 68,362 $ 8,101 $ 9,008 All other 313 51,396 2,346 Total $ 68,675 $ 59,497 $ 11,354 (1) Interest expense includes $4.7 million and approximately $528,000 for fiscal years ended April 30, 2016 and 2015, respectively, of default interest related to a $122.6 million non-recourse loan. Gain on extinguishment of debt in the fiscal year ended April 30, 2016 includes $36.5 million of gain on extinguishment of debt recognized in connection with our transfer of ownership to the mortgage lender of the nine properties serving as collateral for the $122.6 million non-recourse loan and the removal of the debt obligation and accrued interest from our balance sheet. (in thousands) Property Sale Data Sales price 239,436 $ 373,460 $ — Net book value and sales costs (183,290) (349,678) — Gain on sale of discontinued operations 56,146 $ 23,782 $ —
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) April 30, 2017 April 30, 2016 Carrying amounts of major classes of assets included as part of discontinued operations Property owned and intangible assets, net of accumulated depreciation and amortization $ 21,332 $ 189,900 Receivable arising from straight-lining of rents 2,283 9,805 Accounts receivable — 1,707 Prepaid and other assets — 43 Tax, insurance and other escrow — 670 Property and equipment — 479 Goodwill 14 18 Total major classes of assets of the discontinued operations 23,629 202,622 Other assets included in the disposal group classified as held for sale 14,079 17,915 Total assets of the disposal group classified as held for sale on the balance sheet $ 37,708 $ 220,537 Carrying amounts of major classes of liabilities included as part of discontinued operations Accounts payable and accrued expenses $ 52 $ 810 Mortgages payable 16,226 67,940 Other 7,900 7,900 Total major classes of liabilities of the discontinued operations 24,178 76,650 Other liabilities included in the disposal group classified as held for sale 5,884 838 Total liabilities of the disposal group classified as held for sale on the balance sheet $ 30,062 $ 77,488

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
	Apr. 30, 2017
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 consolidated financial statements for the fiscal years ended April 30, 2017, 2016 and 2015: For Year Ended April 30, (in thousands, except per share data) NUMERATOR (Loss) income from continuing operations – Investors Real Estate Trust $ (17,340) $ 18,651 $ 14,083 Income from discontinued operations – Investors Real Estate Trust 60,687 53,355 10,004 Net income attributable to Investors Real Estate Trust 43,347 72,006 24,087 Dividends to preferred shareholders (10,546) (11,514) (11,514) Redemption of preferred shares (1,435) — — Numerator for basic earnings per share – net income available to common shareholders 31,366 60,492 12,573 Noncontrolling interests – Operating Partnership 4,059 7,032 1,526 Numerator for diluted earnings per share $ 35,425 $ 67,524 $ 14,099 DENOMINATOR Denominator for basic earnings per share weighted average shares 121,169 123,094 118,004 Effect of redeemable operating partnership units 16,130 14,278 16,594 Denominator for diluted earnings per share 137,299 137,372 134,598 (Loss) earnings per common share from continuing operations – Investors Real Estate Trust – basic and diluted $ (0.24) $ 0.06 $ 0.02 Earnings per common share from discontinued operations – Investors Real Estate Trust – basic and diluted 0.50 0.43 0.09 NET INCOME PER COMMON SHARE – BASIC & DILUTED $ 0.26 $ 0.49 $ 0.11

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Apr. 30, 2017
COMMITMENTS AND CONTINGENCIES [Abstract]
Schedule of Expected Timing of Ground and Air Rights Lease Payments	The expected timing of ground and air rights lease payments as of April 30, 2017 is as follows: (in thousands) Fiscal Year Ended April 30, Lease Payments 2018 $ 331 2019 332 2020 333 2021 335 2022 336 Thereafter 8,167 Total $ 9,834

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Apr. 30, 2017
FAIR VALUE MEASUREMENTS [Abstract]
Fair Value Measurements on a Nonrecurring Basis	(in thousands) Total Level 1 Level 2 Level 3 April 30, 2017 Real estate investments $ 506 $ — $ — $ 506 Real estate held for sale (1) $ 10,891 $ — $ — $ 10,891 April 30, 2016 Real estate held for sale $ 6,650 $ — $ — $ 6,650
Estimated Fair Values of Financial Instruments	The estimated fair values of our financial instruments as of April 30, 2017 and 2016 are as follows: (in thousands) 2017 2016 Amount Fair Value Amount Fair Value FINANCIAL ASSETS Cash and cash equivalents $ 28,819 $ 28,819 $ 66,698 $ 66,698 Other investments — — 50 50 FINANCIAL LIABILITIES Other debt, including other debt related to assets held for sale 49,637 49,637 82,026 82,026 Lines of credit 57,050 57,050 17,500 17,500 Mortgages payable 665,440 680,941 817,324 866,649 Mortgages payable related to assets held for sale 21,803 21,861 68,824 78,690

QUARTERLY RESULTS OF CONSOLID43

QUARTERLY RESULTS OF CONSOLIDATED OPERATIONS (unaudited) (Tables)	12 Months Ended
	Apr. 30, 2017
QUARTERLY RESULTS OF CONSOLIDATED OPERATIONS (unaudited) [Abstract]
Schedule of Quarterly Results of Consolidation Operations	(in thousands, except per share data) QUARTER ENDED July 31, 2016 October 31, 2016 January 31, 2017 April 30, 2017 Revenues $ 49,611 $ 50,609 $ 51,174 $ 54,344 Net (loss) income attributable to Investors Real Estate Trust $ (21,643) $ 11,600 $ 23,110 $ 30,280 Net (loss) income available to common shareholders $ (24,522) $ 8,722 $ 19,172 $ 27,994 Net (loss) income per common share - basic & diluted $ (0.20) $ 0.07 $ 0.16 $ 0.23 (in thousands, except per share data) QUARTER ENDED July 31, 2015 October 31, 2015 January 31, 2016 April 30, 2016 Revenues $ 45,045 $ 46,346 $ 48,406 $ 48,523 Net income attributable to Investors Real Estate Trust $ 4,540 $ 16,666 $ 39,797 $ 11,003 Net income available to common shareholders $ 1,661 $ 13,788 $ 36,918 $ 8,125 Net income per common share - basic & diluted $ 0.01 $ 0.11 $ 0.30 $ 0.07

REDEEMABLE NONCONTROLLING INT44

REDEEMABLE NONCONTROLLING INTERESTS (Tables)	12 Months Ended
	Apr. 30, 2017
REDEEMABLE NONCONTROLLING INTERESTS [Abstract]
Redeemable Noncontrolling Interest	Below is a table reflecting the activity of the redeemable noncontrolling interests. (in thousands) Balance at beginning of fiscal year $ 7,522 $ 6,368 $ 6,203 Contributions 81 1,120 — Net (loss) income (422) 34 165 Balance at close of fiscal year $ 7,181 $ 7,522 $ 6,368

SHARE BASED COMPENSATION (Table

SHARE BASED COMPENSATION (Tables)	12 Months Ended
	Apr. 30, 2017
SHARE BASED COMPENSATION
Compensation Expense Recognized	Total share based compensation expense recognized in the consolidated financial statements for the three years ended April 30, 2017 for all share-based awards was as follows (in thousands): Year Ended April 30, 2017 2016 2015 Share based compensation expense $ 6 $ 2,256 $ 2,215
Schedule of Restricted Share Awards Activity	The activity for the three years ended April 30, 2017 related to our restricted share awards, excluding those subject to market conditions, was as follows. Wtd Avg Grant- Shares Date Fair Value Unvested at April 30, 2014 104,855 $ 8.72 Granted 107,536 7.17 Vested (79,181) 8.72 Forfeited (25,674) 8.72 Unvested at April 30, 2015 107,536 7.17 Vested (107,536) 7.17 Unvested at April 30, 2016 — Granted 253,263 6.16 Vested (21,308) 5.95 Forfeited (36,817) 6.24 Unvested at April 30, 2017 195,138 6.17
Schedule of Grant Date Fair Value of Restricted Share Awards with Market Conditions	Share based awards with market conditions were granted under the LTIP during fiscal year 2017 with a fair market value, as determined using a Monte Carlo simulation, of $1.0 million.
Schedule of Unamortized value of Awards with Market Conditions	The unamortized value of awards with market conditions as of April 30, 2017 was approximately $300,000.

SUBSEQUENT EVENTS (Tables)

SUBSEQUENT EVENTS (Tables)	12 Months Ended
	Apr. 30, 2017
SUBSEQUENT EVENTS [Abstract]
Common and Preferred Share Distributions	Common and Preferred Share Distributions. On June 5, our Board of Trustees declared the following distributions: Quarterly Amount Class of shares/units per Share or Unit Record Date Payment Date Common shares and limited partnership units $ 0.0700 June 22, 2017 July 3, 2017 Preferred shares: Series B $ 0.4968 June 22, 2017 June 30, 2017

ORGANIZATION (Details)

ORGANIZATION (Details) ft² in Millions	Apr. 30, 2017ft²propertyitem
Real Estate Properties [Line Items]
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	87
Number of apartment units | item	12,885
Multi-family Residential Properties [Member] | Discontinued Operations, Held-for-sale [Member]
Real Estate Properties [Line Items]
Number of real estate properties	13
Number of apartment units | item	327
Commercial Properties [Member]
Real Estate Properties [Line Items]
Number of real estate properties	42
Net rentable area (in square feet) | ft²	2.6
Commercial Properties [Member] | Discontinued Operations, Held-for-sale [Member]
Real Estate Properties [Line Items]
Number of real estate properties	4

BASIS OF PRESENTATION AND SIG48

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Real Estate Properties (Details)	12 Months Ended
	Apr. 30, 2017USD ($)propertyitem$ / sharesshares	Dec. 31, 2016	Apr. 30, 2016USD ($)property$ / shares	Dec. 31, 2015	Apr. 30, 2015USD ($)property$ / shares
BASIS OF PRESENTATION [Abstract]
Interest in operating partnership (in hundredths)	88.60%		88.10%
Percentage of general interest partnership (in hundredths)	100.00%		100.00%
Redemption basis	1:1
Redemptions by limited partner, maximum | item	2
Number of units to redeem, minimum (in units) | shares	1,000
Period to hold the beneficial interest, minimum	1 year
IMPAIRMENT OF LONG-LIVED ASSETS [Abstract]
Impairment of real estate investments	$ 57,028,000		$ 5,983,000		$ 6,105,000
IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES AND GOODWILL [Abstract]
New intangible assets	0		2,200,000
Addition to intangible liabilities	0		$ 101,000
Weighted average lives of intangible assets acquired			8 months 12 days
Goodwill book value	1,572,000		$ 1,680,000
Recognized impairment goodwill	0		0
PROPERTY AND EQUIPMENT [Abstract]
Property and equipment cost	2,100,000		2,100,000
Accumulated depreciation	1,199,000		1,058,000
REAL ESTATE DEPOSITS [Abstract]
Deposits held in escrow	$ 23,700,000		$ 0
INCOME TAXES [Abstract]
Minimum dividend distribution percentage (in hundredths)	90.00%
Dividend distribution percentage (in hundredths)	90.00%		90.00%		90.00%
Distribution of federal income tax (in hundredths)		12.43%		36.28%
Distribution of capital gain (in hundredths)		87.57%		11.99%
Distribution made as return of capital (in hundredths)				51.73%
REVISION [Abstract]
Interest income	$ 369,000		$ 81,000		$ 62,000
Income before gain on sale of real estate and other investments, gain on bargain purchase and income from discontinued operations	(56,851,000)		4,041,000		11,237,000
Income from continuing operations	(38,150,000)		17,105,000		17,330,000
Income from discontinued operations	$ 68,675,000		$ 59,497,000		$ 11,354,000
Earnings per common share from continuing operations - Investors Real Estate Trust - basic and diluted (in dollars per share) | $ / shares	$ (0.24)		$ 0.06		$ 0.02
Earnings per common share from discontinued operations - Investors Real Estate Trust - basic and diluted (in dollars per share) | $ / shares	$ 0.50		$ 0.43		$ 0.09
REAL ESTATE INVESTMENTS [Abstract]
Number of year after date of acquisition related to adjustment of real estate preliminary allocations of purchase price	1 year
Scenario, Previously Reported [Member]
REVISION [Abstract]
Interest income			$ 2,256,000
Income before gain on sale of real estate and other investments, gain on bargain purchase and income from discontinued operations			6,216,000
Income from continuing operations			19,280,000
Income from discontinued operations			$ 57,322,000
Earnings per common share from continuing operations - Investors Real Estate Trust - basic and diluted (in dollars per share) | $ / shares			$ 0.08
Earnings per common share from discontinued operations - Investors Real Estate Trust - basic and diluted (in dollars per share) | $ / shares			$ 0.41
Restatement Adjustment [Member]
REVISION [Abstract]
Interest income			$ (2,175,000)
Income before gain on sale of real estate and other investments, gain on bargain purchase and income from discontinued operations			(2,175,000)
Income from continuing operations			(2,175,000)
Income from discontinued operations			$ 2,175,000
Earnings per common share from continuing operations - Investors Real Estate Trust - basic and diluted (in dollars per share) | $ / shares			$ (0.02)
Earnings per common share from discontinued operations - Investors Real Estate Trust - basic and diluted (in dollars per share) | $ / shares			$ 0.02
Buildings and Improvements [Member] | Minimum [Member]
REAL ESTATE INVESTMENTS [Abstract]
Estimated useful life of assets (in years)	20 years
Buildings and Improvements [Member] | Maximum [Member]
REAL ESTATE INVESTMENTS [Abstract]
Estimated useful life of assets (in years)	40 years
Furniture, Fixtures and Equipment [Member] | Minimum [Member]
REAL ESTATE INVESTMENTS [Abstract]
Estimated useful life of assets (in years)	5 years
Furniture, Fixtures and Equipment [Member] | Maximum [Member]
REAL ESTATE INVESTMENTS [Abstract]
Estimated useful life of assets (in years)	12 years
Renovations and Improvements [Member] | Minimum [Member]
REAL ESTATE INVESTMENTS [Abstract]
Estimated useful life of assets (in years)	5 years
Renovations and Improvements [Member] | Maximum [Member]
REAL ESTATE INVESTMENTS [Abstract]
Estimated useful life of assets (in years)	10 years
Minot, ND - property [Member]
IMPAIRMENT OF LONG-LIVED ASSETS [Abstract]
Impairment of real estate investments	$ 2,900,000
Multi-family Residential Properties [Member]
IMPAIRMENT OF LONG-LIVED ASSETS [Abstract]
Number of impaired properties | property	16
Multi-family Residential Properties [Member] | Williston, ND - property [Member]
IMPAIRMENT OF LONG-LIVED ASSETS [Abstract]
Number of impaired properties | property	3
Multi-family Residential Properties [Member] | Williston, ND - property 1 [Member]
IMPAIRMENT OF LONG-LIVED ASSETS [Abstract]
Impairment of real estate investments	$ 40,900,000
Interest in joint venture (in hundredths)	70.00%
Multi-family Residential Properties [Member] | Williston, ND - property 2 [Member]
IMPAIRMENT OF LONG-LIVED ASSETS [Abstract]
Impairment of real estate investments	$ 5,800,000
Multi-family Residential Properties [Member] | Williston, ND - property 3 [Member]
IMPAIRMENT OF LONG-LIVED ASSETS [Abstract]
Impairment of real estate investments	$ 4,700,000
Interest in joint venture (in hundredths)	60.00%
Multi-Family Residential [Member]
IMPAIRMENT OF LONG-LIVED ASSETS [Abstract]
Number of impaired properties | property			8
Multi-Family Residential [Member] | St Cloud Minnesota Member
IMPAIRMENT OF LONG-LIVED ASSETS [Abstract]
Impairment of real estate investments			$ 1,900,000
Number of impaired properties | property			8
Unimproved Land [Member]
IMPAIRMENT OF LONG-LIVED ASSETS [Abstract]
Number of impaired properties | property	2		2		2
Unimproved Land [Member] | Williston, ND - property [Member]
IMPAIRMENT OF LONG-LIVED ASSETS [Abstract]
Impairment of real estate investments	$ 2,800,000
Interest in joint venture (in hundredths)	70.00%
Number of impaired properties | property	1
Unimproved Land [Member] | Minot, ND - property [Member]
IMPAIRMENT OF LONG-LIVED ASSETS [Abstract]
Number of impaired properties | property	1
Unimproved Land [Member] | River Falls Wisconsin Member
IMPAIRMENT OF LONG-LIVED ASSETS [Abstract]
Impairment of real estate investments			$ 162,000
Unimproved Land [Member] | Eagan, Minnesota, Unimproved Land [Member]
IMPAIRMENT OF LONG-LIVED ASSETS [Abstract]
Impairment of real estate investments					$ 98,000
Unimproved Land [Member] | Weston, Wisconsin, Unimproved Land [Member]
IMPAIRMENT OF LONG-LIVED ASSETS [Abstract]
Impairment of real estate investments					$ 442,000
Commercial Properties [Member]
IMPAIRMENT OF LONG-LIVED ASSETS [Abstract]
Number of impaired properties | property					4
IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES AND GOODWILL [Abstract]
Number of real estate properties disposed | property	4		8
Goodwill derecognized	$ 103,000		$ 196,000
Commercial Healthcare [Member]
IMPAIRMENT OF LONG-LIVED ASSETS [Abstract]
Number of impaired properties | property			1
Office [Member]
IMPAIRMENT OF LONG-LIVED ASSETS [Abstract]
Number of impaired properties | property			1
Retail [Member] | Kalispell, Montana, Retail Property [Member]
IMPAIRMENT OF LONG-LIVED ASSETS [Abstract]
Impairment of real estate investments					$ 2,100,000
Office Property [Member] | Eden Prairie Minnesota Member
IMPAIRMENT OF LONG-LIVED ASSETS [Abstract]
Impairment of real estate investments			$ 440,000
Office Property [Member] | Golden Valley, Minnesota [Member]
IMPAIRMENT OF LONG-LIVED ASSETS [Abstract]
Impairment of real estate investments					183,000
Office Property [Member] | Minneapolis, Minnesota, Office Property [Member]
IMPAIRMENT OF LONG-LIVED ASSETS [Abstract]
Impairment of real estate investments					1,800,000
Office Property [Member] | Boise, Idaho, Office Property [Member]
IMPAIRMENT OF LONG-LIVED ASSETS [Abstract]
Impairment of real estate investments					1,400,000
Assets Held for Sale [Member] | Multi-family Residential Properties [Member]
Held for Sale [Abstract]
Number of real estate properties classified as held for sale | property	13		1
Assets Held for Sale [Member] | Multi-family Residential Properties [Member] | Minot, ND - property [Member]
IMPAIRMENT OF LONG-LIVED ASSETS [Abstract]
Number of impaired properties | property	13
Assets Held for Sale [Member] | Unimproved Land [Member]
Held for Sale [Abstract]
Number of real estate properties classified as held for sale | property			3
Assets Held for Sale [Member] | Commercial Healthcare [Member]
Held for Sale [Abstract]
Number of real estate properties classified as held for sale | property	2		35
Assets Held for Sale [Member] | Industrial [Member]
Held for Sale [Abstract]
Number of real estate properties classified as held for sale | property			1
Assets Held for Sale [Member] | Retail [Member]
Held for Sale [Abstract]
Number of real estate properties classified as held for sale | property	2
Assets Held for Sale [Member] | Medical Property [Member] | Sartell, Minnesota, Healthcare Property [Member]
IMPAIRMENT OF LONG-LIVED ASSETS [Abstract]
Impairment of real estate investments			$ 1,900,000
Discontinued Operations [Member]
IMPAIRMENT OF LONG-LIVED ASSETS [Abstract]
Impairment of real estate investments			440,000		1,400,000
REVISION [Abstract]
Interest income	$ 2,176,000		2,176,000		2,176,000
Income from discontinued operations	$ 68,675,000		59,497,000		$ 11,354,000
Discontinued Operations [Member] | Unimproved Land [Member] | Grand Chute, Wisconsin, Unimproved Land [Member]
IMPAIRMENT OF LONG-LIVED ASSETS [Abstract]
Impairment of real estate investments			$ 1,600,000

BASIS OF PRESENTATION AND SIG49

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Compensating Balances and Other Investments Lender Holdbacks (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2017	Apr. 30, 2016	Apr. 30, 2015
COMPENSATING BALANCES AND OTHER INVESTMENTS LENDER HOLDBACKS [Abstract]
Decrease in lender holdbacks	$ 2,665	$ 4,347	$ 10,738
Increase in lender holdbacks for improvements	$ 903	$ 1,136	$ 1,204

BASIS OF PRESENTATION AND SIG50

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Allowance For Doubtful Accounts (Details) - 10K - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2017	Apr. 30, 2016	Apr. 30, 2015
Allowance for Doubtful Accounts Receivable [Roll Forward]
Provision	$ 499	$ 651	$ 967
Allowance for Doubtful Accounts [Member]
Allowance for Doubtful Accounts Receivable [Roll Forward]
Balance at beginning of year	946	1,156	1,044
Provision	499	651	967
Write-off	(895)	(861)	(855)
Balance at close of year	$ 550	$ 946	$ 1,156

