Centerspace (CSR) 10-Q 11 Dec 17 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Oct. 31, 2017	Dec. 04, 2017
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 Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		120,037,183
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Oct. 31, 2017

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands	Oct. 31, 2017	Apr. 30, 2017
Real estate investments
Property owned	$ 1,831,181	$ 1,677,481
Less accumulated depreciation	(384,402)	(340,417)
Total property owned	1,446,779	1,337,064
Unimproved land	15,216	18,455
Mortgage loans receivable	10,329
Total real estate investments	1,472,324	1,355,519
Other assets
Assets held for sale and assets of discontinued operations		37,708
Cash and cash equivalents	42,464	28,819
Restricted cash	4,306	28,709
Other assets	31,933	23,759
TOTAL ASSETS	1,551,027	1,474,514
LIABILITIES
Liabilities held for sale and liabilities of discontinued operations		30,062
Accounts payable and accrued expenses	33,757	40,430
Revolving line of credit	247,500	57,050
Mortgages payable, net of unamortized loan costs of $3,062 and $3,480, respectively	655,903	661,960
Construction debt	21,561	41,737
TOTAL LIABILITIES	958,721	831,239
COMMITMENTS AND CONTINGENCIES (NOTE 6)
REDEEMABLE NONCONTROLLING INTERESTS-CONSOLIDATED REAL ESTATE ENTITIES	6,812	7,181
EQUITY
Common Shares of Beneficial Interest (Unlimited authorization, no par value, 120,189 shares issued and outstanding at October 31, 2017 and 121,199 shares issued and outstanding at April 30, 2017)	910,683	916,121
Accumulated distributions in excess of net income	(490,612)	(466,541)
Total shareholders' equity	519,538	560,937
Noncontrolling interests – Operating Partnership (14,618 units at October 31, 2017 and 15,617 units at April 30, 2017)	64,291	73,233
Noncontrolling interests - consolidated real estate entities	1,665	1,924
Total equity	585,494	636,094
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY	1,551,027	1,474,514
Series B Preferred Stock [Member]
EQUITY
Preferred Shares of Beneficial Interest (Cumulative redeemable preferred shares)		$ 111,357
Series C Preferred Stock [Member]
EQUITY
Preferred Shares of Beneficial Interest (Cumulative redeemable preferred shares)	$ 99,467

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Oct. 31, 2017	Apr. 30, 2017
LIABILITIES
Mortgages payable, loan costs	$ 3,062	$ 3,480
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract]
Common Shares of Beneficial Interest, no par value (in dollars per share)	$ 0	$ 0
Common Shares of Beneficial Interest, shares issued (in shares)	120,189	121,199
Common Shares of Beneficial Interest, shares outstanding (in shares)	120,189	121,199
Noncontrolling interests - Operating Partnership (in shares)	14,618	15,617
Series B Preferred Stock [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract]
Preferred Shares of Beneficial Interest, par value (in dollars per share)	$ 0	$ 0
Preferred Shares of Beneficial Interest, shares issued (in shares)	0	4,600
Preferred Shares of Beneficial Interest, shares outstanding (in shares)	0	4,600
Preferred shares liquidation preference	$ 115,000	$ 115,000
Series C Preferred Stock [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract]
Preferred Shares of Beneficial Interest, par value (in dollars per share)	$ 0	$ 0
Preferred Shares of Beneficial Interest, shares issued (in shares)	4,118
Preferred Shares of Beneficial Interest, shares outstanding (in shares)		0
Preferred shares liquidation preference	$ 102,962	$ 102,962