BASIS OF PRESENTATION AND SIG51

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Proceeds From Financing Liability (Details) - USD ($) $ in Millions	3 Months Ended
	Jul. 31, 2013	Apr. 30, 2017
Other Liabilities [Line Items]
Proceeds from sale of property	$ 7.9
Contract for deed	29
Sale lease-back recorded in other liabilities	$ 7.9
Financing Liability [Member]
Other Liabilities [Line Items]
Financing liability balance		$ 7.9

BASIS OF PRESENTATION AND SIG52

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Involuntary Conversion of Assets(Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	Mar. 22, 2016	Apr. 30, 2016
GAIN ON BARGAIN PURCHASE [Abstract]
Gain on bargain purchase		$ 3,424
187 unit - Avalon Cove - Rochester, MN [Member]
GAIN ON BARGAIN PURCHASE [Abstract]
Fair value at acquisition	$ 36,300
Cash consideration	$ 15,000
Units issued, acquisitions	2.5
Value of units issued, acquisitions	$ 17,800
Share price on acquisition date	$ 7.09
Gain on bargain purchase	$ 3,400

CREDIT RISK (Details)

CREDIT RISK (Details) - USD ($) $ in Millions	Apr. 30, 2017	Apr. 30, 2016
CREDIT RISK [Abstract]
Amounts deposit not insured by FDIC	$ 6	$ 36.7

PROPERTY OWNED (Details)

PROPERTY OWNED (Details) - USD ($)	12 Months Ended
	Apr. 30, 2017	Apr. 30, 2016	Apr. 30, 2015
PROPERTY OWNED [Abstract]
Property owned net	$ 1,337,064,000	$ 1,368,582,000
Capitalized interest during construction	431,000	$ 4,900,000	$ 4,900,000
Future minimum lease receipts to be received under non-cancellable leases [Abstract]
2,017	25,922,000
2,018	24,250,000
2,019	22,695,000
2,020	21,386,000
2,021	19,601,000
Thereafter	120,772,000
Total	$ 234,626,000

IDENTIFIED INTANGIBLE ASSETS 55

IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2017	Apr. 30, 2016	Apr. 30, 2015
Identified intangible assets (included in intangible assets) [Roll Forward]
Gross carrying amount	$ 6,102	$ 8,088
Accumulated amortization	(5,444)	(6,230)
Net carrying amount	658	1,858
Identified intangible liabilities (included in other liabilities) [Abstract]
Gross carrying amount	156	159
Accumulated amortization	(76)	(55)
Net carrying amount	80	104
Leases, Acquired-in-Place, Market Adjustment [Member]
Identified intangible liabilities (included in other liabilities) [Abstract]
Amortization of intangible assets	$ 1,200	$ 1,700	$ 1,500

NONCONTROLLING INTERESTS (Detai

NONCONTROLLING INTERESTS (Details) - USD ($) $ in Thousands	Apr. 30, 2017	Apr. 30, 2016
Noncontrolling Interest [Line Items]
Noncontrolling interests – Operating Partnership (15,617,216 units at April 30, 2017 and 16,285,239 units at April 30, 2016)	$ 1,924	$ 21,020
IRET - 71 France, LLC [Member]
Noncontrolling Interest [Line Items]
Noncontrolling interests – Operating Partnership (15,617,216 units at April 30, 2017 and 16,285,239 units at April 30, 2016)	7,425	8,070
IRET-Cypress Court Apartments, LLC [Member]
Noncontrolling Interest [Line Items]
Noncontrolling interests – Operating Partnership (15,617,216 units at April 30, 2017 and 16,285,239 units at April 30, 2016)	986	1,042
IRET-RED 20, LLC [Member]
Noncontrolling Interest [Line Items]
Noncontrolling interests – Operating Partnership (15,617,216 units at April 30, 2017 and 16,285,239 units at April 30, 2016)		2,410
IRET-Williston Garden Apartments, LLC [Member]
Noncontrolling Interest [Line Items]
Noncontrolling interests – Operating Partnership (15,617,216 units at April 30, 2017 and 16,285,239 units at April 30, 2016)	1,057	3,014
IRET-WRH 1, LLC [Member]
Noncontrolling Interest [Line Items]
Noncontrolling interests – Operating Partnership (15,617,216 units at April 30, 2017 and 16,285,239 units at April 30, 2016)	(7,904)	5,266
WRH Holding, LLC [Member]
Noncontrolling Interest [Line Items]
Noncontrolling interests – Operating Partnership (15,617,216 units at April 30, 2017 and 16,285,239 units at April 30, 2016)	$ 360	1,195
Other Noncontrolling Interests [Member]
Noncontrolling Interest [Line Items]
Noncontrolling interests – Operating Partnership (15,617,216 units at April 30, 2017 and 16,285,239 units at April 30, 2016)		$ 23

LINE OF CREDIT (Details)

LINE OF CREDIT (Details) $ in Thousands	Jan. 31, 2017USD ($)	Apr. 30, 2017USD ($)property	Apr. 30, 2016USD ($)	Apr. 30, 2015USD ($)	Jan. 30, 2017USD ($)
Line of Credit Facility [Line Items]
Repayment of line of credit		$ 206,450	$ 125,000	$ 17,000
Line of Credit [Member] | First International Bank & Trust [Member]
Line of Credit Facility [Line Items]
Repayment of line of credit	$ 17,500
Credit Facility [Abstract]
Amount available					$ 100,000
Amount outstanding			$ 17,500
Line of Credit [Member] | BMO Line of Credit [Member]
Line of Credit Facility [Line Items]
Borrowing capacity with accordion option		250,000
Credit Facility [Abstract]
Amount available		206,000
Amount outstanding		$ 57,050
Interest rate (in hundredths)		2.74%
Maturity date	Jan. 31, 2021	Jan. 31, 2021
Weighted average interest rate (in hundredths)		2.67%
Line of Credit [Member] | Minimum [Member] | BMO Line of Credit [Member]
Line of Credit Facility [Line Items]
Properties in unencumbered asset pool | property		15
Line of Credit [Member] | Minimum [Member] | Base Rate [Member] | BMO Line of Credit [Member]
Line of Credit Facility [Line Items]
Interest rate spread (as a percent)		0.60%
Line of Credit [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | BMO Line of Credit [Member]
Line of Credit Facility [Line Items]
Interest rate spread (as a percent)		1.60%
Line of Credit [Member] | Maximum [Member] | BMO Line of Credit [Member]
Line of Credit Facility [Line Items]
Leverage ratio		0.60
Line of Credit [Member] | Maximum [Member] | Base Rate [Member] | BMO Line of Credit [Member]
Line of Credit Facility [Line Items]
Interest rate spread (as a percent)		1.25%
Line of Credit [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | BMO Line of Credit [Member]
Line of Credit Facility [Line Items]
Interest rate spread (as a percent)	2.25%

MORTGAGES PAYABLE AND CONSTRU58

MORTGAGES PAYABLE AND CONSTRUCTION DEBT (Details) $ in Thousands	12 Months Ended
	Apr. 30, 2017USD ($)loan	Apr. 30, 2016USD ($)
Aggregate amount of required future principal payments on mortgages payable [Abstract]
Total payments	$ 661,960	$ 812,393
Mortgages Payable [Member]
Debt Instrument [Line Items]
Mortgages maturity date range, start	May 28, 2017
Mortgages maturity date range, end	Jul. 1, 2036
Number of loans in default | loan	0
Fixed rate mortgages	$ 629,500	689,300
Variable rate mortgages	$ 57,700	$ 196,800
Weighted average interest rate (in hundredths)	4.71%	4.54%
Aggregate amount of required future principal payments on mortgages payable [Abstract]
2,018	$ 40,777
2,019	75,918
2,020	93,678
2,021	136,390
2,022	87,654
Thereafter	231,023
Total payments	665,440
Mortgages Payable [Member] | Assets Held for Sale [Member]
Aggregate amount of required future principal payments on mortgages payable [Abstract]
2,018	16,621
2,019	1,870
2,020	183
2,021	193
2,022	993
Thereafter	1,943
Total payments	$ 21,803
Mortgages Payable [Member] | Minimum [Member]
Debt Instrument [Line Items]
Interest rate on mortgages payable (in hundredths)	3.28%
Mortgages Payable [Member] | Maximum [Member]
Debt Instrument [Line Items]
Interest rate on mortgages payable (in hundredths)	6.66%
Construction Debt [Member]
Debt Instrument [Line Items]
Construction debt	$ 41,700	$ 82,000
Weighted average interest rate (in hundredths)	3.27%	2.74%
Amount available to be drawn under construction loans	$ 4,800

MORTGAGES PAYABLE AND CONSTRU59

MORTGAGES PAYABLE AND CONSTRUCTION DEBT, LINE OF CREDIT (Details) $ in Millions	Apr. 30, 2017USD ($)property
MORTGAGES PAYABLE AND CONSTRUCTION DEBT [Abstract]
Mortgage indebtness | $	$ 687.2
Number of properties not encumbered | property	56

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details)	12 Months Ended
	Apr. 30, 2017USD ($)loan	Apr. 30, 2016USD ($)	Apr. 30, 2015USD ($)
BANKING SERVICES [Abstract]
Interest and fees paid amount		$ 2,200,000	$ 1,700,000
Mortgages Payable [Member]
BANKING SERVICES [Abstract]
Variable interest rate (in hundredths)	4.71%	4.54%
Multi bank Line of Credit [Member]
BANKING SERVICES [Abstract]
Maximum borrowing capacity	$ 100,000,000
First International Bank & Trust [Member]
BANKING SERVICES [Abstract]
Bank service and other fees charged	900	$ 500	500
Interest and fees paid amount	$ 2,400,000	2,500,000	2,000,000
First International Bank & Trust [Member] | Mortgages Payable [Member]
BANKING SERVICES [Abstract]
Number of mortgage loans outstanding | loan	2
First International Bank & Trust [Member] | Multi bank Line of Credit [Member]
BANKING SERVICES [Abstract]
Maximum borrowing capacity	$ 11,000,000
Interest paid	106,000	186,000	245,000
Bank services charges and fee	56,000	$ 77,000	$ 40,000
Compensating balance	6,000,000
Non interest bearing account	1,500,000
Interest bearing account	$ 4,500,000
Percentage interest on deposited amount (in hundredths)	0.20%
Renaissance Heights I - Williston ND [Member] | First International Bank & Trust [Member] | Mortgages Payable [Member]
BANKING SERVICES [Abstract]
Original principal balance	$ 43,000,000
Variable interest rate (in hundredths)	5.24%
Fixed interest rate (in hundredths)	4.04%
Interest paid	$ 1,700,000
Commons at Southgate - Minot, ND [Member] | First International Bank & Trust [Member] | Mortgages Payable [Member]
BANKING SERVICES [Abstract]
Original principal balance	27,000,000
Interest paid	$ 579,000

ACQUISITIONS, DEVELOPMENT PRO61

ACQUISITIONS, DEVELOPMENT PROJECTS PLACED IN SERVICE AND DISPOSITIONS, ACQUISITIONS (Details) - USD ($)	12 Months Ended
	Apr. 30, 2017	Apr. 30, 2016	Apr. 30, 2015
Business Acquisition [Line Items]
Transaction costs expensed during the period		$ 253,000
Acquisitions and development projects placed in service [Abstract]
Partnership units issued		18,226,000	$ 800,000
Gain on bargain purchase		3,424,000
Results of operations from acquired properties [Abstract]
Total revenue		4,094,000
Net loss		(366,000)
Acquisitions Member
Acquisitions and development projects placed in service [Abstract]
Total acquisition costs	$ 0	143,500,000
Form of consideration, cash		121,850,000
Form of consideration, units		18,226,000
Investment allocation, land		10,259,000
Investment allocation, building		131,159,000
Investment allocation, intangible assets		2,082,000
Acquisitions Member | Multi-Family Residential [Member]
Acquisitions and development projects placed in service [Abstract]
Total acquisition costs		137,000,000
Form of consideration, cash		115,350,000
Form of consideration, units		18,226,000
Investment allocation, land		9,356,000
Investment allocation, building		126,050,000
Investment allocation, intangible assets		$ 1,594,000
Acquisitions Member | Multi-Family Residential [Member] | 74 unit - Gardens - Grand Forks, ND [Member]
Acquisitions and development projects placed in service [Abstract]
Date acquired		Sep. 10, 2015
Total acquisition costs		$ 9,250,000
Form of consideration, cash		8,850,000
Form of consideration, units		400,000
Investment allocation, land		518,000
Investment allocation, building		8,672,000
Investment allocation, intangible assets		60,000
Partnership units issued		$ 44,000
Acquisitions Member | Multi-Family Residential [Member] | 276 unit - GrandeVille at Cascade Lake - Rochester, MN [Member]
Acquisitions and development projects placed in service [Abstract]
Date acquired		Oct. 29, 2015
Total acquisition costs		$ 56,000,000
Form of consideration, cash		56,000,000
Investment allocation, land		5,003,000
Investment allocation, building		50,363,000
Investment allocation, intangible assets		$ 634,000
Acquisitions Member | Multi-Family Residential [Member] | 187 unit - Avalon Cove - Rochester, MN [Member]
Acquisitions and development projects placed in service [Abstract]
Date acquired		Mar. 22, 2016
Total acquisition costs		$ 36,250,000
Form of consideration, cash		15,000,000
Form of consideration, units		17,826,000
Investment allocation, land		1,616,000
Investment allocation, building		34,145,000
Investment allocation, intangible assets		489,000
Partnership units issued		$ 2,500,000
Acquisitions Member | Multi-Family Residential [Member] | 90 unit - Cascade Shores - Rochester, MN [Member]
Acquisitions and development projects placed in service [Abstract]
Date acquired		Mar. 22, 2016
Total acquisition costs		$ 18,500,000
Form of consideration, cash		18,500,000
Investment allocation, land		1,585,000
Investment allocation, building		16,710,000
Investment allocation, intangible assets		$ 205,000
Acquisitions Member | Multi-Family Residential [Member] | 76 unit - Crystal Bay - Rochester, MN [Member]
Acquisitions and development projects placed in service [Abstract]
Date acquired		Mar. 22, 2016
Total acquisition costs		$ 12,000,000
Form of consideration, cash		12,000,000
Investment allocation, land		433,000
Investment allocation, building		11,425,000
Investment allocation, intangible assets		$ 142,000
Acquisitions Member | Multi-Family Residential [Member] | 40-unit - French Creek - Rochester, MN [Member]
Acquisitions and development projects placed in service [Abstract]
Date acquired		Mar. 22, 2016
Total acquisition costs		$ 5,000,000
Form of consideration, cash		5,000,000
Investment allocation, land		201,000
Investment allocation, building		4,735,000
Investment allocation, intangible assets		$ 64,000
Acquisitions Member | Healthcare [Member] | 27,819 sq ft Lakeside Medical Plaza - Omaha, NE [Member]
Acquisitions and development projects placed in service [Abstract]
Date acquired		Aug. 20, 2015
Total acquisition costs		$ 6,500,000
Form of consideration, cash		6,500,000
Investment allocation, land		903,000
Investment allocation, building		5,109,000
Investment allocation, intangible assets		$ 488,000

ACQUISITIONS, DEVELOPMENT PRO62

ACQUISITIONS, DEVELOPMENT PROJECTS PLACED IN SERVICE AND DISPOSITIONS, DEVELOPMENT PROJECTS PLACED IN SERVICE (Details) - Development Projects Placed in Service [Member] - USD ($)		12 Months Ended
		Apr. 30, 2017		Apr. 30, 2016	Apr. 30, 2015
Business Acquisition [Line Items]
Land		$ 6,455,000	[1]	$ 9,119,000
Building		96,423,000	[1]	202,716,000
Development cost		$ 102,878,000	[1]	211,835,000
Multi-Family Residential [Member]
Business Acquisition [Line Items]
Land				5,620,000
Building				146,111,000
Development cost				151,731,000
Multi-Family Residential [Member] | 71 France - Edina, MN [Member]
Business Acquisition [Line Items]
Date placed in service	[1]	May 1, 2016
Land	[1]	$ 4,721,000
Building	[1]	67,641,000
Development cost	[1]	72,362,000
Development costs paid		1,500,000		70,900,000
Project costs incurred to date		$ 72,400,000
Interest in joint venture (in hundredths)		52.60%
Multi-Family Residential [Member] | Monticello Crossings - Monticello, MN
Business Acquisition [Line Items]
Date placed in service	[1]	Mar. 1, 2017
Land	[1]	$ 1,734,000
Building	[1]	28,782,000
Development cost	[1]	30,516,000
Development costs paid		15,000,000		$ 15,500,000
Project costs incurred to date		$ 30,500,000
Multi-Family Residential [Member] | 72 unit - Chateau II - Minot, ND [Member]
Business Acquisition [Line Items]
Date placed in service				Jun. 1, 2015
Land				$ 240,000
Building				14,408,000
Development cost				14,648,000
Development costs paid				2,300,000	$ 12,300,000
Project costs incurred to date				$ 14,600,000
Multi-Family Residential [Member] | Renaissance Heights - Williston, ND [Member]
Business Acquisition [Line Items]
Date placed in service	[2]			Jul. 27, 2015
Land	[2]			$ 3,080,000
Building	[2]			59,434,000
Development cost	[2]			62,514,000
Development costs paid				4,800,000	57,700,000
Project costs incurred to date				$ 62,500,000
Interest in joint venture (in hundredths)		86.60%
Multi-Family Residential [Member] | Deer Ridge - Jamestown, ND
Business Acquisition [Line Items]
Date placed in service				Feb. 22, 2016
Land				$ 700,000
Building				24,137,000
Development cost				24,837,000
Development costs paid				10,500,000	14,300,000
Project costs incurred to date				$ 24,800,000
Multi-Family Residential [Member] | Cardinal Point - Grand Forks, ND
Business Acquisition [Line Items]
Date placed in service				Mar. 18, 2016
Land				$ 1,600,000
Building				48,132,000
Development cost				49,732,000
Development costs paid				26,700,000	23,000,000
Project costs incurred to date				49,700,000
Healthcare [Member]
Business Acquisition [Line Items]
Land				2,610,000
Building				54,871,000
Development cost				$ 57,481,000
Healthcare [Member] | 57,624 sq ft Edina 6565 France SMC III - Edina, MN [Member]
Business Acquisition [Line Items]
Date placed in service				Jun. 1, 2015
Building				$ 33,041,000
Development cost				33,041,000
Development costs paid				12,200,000	20,800,000
Project costs incurred to date				$ 33,000,000
Healthcare [Member] | PrairieCare Medical - Brooklyn Park, MN [Member]
Business Acquisition [Line Items]
Date placed in service				Sep. 8, 2015
Land				$ 2,610,000
Building				21,830,000
Development cost				24,440,000
Development costs paid				7,100,000	17,300,000
Project costs incurred to date				$ 24,400,000
Other Member | Minot Southgate Retail - Minot, ND [Member]
Business Acquisition [Line Items]
Date placed in service				Oct. 1, 2015
Land				$ 889,000
Building				1,734,000
Development cost				2,623,000
Development costs paid				500,000	$ 2,100,000
Project costs incurred to date				$ 2,600,000
[1]	Development projects that are placed in service in phases are excluded from this table until the entire project has been placed in service. See Note 15 for additional information on the 71 France project, which was partially placed in service during the fiscal year ended April 30, 2016.
[2]	Development projects that are placed in service in phases are excluded from this table until the entire project has been placed in service. See Note 15 for additional information on the 71 France project, which was partially placed in service during the fiscal year ended April 30, 2016.Costs paid in prior fiscal years totaled $12.3 million. Additional costs incurred in fiscal year 2016 totaled $2.3 million, for a total project cost at April 30, 2016 of $14.6 million. Costs paid in prior fiscal years totaled $57.7 million. Additional costs incurred in fiscal year 2016 totaled $4.8 million, for a total project cost at April 30, 2016 of $62.5 million. The project is owned by a joint venture entity in which we currently have an approximately 86.6% interest. The joint venture is consolidated in our financial statements. Costs paid in prior fiscal years totaled $14.3 million. Additional costs incurred in fiscal year 2016 totaled $10.5 million, for a total project cost at April 30, 2016 of $24.8 million. Costs paid in prior fiscal years totaled $23.0 million. Additional costs incurred in fiscal year 2016 totaled $26.7 million, for a total project cost at April 30, 2016 of $49.7 million. Costs paid in prior fiscal years totaled $20.8 million. Additional costs incurred in fiscal year 2016 totaled $12.2 million, for a total project cost at April 30, 2016 of $33.0 million. Costs paid in prior fiscal years totaled $17.3 million. Additional costs incurred in fiscal year 2016 totaled $7.1 million, for a total project cost at April 30, 2016 of $24.4 million.Costs paid in prior fiscal years totaled $2.1 million. Additional costs incurred in fiscal year 2016 totaled approximately $500,000, for a total project cost at April 30, 2016 of $2.6 million.