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2017	Oct. 31, 2016	Oct. 31, 2017	Oct. 31, 2016
REVENUE
Real estate rentals	$ 48,702	$ 45,859	$ 96,349	$ 90,844
Tenant reimbursement	5,219	4,750	10,307	9,376
TOTAL REVENUE	53,921	50,609	106,656	100,220
EXPENSES
Property operating expenses, excluding real estate taxes	18,741	15,814	36,377	31,871
Real estate taxes	6,556	5,759	13,170	11,336
Depreciation and amortization	20,694	13,531	49,621	27,798
Impairment of real estate investments			256	54,153
General and administrative expenses	3,118	3,522	7,120	7,023
TOTAL EXPENSES	49,109	38,626	106,544	132,181
Operating income (loss)	4,812	11,983	112	(31,961)
Interest expense	(9,666)	(10,626)	(18,961)	(20,990)
Loss on extinguishment of debt	(334)		(533)
Interest income	199	56	220	84
Other income	57	37	267	197
(Loss) income before gain (loss) on sale of real estate and other investments and income from discontinued operations	(4,932)	1,450	(18,895)	(52,670)
Gain (loss) on sale of real estate and other investments	5,324	(103)	5,448	8,855
Income (loss) from continuing operations	392	1,347	(13,447)	(43,815)
Income from discontinued operations	12,747	10,943	13,307	15,511
NET INCOME (LOSS)	13,139	12,290	(140)	(28,304)
Net income (loss) attributable to noncontrolling interests – Operating Partnership	(773)	(1,174)	871	2,122
Net loss attributable to noncontrolling interests – consolidated real estate entities	455	484	826	16,139
Net income (loss) attributable to controlling interests	12,821	11,600	1,557	(10,043)
Dividends to preferred shareholders	(2,812)	(2,878)	(5,098)	(5,757)
Redemption of preferred shares	(3,649)		(3,649)
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS	$ 6,360	$ 8,722	$ (7,190)	$ (15,800)
Loss per common share from continuing operations – basic and diluted	$ (0.05)		$ (0.16)	$ (0.23)
Earnings per common share from discontinued operations – basic and diluted	0.10	$ 0.07	0.10	0.10
NET EARNINGS (LOSS) PER COMMON SHARE – BASIC & DILUTED	0.05	0.07	(0.06)	(0.13)
DIVIDENDS PER COMMON SHARE	$ 0.07	$ 0.13	$ 0.14	$ 0.26

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]	Series C Preferred Stock [Member]PREFERRED SHARES [Member]	Series C Preferred Stock [Member]ACCUMULATED DISTRIBUTIONS IN EXCESS OF NET INCOME [Member]	Series C 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, 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 controlling interests and noncontrolling interests										(10,043)	(18,116)	(28,159)
Distributions - common shares and units										(31,556)	(4,234)	(35,790)
Distributions - preferred shares	$ (1,186)	$ (1,186)	$ (4,571)	$ (4,571)								(5,757)
Shares issued and share-based compensation									$ 1,218			1,218
Shares issued and share-based compensation (in shares)									553
Redemption of units for common shares									$ 134		(134)
Redemption of units for common shares (in shares)									57
Contributions from nonredeemable noncontrolling interests - consolidated real estate entities											7,150	7,150
Distributions to nonredeemable noncontrolling interests - consolidated real estate entities											(155)	(155)
Acquisition of nonredeemable noncontrolling interests – consolidated real estate entities									$ (2,677)		(2,261)	(4,938)
Other											(615)	(615)
Balance at Oct. 31, 2016								$ 138,674	$ 920,759	(489,356)	81,139	651,216
Balance (in shares) at Oct. 31, 2016								5,750	121,701
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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to controlling interests and noncontrolling interests										1,557	(1,328)	229
Distributions - common shares and units										(16,881)	(2,089)	(18,970)
Distributions - preferred shares			$ (4,571)	$ (4,571)		$ (527)	$ (527)					(5,098)
Shares issued and share-based compensation									$ 844			844
Shares issued and share-based compensation (in shares)									75
Series C preferred shares issued					$ 99,467		$ 99,467
Series C preferred shares issued (in shares)					4,118
Redemption of units for cash											(5,982)	(5,982)
Shares repurchased								$ (111,357)	$ (6,253)	(3,649)		(121,259)
Shares repurchased (in shares)								(4,600)	(1,080)
Contributions from nonredeemable noncontrolling interests - consolidated real estate entities											239	239
Distributions to nonredeemable noncontrolling interests - consolidated real estate entities											(41)	(41)
Other									$ (29)			(29)
Other (in shares)									(5)
Balance at Oct. 31, 2017								$ 99,467	$ 910,683	$ (490,612)	$ 65,956	$ 585,494
Balance (in shares) at Oct. 31, 2017								4,118	120,189

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	6 Months Ended
	Oct. 31, 2017	Oct. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (140)	$ (28,304)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization, including amortization of capitalized loan costs	50,244	28,548
Depreciation and amortization from discontinued operations, including amortization of capitalized loan costs	9	64
Gain on sale of real estate, land, other investments and discontinued operations	(17,686)	(15,358)
Loss on extinguishment of debt	128	72
Share-based compensation expense	751	865
Impairment of real estate investments	256	54,153
Bad debt expense	498	371
Changes in other assets and liabilities:
Receivable arising from straight-lining of rents	(128)	(487)
Accounts receivable	(195)	(588)
Prepaid and other assets	(864)	(541)
Tax, insurance and other escrow	(187)	(200)
Deferred charges and leasing costs	(998)	(851)
Accounts payable, accrued expenses and other liabilities	(4,756)	(2,357)
Net cash provided by operating activities	26,932	35,387
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from real estate deposits	38,029
Payments for real estate deposits	(14,370)	(1,370)
Increase in notes receivable	(6,126)
Decrease in other investments		50
Decrease in lender holdbacks for improvements	1,444	1,925
Increase in lender holdbacks for improvements	(513)	(614)
Proceeds from sale of discontinued operations	35,775	43,896
Proceeds from sale of real estate and other investments	18,039	13,875
Insurance proceeds received	530	481
Payments for acquisitions of real estate assets	(154,122)
Payments for development and re-development of real estate assets	(2,817)	(10,897)
Payments for improvements of real estate assets	(10,981)	(23,641)
Net cash (used) provided by investing activities	(95,112)	23,705
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from mortgages payable		1,113
Principal payments on mortgages payable	(51,733)	(53,208)
Proceeds from revolving lines of credit	293,350	30,000
Principal payments on revolving lines of credit	(102,900)
Proceeds from construction debt	3,124	11,174
Payment on financing liability	(7,900)
Proceeds from noncontrolling partner - consolidated real estate entities		500
Payments for acquisition of noncontrolling interests - consolidated real estate entities		(4,938)
Repurchase of common shares	(6,253)
Proceeds from issuance of Series C preferred shares, net of issue costs	99,467
Repurchase of Series B preferred shares	(115,005)
Repurchase of partnership units	(5,982)
Distributions paid to common shareholders	(16,881)	(31,556)
Distributions paid to preferred shareholders	(5,333)	(5,757)
Distributions paid to noncontrolling interests - Unitholders of the Operating Partnership	(2,089)	(4,234)
Distributions paid to noncontrolling interests - consolidated real estate entities	(40)	(155)
Net cash provided (used) by financing activities	81,825	(57,061)
NET INCREASE IN CASH AND CASH EQUIVALENTS	13,645	2,031
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	28,819	66,698
CASH AND CASH EQUIVALENTS AT END OF PERIOD	42,464	68,729
SUPPLEMENTARY SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Operating partnership units converted to shares		134
(Decrease) increase to accounts payable included within real estate investments	(2,106)	3,188
Construction debt reclassified to mortgages payable	23,300	10,549
Increase in mortgage notes receivable	10,329
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for interest, net of amounts capitalized of $0 and $298, respectively	$ 17,122	$ 17,457

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (Parenthetical) - USD ($) $ in Thousands	6 Months Ended
	Oct. 31, 2017	Oct. 31, 2016
CASH FLOWS FROM FINANCING ACTIVITIES
Cash paid for interest	$ 0	$ 298

ORGANIZATION

ORGANIZATION	6 Months Ended
	Oct. 31, 2017
ORGANIZATION [Abstract]
ORGANIZATION	INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited) for the six months ended October 31, 2017 and 2016 NOTE 1 • ORGANIZATION Investors Real Estate Trust, collectively with our consolidated subsidiaries (“IRET,” “we,” “us,” or “our”), is a multifamily real estate investment trust (“REIT”) focused on the ownership, management, acquisition, redevelopment, and development of multifamily communities. As of October 31, 2017, we owned interests in 89 multifamily properties consisting of 13,576 apartment homes and 40 commercial properties, including 28 healthcare and 12 other commercial properties, with a total of 2.5 million square feet of leasable space.