ACQUISITIONS, DEVELOPMENT PRO63

ACQUISITIONS, DEVELOPMENT PROJECTS PLACED IN SERVICE AND DISPOSITIONS, PROPERTY DISPOSITIONS (Details) $ in Thousands	Jan. 29, 2016USD ($)property	Apr. 30, 2017USD ($)property	Apr. 30, 2016USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain/loss on extinguishment of debt		$ (3,099)	$ (106)
Disposed of by Sale [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale price		286,926	536,728
Book value and sales cost		211,977	466,835
Gain/(Loss)		74,949	$ 69,893
Sale price, net of properties transferred		$ 286,900
Multi-Family Residential [Member] | Disposed of by Sale [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold | property		1
Multi-Family Residential [Member] | Disposed of by Sale [Member] | Pinecone Villas - Sartell, MN [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Date disposed		Apr. 20, 2017
Sale price		$ 3,540
Book value and sales cost		2,732
Gain/(Loss)		$ 808
Multi-Family Residential [Member] | Disposed of by Sale [Member] | 391 unit - St. Cloud Student Housing Portfolio - St. Cloud, MN [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Date disposed			Mar. 24, 2016
Sale price			$ 5,615
Book value and sales cost			5,647
Gain/(Loss)			$ (32)
Senior Housing properties [Member] | Disposed of by Sale [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold | property		32
Healthcare [Member] | Disposed of by Sale [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale price		$ 265,736
Book value and sales cost		202,990
Gain/(Loss)		$ 62,746
Number of properties sold | property		2
Healthcare [Member] | Disposed of by Sale [Member] | Idaho Spring Creek Senior Housing Properties [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Date disposed		Oct. 31, 2016
Sale price		$ 43,900
Book value and sales cost		37,397
Gain/(Loss)		$ 6,503
Healthcare [Member] | Disposed of by Sale [Member] | 5 Edgewood Vista Senior Housing Properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Date disposed		Jan. 18, 2017
Sale price		$ 69,928
Book value and sales cost		50,393
Gain/(Loss)		$ 19,535
Healthcare [Member] | Disposed of by Sale [Member] | Wyoming Senior Housing Portfolio [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Date disposed		Feb. 1, 2017
Sale price		$ 49,600
Book value and sales cost		45,469
Gain/(Loss)		$ 4,131
Healthcare [Member] | Disposed of by Sale [Member] | 9 Edgewood Vista Senior Housing Properties [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Date disposed		Feb. 15, 2017
Sale price		$ 30,700
Book value and sales cost		24,081
Gain/(Loss)		$ 6,619
Healthcare [Member] | Disposed of by Sale [Member] | 4 Edgewood Vista Senior Housing Properties [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Date disposed		Mar. 1, 2017
Sale price		$ 35,348
Book value and sales cost		14,511
Gain/(Loss)		$ 20,837
Healthcare [Member] | Disposed of by Sale [Member] | Healtheast St John & Woodwinds - Maplewood & Woodbury, MN [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Date disposed		Mar. 6, 2017
Sale price		$ 20,700
Book value and sales cost		13,777
Gain/(Loss)		$ 6,923
Healthcare [Member] | Disposed of by Sale [Member] | Sartell 2000 23rd Street South - Sartell, MN [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Date disposed		Mar. 31, 2017
Sale price		$ 5,600
Book value and sales cost		5,923
Gain/(Loss)		$ (323)
Healthcare [Member] | Disposed of by Sale [Member] | Legends at Heritage Place - Sartell, MN [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Date disposed		Apr. 20, 2017
Sale price		$ 9,960
Book value and sales cost		11,439
Gain/(Loss)		$ (1,479)
Healthcare [Member] | Disposed of by Sale [Member] | 61,758 sq ft Nebraska Orthopedic Hospital - Omaha, NE
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Date disposed			Apr. 1, 2016
Sale price			$ 24,494
Book value and sales cost			16,512
Gain/(Loss)			7,982
Retail [Member] | Disposed of by Sale [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold | property		1
Industrial [Member] | Disposed of by Sale [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold | property		1
Other [Member] | Disposed of by Sale [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale price		$ 17,400	506,599
Book value and sales cost		5,981	444,655
Gain/(Loss)		$ 11,419	$ 61,944
Other [Member] | Disposed of by Sale [Member] | Stone Container - Fargo, ND [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Date disposed		Jul. 25, 2016
Sale price		$ 13,400
Book value and sales cost		4,418
Gain/(Loss)		$ 8,982
Other [Member] | Disposed of by Sale [Member] | Grand Forks Carmike - Grand Forks, ND [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Date disposed		Dec. 29, 2016
Sale price		$ 4,000
Book value and sales cost		1,563
Gain/(Loss)		$ 2,437
Other [Member] | Disposed of by Sale [Member] | 117,144 sq ft 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
Sale price			$ 7,000
Book value and sales cost			7,175
Gain/(Loss)			$ (175)
Other [Member] | Disposed of by Sale [Member] | 2,549,222 sq ft Office Sale Portfolio [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Date disposed			Aug. 3, 2015
Sale price			$ 250,000
Book value and sales cost			231,908
Gain/(Loss)			$ 18,092
Other [Member] | Disposed of by Sale [Member] | 420,216 sq ft Mendota Office Center Portfolio - Mendota Heights, MN [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Date disposed			Aug. 12, 2015
Sale price			$ 40,000
Book value and sales cost			41,574
Gain/(Loss)			$ (1,574)
Other [Member] | Disposed of by Sale [Member] | 1,027,208 sq ft Retail Sale Portfolio [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Date disposed			Sep. 30, 2015
Sale price			$ 78,960
Book value and sales cost			72,000
Gain/(Loss)			$ 6,960
Other [Member] | Disposed of by Sale [Member] | 48,700 sq ft Eden Prairie 6101 Blue Circle Drive - Eden Prairie, MN [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Date disposed			Oct. 19, 2015
Sale price			$ 2,900
Book value and sales cost			2,928
Gain/(Loss)			$ (28)
Other [Member] | Disposed of by Sale [Member] | Burnsville 1 Strip Center - Burnsville, MN [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Date disposed			Dec. 23, 2015
Sale price			$ 1,300
Book value and sales cost			913
Gain/(Loss)			$ 387
Other [Member] | Disposed of by Sale [Member] | Pine City C-Store - Pine City, MN [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Date disposed			Jan. 8, 2016
Sale price			$ 300
Book value and sales cost			355
Gain/(Loss)			$ (55)
Other [Member] | Disposed of by Sale [Member] | Minot Plaza - Minot, ND [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Date disposed			Jan. 19, 2016
Sale price			$ 1,854
Book value and sales cost			393
Gain/(Loss)			$ 1,461
Other [Member] | Disposed of by Sale [Member] | 937,518 sq ft 9-Building Office Portfolio [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Date disposed			Jan. 29, 2016
Sale price			$ 122,610
Book value and sales cost			86,154
Gain/(Loss)			$ 36,456
Number of properties transferred | property	9
Non-recourse loan	$ 122,600
Estimated fair value of properties transferred	$ 89,300
Other [Member] | Disposed of by Sale [Member] | 3,702 sq ft Arrowhead First International Bank - Minot, ND
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Date disposed			Apr. 6, 2016
Sale price			$ 1,675
Book value and sales cost			1,255
Gain/(Loss)			$ 420
Unimproved Land [Member] | Disposed of by Sale [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold | property		2
Unimproved Land [Member] | Disposed of by Sale [Member] | Georgetown Square - Grand Chute, WI [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Date disposed		May 6, 2016
Sale price		$ 250
Book value and sales cost		274
Gain/(Loss)		$ (24)
Unimproved Land [Member] | Disposed of by Sale [Member] | River Falls - River Falls, WI [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Date disposed			Apr. 6, 2016
Sale price			$ 20
Book value and sales cost			21
Gain/(Loss)			$ (1)

OPERATING SEGMENTS (Details)

OPERATING SEGMENTS (Details) $ in Thousands	12 Months Ended
	Apr. 30, 2017USD ($)segment	Apr. 30, 2016USD ($)	Apr. 30, 2015USD ($)	Apr. 30, 2014USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment	2
Segment revenues and net operating income [Abstract]
Real estate revenue	$ 205,738	$ 188,320	$ 179,321
Real estate expenses	88,355	79,100	73,137
Net operating income (loss)	117,383	109,220	106,184
Depreciation/amortization	(55,009)	(49,832)	(42,784)
Impairment of real estate investments	(57,028)	(5,543)	(4,663)
General and administrative expenses	(12,075)	(11,267)	(11,824)
Acquisition and investment related costs	(3,276)	(830)	(362)
Other expenses	(3,796)	(2,231)	(1,647)
Interest expense	(41,127)	(35,768)	(34,447)
Loss on extinguishment of debt	(3,099)	(106)
Interest and other income	1,176	398	780
(Loss) income before gain on sale of real estate and other investments, gain on bargain purchase and income from discontinued operations	(56,851)	4,041	11,237
Gain (loss) on sale of real estate and other investments	18,701	9,640	6,093
Gain on bargain purchase		3,424
(Loss) income from continuing operations	(38,150)	17,105	17,330
Income (loss) from discontinued operations	68,675	59,497	11,354
NET INCOME	30,525	76,602	28,684
Segment Assets [Abstract]
Property owned	1,677,481	1,681,471
Less accumulated depreciation	(340,417)	(312,889)
Total property owned	1,337,064	1,368,582
Assets held for sale and assets of discontinued operations	37,708	220,537
Cash and cash equivalents	28,819	66,698	48,970	$ 47,267
Other investments		50
Receivables and other assets	52,468	26,535
Development in progress		51,681
Unimproved land	18,455	20,939
TOTAL ASSETS	1,474,514	1,755,022
Amounts Not Allocated to Segments [Member]
Segment revenues and net operating income [Abstract]
Real estate expenses	5,620	4,031	3,965
Net operating income (loss)	(5,620)	(4,031)	(3,965)
Multi-Family Residential [Member] | Operating Segments [Member]
Segment revenues and net operating income [Abstract]
Real estate revenue	144,743	131,149	118,526
Real estate expenses	63,292	57,130	48,668
Net operating income (loss)	81,451	74,019	69,858
Segment Assets [Abstract]
Property owned	1,260,541	1,243,909
Less accumulated depreciation	(232,592)	(209,156)
Total property owned	1,027,949	1,034,753
Healthcare [Member] | Operating Segments [Member]
Segment revenues and net operating income [Abstract]
Real estate revenue	49,856	45,621	44,153
Real estate expenses	16,419	15,439	15,244
Net operating income (loss)	33,437	30,182	28,909
Segment Assets [Abstract]
Property owned	323,148	337,920
Less accumulated depreciation	(86,139)	(83,558)
Total property owned	237,009	254,362
All Other [Member] | Operating Segments [Member]
Segment revenues and net operating income [Abstract]
Real estate revenue	11,139	11,550	16,642
Real estate expenses	3,024	2,500	5,260
Net operating income (loss)	8,115	9,050	$ 11,382
Segment Assets [Abstract]
Property owned	93,792	99,642
Less accumulated depreciation	(21,686)	(20,175)
Total property owned	$ 72,106	$ 79,467

DISCONTINUED OPERATIONS (Detail

DISCONTINUED OPERATIONS (Details)	3 Months Ended								12 Months Ended
	Apr. 30, 2017USD ($)	Jan. 31, 2017USD ($)	Oct. 31, 2016USD ($)	Jul. 31, 2016USD ($)	Apr. 30, 2016USD ($)	Jan. 31, 2016USD ($)	Oct. 31, 2015USD ($)	Jul. 31, 2015USD ($)	Apr. 30, 2017USD ($)property	Apr. 30, 2016USD ($)loanproperty	Apr. 30, 2015USD ($)property
REVENUE
Real estate rentals									$ 186,837,000	$ 170,698,000	$ 159,969,000
Tenant reimbursement									18,901,000	17,622,000	19,352,000
TOTAL REVENUE	$ 54,344,000	$ 51,174,000	$ 50,609,000	$ 49,611,000	$ 48,523,000	$ 48,406,000	$ 46,346,000	$ 45,045,000	205,738,000	188,320,000	179,321,000
EXPENSES
Property operating expenses, excluding real estate taxes									64,768,000	58,859,000	53,535,000
Real estate taxes									23,587,000	20,241,000	19,602,000
Depreciation and amortization									55,009,000	49,832,000	42,784,000
Impairment of real estate investments									57,028,000	5,543,000	4,663,000
Other expenses									3,796,000	2,231,000	1,647,000
Other property expenses									3,276,000	830,000	362,000
TOTAL EXPENSES									219,539,000	148,803,000	134,417,000
Operating income (loss)									(13,801,000)	39,517,000	44,904,000
Interest expense									(41,127,000)	(35,768,000)	(34,447,000)
Gain/loss on extinguishment of debt									(3,099,000)	(106,000)
Interest income									369,000	81,000	62,000
Other income									807,000	317,000	718,000
Gain on sale of discontinued operations									74,847,000	33,423,000	6,093,000
INCOME FROM DISCONTINUED OPERATIONS									68,675,000	59,497,000	11,354,000
Property Sale Data
Gain on sale of discontinued operations									$ 74,847,000	33,423,000	$ 6,093,000
Discontinued Operations [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties classified as discontinued operations | property									0		0
REVENUE
Real estate rentals									$ 16,405,000	43,544,000	$ 75,883,000
Tenant reimbursement									226,000	8,684,000	24,466,000
TRS senior housing revenue									3,218,000	3,955,000	3,520,000
TOTAL REVENUE									19,849,000	56,183,000	103,869,000
EXPENSES
Property operating expenses, excluding real estate taxes									75,000	10,252,000	23,517,000
Real estate taxes										5,777,000	14,343,000
Depreciation and amortization									16,000	14,166,000	27,823,000
Impairment of real estate investments										440,000	1,442,000
TRS senior housing expenses									3,113,000	3,366,000	2,997,000
Other expenses											1,000
TOTAL EXPENSES									3,204,000	34,001,000	70,123,000
Operating income (loss)									16,645,000	22,182,000	33,746,000
Interest expense									(4,815,000)	(18,406,000)	(24,573,000)
Gain/loss on extinguishment of debt									(1,790,000)	29,336,000
Interest income									2,176,000	2,176,000	2,176,000
Other income									313,000	427,000	5,000
Income from discontinued operations before gain on sale									12,529,000	35,715,000	11,354,000
Gain on sale of discontinued operations									56,146,000	23,782,000
INCOME FROM DISCONTINUED OPERATIONS									68,675,000	59,497,000	11,354,000
Default interest										4,700,000	528,000
Non-recourse loan	$ 122,600,000				$ 122,600,000				122,600,000	122,600,000	122,600,000
Gain on extinguishment of debt from transfer of ownership										$ 36,500,000
Number of loan properties | loan										9
Property Sale Data
Sales price									239,436,000	$ 373,460,000
Net book value and sales costs									(183,290,000)	(349,678,000)
Gain on sale of discontinued operations									56,146,000	23,782,000
Discontinued Operations [Member] | Commercial Healthcare [Member]
EXPENSES
INCOME FROM DISCONTINUED OPERATIONS									68,362,000	8,101,000	9,008,000
Discontinued Operations [Member] | All Other [Member]
EXPENSES
INCOME FROM DISCONTINUED OPERATIONS									$ 313,000	$ 51,396,000	$ 2,346,000
Discontinued Operations, Disposed of by Sale [Member] | Office [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties classified as discontinued operations | property										48
Discontinued Operations, Disposed of by Sale [Member] | Commercial Healthcare [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties classified as discontinued operations | property										1
Discontinued Operations, Disposed of by Sale [Member] | Retail [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties classified as discontinued operations | property										17
Discontinued Operations, Disposed of by Sale [Member] | Senior Housing properties [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties disposed | property									32
Discontinued Operations, Held-for-sale [Member] | Senior Housing properties [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties classified as held for sale | property										34

DISCONTINUED OPERATIONS Reconci

DISCONTINUED OPERATIONS Reconciliation of Assets and Liabilities of Discontinued Operations (Details) - USD ($) $ in Thousands	Apr. 30, 2017	Apr. 30, 2016
Carrying amounts of major classes of liabilities included as part of discontinued operations [Abstract]
Total liabilities of the disposal groups classified as held for sale on the balance sheet	$ 30,062	$ 77,488
Discontinued Operations, Held-for-sale [Member]
Carrying amounts of major classes of assets included as part of discontinued operations [Abstract]
Property owned and intangible assets, net of accumulated depreciation and amortization	21,332	189,900
Receivable arising from straight-lining of rents	2,283	9,805
Accounts receivable		1,707
Prepaid and other assets		43
Tax, insurance and other escrow		670
Property and equipment		479
Goodwill	14	18
Total major classes of assets of the discontinued operations	23,629	202,622
Other assets included in the disposal group classified as held for sale	14,079	17,915
Total assets of the disposal groups classified as held for sale on the balance sheet	37,708	220,537
Carrying amounts of major classes of liabilities included as part of discontinued operations [Abstract]
Accounts payable and accrued expenses	52	810
Mortgages payable	16,226	67,940
Other	7,900	7,900
Total major classes of liabilities of the discontinued operations	24,178	76,650
Other liabilities included in the disposal group classified as held for sale	5,884	838
Total liabilities of the disposal groups classified as held for sale on the balance sheet	$ 30,062	$ 77,488

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Apr. 30, 2017	Jan. 31, 2017	Oct. 31, 2016	Jul. 31, 2016	Apr. 30, 2016	Jan. 31, 2016	Oct. 31, 2015	Jul. 31, 2015	Apr. 30, 2017	Apr. 30, 2016	Apr. 30, 2015
EARNINGS PER SHARE [Abstract]
Ratio of units exchanged for shares									one-for-one basis
NUMERATOR [Abstract]
(Loss) income from continuing operations – Investors Real Estate Trust									$ (17,340)	$ 18,651	$ 14,083
Income from discontinued operations - Investors Real Estate Trust									60,687	53,355	10,004
Net income attributable to Investors Real Estate Trust	$ 30,280	$ 23,110	$ 11,600	$ (21,643)	$ 11,003	$ 39,797	$ 16,666	$ 4,540	43,347	72,006	24,087
Dividends to preferred shareholders									(10,546)	(11,514)	(11,514)
Redemption of preferred shares									(1,435)
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS	$ 27,994	$ 19,172	$ 8,722	$ (24,522)	$ 8,125	$ 36,918	$ 13,788	$ 1,661	31,366	60,492	12,573
Noncontrolling interests - Operating Partnership									4,059	7,032	1,526
Numerator for diluted (loss) earnings per share									$ 35,425	$ 67,524	$ 14,099
DENOMINATOR [Abstract]
Denominator for basic earnings per share weighted average shares (in shares)									121,169	123,094	118,004
Effect of convertible operating partnership units (in shares)									16,130	14,278	16,594
Denominator for diluted earnings per share (in shares)									137,299	137,372	134,598
(Loss) earnings per common share from continuing operations - Investors Real Estate Trust - basic and diluted (in dollars per share)									$ (0.24)	$ 0.06	$ 0.02
Earnings per common share from discontinued operations - Investors Real Estate Trust - basic and diluted (in dollars per share)									0.50	0.43	0.09
NET INCOME PER COMMON SHARE – BASIC & DILUTED	$ 0.23	$ 0.16	$ 0.07	$ (0.20)	$ 0.07	$ 0.30	$ 0.11	$ 0.01	$ 0.26	$ 0.49	$ 0.11

RETIREMENT PLANS (Details)

RETIREMENT PLANS (Details) - USD ($)	12 Months Ended
	Apr. 30, 2017	Apr. 30, 2016	Apr. 30, 2015
RETIREMENT PLANS [Abstract]
Maximum contribution each employee, towards 401(k) plan (in hundredths)	4.00%
Employer contribution towards profit sharing plan and 401(k) plan	$ 565,000	$ 836,000	$ 1,000,000
Discretionary employer contribution (as a percent)		3.50%

COMMITMENTS AND CONTINGENCIES69

COMMITMENTS AND CONTINGENCIES (Details) ft² in Millions	12 Months Ended
	Apr. 30, 2017USD ($)ft²leasepropertyitem	Apr. 30, 2016USD ($)	Apr. 30, 2015USD ($)
Real Estate Properties [Line Items]
Number of properties under operating ground and air rights lease | property	7
Rent payable per year under ground lease	$ 330,000
Operating Leases, Future Minimum Payments [Abstract]
2,018	331,000
2,019	332,000
2,020	333,000
2,021	335,000
2,022	336,000
Thereafter	8,167,000
Total	9,834,000
Tenant improvements	$ 4,300,000
Commitment period for tenant improvements	12 months
Total property cost subject to purchase options	$ 1,677,481,000	$ 1,681,471,000
Total gross rental revenue from properties subject to purchase options	$ 186,837,000	170,698,000	$ 159,969,000
Redemption basis	1:1
Number of consecutive trading days for valuation	10 days
Aggregate redemption value of Units of operating partnership owned by limited partners	$ 95,100,000	$ 109,300,000
Minimum [Member]
Real Estate Properties [Line Items]
Lease term of property	14 years
Lease expiration date	Feb. 28, 2031
Number of renewal options | lease	3
Maximum [Member]
Real Estate Properties [Line Items]
Lease term of property	39 years
Lease expiration date	Oct. 31, 2055
Number of renewal options | lease	7
Subject to Purchase Options [Member]
Operating Leases, Future Minimum Payments [Abstract]
Number of properties | property	2
Total property cost subject to purchase options	$ 27,300,000
Total gross rental revenue from properties subject to purchase options	$ 2,700,000
Subject to Restrictions on Taxable Dispositions [Member]
Operating Leases, Future Minimum Payments [Abstract]
Number of properties | property	30
Real estate investment amount of properties (net of accumulated depreciation)	$ 286,700,000
Combined Commercial Segments [Member] | Subject to Restrictions on Taxable Dispositions [Member]
Operating Leases, Future Minimum Payments [Abstract]
Area of real estate property | ft²	431,000
Multi-Family Residential [Member] | Subject to Restrictions on Taxable Dispositions [Member]
Operating Leases, Future Minimum Payments [Abstract]
Number of apartment units subject to restrictions on taxable dispositions | item	3,285
Discontinued Operations, Held-for-sale [Member] | Senior Housing properties [Member] | Subject to Purchase Options [Member]
Operating Leases, Future Minimum Payments [Abstract]
Number of real estate properties sold | property	2
Sale price	$ 36,900,000
Discontinued Operations, Held-for-sale [Member] | Unimproved Land [Member] | Subject to Purchase Options [Member]
Operating Leases, Future Minimum Payments [Abstract]
Sale price	$ 3,600,000

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2017	Apr. 30, 2016
FINANCIAL LIABILITIES [Abstract]
Mortgages payable	$ 661,960	$ 812,393
Carrying Amount [Member]
FINANCIAL ASSETS [Abstract]
Cash and cash equivalents	28,819	66,698
Other investments		50
FINANCIAL LIABILITIES [Abstract]
Other debt	49,637	82,026
Lines of credit	57,050	17,500
Mortgages payable	665,440	817,324
Mortgages payable related to assets held for sale	21,803	68,824
Fair Value [Member]
FINANCIAL ASSETS [Abstract]
Cash and cash equivalents	28,819	66,698
Other investments		50
FINANCIAL LIABILITIES [Abstract]
Other debt	49,637	82,026
Lines of credit	57,050	17,500
Mortgages payable	680,941	866,649
Mortgages payable related to assets held for sale	21,861	78,690
Nonrecurring [Member]
Fair Value Measurements on a Nonrecurring Basis [Abstract]
Real estate investments	506
Real estate held for sale	$ 10,891	6,650
Capitalization rate (as a percent)	7.00%
Nonrecurring [Member] | Level 3 [Member]
Fair Value Measurements on a Nonrecurring Basis [Abstract]
Real estate investments	$ 506
Real estate held for sale	$ 10,891	$ 6,650

SHAREHOLDERS_ EQUITY (Details)

SHAREHOLDERS’ EQUITY (Details) - USD ($)	Dec. 07, 2016	Dec. 02, 2016	Aug. 07, 2012	Oct. 31, 2013	Apr. 30, 2017	Apr. 30, 2016	Apr. 30, 2015
Conversion of Units to Common Shares. [Abstract]
Units converted to common stock (in shares)					503,000	273,000
Units converted to common stock					$ 875,000	$ 1,500,000
Share Repurchase Program [Member]
Share Repurchase Program
Authorized share repurchase amount	$ 50,000,000
Repurchase period	1 year
Stock Repurchased and Retired During Period, Shares					778,000	4,600,000
Stock Repurchased and Retired During Period, Value					$ 4,500,000	$ 35,000,000
Share price (in dollars per share)					$ 5.77	$ 7.52
2015 Incentive Plan [Member]
Equity Awards
Forfeited (in shares)					274,000
2015 Incentive Plan [Member] | Performance Shares [Member]
Equity Awards
Issued (in shares)					604,000
Grant-date value					$ 2,600,000
2008 Incentive Award Plan [Member] | Performance Shares [Member]
Equity Awards
Issued (in shares)					59,000	220,000
Grant-date value					$ 352,000	$ 1,600,000
Series B Preferred Stock [Member]
Cumulative Redeemable Preferred Shares of Beneficial Interest [Abstract]
Preferred shares issued (in shares)			4,600,000		4,600,000	4,600,000
Distribution rate percentage (in hundredths)			7.95%
Sale of stock, price per share (in dollars per share)			$ 25
Proceeds from issuance of cumulative redeemable preferred shares			$ 111,200,000
Preferred shares liquidation (in dollars per share)			$ 25
Preferred shares liquidation per annum (in dollars per share)			$ 1.9875
Preferred shares liquidation preference			$ 115,000,000		$ 115,000,000	$ 115,000,000
Series A Preferred Stock [Member]
Cumulative Redeemable Preferred Shares of Beneficial Interest [Abstract]
Preferred shares issued (in shares)					0	1,150,000
Distribution rate percentage (in hundredths)		8.25%
Preferred shares liquidation preference					$ 28,750,000	$ 28,750,000
Aggregate redemption price		$ 29,200,000
Common Shares and Limited Partnership Units [Member]
Distribution Reinvestment and Share Purchase Plan [Abstract]
Aggregate offering price				$ 75,000,000
Distribution Reinvestment and Share Purchase Plan [Member]
Distribution Reinvestment and Share Purchase Plan [Abstract]
Shares issued (in shares)					0	821,000	8,100,000
Shares issued						$ 5,600,000	$ 64,900,000
Distribution Reinvestment and Share Purchase Plan [Member] | Voluntary cash contributions [Member]
Distribution Reinvestment and Share Purchase Plan [Abstract]
Shares issued (in shares)						211,000
Shares issued						$ 1,500,000
Distribution Reinvestment and Share Purchase Plan [Member] | Reinvested distributions [Member]
Distribution Reinvestment and Share Purchase Plan [Abstract]
Shares issued (in shares)						610,000
Shares issued						$ 4,100,000

QUARTERLY RESULTS OF CONSOLID72

QUARTERLY RESULTS OF CONSOLIDATED OPERATIONS (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Apr. 30, 2017	Jan. 31, 2017	Oct. 31, 2016	Jul. 31, 2016	Apr. 30, 2016	Jan. 31, 2016	Oct. 31, 2015	Jul. 31, 2015	Apr. 30, 2017	Apr. 30, 2016	Apr. 30, 2015
QUARTERLY RESULTS OF CONSOLIDATED OPERATIONS (unaudited) [Abstract]
Revenues	$ 54,344	$ 51,174	$ 50,609	$ 49,611	$ 48,523	$ 48,406	$ 46,346	$ 45,045	$ 205,738	$ 188,320	$ 179,321
Net income (loss) attributable to Investors Real Estate Trust	30,280	23,110	11,600	(21,643)	11,003	39,797	16,666	4,540	43,347	72,006	24,087
Net income (loss) available to common shareholders	$ 27,994	$ 19,172	$ 8,722	$ (24,522)	$ 8,125	$ 36,918	$ 13,788	$ 1,661	$ 31,366	$ 60,492	$ 12,573
Net income (loss) per common share - basic & diluted (in dollars per share)	$ 0.23	$ 0.16	$ 0.07	$ (0.20)	$ 0.07	$ 0.30	$ 0.11	$ 0.01	$ 0.26	$ 0.49	$ 0.11

REDEEMABLE NONCONTROLLING INT73

REDEEMABLE NONCONTROLLING INTERESTS (Details) $ in Thousands	12 Months Ended
	Apr. 30, 2017USD ($)item	Apr. 30, 2016USD ($)	Apr. 30, 2015USD ($)
Redeemable Noncontrolling Interest [Line Items]
Balance at beginning of fiscal year	$ 7,522
Contributions	7,188		$ 8,909
Balance at close of fiscal year	$ 7,181	$ 7,522
Southgate - Minot, ND [Member]
Redeemable Noncontrolling Interest [Line Items]
Number of Joint Ventures with Buy Sell Options | item	1
Commitment Period for Joint Venture Acquisition	4 years
Balance at beginning of fiscal year	$ 7,522	6,368	6,203
Contributions	81	1,120
Net income	(422)	34	165
Balance at close of fiscal year	$ 7,181	$ 7,522	$ 6,368

SHARE BASED COMPENSATION (Detai

SHARE BASED COMPENSATION (Details) - USD ($)	Apr. 30, 2017	Aug. 08, 2016	Jun. 22, 2016	Apr. 30, 2017	Apr. 30, 2016	Apr. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense				$ 6,000	$ 2,256,000	$ 2,215,000
2017 LTIP Awards [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares vesting percentage			33.00%
Restricted share awards, shares [Roll Forward]
Granted (in shares)		43,549	45,651
2017 LTIP Awards [Member] | Restricted Stock [Member] | Vesting Periods One [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares vesting (in shares)	56,203	12,874		56,203
Restricted shares vesting percentage	33.00%	33.00%
2017 LTIP Awards [Member] | Restricted Stock [Member] | Vesting Periods Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares vesting (in shares)	49,342	30,675		49,342
Restricted shares vesting percentage	33.00%	33.00%
2017 LTIP Awards [Member] | Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period (in years)			3 years
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Volatility rate (in hundredths)		24.00%	23.80%
Risk-free interest rate (in hundredths)		0.83%	0.86%
Expected life		2 years 8 months 19 days	2 years 10 months 6 days
Share price (in dollars per share)		$ 6.57	$ 6.24
Restricted share awards, shares [Roll Forward]
Granted (in shares)		77,243	273,901
2015 Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares (in shares)	4,250,000			4,250,000
Term of award				10 years
Restricted share awards, shares [Roll Forward]
Forfeited (in shares)				(274,000)
2015 Incentive Plan [Member] | Performance Shares [Member]
Restricted share awards, shares [Roll Forward]
Granted (in shares)				604,000
2008 Incentive Award Plan [Member] | Performance Shares [Member]
Restricted share awards, shares [Roll Forward]
Granted (in shares)				59,000	220,000
Trustee Awards [Member] | Unrestricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense				$ 365,000	$ 352,000	$ 274,000
Long Term Incentive Plan [Member] | 2017 LTIP Awards [Member]
Share based awards with market conditions, grant date fair value [Abstract]
Grant date fair value				1,000,000
Share based awards with market conditions, unamortized value [Abstract]
Unamortized value	$ 300,000			300,000
Restricted Share Awards [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total compensation cost related to non-vested share awards	$ 485,000			$ 485,000
Weighted average period to recognize cost				1 year 8 months 12 days
Restricted share awards, shares [Roll Forward]
Unvested, beginning of period (in shares)					107,536	104,855
Granted (in shares)				253,263		107,536
Vested during year (in shares)				(21,308)	(107,536)	(79,181)
Forfeited (in shares)				(36,817)		(25,674)
Unvested, end of period (in shares)	195,138			195,138		107,536
Weighted avg grant-date fair value [Abstract]
Unvested, beginning of period (in dollars per share)					$ 7.17	$ 8.72
Granted (in dollars per share)				$ 6.16	$ 7.17	7.17
Vested during period (in dollars per share)				5.95		8.72
Forfeited (in dollars per share)				6.24		8.72
Unvested, end of period (in dollars per share)	$ 6.17			$ 6.17		$ 7.17
Awards vested during period (in shares)				$ 127,000	$ 647,000	$ 568,000

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) $ / shares in Units, $ in Millions	Jun. 19, 2017USD ($)	May 26, 2017USD ($)item	May 15, 2017USD ($)	Apr. 30, 2017	Jun. 05, 2017$ / shares
Common Shares and Limited Partnership Units [Member]
Subsequent Event [Line Items]
Record Date				Jun. 22, 2017
Payment Date				Jul. 3, 2017
Series B Preferred Stock [Member]
Subsequent Event [Line Items]
Record Date				Jun. 22, 2017
Payment Date				Jun. 30, 2017
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					$ 0.0700
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] | Multi-Family Residential [Member]
Subsequent Event [Line Items]
Number of apartment units | item		191
Total acquisition costs		$ 61.5
Subsequent Event [Member] | Retail [Member] | Discontinued Operations, Disposed of by Sale [Member]
Subsequent Event [Line Items]
Sale price			$ 3.4
Subsequent Event [Member] | Commercial Healthcare [Member] | Discontinued Operations, Disposed of by Sale [Member]
Subsequent Event [Line Items]
Sales price of pending disposition	$ 2.1