BASIS OF PRESENTATION AND SIGNI

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Oct. 31, 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 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 consolidated subsidiary entities. The accompanying condensed 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 30 th . The condensed consolidated financial statements also reflect the ownership by the Operating Partnership of certain joint venture entities in which the Operating Partnership has a general partner or controlling interest. These entities are consolidated into our other operations, with noncontrolling interests reflecting the noncontrolling partners’ share of ownership and income and expenses. UNAUDITED INTERIM FINANCIAL STATEMENTS Our interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and the applicable rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, certain disclosures accompanying annual financial statements prepared in accordance with U.S. GAAP are omitted. The year-end balance sheet data was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. In the opinion of management, all adjustments, consisting solely of normal recurring adjustments, necessary for the fair presentation of our financial position, results of operations and cash flows for the interim periods have been included. The current period’s results of operations are not necessarily indicative of results which ultimately may be achieved for the year. The interim condensed consolidated financial statements and accompanying notes thereto should be read in conjunction with the consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the fiscal year ended April 30, 2017, as filed with the SEC on June 28, 2017. RECENT ACCOUNTING PRONOUNCEMENTS The following table provides a brief description of recent accounting standards updates (“ASUs”) that could have a material effect on our financial statements: Standard Description Date of Adoption Effect on the Financial Statements or Other Significant Matters ASU 2014-09, Revenue from Contracts with Customers This ASU 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. This ASU is effective for annual reporting periods beginning after December 15, 2017, as a result of a deferral of the effective date arising from the issuance of ASU 2015-14, Revenue from Contracts with Customers - Deferral of the Effective Date . Early adoption is permitted. We will adopt the new standard effective May 1, 2018 using the modified retrospective approach. We are continuing to assess the impact of the new standard on our consolidated financial statements and internal accounting processes; as the majority of our revenue is derived from rental income, we do not expect the adoption of ASU 2014-09 will have a material impact on our consolidated financial statements. ASU 2016-02, Leases This ASU 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. This ASU is effective for annual reporting periods beginning after December 15, 2018; however, early adoption is permitted. We are currently evaluating the impact the new standard may have on our consolidated financial statements. ASU 2016-09, Improvements to Employee Share-Based Payment Accounting This ASU 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. This ASU is effective for annual reporting periods beginning after December 15, 2016. We adopted this guidance effective May 1, 2017. Upon adoption of the standard, we elected to account for forfeitures when they occur instead of estimating the forfeitures. The new standard did not have a material effect on our financial position, results of operations or earnings per share. ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments This ASU 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. This ASU is effective for interim and annual periods beginning after December 15, 2017, and early adoption is permitted. We are currently evaluating the impact the new standard may have on our consolidated financial statements. ASU 2017-01, Clarifying the Definition of a Business This ASU 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. This new standard is required to be applied prospectively to transactions occurring after the date of adoption. This ASU is effective for interim and annual periods beginning after December 15, 2017. We early adopted this standard effective May 1, 2017. We believe that 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. Adoption of the standard did not have a material effect on our financial position or results of operations. During the six months ended October 31, 2017, acquisition costs totaling approximately $245,000 from our acquisitions of Oxbo and Park Place were capitalized and allocated to the assets acquired based on the relative fair market value of those underlying assets. Standard Description Date of Adoption Effect on the Financial Statements or Other Significant Matters ASU 2017-05, Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets This ASU clarifies the definition of an in-substances nonfinancial asset and changes the accounting for partial sales of nonfinancial assets to be more consistent with the accounting for a sale of a business pursuant to ASU 2017-01. This ASU allows for either a retrospective or modified retrospective approach. This ASU is effective for interim and annual periods beginning after December 15, 2018, and early adoption is permitted. This standard allows for either a retrospective or modified retrospective approach. We are currently evaluating the impact this standard may have on our consolidated financial statements and related disclosures upon adoption. ASU 2017-12, Derivatives and Hedging This ASU clarifies hedge accounting requirements, improves disclosure of hedging arrangements, and better aligns risk management activities and financial reporting for hedging relationships. This ASU is effective for interim and annual periods beginning after December 15, 2018, and early adoption is permitted. This standard should be adopted using a modified retrospective approach. We are currently evaluating the impact this standard may have on our consolidated financial statements and related disclosures upon adoption. IMPAIRMENT OF LONG-LIVED ASSETS We periodically evaluate our long-lived assets, including investments in real estate, for impairment indicators. The impairment evaluation is performed on assets by property such that assets for a property form an asset group. The judgments regarding the existence of impairment indicators are based on factors such as operational performance, market conditions, expected holding period of each asset group, and legal and environmental concerns. If indicators exist, we compare the expected future undiscounted cash flows for the long-lived asset group against the carrying amount of that asset group. If the sum of the estimated undiscounted cash flows is less than the carrying amount of the asset group, an impairment loss is recorded for the difference between the estimated fair value and the carrying amount of the asset group. If our anticipated holding period for properties, the estimated fair value of properties or other factors change based on market conditions or otherwise, our evaluation of impairment charges may be different and such differences could be material to our consolidated financial statements. The evaluation of anticipated cash flows is subjective and is based, in part, on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results. Plans to hold properties over longer periods decrease the likelihood of recording impairment losses. During the six months ended October 31, 2017, we recognized impairment of approximately $256,000 on a parcel of land in Bismarck, ND. This property was written down to estimated fair value during the first quarter of fiscal year 2018 based on receipt of a market offer to purchase and our intent to dispose of the property. We disposed of the property during the second quarter of fiscal year 2018. During the six months ended October 31, 2016, 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, ND, due to deterioration of the market. 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 71.5%, 60% and 70% interest, respectively, but which are consolidated in our financial statements. USE OF ESTIMATES The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. CHANGE IN DEPRECIABLE LIVES OF REAL ESTATE ASSETS We review the estimated useful lives of our real estate assets on an ongoing basis. Prior to our strategic shift to become a multifamily-focused REIT, which began in fiscal year 2016, we operated in five segments (office, retail, industrial, healthcare and multifamily). Accordingly, our estimated useful lives represented a blend of these segments. During fiscal years 2016 and 2017, we disposed of the bulk of our office, retail, and industrial portfolios as well as a portion of our healthcare portfolio. In the first quarter of fiscal year 2018, we determined it was appropriate to review and adjust our estimated useful lives to be specific to our remaining portfolio of assets. Effective May 1, 2017, we changed the estimated useful lives of our real estate assets to better reflect the estimated periods during which these assets will be of economic benefit. Generally, the estimated lives of buildings and improvements that previously were 20-40 years have been decreased to 10-30 years, while those that were previously nine years were changed to 5-10 years. The effect of this change in estimate in the six months ended October 31, 2017, was to increase depreciation expense by approximately $20.3 million, decrease net income by $20.3 million, and decrease earnings per share by $0.15. Of the total increase in expense, $9.0 million, or $0.07 per share, represented depreciation on assets that were fully depreciated under the new estimated useful lives in the first quarter of fiscal year 2018. RECLASSIFICATIONS Certain previously reported amounts have been reclassified to conform to the current financial statement presentation. On the Condensed Consolidated Statements of Operations, we reclassified other expenses into general and administrative expenses. On the Condensed Consolidated Balance Sheets, we reclassified real estate deposits and tax, insurance, and other escrow into restricted cash. We also reclassified receivables arising from straight-lining of rents, accounts receivable, prepaid and other assets, notes receivable, intangible assets, property and equipment, goodwill, and deferred charges and leasing costs into other assets. Additionally, we reclassified other long-term liabilities previously included within construction debt and other to accounts payable and accrued expenses. MORTGAGE LOANS RECEIVABLE AND NOTES RECEIVABLE In August 2017, we sold 13 multifamily properties in exchange for cash and a note secured by a mortgage on the assets. The sale was recorded using the installment method, under which cash receipts are apportioned between cost recovered and the gain on sale. The $11.0 million note is presented net of approximately $626,000 of deferred gain in mortgage loans receivable on the Condensed Consolidated Balance Sheets. The note bears an interest rate of 5.5% and matures in August 2020. Monthly payments are interest-only, with the principal balance payable at maturity. During the three months ended October 31, 2017, we received and recognized approximately $119,000 of interest income. In July 2017, we originated a $16.2 million loan in a multifamily development located in New Hope, MN, a suburb of Minneapolis. The investment will be funded in installments through the third quarter of fiscal year 2018. As of October 31, 2017, we had funded $6.1 million which appears in other assets on the Condensed Consolidated Balance Sheets. The note bears an interest rate of 6%, matures in July 2023, and provides us with an option to purchase the development prior to the loan maturity date. VARIABLE INTEREST ENTITY We have determined that our Operating Partnership and each of our less-than-wholly owned real estate partnerships are variable interest entities (“VIEs”), as the limited partners lack substantive kick-out rights and substantive participating rights. We are the primary beneficiary of the VIEs, 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 our Operating Partnership is a VIE, all of our assets and liabilities are held through a VIE.