SCHEDULE III - REAL ESTATE AN76

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2017	Apr. 30, 2016	Apr. 30, 2015	Apr. 30, 2017	Apr. 30, 2016	Apr. 30, 2015
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				$ 665,338
Initial Cost to Company [Abstract]
Land				131,815
Buildings & Improvements				1,307,790
Costs capitalized subsequent to acquisition				256,331
Gross amount at which carried at close of period [Abstract]
Land				154,820
Buildings & Improvements				1,541,116
Total	$ 1,695,936			1,695,936
Accumulated Depreciation	(312,889)	$ (279,417)	$ (273,934)	(340,417)	$ (312,889)	$ (279,417)
Reconciliations of total real estate carrying value [Abstract]
Write down of asset and accumulated depreciation on impaired assets	(7,144)		(881)
Balance at close of year	1,695,936
Reconciliations of accumulated depreciation/amortization [Abstract]
Balance at beginning of year	312,889	279,417	273,934
Additions during year [Abstract]
Provisions for depreciation	52,786	47,064	40,078
Deductions during year [Abstract]
Accumulated depreciation on real estate sold	(14,687)	(9,957)	(29,463)
Write down of asset and accumulated depreciation on impaired assets	(7,144)		(881)
Other	(3,427)	(3,635)	(4,251)
Balance at close of year	340,417	312,889	279,417
Total real estate investments				1,355,519	1,441,202
Net basis of real estate investments for federal income tax purposes				1,400	1,600	1,700
Discontinued Operations [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				21,802
Initial Cost to Company [Abstract]
Land				2,959
Buildings & Improvements				34,572
Costs capitalized subsequent to acquisition				14,528
Gross amount at which carried at close of period [Abstract]
Land				3,915
Buildings & Improvements				48,144
Total	52,059			52,059
Accumulated Depreciation	(16,744)			(16,744)
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	52,059
Deductions during year [Abstract]
Balance at close of year	16,744
Discontinued Operations [Member] | 1st Avenue Building - Minot, ND [Member]
Initial Cost to Company [Abstract]
Land				30
Buildings & Improvements				337
Gross amount at which carried at close of period [Abstract]
Land				30
Buildings & Improvements				337
Total	367			367
Accumulated Depreciation	$ (54)			(54)
Date of Construction or Acquisition	1,981
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 367
Deductions during year [Abstract]
Balance at close of year	$ 54
Discontinued Operations [Member] | 1st Avenue Building - Minot, ND [Member] | Minimum [Member]
Gross amount at which carried at close of period [Abstract]
Life on which depreciation in latest income statement is computed	33 years
Discontinued Operations [Member] | 1st Avenue Building - Minot, ND [Member] | Maximum [Member]
Gross amount at which carried at close of period [Abstract]
Life on which depreciation in latest income statement is computed	40 years
Discontinued Operations [Member] | 4th Street 4 Plex - Minot, ND [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				90
Initial Cost to Company [Abstract]
Land				15
Buildings & Improvements				74
Costs capitalized subsequent to acquisition				41
Gross amount at which carried at close of period [Abstract]
Land				26
Buildings & Improvements				104
Total	$ 130			130
Accumulated Depreciation	$ (26)			(26)
Date of Construction or Acquisition	2,008
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 130
Deductions during year [Abstract]
Balance at close of year	26
Discontinued Operations [Member] | 11th Street 3 Plex - Minot, ND [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				77
Initial Cost to Company [Abstract]
Land				11
Buildings & Improvements				53
Costs capitalized subsequent to acquisition				26
Gross amount at which carried at close of period [Abstract]
Land				20
Buildings & Improvements				70
Total	90			90
Accumulated Depreciation	$ (16)			(16)
Date of Construction or Acquisition	2,008
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 90
Deductions during year [Abstract]
Balance at close of year	16
Discontinued Operations [Member] | 17 South Main - Minot, ND [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				69
Initial Cost to Company [Abstract]
Land				15
Buildings & Improvements				75
Costs capitalized subsequent to acquisition				197
Gross amount at which carried at close of period [Abstract]
Land				17
Buildings & Improvements				270
Total	287			287
Accumulated Depreciation	$ (206)			(206)
Date of Construction or Acquisition	2,000
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 287
Deductions during year [Abstract]
Balance at close of year	206
Discontinued Operations [Member] | Apartments on Main - Minot, ND [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				590
Initial Cost to Company [Abstract]
Land				158
Buildings & Improvements				1,123
Costs capitalized subsequent to acquisition				71
Gross amount at which carried at close of period [Abstract]
Land				195
Buildings & Improvements				1,157
Total	1,352			1,352
Accumulated Depreciation	$ (292)			(292)
Date of Construction or Acquisition	1,987
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 1,352
Deductions during year [Abstract]
Balance at close of year	$ 292
Discontinued Operations [Member] | Apartments on Main - Minot, ND [Member] | Minimum [Member]
Gross amount at which carried at close of period [Abstract]
Life on which depreciation in latest income statement is computed	24 years
Discontinued Operations [Member] | Apartments on Main - Minot, ND [Member] | Maximum [Member]
Gross amount at which carried at close of period [Abstract]
Life on which depreciation in latest income statement is computed	40 years
Discontinued Operations [Member] | Brooklyn Heights - Minot, ND [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				573
Initial Cost to Company [Abstract]
Land				145
Buildings & Improvements				1,450
Costs capitalized subsequent to acquisition				1,051
Gross amount at which carried at close of period [Abstract]
Land				235
Buildings & Improvements				2,411
Total	$ 2,646			2,646
Accumulated Depreciation	$ (1,035)			(1,035)
Date of Construction or Acquisition	1,997
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 2,646
Deductions during year [Abstract]
Balance at close of year	$ 1,035
Discontinued Operations [Member] | Brooklyn Heights - Minot, ND [Member] | Minimum [Member]
Gross amount at which carried at close of period [Abstract]
Life on which depreciation in latest income statement is computed	12 years
Discontinued Operations [Member] | Brooklyn Heights - Minot, ND [Member] | Maximum [Member]
Gross amount at which carried at close of period [Abstract]
Life on which depreciation in latest income statement is computed	40 years
Discontinued Operations [Member] | Colton Heights - Minot, ND [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				323
Initial Cost to Company [Abstract]
Land				80
Buildings & Improvements				672
Costs capitalized subsequent to acquisition				470
Gross amount at which carried at close of period [Abstract]
Land				123
Buildings & Improvements				1,099
Total	$ 1,222			1,222
Accumulated Depreciation	$ (825)			(825)
Date of Construction or Acquisition	1,984
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 1,222
Deductions during year [Abstract]
Balance at close of year	825
Discontinued Operations [Member] | Edgewood Vista - Hermantown I, MN [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				16,233
Initial Cost to Company [Abstract]
Land				288
Buildings & Improvements				9,871
Costs capitalized subsequent to acquisition				10,094
Gross amount at which carried at close of period [Abstract]
Land				288
Buildings & Improvements				19,965
Total	20,253			20,253
Accumulated Depreciation	$ (7,931)			(7,931)
Date of Construction or Acquisition	2,000
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 20,253
Deductions during year [Abstract]
Balance at close of year	7,931
Discontinued Operations [Member] | Edgewood Vista - Hermantown II, MN [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				0
Initial Cost to Company [Abstract]
Land				719
Buildings & Improvements				10,517
Costs capitalized subsequent to acquisition				942
Gross amount at which carried at close of period [Abstract]
Land				719
Buildings & Improvements				11,459
Total	12,178			12,178
Accumulated Depreciation	$ (3,168)			(3,168)
Date of Construction or Acquisition	2,005
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 12,178
Deductions during year [Abstract]
Balance at close of year	3,168
Discontinued Operations [Member] | Fairmont - Minot, ND [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				305
Initial Cost to Company [Abstract]
Land				28
Buildings & Improvements				337
Costs capitalized subsequent to acquisition				132
Gross amount at which carried at close of period [Abstract]
Land				56
Buildings & Improvements				441
Total	497			497
Accumulated Depreciation	$ (101)			(101)
Date of Construction or Acquisition	2,008
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 497
Deductions during year [Abstract]
Balance at close of year	101
Discontinued Operations [Member] | First Avenue - Minot ND [Member]
Initial Cost to Company [Abstract]
Buildings & Improvements				3,045
Costs capitalized subsequent to acquisition				24
Gross amount at which carried at close of period [Abstract]
Buildings & Improvements				3,069
Total	3,069			3,069
Accumulated Depreciation	$ (273)			(273)
Date of Construction or Acquisition	2,013
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 3,069
Deductions during year [Abstract]
Balance at close of year	273
Discontinued Operations [Member] | Minot Southgate Wells Fargo Bank - Minot, ND [Member]
Initial Cost to Company [Abstract]
Land				992
Buildings & Improvements				2,237
Gross amount at which carried at close of period [Abstract]
Land				992
Buildings & Improvements				2,237
Total	3,229			3,229
Accumulated Depreciation	$ (139)			(139)
Date of Construction or Acquisition	2,014
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 3,229
Deductions during year [Abstract]
Balance at close of year	139
Discontinued Operations [Member] | Pines - Minot, ND [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				92
Initial Cost to Company [Abstract]
Land				35
Buildings & Improvements				215
Costs capitalized subsequent to acquisition				270
Gross amount at which carried at close of period [Abstract]
Land				49
Buildings & Improvements				471
Total	520			520
Accumulated Depreciation	$ (151)			(151)
Date of Construction or Acquisition	1,997
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 520
Deductions during year [Abstract]
Balance at close of year	151
Discontinued Operations [Member] | Southview - Minot, ND [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				978
Initial Cost to Company [Abstract]
Land				185
Buildings & Improvements				469
Costs capitalized subsequent to acquisition				525
Gross amount at which carried at close of period [Abstract]
Land				251
Buildings & Improvements				928
Total	1,179			1,179
Accumulated Depreciation	$ (407)			(407)
Date of Construction or Acquisition	1,994
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 1,179
Deductions during year [Abstract]
Balance at close of year	407
Discontinued Operations [Member] | Summit Park - Minot, ND [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				795
Initial Cost to Company [Abstract]
Land				161
Buildings & Improvements				1,898
Costs capitalized subsequent to acquisition				(126)
Gross amount at which carried at close of period [Abstract]
Land				795
Buildings & Improvements				1,138
Total	1,933			1,933
Accumulated Depreciation	$ (1,382)			(1,382)
Date of Construction or Acquisition	1,997
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 1,933
Deductions during year [Abstract]
Balance at close of year	$ 1,382
Discontinued Operations [Member] | Summit Park - Minot, ND [Member] | Minimum [Member]
Gross amount at which carried at close of period [Abstract]
Life on which depreciation in latest income statement is computed	24 years
Discontinued Operations [Member] | Summit Park - Minot, ND [Member] | Maximum [Member]
Gross amount at which carried at close of period [Abstract]
Life on which depreciation in latest income statement is computed	40 years
Discontinued Operations [Member] | Temple - Minot, ND [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				69
Initial Cost to Company [Abstract]
Costs capitalized subsequent to acquisition				226
Gross amount at which carried at close of period [Abstract]
Buildings & Improvements				226
Total	$ 226			226
Accumulated Depreciation	$ (57)			(57)
Date of Construction or Acquisition	2,006
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 226
Deductions during year [Abstract]
Balance at close of year	57
Discontinued Operations [Member] | Terrace Heights - Minot, ND [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				133
Initial Cost to Company [Abstract]
Land				29
Buildings & Improvements				312
Costs capitalized subsequent to acquisition				206
Gross amount at which carried at close of period [Abstract]
Land				40
Buildings & Improvements				507
Total	547			547
Accumulated Depreciation	$ (187)			(187)
Date of Construction or Acquisition	2,006
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 547
Deductions during year [Abstract]
Balance at close of year	187
Discontinued Operations [Member] | Westridge - Minot, ND [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				1,475
Initial Cost to Company [Abstract]
Land				68
Buildings & Improvements				1,887
Costs capitalized subsequent to acquisition				379
Gross amount at which carried at close of period [Abstract]
Land				79
Buildings & Improvements				2,255
Total	2,334			2,334
Accumulated Depreciation	$ (494)			(494)
Date of Construction or Acquisition	2,008
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 2,334
Deductions during year [Abstract]
Balance at close of year	494
Wholly Owned Properties [Member]
Gross amount at which carried at close of period [Abstract]
Total	1,681,471	1,335,687	1,241,195	1,677,481	1,681,471	1,335,687
Reconciliations of total real estate carrying value [Abstract]
Balance at beginning of year	1,681,471	1,335,687	1,241,195
Transfers	(24,156)	(32,438)	(97,824)
Improvements and Other	42,291	34,619	21,006
Total Additions	1,785,327	1,718,991	1,457,538
Cost of real estate sold	(21,718)	(1,305)	(17,904)
Impairment charge	(51,401)		(1,566)
Write down of asset and accumulated depreciation on impaired assets	(7,144)		(881)
Other	(3,427)	(3,777)	(3,676)
Balance at close of year	1,677,481	1,681,471	1,335,687
Deductions during year [Abstract]
Write down of asset and accumulated depreciation on impaired assets	(7,144)		(881)
Development in Progress [Member]
Gross amount at which carried at close of period [Abstract]
Total	51,681	153,994	104,609		51,681	153,994
Reconciliations of total real estate carrying value [Abstract]
Balance at beginning of year	51,681	153,994	104,609
Acquisitions			12,647
Transfers		1,734	7,015
Improvements and Other	7,893	96,753	189,306
Development placed in service	(59,574)	(200,800)	(159,578)
Other			(5)
Balance at close of year		51,681	153,994
Unimproved Land [Member]
Initial Cost to Company [Abstract]
Land				16,671
Costs capitalized subsequent to acquisition				1,784
Gross amount at which carried at close of period [Abstract]
Land				18,455
Total	20,939	25,827	22,864	18,455	20,939	25,827
Reconciliations of total real estate carrying value [Abstract]
Balance at beginning of year	20,939	25,827	22,864
Acquisitions			10,487
Transfers		(1,632)	(79)
Improvements and Other	1,024	205	1,533
Cost of real estate sold		(442)	(670)
Impairment charge	(3,508)	(1,285)	(1,293)
Development placed in service		(1,734)	(7,015)
Balance at close of year	18,455	20,939	25,827
Deductions during year [Abstract]
Total real estate investments				1,355,519	$ 1,441,202	$ 1,236,091
Unimproved Land [Member] | Renaissance Heights - Williston, ND [Member]
Initial Cost to Company [Abstract]
Land				1,178
Gross amount at which carried at close of period [Abstract]
Land				1,178
Total	$ 1,178			1,178
Date of Construction or Acquisition	2,012
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 1,178
Unimproved Land [Member] | Badger Hills - Rochester, MN [Member]
Initial Cost to Company [Abstract]
Land				1,050
Costs capitalized subsequent to acquisition				339
Gross amount at which carried at close of period [Abstract]
Land				1,389
Total	$ 1,389			1,389
Date of Construction or Acquisition	2,012
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 1,389
Unimproved Land [Member] | Bismarck 4916 - Bismarck, ND [Member]
Initial Cost to Company [Abstract]
Land				3,250
Costs capitalized subsequent to acquisition				45
Gross amount at which carried at close of period [Abstract]
Land				3,295
Total	$ 3,295			3,295
Date of Construction or Acquisition	2,013
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 3,295
Unimproved Land [Member] | Bismarck 700 E Main - Bismarck, ND [Member]
Initial Cost to Company [Abstract]
Land				314
Costs capitalized subsequent to acquisition				571
Gross amount at which carried at close of period [Abstract]
Land				885
Total	$ 885			885
Date of Construction or Acquisition	2,008
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 885
Unimproved Land [Member] | Creekside Crossing - Bismarck, ND [Member]
Initial Cost to Company [Abstract]
Land				4,286
Costs capitalized subsequent to acquisition				719
Gross amount at which carried at close of period [Abstract]
Land				5,005
Total	$ 5,005			5,005
Date of Construction or Acquisition	2,015
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 5,005
Unimproved Land [Member] | Grand Forks Grand Forks, ND [Member]
Initial Cost to Company [Abstract]
Land				4,278
Costs capitalized subsequent to acquisition				2
Gross amount at which carried at close of period [Abstract]
Land				4,280
Total	$ 4,280			4,280
Date of Construction or Acquisition	2,012
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 4,280
Unimproved Land [Member] | Isanti Unimproved - Isanti, MN [Member]
Initial Cost to Company [Abstract]
Land				58
Gross amount at which carried at close of period [Abstract]
Land				58
Total	$ 58			58
Date of Construction or Acquisition	2,014
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 58
Unimproved Land [Member] | Minot 1525 24th Ave SW - Minot, ND [Member]
Initial Cost to Company [Abstract]
Land				506
Gross amount at which carried at close of period [Abstract]
Land				506
Total	$ 506			506
Date of Construction or Acquisition	2,015
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 506
Unimproved Land [Member] | Rapid City Unimproved- Rapid City, SD [Member]
Initial Cost to Company [Abstract]
Land				1,376
Gross amount at which carried at close of period [Abstract]
Land				1,376
Total	$ 1,376			1,376
Date of Construction or Acquisition	2,014
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 1,376
Unimproved Land [Member] | Urbandale - Urbandale, IA [Member]
Initial Cost to Company [Abstract]
Land				5
Costs capitalized subsequent to acquisition				108
Gross amount at which carried at close of period [Abstract]
Land				113
Total	$ 113			113
Date of Construction or Acquisition	2,009
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 113
Unimproved Land [Member] | Weston - Weston, WI [Member]
Initial Cost to Company [Abstract]
Land				370
Gross amount at which carried at close of period [Abstract]
Land				370
Total	$ 370			370
Date of Construction or Acquisition	2,006
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 370
Multi-Family Residential [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				548,401
Initial Cost to Company [Abstract]
Land				82,121
Buildings & Improvements				1,004,096
Costs capitalized subsequent to acquisition				174,324
Gross amount at which carried at close of period [Abstract]
Land				101,227
Buildings & Improvements				1,159,314
Total	1,260,541			1,260,541
Accumulated Depreciation	(232,592)			(232,592)
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	1,260,541
Deductions during year [Abstract]
Balance at close of year	232,592
Multi-Family Residential [Member] | 71 France - Edina, MN [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				56,000
Initial Cost to Company [Abstract]
Land				4,721
Buildings & Improvements				67,641
Costs capitalized subsequent to acquisition				119
Gross amount at which carried at close of period [Abstract]
Land				4,721
Buildings & Improvements				67,760
Total	72,481			72,481
Accumulated Depreciation	$ (2,685)			(2,685)
Date of Construction or Acquisition	2,016
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 72,481
Deductions during year [Abstract]
Balance at close of year	2,685
Multi-Family Residential [Member] | Alps Park - Rapid City, SD [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				3,728
Initial Cost to Company [Abstract]
Land				287
Buildings & Improvements				5,551
Costs capitalized subsequent to acquisition				313
Gross amount at which carried at close of period [Abstract]
Land				333
Buildings & Improvements				5,818
Total	6,151			6,151
Accumulated Depreciation	$ (640)			(640)
Date of Construction or Acquisition	2,013
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 6,151
Deductions during year [Abstract]
Balance at close of year	640
Multi-Family Residential [Member] | Arbors - S Sioux City, NE [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				3,660
Initial Cost to Company [Abstract]
Land				350
Buildings & Improvements				6,625
Costs capitalized subsequent to acquisition				2,198
Gross amount at which carried at close of period [Abstract]
Land				1,021
Buildings & Improvements				8,152
Total	9,173			9,173
Accumulated Depreciation	$ (2,501)			(2,501)
Date of Construction or Acquisition	2,006
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 9,173
Deductions during year [Abstract]
Balance at close of year	2,501
Multi-Family Residential [Member] | Arcata - Golden Valley, MN [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				0
Initial Cost to Company [Abstract]
Land				2,088
Buildings & Improvements				31,036
Costs capitalized subsequent to acquisition				94
Gross amount at which carried at close of period [Abstract]
Land				2,089
Buildings & Improvements				31,129
Total	33,218			33,218
Accumulated Depreciation	$ (2,524)			(2,524)
Date of Construction or Acquisition	2,015
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 33,218
Deductions during year [Abstract]
Balance at close of year	2,524
Multi-Family Residential [Member] | Ashland - Grand Forks, ND [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				5,306
Initial Cost to Company [Abstract]
Land				741
Buildings & Improvements				7,569
Costs capitalized subsequent to acquisition				244
Gross amount at which carried at close of period [Abstract]
Land				791
Buildings & Improvements				7,763
Total	8,554			8,554
Accumulated Depreciation	$ (1,130)			(1,130)
Date of Construction or Acquisition	2,012
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 8,554
Deductions during year [Abstract]
Balance at close of year	1,130
Multi-Family Residential [Member] | Avalon Cove - Rochester, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				0
Initial Cost to Company [Abstract]
Land				1,616
Buildings & Improvements				34,074
Costs capitalized subsequent to acquisition				178
Gross amount at which carried at close of period [Abstract]
Land				1,618
Buildings & Improvements				34,250
Total	35,868			35,868
Accumulated Depreciation	$ (1,057)			(1,057)
Date of Construction or Acquisition	2,016
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 35,868
Deductions during year [Abstract]
Balance at close of year	1,057
Multi-Family Residential [Member] | Boulder Court - Eagan, MN [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				0
Initial Cost to Company [Abstract]
Land				1,067
Buildings & Improvements				5,498
Costs capitalized subsequent to acquisition				3,005
Gross amount at which carried at close of period [Abstract]
Land				1,393
Buildings & Improvements				8,177
Total	9,570			9,570
Accumulated Depreciation	$ (2,882)			(2,882)
Date of Construction or Acquisition	2,003
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 9,570
Deductions during year [Abstract]
Balance at close of year	2,882
Multi-Family Residential [Member] | Brookfield Village - Topeka, KS [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				5,025
Initial Cost to Company [Abstract]
Land				509
Buildings & Improvements				6,698
Costs capitalized subsequent to acquisition				1,773
Gross amount at which carried at close of period [Abstract]
Land				828
Buildings & Improvements				8,152
Total	8,980			8,980
Accumulated Depreciation	$ (2,743)			(2,743)
Date of Construction or Acquisition	2,003
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 8,980
Deductions during year [Abstract]
Balance at close of year	2,743
Multi-Family Residential [Member] | Canyon Lake - Rapid City, SD [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				2,735
Initial Cost to Company [Abstract]
Land				305
Buildings & Improvements				3,958
Costs capitalized subsequent to acquisition				1,929
Gross amount at which carried at close of period [Abstract]
Land				397
Buildings & Improvements				5,795
Total	6,192			6,192
Accumulated Depreciation	$ (2,159)			(2,159)
Date of Construction or Acquisition	2,001
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 6,192
Deductions during year [Abstract]
Balance at close of year	2,159
Multi-Family Residential [Member] | Cardinal Point - Grand Forks, ND
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				0
Initial Cost to Company [Abstract]
Land				1,600
Buildings & Improvements				49,606
Costs capitalized subsequent to acquisition				995
Gross amount at which carried at close of period [Abstract]
Land				1,604
Buildings & Improvements				50,597
Total	52,201			52,201
Accumulated Depreciation	$ (2,235)			(2,235)
Date of Construction or Acquisition	2,013
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 52,201
Deductions during year [Abstract]
Balance at close of year	2,235
Multi-Family Residential [Member] | Cascade Shores - Rochester, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				11,400
Initial Cost to Company [Abstract]
Land				1,585
Buildings & Improvements				16,710
Costs capitalized subsequent to acquisition				47
Gross amount at which carried at close of period [Abstract]
Land				1,586
Buildings & Improvements				16,756
Total	18,342			18,342
Accumulated Depreciation	$ (540)			(540)
Date of Construction or Acquisition	2,016
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 18,342
Deductions during year [Abstract]
Balance at close of year	540
Multi-Family Residential [Member] | Castlerock - Billings, MT [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				6,347
Initial Cost to Company [Abstract]
Land				736
Buildings & Improvements				4,864
Costs capitalized subsequent to acquisition				2,370
Gross amount at which carried at close of period [Abstract]
Land				1,022
Buildings & Improvements				6,948
Total	7,970			7,970
Accumulated Depreciation	$ (3,199)			(3,199)
Date of Construction or Acquisition	1,998
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 7,970
Deductions during year [Abstract]
Balance at close of year	3,199
Multi-Family Residential [Member] | Chateau I & II - Minot, ND
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				0
Initial Cost to Company [Abstract]
Land				301
Buildings & Improvements				20,058
Costs capitalized subsequent to acquisition				833
Gross amount at which carried at close of period [Abstract]
Land				317
Buildings & Improvements				20,875
Total	21,192			21,192
Accumulated Depreciation	$ (2,081)			(2,081)
Date of Construction or Acquisition	2,013
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 21,192
Deductions during year [Abstract]
Balance at close of year	2,081
Multi-Family Residential [Member] | Cimarron Hills - Omaha, NE [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				4,562
Initial Cost to Company [Abstract]
Land				706
Buildings & Improvements				9,588
Costs capitalized subsequent to acquisition				4,588
Gross amount at which carried at close of period [Abstract]
Land				1,417
Buildings & Improvements				13,465
Total	14,882			14,882
Accumulated Depreciation	$ (5,492)			(5,492)
Date of Construction or Acquisition	2,001
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 14,882
Deductions during year [Abstract]
Balance at close of year	5,492
Multi-Family Residential [Member] | Colonial Villa - Burnsville, MN [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				0
Initial Cost to Company [Abstract]
Land				2,401
Buildings & Improvements				11,515
Costs capitalized subsequent to acquisition				9,039
Gross amount at which carried at close of period [Abstract]
Land				2,880
Buildings & Improvements				20,075
Total	22,955			22,955
Accumulated Depreciation	$ (6,746)			(6,746)
Date of Construction or Acquisition	2,003
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 22,955
Deductions during year [Abstract]
Balance at close of year	6,746
Multi-Family Residential [Member] | Colony - Lincoln, NE [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				12,748
Initial Cost to Company [Abstract]
Land				1,515
Buildings & Improvements				15,730
Costs capitalized subsequent to acquisition				1,220
Gross amount at which carried at close of period [Abstract]
Land				1,652
Buildings & Improvements				16,813
Total	18,465			18,465
Accumulated Depreciation	$ (2,361)			(2,361)
Date of Construction or Acquisition	2,012
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 18,465
Deductions during year [Abstract]
Balance at close of year	2,361
Multi-Family Residential [Member] | Commons at Southgate - Minot, ND [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				26,751
Initial Cost to Company [Abstract]
Land				5,945
Buildings & Improvements				47,512
Costs capitalized subsequent to acquisition				825
Gross amount at which carried at close of period [Abstract]
Land				6,194
Buildings & Improvements				48,088
Total	54,282			54,282
Accumulated Depreciation	$ (4,490)			(4,490)
Date of Construction or Acquisition	2,015
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 54,282
Deductions during year [Abstract]
Balance at close of year	4,490
Multi-Family Residential [Member] | Cottage West Twin Homes - Sioux Falls, SD [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				3,457
Initial Cost to Company [Abstract]
Land				968
Buildings & Improvements				3,762
Costs capitalized subsequent to acquisition				555
Gross amount at which carried at close of period [Abstract]
Land				1,056
Buildings & Improvements				4,229
Total	5,285			5,285
Accumulated Depreciation	$ (619)			(619)
Date of Construction or Acquisition	2,011
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 5,285
Deductions during year [Abstract]
Balance at close of year	619
Multi-Family Residential [Member] | Cottonwood - Bismarck, ND [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				15,111
Initial Cost to Company [Abstract]
Land				1,056
Buildings & Improvements				17,372
Costs capitalized subsequent to acquisition				5,231
Gross amount at which carried at close of period [Abstract]
Land				1,504
Buildings & Improvements				22,155
Total	23,659			23,659
Accumulated Depreciation	$ (8,130)			(8,130)
Date of Construction or Acquisition	1,997
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 23,659
Deductions during year [Abstract]
Balance at close of year	8,130
Multi-Family Residential [Member] | Country Meadows - Billings, MT [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				6,303
Initial Cost to Company [Abstract]
Land				491
Buildings & Improvements				7,809
Costs capitalized subsequent to acquisition				1,726
Gross amount at which carried at close of period [Abstract]
Land				567
Buildings & Improvements				9,459
Total	10,026			10,026
Accumulated Depreciation	$ (4,378)			(4,378)
Date of Construction or Acquisition	1,995
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 10,026
Deductions during year [Abstract]
Balance at close of year	$ 4,378
Multi-Family Residential [Member] | Country Meadows - Billings, MT [Member] | Minimum [Member]
Gross amount at which carried at close of period [Abstract]
Life on which depreciation in latest income statement is computed	33 years
Multi-Family Residential [Member] | Country Meadows - Billings, MT [Member] | Maximum [Member]
Gross amount at which carried at close of period [Abstract]
Life on which depreciation in latest income statement is computed	40 years
Multi-Family Residential [Member] | Crestview - Bismarck, ND [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				3,670
Initial Cost to Company [Abstract]
Land				235
Buildings & Improvements				4,290
Costs capitalized subsequent to acquisition				2,069
Gross amount at which carried at close of period [Abstract]
Land				557
Buildings & Improvements				6,037
Total	$ 6,594			6,594
Accumulated Depreciation	$ (3,266)			(3,266)
Date of Construction or Acquisition	1,994
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 6,594
Deductions during year [Abstract]
Balance at close of year	$ 3,266
Multi-Family Residential [Member] | Crestview - Bismarck, ND [Member] | Minimum [Member]
Gross amount at which carried at close of period [Abstract]
Life on which depreciation in latest income statement is computed	24 years
Multi-Family Residential [Member] | Crestview - Bismarck, ND [Member] | Maximum [Member]
Gross amount at which carried at close of period [Abstract]
Life on which depreciation in latest income statement is computed	40 years
Multi-Family Residential [Member] | Crown - Rochester, MN [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				2,443
Initial Cost to Company [Abstract]
Land				261
Buildings & Improvements				3,289
Costs capitalized subsequent to acquisition				577
Gross amount at which carried at close of period [Abstract]
Land				269
Buildings & Improvements				3,858
Total	$ 4,127			4,127
Accumulated Depreciation	$ (699)			(699)
Date of Construction or Acquisition	2,010
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 4,127
Deductions during year [Abstract]
Balance at close of year	699
Multi-Family Residential [Member] | Crown Colony - Topeka, KS [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				7,780
Initial Cost to Company [Abstract]
Land				620
Buildings & Improvements				9,956
Costs capitalized subsequent to acquisition				3,574
Gross amount at which carried at close of period [Abstract]
Land				1,042
Buildings & Improvements				13,108
Total	14,150			14,150
Accumulated Depreciation	$ (5,248)			(5,248)
Date of Construction or Acquisition	1,999
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 14,150
Deductions during year [Abstract]
Balance at close of year	5,248
Multi-Family Residential [Member] | Crystal Bay - Rochester, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				0
Initial Cost to Company [Abstract]
Land				433
Buildings & Improvements				11,425
Costs capitalized subsequent to acquisition				68
Gross amount at which carried at close of period [Abstract]
Land				436
Buildings & Improvements				11,490
Total	11,926			11,926
Accumulated Depreciation	$ (347)			(347)
Date of Construction or Acquisition	2,016
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 11,926
Deductions during year [Abstract]
Balance at close of year	347
Multi-Family Residential [Member] | Cypress Court - St. Cloud, MN [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				12,666
Initial Cost to Company [Abstract]
Land				1,583
Buildings & Improvements				18,879
Costs capitalized subsequent to acquisition				194
Gross amount at which carried at close of period [Abstract]
Land				1,599
Buildings & Improvements				19,057
Total	20,656			20,656
Accumulated Depreciation	$ (1,909)			(1,909)
Date of Construction or Acquisition	2,012
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 20,656
Deductions during year [Abstract]
Balance at close of year	1,909
Multi-Family Residential [Member] | Dakota Commons - Williston, ND [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				0
Initial Cost to Company [Abstract]
Land				823
Buildings & Improvements				3,210
Costs capitalized subsequent to acquisition				17
Gross amount at which carried at close of period [Abstract]
Land				823
Buildings & Improvements				3,227
Total	4,050			4,050
Accumulated Depreciation	$ (58)			(58)
Date of Construction or Acquisition	2,015
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 4,050
Deductions during year [Abstract]
Balance at close of year	58
Multi-Family Residential [Member] | Deer Ridge - Jamestown, ND
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				11,490
Initial Cost to Company [Abstract]
Land				711
Buildings & Improvements				24,129
Costs capitalized subsequent to acquisition				123
Gross amount at which carried at close of period [Abstract]
Land				723
Buildings & Improvements				24,240
Total	24,963			24,963
Accumulated Depreciation	$ (1,312)			(1,312)
Date of Construction or Acquisition	2,013
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 24,963
Deductions during year [Abstract]
Balance at close of year	1,312
Multi-Family Residential [Member] | Evergreen - Isanti, MN [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				3,885
Initial Cost to Company [Abstract]
Land				1,071
Buildings & Improvements				5,524
Costs capitalized subsequent to acquisition				339
Gross amount at which carried at close of period [Abstract]
Land				1,083
Buildings & Improvements				5,851
Total	6,934			6,934
Accumulated Depreciation	$ (1,084)			(1,084)
Date of Construction or Acquisition	2,008
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 6,934
Deductions during year [Abstract]
Balance at close of year	1,084
Multi-Family Residential [Member] | Forest Park - Grand Forks, ND [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				7,275
Initial Cost to Company [Abstract]
Land				810
Buildings & Improvements				5,579
Costs capitalized subsequent to acquisition				8,068
Gross amount at which carried at close of period [Abstract]
Land				1,450
Buildings & Improvements				13,007
Total	14,457			14,457
Accumulated Depreciation	$ (6,232)			(6,232)
Date of Construction or Acquisition	1,993
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 14,457
Deductions during year [Abstract]
Balance at close of year	$ 6,232
Multi-Family Residential [Member] | Forest Park - Grand Forks, ND [Member] | Minimum [Member]
Gross amount at which carried at close of period [Abstract]
Life on which depreciation in latest income statement is computed	24 years
Multi-Family Residential [Member] | Forest Park - Grand Forks, ND [Member] | Maximum [Member]
Gross amount at which carried at close of period [Abstract]
Life on which depreciation in latest income statement is computed	40 years
Multi-Family Residential [Member] | French Creek - Rochester, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				0
Initial Cost to Company [Abstract]
Land				201
Buildings & Improvements				4,735
Costs capitalized subsequent to acquisition				19
Gross amount at which carried at close of period [Abstract]
Land				207
Buildings & Improvements				4,748
Total	$ 4,955			4,955
Accumulated Depreciation	$ (139)			(139)
Date of Construction or Acquisition	2,016
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 4,955
Deductions during year [Abstract]
Balance at close of year	139
Multi-Family Residential [Member] | Gables Townhomes - Sioux Falls, SD [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				1,399
Initial Cost to Company [Abstract]
Land				349
Buildings & Improvements				1,921
Costs capitalized subsequent to acquisition				214
Gross amount at which carried at close of period [Abstract]
Land				383
Buildings & Improvements				2,101
Total	2,484			2,484
Accumulated Depreciation	$ (306)			(306)
Date of Construction or Acquisition	2,011
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 2,484
Deductions during year [Abstract]
Balance at close of year	306
Multi-Family Residential [Member] | Gardens - Grand Forks, ND [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				0
Initial Cost to Company [Abstract]
Land				518
Buildings & Improvements				8,702
Costs capitalized subsequent to acquisition				96
Gross amount at which carried at close of period [Abstract]
Land				528
Buildings & Improvements				8,788
Total	9,316			9,316
Accumulated Depreciation	$ (403)			(403)
Date of Construction or Acquisition	2,015
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 9,316
Deductions during year [Abstract]
Balance at close of year	403
Multi-Family Residential [Member] | Grand Gateway - St. Cloud, MN [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				0
Initial Cost to Company [Abstract]
Land				814
Buildings & Improvements				7,086
Costs capitalized subsequent to acquisition				1,823
Gross amount at which carried at close of period [Abstract]
Land				936
Buildings & Improvements				8,787
Total	9,723			9,723
Accumulated Depreciation	$ (1,362)			(1,362)
Date of Construction or Acquisition	2,012
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 9,723
Deductions during year [Abstract]
Balance at close of year	1,362
Multi-Family Residential [Member] | GrandeVille at Cascade Lake - Rochester, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				36,000
Initial Cost to Company [Abstract]
Land				5,003
Buildings & Improvements				50,363
Costs capitalized subsequent to acquisition				1,305
Gross amount at which carried at close of period [Abstract]
Land				5,044
Buildings & Improvements				51,627
Total	56,671			56,671
Accumulated Depreciation	$ (2,181)			(2,181)
Date of Construction or Acquisition	2,015
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 56,671
Deductions during year [Abstract]
Balance at close of year	2,181
Multi-Family Residential [Member] | Greenfield - Omaha, NE [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				3,451
Initial Cost to Company [Abstract]
Land				578
Buildings & Improvements				4,122
Costs capitalized subsequent to acquisition				1,206
Gross amount at which carried at close of period [Abstract]
Land				843
Buildings & Improvements				5,063
Total	5,906			5,906
Accumulated Depreciation	$ (1,274)			(1,274)
Date of Construction or Acquisition	2,007
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 5,906
Deductions during year [Abstract]
Balance at close of year	1,274
Multi-Family Residential [Member] | Heritage Manor - Rochester, MN [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				3,558
Initial Cost to Company [Abstract]
Land				403
Buildings & Improvements				6,968
Costs capitalized subsequent to acquisition				3,093
Gross amount at which carried at close of period [Abstract]
Land				605
Buildings & Improvements				9,859
Total	10,464			10,464
Accumulated Depreciation	$ (4,345)			(4,345)
Date of Construction or Acquisition	1,998
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 10,464
Deductions during year [Abstract]
Balance at close of year	4,345
Multi-Family Residential [Member] | Homestead Garden - Rapid City, SD [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				3,024
Initial Cost to Company [Abstract]
Land				655
Buildings & Improvements				14,139
Costs capitalized subsequent to acquisition				448
Gross amount at which carried at close of period [Abstract]
Land				713
Buildings & Improvements				14,529
Total	15,242			15,242
Accumulated Depreciation	$ (1,158)			(1,158)
Date of Construction or Acquisition	2,015
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 15,242
Deductions during year [Abstract]
Balance at close of year	1,158
Multi-Family Residential [Member] | Indian Hills - Sioux City, IA [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				0
Initial Cost to Company [Abstract]
Land				294
Buildings & Improvements				2,921
Costs capitalized subsequent to acquisition				4,281
Gross amount at which carried at close of period [Abstract]
Land				444
Buildings & Improvements				7,052
Total	7,496			7,496
Accumulated Depreciation	$ (1,803)			(1,803)
Date of Construction or Acquisition	2,007
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 7,496
Deductions during year [Abstract]
Balance at close of year	1,803
Multi-Family Residential [Member] | Kirkwood Manor - Bismarck, ND [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				3,145
Initial Cost to Company [Abstract]
Land				449
Buildings & Improvements				2,725
Costs capitalized subsequent to acquisition				1,825
Gross amount at which carried at close of period [Abstract]
Land				598
Buildings & Improvements				4,401
Total	4,999			4,999
Accumulated Depreciation	$ (2,039)			(2,039)
Date of Construction or Acquisition	1,997
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 4,999
Deductions during year [Abstract]
Balance at close of year	$ 2,039
Multi-Family Residential [Member] | Kirkwood Manor - Bismarck, ND [Member] | Minimum [Member]
Gross amount at which carried at close of period [Abstract]
Life on which depreciation in latest income statement is computed	12 years
Multi-Family Residential [Member] | Kirkwood Manor - Bismarck, ND [Member] | Maximum [Member]
Gross amount at which carried at close of period [Abstract]
Life on which depreciation in latest income statement is computed	40 years
Multi-Family Residential [Member] | Lakeside Village Lincoln, NE [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				12,593
Initial Cost to Company [Abstract]
Land				1,215
Buildings & Improvements				15,837
Costs capitalized subsequent to acquisition				859
Gross amount at which carried at close of period [Abstract]
Land				1,302
Buildings & Improvements				16,609
Total	$ 17,911			17,911
Accumulated Depreciation	$ (2,294)			(2,294)
Date of Construction or Acquisition	2,012
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 17,911
Deductions during year [Abstract]
Balance at close of year	2,294
Multi-Family Residential [Member] | Landmark - Grand Forks, ND [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				0
Initial Cost to Company [Abstract]
Land				184
Buildings & Improvements				1,514
Costs capitalized subsequent to acquisition				1,188
Gross amount at which carried at close of period [Abstract]
Land				355
Buildings & Improvements				2,531
Total	2,886			2,886
Accumulated Depreciation	$ (1,217)			(1,217)
Date of Construction or Acquisition	1,997
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 2,886
Deductions during year [Abstract]
Balance at close of year	1,217
Multi-Family Residential [Member] | Legacy - Grand Forks, ND [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				14,751
Initial Cost to Company [Abstract]
Land				1,362
Buildings & Improvements				21,727
Costs capitalized subsequent to acquisition				10,275
Gross amount at which carried at close of period [Abstract]
Land				2,252
Buildings & Improvements				31,112
Total	33,364			33,364
Accumulated Depreciation	(11,970)			(11,970)
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	33,364
Deductions during year [Abstract]
Balance at close of year	$ 11,970
Multi-Family Residential [Member] | Legacy - Grand Forks, ND [Member] | Minimum [Member]
Gross amount at which carried at close of period [Abstract]
Date of Construction or Acquisition	1,995
Life on which depreciation in latest income statement is computed	24 years
Multi-Family Residential [Member] | Legacy - Grand Forks, ND [Member] | Maximum [Member]
Gross amount at which carried at close of period [Abstract]
Date of Construction or Acquisition	2,005
Life on which depreciation in latest income statement is computed	40 years
Multi-Family Residential [Member] | Legacy Heights - Bismarck, ND [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				0
Initial Cost to Company [Abstract]
Land				1,207
Buildings & Improvements				13,742
Costs capitalized subsequent to acquisition				327
Gross amount at which carried at close of period [Abstract]
Land				1,265
Buildings & Improvements				14,011
Total	$ 15,276			15,276
Accumulated Depreciation	$ (757)			(757)
Date of Construction or Acquisition	2,015
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 15,276
Deductions during year [Abstract]
Balance at close of year	757
Multi-Family Residential [Member] | Mariposa - Topeka, KS [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				2,816
Initial Cost to Company [Abstract]
Land				399
Buildings & Improvements				5,110
Costs capitalized subsequent to acquisition				826
Gross amount at which carried at close of period [Abstract]
Land				434
Buildings & Improvements				5,901
Total	6,335			6,335
Accumulated Depreciation	$ (1,777)			(1,777)
Date of Construction or Acquisition	2,004
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 6,335
Deductions during year [Abstract]
Balance at close of year	1,777
Multi-Family Residential [Member] | Meadows - Jamestown, ND [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				0
Initial Cost to Company [Abstract]
Land				590
Buildings & Improvements				4,519
Costs capitalized subsequent to acquisition				1,840
Gross amount at which carried at close of period [Abstract]
Land				685
Buildings & Improvements				6,264
Total	6,949			6,949
Accumulated Depreciation	$ (2,486)			(2,486)
Date of Construction or Acquisition	1,998
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 6,949
Deductions during year [Abstract]
Balance at close of year	2,486
Multi-Family Residential [Member] | Monticello Crossings - Monticello, MN [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				0
Initial Cost to Company [Abstract]
Land				1,734
Buildings & Improvements				28,151
Costs capitalized subsequent to acquisition				641
Gross amount at which carried at close of period [Abstract]
Land				1,734
Buildings & Improvements				28,792
Total	30,526			30,526
Accumulated Depreciation	$ (402)			(402)
Date of Construction or Acquisition	2,017
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 30,526
Deductions during year [Abstract]
Balance at close of year	402
Multi-Family Residential [Member] | Monticello Village - Monticello, MN [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				2,853
Initial Cost to Company [Abstract]
Land				490
Buildings & Improvements				3,756
Costs capitalized subsequent to acquisition				960
Gross amount at which carried at close of period [Abstract]
Land				631
Buildings & Improvements				4,575
Total	5,206			5,206
Accumulated Depreciation	$ (1,489)			(1,489)
Date of Construction or Acquisition	2,004
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 5,206
Deductions during year [Abstract]
Balance at close of year	1,489
Multi-Family Residential [Member] | Northern Valley - Rochester, MN [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				0
Initial Cost to Company [Abstract]
Land				110
Buildings & Improvements				610
Costs capitalized subsequent to acquisition				153
Gross amount at which carried at close of period [Abstract]
Land				122
Buildings & Improvements				751
Total	873			873
Accumulated Depreciation	$ (152)			(152)
Date of Construction or Acquisition	2,010
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 873
Deductions during year [Abstract]
Balance at close of year	152
Multi-Family Residential [Member] | North Pointe - Bismarck, ND [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				3,274
Initial Cost to Company [Abstract]
Land				303
Buildings & Improvements				3,957
Costs capitalized subsequent to acquisition				1,249
Gross amount at which carried at close of period [Abstract]
Land				361
Buildings & Improvements				5,148
Total	5,509			5,509
Accumulated Depreciation	(1,733)			(1,733)
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	5,509
Deductions during year [Abstract]
Balance at close of year	$ 1,733
Multi-Family Residential [Member] | North Pointe - Bismarck, ND [Member] | Minimum [Member]
Gross amount at which carried at close of period [Abstract]
Date of Construction or Acquisition	1,995
Life on which depreciation in latest income statement is computed	24 years
Multi-Family Residential [Member] | North Pointe - Bismarck, ND [Member] | Maximum [Member]
Gross amount at which carried at close of period [Abstract]