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Oct. 31, 2017
EARNINGS PER SHARE [Abstract]
EARNINGS PER SHARE	NOTE 3 • EARNINGS PER SHARE Basic earnings per share is computed by dividing net income available to common shareholders by the weighted average number of our common shares of beneficial interest (“Common Shares”) outstanding during the period. We have issued restricted stock units (“RSUs”) under our 2015 Incentive Plan, which could have a dilutive effect on our earnings per share upon exercise of the RSUs. Other than the issuance of RSUs, we have no outstanding options, warrants, convertible stock or other contractual obligations requiring issuance of additional shares that would result in dilution of earnings. Under the terms of the Operating Partnership’s Agremeent of Limited Partnership, limited partners have the right to require the Operating Partnership to redeem their limited partnership units (“Units”) for cash any time following the first anniversary of the date they acquired such Units (“Exchange Right”). Upon the exercise of Exchange Rights, and in our sole discretion, we may issue Common Shares in exchange for Units on a one-for-one basis after a minimum holding period of one year. The following table presents a reconciliation of the numerator and denominator used to calculate basic and diluted earnings per share reported in the condensed consolidated financial statements for the three and six months ended October 31, 2017 and 2016: (in thousands, except per share data) Three Months Ended Six Months Ended October 31, October 31, 2017 2016 2017 2016 NUMERATOR Income (loss) from continuing operations – controlling interests $ 1,446 $ 2,426 $ (10,317) $ (22,488) Income from discontinued operations – controlling interests 11,375 9,174 11,874 12,445 Net income (loss) attributable to controlling interests 12,821 11,600 1,557 (10,043) Dividends to preferred shareholders (2,812) (2,878) (5,098) (5,757) Redemption of preferred shares (3,649) — (3,649) — Numerator for basic earnings per share – net income available to common shareholders 6,360 8,722 (7,190) (15,800) Noncontrolling interests – Operating Partnership 773 1,174 (871) (2,122) Numerator for diluted earnings per share $ 7,133 $ 9,896 $ (8,061) $ (17,922) DENOMINATOR Denominator for basic earnings per share weighted average shares 120,144 121,154 120,282 121,135 Effect of redeemable operating partnership units 14,623 16,264 14,912 16,276 Denominator for diluted earnings per share 134,767 137,418 135,194 137,411 Loss per common share from continuing operations – basic and diluted $ (0.05) $ — $ (0.16) $ (0.23) Earnings per common share from discontinued operations – basic and diluted 0.10 0.07 0.10 0.10 NET EARNINGS (LOSS) PER COMMON SHARE – BASIC & DILUTED $ 0.05 $ 0.07 $ (0.06) $ (0.13)