Date of Construction or Acquisition	2,011
Life on which depreciation in latest income statement is computed	40 years
Multi-Family Residential [Member] | Northridge - Bismarck, ND [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				5,986
Initial Cost to Company [Abstract]
Land				884
Buildings & Improvements				7,515
Costs capitalized subsequent to acquisition				132
Gross amount at which carried at close of period [Abstract]
Land				959
Buildings & Improvements				7,572
Total	$ 8,531			8,531
Accumulated Depreciation	$ (544)			(544)
Date of Construction or Acquisition	2,015
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 8,531
Deductions during year [Abstract]
Balance at close of year	544
Multi-Family Residential [Member] | Oakmont Estates - Sioux Falls, SD [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				2,300
Initial Cost to Company [Abstract]
Land				422
Buildings & Improvements				4,838
Costs capitalized subsequent to acquisition				1,162
Gross amount at which carried at close of period [Abstract]
Land				697
Buildings & Improvements				5,725
Total	6,422			6,422
Accumulated Depreciation	$ (2,096)			(2,096)
Date of Construction or Acquisition	2,002
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 6,422
Deductions during year [Abstract]
Balance at close of year	2,096
Multi-Family Residential [Member] | Oakwood Estates - Sioux Falls, SD [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				3,749
Initial Cost to Company [Abstract]
Land				543
Buildings & Improvements				2,784
Costs capitalized subsequent to acquisition				4,646
Gross amount at which carried at close of period [Abstract]
Land				860
Buildings & Improvements				7,113
Total	7,973			7,973
Accumulated Depreciation	$ (3,640)			(3,640)
Date of Construction or Acquisition	1,993
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 7,973
Deductions during year [Abstract]
Balance at close of year	3,640
Multi-Family Residential [Member] | Olympic Village - Billings, MT [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				10,158
Initial Cost to Company [Abstract]
Land				1,164
Buildings & Improvements				10,441
Costs capitalized subsequent to acquisition				3,734
Gross amount at which carried at close of period [Abstract]
Land				1,810
Buildings & Improvements				13,529
Total	15,339			15,339
Accumulated Depreciation	$ (5,662)			(5,662)
Date of Construction or Acquisition	2,000
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 15,339
Deductions during year [Abstract]
Balance at close of year	5,662
Multi-Family Residential [Member] | Olympik Village - Rochester, MN [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				4,128
Initial Cost to Company [Abstract]
Land				1,034
Buildings & Improvements				6,109
Costs capitalized subsequent to acquisition				2,449
Gross amount at which carried at close of period [Abstract]
Land				1,239
Buildings & Improvements				8,353
Total	9,592			9,592
Accumulated Depreciation	$ (2,579)			(2,579)
Date of Construction or Acquisition	2,005
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 9,592
Deductions during year [Abstract]
Balance at close of year	2,579
Multi-Family Residential [Member] | Oxbow Park - Sioux Falls, SD [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				3,661
Initial Cost to Company [Abstract]
Land				404
Buildings & Improvements				3,152
Costs capitalized subsequent to acquisition				3,654
Gross amount at which carried at close of period [Abstract]
Land				972
Buildings & Improvements				6,238
Total	7,210			7,210
Accumulated Depreciation	$ (3,191)			(3,191)
Date of Construction or Acquisition	1,994
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 7,210
Deductions during year [Abstract]
Balance at close of year	$ 3,191
Multi-Family Residential [Member] | Oxbow Park - Sioux Falls, SD [Member] | Minimum [Member]
Gross amount at which carried at close of period [Abstract]
Life on which depreciation in latest income statement is computed	24 years
Multi-Family Residential [Member] | Oxbow Park - Sioux Falls, SD [Member] | Maximum [Member]
Gross amount at which carried at close of period [Abstract]
Life on which depreciation in latest income statement is computed	40 years
Multi-Family Residential [Member] | Park Meadows - Waite Park, MN [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				8,195
Initial Cost to Company [Abstract]
Land				1,143
Buildings & Improvements				9,099
Costs capitalized subsequent to acquisition				9,373
Gross amount at which carried at close of period [Abstract]
Land				1,892
Buildings & Improvements				17,723
Total	$ 19,615			19,615
Accumulated Depreciation	$ (7,153)			(7,153)
Date of Construction or Acquisition	1,997
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 19,615
Deductions during year [Abstract]
Balance at close of year	7,153
Multi-Family Residential [Member] | Pebble Springs - Bismarck, ND [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				716
Initial Cost to Company [Abstract]
Land				7
Buildings & Improvements				748
Costs capitalized subsequent to acquisition				207
Gross amount at which carried at close of period [Abstract]
Land				57
Buildings & Improvements				905
Total	962			962
Accumulated Depreciation	$ (401)			(401)
Date of Construction or Acquisition	1,999
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 962
Deductions during year [Abstract]
Balance at close of year	401
Multi-Family Residential [Member] | Pinehurst - Billings, MT [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				121
Initial Cost to Company [Abstract]
Land				72
Buildings & Improvements				687
Costs capitalized subsequent to acquisition				418
Gross amount at which carried at close of period [Abstract]
Land				168
Buildings & Improvements				1,009
Total	1,177			1,177
Accumulated Depreciation	$ (358)			(358)
Date of Construction or Acquisition	2,002
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 1,177
Deductions during year [Abstract]
Balance at close of year	358
Multi-Family Residential [Member] | Plaza - Minot, ND [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				5,068
Initial Cost to Company [Abstract]
Land				867
Buildings & Improvements				12,784
Costs capitalized subsequent to acquisition				2,774
Gross amount at which carried at close of period [Abstract]
Land				998
Buildings & Improvements				15,427
Total	16,425			16,425
Accumulated Depreciation	$ (3,285)			(3,285)
Date of Construction or Acquisition	2,009
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 16,425
Deductions during year [Abstract]
Balance at close of year	3,285
Multi-Family Residential [Member] | Pointe West - Rapid City, SD [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				2,504
Initial Cost to Company [Abstract]
Land				240
Buildings & Improvements				3,538
Costs capitalized subsequent to acquisition				1,917
Gross amount at which carried at close of period [Abstract]
Land				406
Buildings & Improvements				5,289
Total	5,695			5,695
Accumulated Depreciation	$ (2,684)			(2,684)
Date of Construction or Acquisition	1,994
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 5,695
Deductions during year [Abstract]
Balance at close of year	$ 2,684
Multi-Family Residential [Member] | Pointe West - Rapid City, SD [Member] | Minimum [Member]
Gross amount at which carried at close of period [Abstract]
Life on which depreciation in latest income statement is computed	24 years
Multi-Family Residential [Member] | Pointe West - Rapid City, SD [Member] | Maximum [Member]
Gross amount at which carried at close of period [Abstract]
Life on which depreciation in latest income statement is computed	40 years
Multi-Family Residential [Member] | Ponds at Heritage Place - Sartell, MN [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				3,641
Initial Cost to Company [Abstract]
Land				395
Buildings & Improvements				4,564
Costs capitalized subsequent to acquisition				425
Gross amount at which carried at close of period [Abstract]
Land				410
Buildings & Improvements				4,974
Total	$ 5,384			5,384
Accumulated Depreciation	$ (676)			(676)
Date of Construction or Acquisition	2,012
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 5,384
Deductions during year [Abstract]
Balance at close of year	676
Multi-Family Residential [Member] | Prairie Winds - Sioux Falls, SD [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				1,349
Initial Cost to Company [Abstract]
Land				144
Buildings & Improvements				1,816
Costs capitalized subsequent to acquisition				646
Gross amount at which carried at close of period [Abstract]
Land				304
Buildings & Improvements				2,302
Total	2,606			2,606
Accumulated Depreciation	$ (1,357)			(1,357)
Date of Construction or Acquisition	1,993
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 2,606
Deductions during year [Abstract]
Balance at close of year	$ 1,357
Multi-Family Residential [Member] | Prairie Winds - Sioux Falls, SD [Member] | Minimum [Member]
Gross amount at which carried at close of period [Abstract]
Life on which depreciation in latest income statement is computed	24 years
Multi-Family Residential [Member] | Prairie Winds - Sioux Falls, SD [Member] | Maximum [Member]
Gross amount at which carried at close of period [Abstract]
Life on which depreciation in latest income statement is computed	40 years
Multi-Family Residential [Member] | Quarry Ridge - Rochester, MN [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				26,219
Initial Cost to Company [Abstract]
Land				2,254
Buildings & Improvements				30,024
Costs capitalized subsequent to acquisition				1,990
Gross amount at which carried at close of period [Abstract]
Land				2,401
Buildings & Improvements				31,867
Total	$ 34,268			34,268
Accumulated Depreciation	$ (6,378)			(6,378)
Date of Construction or Acquisition	2,006
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 34,268
Deductions during year [Abstract]
Balance at close of year	6,378
Multi-Family Residential [Member] | RED 20 - Minneapolis, MN [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				22,953
Initial Cost to Company [Abstract]
Land				1,900
Buildings & Improvements				26,641
Costs capitalized subsequent to acquisition				333
Gross amount at which carried at close of period [Abstract]
Land				1,900
Buildings & Improvements				26,974
Total	28,874			28,874
Accumulated Depreciation	$ (2,271)			(2,271)
Date of Construction or Acquisition	2,015
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 28,874
Deductions during year [Abstract]
Balance at close of year	2,271
Multi-Family Residential [Member] | Regency Park Estates - St. Cloud, MN [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				8,176
Initial Cost to Company [Abstract]
Land				702
Buildings & Improvements				10,198
Costs capitalized subsequent to acquisition				2,168
Gross amount at which carried at close of period [Abstract]
Land				949
Buildings & Improvements				12,119
Total	13,068			13,068
Accumulated Depreciation	$ (1,945)			(1,945)
Date of Construction or Acquisition	2,011
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 13,068
Deductions during year [Abstract]
Balance at close of year	1,945
Multi-Family Residential [Member] | Renaissance Heights - Williston, ND [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				23,439
Initial Cost to Company [Abstract]
Land				3,080
Buildings & Improvements				15,389
Costs capitalized subsequent to acquisition				133
Gross amount at which carried at close of period [Abstract]
Land				3,086
Buildings & Improvements				15,516
Total	18,602			18,602
Accumulated Depreciation	$ (279)			(279)
Date of Construction or Acquisition	2,013
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 18,602
Deductions during year [Abstract]
Balance at close of year	279
Multi-Family Residential [Member] | Ridge Oaks - Sioux City, IA [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				3,240
Initial Cost to Company [Abstract]
Land				178
Buildings & Improvements				4,073
Costs capitalized subsequent to acquisition				2,851
Gross amount at which carried at close of period [Abstract]
Land				307
Buildings & Improvements				6,795
Total	7,102			7,102
Accumulated Depreciation	$ (2,584)			(2,584)
Date of Construction or Acquisition	2,001
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 7,102
Deductions during year [Abstract]
Balance at close of year	2,584
Multi-Family Residential [Member] | Rimrock West - Billings, MT [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				3,160
Initial Cost to Company [Abstract]
Land				330
Buildings & Improvements				3,489
Costs capitalized subsequent to acquisition				1,966
Gross amount at which carried at close of period [Abstract]
Land				476
Buildings & Improvements				5,309
Total	5,785			5,785
Accumulated Depreciation	$ (2,066)			(2,066)
Date of Construction or Acquisition	1,999
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 5,785
Deductions during year [Abstract]
Balance at close of year	2,066
Multi-Family Residential [Member] | River Ridge - Bismarck, ND [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				0
Initial Cost to Company [Abstract]
Land				576
Buildings & Improvements				24,670
Costs capitalized subsequent to acquisition				804
Gross amount at which carried at close of period [Abstract]
Land				763
Buildings & Improvements				25,287
Total	26,050			26,050
Accumulated Depreciation	$ (3,072)			(3,072)
Date of Construction or Acquisition	2,008
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 26,050
Deductions during year [Abstract]
Balance at close of year	3,072
Multi-Family Residential [Member] | Rocky Meadows - Billings, MT [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				4,899
Initial Cost to Company [Abstract]
Land				656
Buildings & Improvements				5,726
Costs capitalized subsequent to acquisition				1,469
Gross amount at which carried at close of period [Abstract]
Land				792
Buildings & Improvements				7,059
Total	7,851			7,851
Accumulated Depreciation	$ (3,495)			(3,495)
Date of Construction or Acquisition	1,995
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 7,851
Deductions during year [Abstract]
Balance at close of year	3,495
Multi-Family Residential [Member] | Rum River - Isanti, MN [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				3,380
Initial Cost to Company [Abstract]
Land				843
Buildings & Improvements				4,823
Costs capitalized subsequent to acquisition				348
Gross amount at which carried at close of period [Abstract]
Land				864
Buildings & Improvements				5,150
Total	6,014			6,014
Accumulated Depreciation	$ (1,314)			(1,314)
Date of Construction or Acquisition	2,007
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 6,014
Deductions during year [Abstract]
Balance at close of year	1,314
Multi-Family Residential [Member] | Sherwood - Topeka, KS [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				11,686
Initial Cost to Company [Abstract]
Land				1,142
Buildings & Improvements				14,684
Costs capitalized subsequent to acquisition				4,795
Gross amount at which carried at close of period [Abstract]
Land				1,838
Buildings & Improvements				18,783
Total	20,621			20,621
Accumulated Depreciation	$ (7,637)			(7,637)
Date of Construction or Acquisition	1,999
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 20,621
Deductions during year [Abstract]
Balance at close of year	7,637
Multi-Family Residential [Member] | Sierra Vista - Sioux Falls, SD [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				1,323
Initial Cost to Company [Abstract]
Land				241
Buildings & Improvements				2,097
Costs capitalized subsequent to acquisition				520
Gross amount at which carried at close of period [Abstract]
Land				276
Buildings & Improvements				2,582
Total	2,858			2,858
Accumulated Depreciation	$ (432)			(432)
Date of Construction or Acquisition	2,011
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 2,858
Deductions during year [Abstract]
Balance at close of year	432
Multi-Family Residential [Member] | Silver Springs - Rapid City, SD [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				2,156
Initial Cost to Company [Abstract]
Land				215
Buildings & Improvements				3,007
Costs capitalized subsequent to acquisition				583
Gross amount at which carried at close of period [Abstract]
Land				237
Buildings & Improvements				3,568
Total	3,805			3,805
Accumulated Depreciation	$ (271)			(271)
Date of Construction or Acquisition	2,015
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 3,805
Deductions during year [Abstract]
Balance at close of year	271
Multi-Family Residential [Member] | South Pointe - Minot, ND [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				8,229
Initial Cost to Company [Abstract]
Land				550
Buildings & Improvements				9,548
Costs capitalized subsequent to acquisition				4,908
Gross amount at which carried at close of period [Abstract]
Land				1,370
Buildings & Improvements				13,636
Total	15,006			15,006
Accumulated Depreciation	$ (6,351)			(6,351)
Date of Construction or Acquisition	1,995
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 15,006
Deductions during year [Abstract]
Balance at close of year	$ 6,351
Multi-Family Residential [Member] | South Pointe - Minot, ND [Member] | Minimum [Member]
Gross amount at which carried at close of period [Abstract]
Life on which depreciation in latest income statement is computed	24 years
Multi-Family Residential [Member] | South Pointe - Minot, ND [Member] | Maximum [Member]
Gross amount at which carried at close of period [Abstract]
Life on which depreciation in latest income statement is computed	40 years
Multi-Family Residential [Member] | Southpoint - Grand Forks, ND [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				0
Initial Cost to Company [Abstract]
Land				576
Buildings & Improvements				9,893
Costs capitalized subsequent to acquisition				147
Gross amount at which carried at close of period [Abstract]
Land				622
Buildings & Improvements				9,994
Total	$ 10,616			10,616
Accumulated Depreciation	$ (934)			(934)
Date of Construction or Acquisition	2,013
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 10,616
Deductions during year [Abstract]
Balance at close of year	934
Multi-Family Residential [Member] | Southwind - Grand Forks, ND [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				5,259
Initial Cost to Company [Abstract]
Land				400
Buildings & Improvements				5,034
Costs capitalized subsequent to acquisition				3,482
Gross amount at which carried at close of period [Abstract]
Land				812
Buildings & Improvements				8,104
Total	8,916			8,916
Accumulated Depreciation	$ (4,029)			(4,029)
Date of Construction or Acquisition	1,995
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 8,916
Deductions during year [Abstract]
Balance at close of year	$ 4,029
Multi-Family Residential [Member] | Southwind - Grand Forks, ND [Member] | Minimum [Member]
Gross amount at which carried at close of period [Abstract]
Life on which depreciation in latest income statement is computed	24 years
Multi-Family Residential [Member] | Southwind - Grand Forks, ND [Member] | Maximum [Member]
Gross amount at which carried at close of period [Abstract]
Life on which depreciation in latest income statement is computed	40 years
Multi-Family Residential [Member] | Sunset Trail - Rochester, MN [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				7,732
Initial Cost to Company [Abstract]
Land				336
Buildings & Improvements				12,814
Costs capitalized subsequent to acquisition				3,217
Gross amount at which carried at close of period [Abstract]
Land				687
Buildings & Improvements				15,680
Total	$ 16,367			16,367
Accumulated Depreciation	$ (6,374)			(6,374)
Date of Construction or Acquisition	1,999
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 16,367
Deductions during year [Abstract]
Balance at close of year	6,374
Multi-Family Residential [Member] | Thomasbrook - Lincoln, NE [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				5,687
Initial Cost to Company [Abstract]
Land				600
Buildings & Improvements				10,306
Costs capitalized subsequent to acquisition				4,944
Gross amount at which carried at close of period [Abstract]
Land				1,430
Buildings & Improvements				14,420
Total	15,850			15,850
Accumulated Depreciation	$ (5,322)			(5,322)
Date of Construction or Acquisition	1,999
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 15,850
Deductions during year [Abstract]
Balance at close of year	5,322
Multi-Family Residential [Member] | Valley Park - Grand Forks, ND [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				3,683
Initial Cost to Company [Abstract]
Land				294
Buildings & Improvements				4,137
Costs capitalized subsequent to acquisition				3,840
Gross amount at which carried at close of period [Abstract]
Land				1,186
Buildings & Improvements				7,085
Total	8,271			8,271
Accumulated Depreciation	$ (3,107)			(3,107)
Date of Construction or Acquisition	1,999
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 8,271
Deductions during year [Abstract]
Balance at close of year	3,107
Multi-Family Residential [Member] | Villa West - Topeka, KS [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				11,729
Initial Cost to Company [Abstract]
Land				1,590
Buildings & Improvements				15,760
Costs capitalized subsequent to acquisition				1,424
Gross amount at which carried at close of period [Abstract]
Land				2,084
Buildings & Improvements				16,690
Total	18,774			18,774
Accumulated Depreciation	$ (2,367)			(2,367)
Date of Construction or Acquisition	2,012
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 18,774
Deductions during year [Abstract]
Balance at close of year	2,367
Multi-Family Residential [Member] | Village Green - Rochester, MN [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				0
Initial Cost to Company [Abstract]
Land				234
Buildings & Improvements				2,296
Costs capitalized subsequent to acquisition				1,073
Gross amount at which carried at close of period [Abstract]
Land				359
Buildings & Improvements				3,244
Total	3,603			3,603
Accumulated Depreciation	$ (1,106)			(1,106)
Date of Construction or Acquisition	2,003
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 3,603
Deductions during year [Abstract]
Balance at close of year	1,106
Multi-Family Residential [Member] | West Stonehill - Waite Park, MN [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				8,072
Initial Cost to Company [Abstract]
Land				939
Buildings & Improvements				10,167
Costs capitalized subsequent to acquisition				7,618
Gross amount at which carried at close of period [Abstract]
Land				1,715
Buildings & Improvements				17,009
Total	18,724			18,724
Accumulated Depreciation	$ (7,807)			(7,807)
Date of Construction or Acquisition	1,995
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 18,724
Deductions during year [Abstract]
Balance at close of year	7,807
Multi-Family Residential [Member] | Westwood Park - Bismarck, ND [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				1,879
Initial Cost to Company [Abstract]
Land				116
Buildings & Improvements				1,909
Costs capitalized subsequent to acquisition				2,023
Gross amount at which carried at close of period [Abstract]
Land				287
Buildings & Improvements				3,761
Total	4,048			4,048
Accumulated Depreciation	$ (1,681)			(1,681)
Date of Construction or Acquisition	1,998
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 4,048
Deductions during year [Abstract]
Balance at close of year	1,681
Multi-Family Residential [Member] | Whispering Ridge - Omaha, NE [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				21,257
Initial Cost to Company [Abstract]
Land				2,139
Buildings & Improvements				25,424
Costs capitalized subsequent to acquisition				1,365
Gross amount at which carried at close of period [Abstract]
Land				2,403
Buildings & Improvements				26,525
Total	28,928			28,928
Accumulated Depreciation	$ (3,161)			(3,161)
Date of Construction or Acquisition	2,012
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 28,928
Deductions during year [Abstract]
Balance at close of year	3,161
Multi-Family Residential [Member] | Williston Garden - Williston, ND [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				7,541
Initial Cost to Company [Abstract]
Land				1,400
Buildings & Improvements				10,200
Costs capitalized subsequent to acquisition				211
Gross amount at which carried at close of period [Abstract]
Land				1,412
Buildings & Improvements				10,399
Total	11,811			11,811
Accumulated Depreciation	$ (190)			(190)
Date of Construction or Acquisition	2,012
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 11,811
Deductions during year [Abstract]
Balance at close of year	190
Multi-Family Residential [Member] | Winchester - Rochester, MN [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				0
Initial Cost to Company [Abstract]
Land				748
Buildings & Improvements				5,622
Costs capitalized subsequent to acquisition				2,512
Gross amount at which carried at close of period [Abstract]
Land				1,044
Buildings & Improvements				7,838
Total	8,882			8,882
Accumulated Depreciation	$ (2,672)			(2,672)
Date of Construction or Acquisition	2,003
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 8,882
Deductions during year [Abstract]
Balance at close of year	2,672
Multi-Family Residential [Member] | Woodridge - Rochester, MN [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				5,920
Initial Cost to Company [Abstract]
Land				370
Buildings & Improvements				6,028
Costs capitalized subsequent to acquisition				3,124
Gross amount at which carried at close of period [Abstract]
Land				741
Buildings & Improvements				8,781
Total	9,522			9,522
Accumulated Depreciation	$ (4,087)			(4,087)
Date of Construction or Acquisition	1,997
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 9,522
Deductions during year [Abstract]
Balance at close of year	4,087
Multi-Family Residential [Member] | Wholly Owned Properties [Member]
Reconciliations of total real estate carrying value [Abstract]
Additions	61,565	282,457	183,114
Commercial Healthcare [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				96,408
Initial Cost to Company [Abstract]
Land				21,240
Buildings & Improvements				246,477
Costs capitalized subsequent to acquisition				55,431
Gross amount at which carried at close of period [Abstract]
Land				22,446
Buildings & Improvements				300,702
Total	323,148			323,148
Accumulated Depreciation	(86,139)			(86,139)
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	323,148
Deductions during year [Abstract]
Balance at close of year	86,139
Commercial Healthcare [Member] | 2800 Medical Building - Minneapolis, MN [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				7,358
Initial Cost to Company [Abstract]
Land				204
Buildings & Improvements				7,135
Costs capitalized subsequent to acquisition				2,663
Gross amount at which carried at close of period [Abstract]
Land				229
Buildings & Improvements				9,773
Total	10,002			10,002
Accumulated Depreciation	$ (3,715)			(3,715)
Date of Construction or Acquisition	2,005
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 10,002
Deductions during year [Abstract]
Balance at close of year	3,715
Commercial Healthcare [Member] | 2828 Chicago Avenue - Minneapolis, MN [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				11,508
Initial Cost to Company [Abstract]
Land				726
Buildings & Improvements				11,319
Costs capitalized subsequent to acquisition				5,380
Gross amount at which carried at close of period [Abstract]
Land				729
Buildings & Improvements				16,696
Total	17,425			17,425
Accumulated Depreciation	$ (5,203)			(5,203)
Date of Construction or Acquisition	2,007
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 17,425
Deductions during year [Abstract]
Balance at close of year	5,203
Commercial Healthcare [Member] | Airport Medical - Bloomington, MN [Member]
Initial Cost to Company [Abstract]
Buildings & Improvements				4,678
Costs capitalized subsequent to acquisition				51
Gross amount at which carried at close of period [Abstract]
Land				11
Buildings & Improvements				4,718
Total	4,729			4,729
Accumulated Depreciation	$ (1,967)			(1,967)
Date of Construction or Acquisition	2,002
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 4,729
Deductions during year [Abstract]
Balance at close of year	1,967
Commercial Healthcare [Member] | Billings 2300 Grant Road - Billings, MT [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				0
Initial Cost to Company [Abstract]
Land				649
Buildings & Improvements				1,216
Gross amount at which carried at close of period [Abstract]
Land				649
Buildings & Improvements				1,216
Total	1,865			1,865
Accumulated Depreciation	$ (207)			(207)
Date of Construction or Acquisition	2,010
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 1,865
Deductions during year [Abstract]
Balance at close of year	207
Commercial Healthcare [Member] | Burnsville 303 Nicollet Medical (Ridgeview) - Burnsville, MN [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				7,705
Initial Cost to Company [Abstract]
Land				1,071
Buildings & Improvements				6,842
Costs capitalized subsequent to acquisition				2,393
Gross amount at which carried at close of period [Abstract]
Land				1,201
Buildings & Improvements				9,105
Total	10,306			10,306
Accumulated Depreciation	$ (2,240)			(2,240)
Date of Construction or Acquisition	2,008
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 10,306
Deductions during year [Abstract]
Balance at close of year	2,240
Commercial Healthcare [Member] | Burnsville 305 Nicollet Medical (Ridgeview South) - Burnsville, MN [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				4,823
Initial Cost to Company [Abstract]
Land				189
Buildings & Improvements				5,127
Costs capitalized subsequent to acquisition				1,764
Gross amount at which carried at close of period [Abstract]
Land				276
Buildings & Improvements				6,804
Total	7,080			7,080
Accumulated Depreciation	$ (1,486)			(1,486)
Date of Construction or Acquisition	2,008
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 7,080
Deductions during year [Abstract]
Balance at close of year	1,486
Commercial Healthcare [Member] | Denfeld Clinic - Duluth, MN [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				1,180
Initial Cost to Company [Abstract]
Land				501
Buildings & Improvements				2,597
Costs capitalized subsequent to acquisition				1
Gross amount at which carried at close of period [Abstract]
Land				501
Buildings & Improvements				2,598
Total	3,099			3,099
Accumulated Depreciation	$ (847)			(847)
Date of Construction or Acquisition	2,004
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 3,099
Deductions during year [Abstract]
Balance at close of year	847
Commercial Healthcare [Member] | Eagan 1440 Duckwood Medical - Eagan, MN [Member]
Initial Cost to Company [Abstract]
Land				521
Buildings & Improvements				1,547
Costs capitalized subsequent to acquisition				556
Gross amount at which carried at close of period [Abstract]
Land				521
Buildings & Improvements				2,103
Total	2,624			2,624
Accumulated Depreciation	$ (825)			(825)
Date of Construction or Acquisition	2,008
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 2,624
Deductions during year [Abstract]
Balance at close of year	825
Commercial Healthcare [Member] | Edina 6363 France Medical - Edina, MN [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				0
Initial Cost to Company [Abstract]
Buildings & Improvements				12,675
Costs capitalized subsequent to acquisition				3,386
Gross amount at which carried at close of period [Abstract]
Buildings & Improvements				16,061
Total	16,061			16,061
Accumulated Depreciation	$ (5,179)			(5,179)
Date of Construction or Acquisition	2,008
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 16,061
Deductions during year [Abstract]
Balance at close of year	5,179
Commercial Healthcare [Member] | Edina 6405 France Medical - Edina, MN [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				0
Initial Cost to Company [Abstract]
Buildings & Improvements				12,201
Costs capitalized subsequent to acquisition				367
Gross amount at which carried at close of period [Abstract]
Buildings & Improvements				12,568
Total	12,568			12,568
Accumulated Depreciation	$ (3,863)			(3,863)
Date of Construction or Acquisition	2,008
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 12,568
Deductions during year [Abstract]
Balance at close of year	3,863
Commercial Healthcare [Member] | Edina 6517 Drew Avenue - Edina, MN [Member]
Initial Cost to Company [Abstract]
Land				741
Buildings & Improvements				660
Costs capitalized subsequent to acquisition				1,035
Gross amount at which carried at close of period [Abstract]
Land				959
Buildings & Improvements				1,477
Total	2,436			2,436
Accumulated Depreciation	$ (277)			(277)
Date of Construction or Acquisition	2,002
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 2,436
Deductions during year [Abstract]
Balance at close of year	277
Commercial Healthcare [Member] | Edina 6525 France SMC II - Edina, MN [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				9,394
Initial Cost to Company [Abstract]
Land				755
Buildings & Improvements				8,054
Costs capitalized subsequent to acquisition				6,859
Gross amount at which carried at close of period [Abstract]
Land				1,040
Buildings & Improvements				14,628
Total	15,668			15,668
Accumulated Depreciation	$ (6,817)			(6,817)
Date of Construction or Acquisition	2,003
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 15,668
Deductions during year [Abstract]
Balance at close of year	6,817
Commercial Healthcare [Member] | Edina 6545 France SMC I - Edina MN [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				28,331
Initial Cost to Company [Abstract]
Land				3,480
Buildings & Improvements				63,275
Costs capitalized subsequent to acquisition				18,446
Gross amount at which carried at close of period [Abstract]
Land				3,480
Buildings & Improvements				81,721
Total	85,201			85,201
Accumulated Depreciation	$ (21,746)			(21,746)
Date of Construction or Acquisition	2,001
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 85,201
Deductions during year [Abstract]
Balance at close of year	21,746
Commercial Healthcare [Member] | Fresenius - Duluth, MN [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				0
Initial Cost to Company [Abstract]
Land				50
Buildings & Improvements				1,520
Costs capitalized subsequent to acquisition				2
Gross amount at which carried at close of period [Abstract]
Land				50
Buildings & Improvements				1,522
Total	1,572			1,572
Accumulated Depreciation	$ (496)			(496)
Date of Construction or Acquisition	2,004
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 1,572
Deductions during year [Abstract]
Balance at close of year	496
Commercial Healthcare [Member] | Garden View - St. Paul, MN [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				0
Initial Cost to Company [Abstract]
Buildings & Improvements				7,408
Costs capitalized subsequent to acquisition				1,175
Gross amount at which carried at close of period [Abstract]
Land				26
Buildings & Improvements				8,557
Total	8,583			8,583
Accumulated Depreciation	$ (3,298)			(3,298)
Date of Construction or Acquisition	2,002
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 8,583
Deductions during year [Abstract]
Balance at close of year	3,298
Commercial Healthcare [Member] | Gateway Clinic - Sandstone, MN [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				683
Initial Cost to Company [Abstract]
Land				77
Buildings & Improvements				1,699
Gross amount at which carried at close of period [Abstract]
Land				77
Buildings & Improvements				1,699
Total	1,776			1,776
Accumulated Depreciation	$ (554)			(554)
Date of Construction or Acquisition	2,004
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 1,776
Deductions during year [Abstract]
Balance at close of year	554
Commercial Healthcare [Member] | High Pointe Health Campus - Lake Elmo, MN [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				7,278
Initial Cost to Company [Abstract]
Land				1,305
Buildings & Improvements				10,528
Costs capitalized subsequent to acquisition				2,300
Gross amount at which carried at close of period [Abstract]
Land				1,506
Buildings & Improvements				12,627
Total	14,133			14,133
Accumulated Depreciation	$ (4,692)			(4,692)
Date of Construction or Acquisition	2,004
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 14,133
Deductions during year [Abstract]
Balance at close of year	4,692
Commercial Healthcare [Member] | Lakeside Medical Plaza - Omaha, NE [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				0
Initial Cost to Company [Abstract]
Land				903
Buildings & Improvements				5,210
Gross amount at which carried at close of period [Abstract]
Land				903
Buildings & Improvements				5,210
Total	6,113			6,113
Accumulated Depreciation	$ (227)			(227)
Date of Construction or Acquisition	2,015
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 6,113
Deductions during year [Abstract]
Balance at close of year	227
Commercial Healthcare [Member] | Mariner Clinic - Superior, WI [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				1,494
Initial Cost to Company [Abstract]
Buildings & Improvements				3,781
Costs capitalized subsequent to acquisition				323
Gross amount at which carried at close of period [Abstract]
Land				46
Buildings & Improvements				4,058
Total	4,104			4,104
Accumulated Depreciation	$ (1,294)			(1,294)
Date of Construction or Acquisition	2,004
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 4,104
Deductions during year [Abstract]
Balance at close of year	1,294
Commercial Healthcare [Member] | Minneapolis 701 25th Avenue Medical - Minneapolis, MN [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				0
Initial Cost to Company [Abstract]
Buildings & Improvements				7,873
Costs capitalized subsequent to acquisition				1,626
Gross amount at which carried at close of period [Abstract]
Buildings & Improvements				9,499
Total	9,499			9,499
Accumulated Depreciation	$ (2,561)			(2,561)
Date of Construction or Acquisition	2,008
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 9,499
Deductions during year [Abstract]
Balance at close of year	2,561
Commercial Healthcare [Member] | Missoula 3050 Great Northern - Missoula, MT [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				0
Initial Cost to Company [Abstract]
Land				640
Buildings & Improvements				1,331
Gross amount at which carried at close of period [Abstract]
Land				640
Buildings & Improvements				1,331
Total	1,971			1,971
Accumulated Depreciation	$ (226)			(226)
Date of Construction or Acquisition	2,010
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 1,971
Deductions during year [Abstract]
Balance at close of year	226
Commercial Healthcare [Member] | Park Dental - Brooklyn Center, MN [Member]
Initial Cost to Company [Abstract]
Land				185
Buildings & Improvements				2,767
Costs capitalized subsequent to acquisition				15
Gross amount at which carried at close of period [Abstract]
Land				200
Buildings & Improvements				2,767
Total	2,967			2,967
Accumulated Depreciation	$ (1,013)			(1,013)
Date of Construction or Acquisition	2,002
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 2,967
Deductions during year [Abstract]
Balance at close of year	1,013
Commercial Healthcare [Member] | Pavilion I - Duluth, MN [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				3,937
Initial Cost to Company [Abstract]
Land				1,245
Buildings & Improvements				8,898
Costs capitalized subsequent to acquisition				391
Gross amount at which carried at close of period [Abstract]
Land				1,245
Buildings & Improvements				9,289
Total	10,534			10,534
Accumulated Depreciation	$ (2,915)			(2,915)
Date of Construction or Acquisition	2,004
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 10,534
Deductions during year [Abstract]
Balance at close of year	2,915
Commercial Healthcare [Member] | Pavilion II - Duluth, MN [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				7,245
Initial Cost to Company [Abstract]
Land				2,715
Buildings & Improvements				14,673
Costs capitalized subsequent to acquisition				1,937
Gross amount at which carried at close of period [Abstract]
Land				2,715
Buildings & Improvements				16,610
Total	19,325			19,325
Accumulated Depreciation	$ (6,676)			(6,676)
Date of Construction or Acquisition	2,004
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 19,325
Deductions during year [Abstract]
Balance at close of year	6,676
Commercial Healthcare [Member] | PrairieCare Medical - Brooklyn Park, MN [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				0
Initial Cost to Company [Abstract]
Land				2,610
Buildings & Improvements				21,847
Gross amount at which carried at close of period [Abstract]
Land				2,610
Buildings & Improvements				21,847
Total	24,457			24,457
Accumulated Depreciation	$ (1,104)			(1,104)
Date of Construction or Acquisition	2,015
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 24,457
Deductions during year [Abstract]
Balance at close of year	1,104
Commercial Healthcare [Member] | Ritchie Medical Plaza - St Paul, MN [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				0
Initial Cost to Company [Abstract]
Land				1,615
Buildings & Improvements				7,851
Costs capitalized subsequent to acquisition				4,447
Gross amount at which carried at close of period [Abstract]
Land				1,647
Buildings & Improvements				12,266
Total	13,913			13,913
Accumulated Depreciation	$ (3,982)			(3,982)
Date of Construction or Acquisition	2,005
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 13,913
Deductions during year [Abstract]
Balance at close of year	3,982
Commercial Healthcare [Member] | St Michael Clinic - St Michael, MN [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				0
Initial Cost to Company [Abstract]
Land				328
Buildings & Improvements				2,259
Costs capitalized subsequent to acquisition				296
Gross amount at which carried at close of period [Abstract]
Land				349
Buildings & Improvements				2,534
Total	2,883			2,883
Accumulated Depreciation	$ (637)			(637)
Date of Construction or Acquisition	2,007
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 2,883
Deductions during year [Abstract]
Balance at close of year	637
Commercial Healthcare [Member] | Trinity at Plaza 16 - Minot, ND [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				4,430
Initial Cost to Company [Abstract]
Land				568
Buildings & Improvements				9,009
Costs capitalized subsequent to acquisition				16
Gross amount at which carried at close of period [Abstract]
Land				674
Buildings & Improvements				8,919
Total	9,593			9,593
Accumulated Depreciation	$ (1,278)			(1,278)
Date of Construction or Acquisition	2,011
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 9,593
Deductions during year [Abstract]
Balance at close of year	1,278
Commercial Healthcare [Member] | Wells Clinic - Hibbing, MN [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				1,042
Initial Cost to Company [Abstract]
Land				162
Buildings & Improvements				2,497
Costs capitalized subsequent to acquisition				2
Gross amount at which carried at close of period [Abstract]
Land				162
Buildings & Improvements				2,499
Total	2,661			2,661
Accumulated Depreciation	$ (814)			(814)
Date of Construction or Acquisition	2,004
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 2,661
Deductions during year [Abstract]
Balance at close of year	814
Commercial Healthcare [Member] | Wholly Owned Properties [Member]
Reconciliations of total real estate carrying value [Abstract]
Additions		63,605
All Other [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				20,529
Initial Cost to Company [Abstract]
Land				11,783
Buildings & Improvements				57,217
Costs capitalized subsequent to acquisition				24,792
Gross amount at which carried at close of period [Abstract]
Land				12,692
Buildings & Improvements				81,100
Total	93,792			93,792
Accumulated Depreciation	(21,686)			(21,686)
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	93,792
Deductions during year [Abstract]
Balance at close of year	21,686
All Other [Member] | Bismarck 715 East Broadway - Bismarck, ND [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				1,974
Initial Cost to Company [Abstract]
Land				389
Buildings & Improvements				1,283
Costs capitalized subsequent to acquisition				1,134
Gross amount at which carried at close of period [Abstract]
Land				443
Buildings & Improvements				2,363
Total	2,806			2,806
Accumulated Depreciation	$ (630)			(630)
Date of Construction or Acquisition	2,008
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 2,806
Deductions during year [Abstract]
Balance at close of year	630
All Other [Member] | Bloomington 2000 W 94th Street - Bloomington, MN [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				0
Initial Cost to Company [Abstract]
Land				2,133
Buildings & Improvements				4,097
Costs capitalized subsequent to acquisition				1,322
Gross amount at which carried at close of period [Abstract]
Land				2,241
Buildings & Improvements				5,311
Total	7,552			7,552
Accumulated Depreciation	$ (1,878)			(1,878)
Date of Construction or Acquisition	2,006
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 7,552
Deductions during year [Abstract]
Balance at close of year	1,878
All Other [Member] | Dakota West Plaza - Minot , ND [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				328
Initial Cost to Company [Abstract]
Land				92
Buildings & Improvements				493
Costs capitalized subsequent to acquisition				30
Gross amount at which carried at close of period [Abstract]
Land				106
Buildings & Improvements				509
Total	615			615
Accumulated Depreciation	$ (149)			(149)
Date of Construction or Acquisition	2,006
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 615
Deductions during year [Abstract]
Balance at close of year	149
All Other [Member] | Lexington Commerce Center - Eagan, MN [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				1,399
Initial Cost to Company [Abstract]
Land				453
Buildings & Improvements				4,352
Costs capitalized subsequent to acquisition				2,101
Gross amount at which carried at close of period [Abstract]
Land				512
Buildings & Improvements				6,394
Total	6,906			6,906
Accumulated Depreciation	$ (3,209)			(3,209)
Date of Construction or Acquisition	1,999
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 6,906
Deductions during year [Abstract]
Balance at close of year	3,209
All Other [Member] | Minot 1400 31st Ave - Minot, ND [Member]
Initial Cost to Company [Abstract]
Land				1,026
Buildings & Improvements				6,143
Costs capitalized subsequent to acquisition				4,404
Gross amount at which carried at close of period [Abstract]
Land				1,038
Buildings & Improvements				10,535
Total	11,573			11,573
Accumulated Depreciation	$ (3,521)			(3,521)
Date of Construction or Acquisition	2,010
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 11,573
Deductions during year [Abstract]
Balance at close of year	3,521
All Other [Member] | Minot 2505 16th Street SW - Minot, ND [Member]
Initial Cost to Company [Abstract]
Land				298
Buildings & Improvements				1,724
Costs capitalized subsequent to acquisition				296
Gross amount at which carried at close of period [Abstract]
Land				298
Buildings & Improvements				2,020
Total	2,318			2,318
Accumulated Depreciation	$ (427)			(427)
Date of Construction or Acquisition	2,009
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 2,318
Deductions during year [Abstract]
Balance at close of year	427
All Other [Member] | Minot Arrowhead - Minot, ND [Member]
Initial Cost to Company [Abstract]
Land				100
Buildings & Improvements				3,216
Costs capitalized subsequent to acquisition				5,583
Gross amount at which carried at close of period [Abstract]
Land				176
Buildings & Improvements				8,723
Total	8,899			8,899
Accumulated Depreciation	$ (2,740)			(2,740)
Date of Construction or Acquisition	1,973
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 8,899
Deductions during year [Abstract]
Balance at close of year	2,740
All Other [Member] | Minot IPS - Minot, ND [Member]
Initial Cost to Company [Abstract]
Land				416
Buildings & Improvements				5,952
Gross amount at which carried at close of period [Abstract]
Land				416
Buildings & Improvements				5,952
Total	6,368			6,368
Accumulated Depreciation	$ (699)			(699)
Date of Construction or Acquisition	2,012
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 6,368
Deductions during year [Abstract]
Balance at close of year	699
All Other [Member] | Minot Southgate Retail - Minot, ND [Member]
Initial Cost to Company [Abstract]
Land				889
Buildings & Improvements				1,748
Costs capitalized subsequent to acquisition				68
Gross amount at which carried at close of period [Abstract]
Land				889
Buildings & Improvements				1,816
Total	2,705			2,705
Accumulated Depreciation	$ (74)			(74)
Date of Construction or Acquisition	2,015
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 2,705
Deductions during year [Abstract]
Balance at close of year	74
All Other [Member] | Plaza 16 - Minot, ND [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				6,726
Initial Cost to Company [Abstract]
Land				389
Buildings & Improvements				5,444
Costs capitalized subsequent to acquisition				3,764
Gross amount at which carried at close of period [Abstract]
Land				598
Buildings & Improvements				8,999
Total	9,597			9,597
Accumulated Depreciation	$ (2,675)			(2,675)
Date of Construction or Acquisition	2,009
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 9,597
Deductions during year [Abstract]
Balance at close of year	2,675
All Other [Member] | Roseville 3075 Long Lake Road - Roseville, MN [Member]
Initial Cost to Company [Abstract]
Land				810
Buildings & Improvements				10,244
Costs capitalized subsequent to acquisition				2,045
Gross amount at which carried at close of period [Abstract]
Land				810
Buildings & Improvements				12,289
Total	13,099			13,099
Accumulated Depreciation	$ (1,043)			(1,043)
Date of Construction or Acquisition	2,001
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 13,099
Deductions during year [Abstract]
Balance at close of year	1,043
All Other [Member] | Urbandale 3900 106th Street - Urbandale, IA [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				10,102
Initial Cost to Company [Abstract]
Land				3,680
Buildings & Improvements				9,893
Costs capitalized subsequent to acquisition				1,982
Gross amount at which carried at close of period [Abstract]
Land				3,863
Buildings & Improvements				11,692
Total	15,555			15,555
Accumulated Depreciation	$ (3,347)			(3,347)
Date of Construction or Acquisition	2,007
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 15,555
Deductions during year [Abstract]
Balance at close of year	3,347
All Other [Member] | Woodbury 1865 Woodlane - Woodbury, MN [Member]
Initial Cost to Company [Abstract]
Land				1,108
Buildings & Improvements				2,628
Costs capitalized subsequent to acquisition				2,063
Gross amount at which carried at close of period [Abstract]
Land				1,302
Buildings & Improvements				4,497
Total	5,799			5,799
Accumulated Depreciation	$ (1,294)			(1,294)
Date of Construction or Acquisition	2,007
Life on which depreciation in latest income statement is computed	40 years
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	$ 5,799
Deductions during year [Abstract]
Balance at close of year	1,294
All Other [Member] | Wholly Owned Properties [Member]
Reconciliations of total real estate carrying value [Abstract]
Additions		$ 2,623	$ 12,223
Subtotal [Member]
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances				665,338
Initial Cost to Company [Abstract]
Land				115,144
Buildings & Improvements				1,307,790
Costs capitalized subsequent to acquisition				254,547
Gross amount at which carried at close of period [Abstract]
Land				136,365
Buildings & Improvements				1,541,116
Total	1,677,481			1,677,481
Accumulated Depreciation	(340,417)			$ (340,417)
Reconciliations of total real estate carrying value [Abstract]
Balance at close of year	1,677,481
Deductions during year [Abstract]
Balance at close of year	$ 340,417