EQUITY

EQUITY	6 Months Ended
	Oct. 31, 2017
EQUITY
EQUITY	NOTE 4 • EQUITY Equity Awards . There were no shares issued under our 2015 Incentive Award Plan during the second quarter of fiscal year 2018 and approximately 75,000 restricted Common Shares, with a total grant-date value of approximately $445,000, issued during the first quarter of fiscal year 2018. During the second quarter of fiscal year 2017, we issued approximately 120,792 restricted Common Shares, with a total grant-date value of $502,000, under our 2015 Incentive Award Plan, and we issued approximately 378,000 restricted Common Shares, with a total grant-date value of $1.4 million,during the first quarter of fiscal year 2017. These shares are issued for executive officer and trustee share-based compensation for future performance under our 2015 Incentive Award Plan. Exchange Rights . Pursuant to the exercise of Exchange Rights, during the three months ended October 31, 2017, we redeemed approximately 39,622 Units for an aggregate cost of $246,524, at an average price per Unit of $6.22. There were no Units redeemed during the three months ended October 31, 2016. During the six months ended October 31, 2017, we redeemed approximately 999,529 Units for an aggregate cost of $6.0 million, at an average price per Unit of $5.98. There were no Units redeemed during the six months ended October 31, 2016. Share Repurchase Program . On December 7, 2016, our Board of Directors authorized a share repurchase program to repurchase up to $50 million of our Common Shares over a one-year period. On December 5, 2017, our Board of Trustees reauthorized this share repurchase program for an additional 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 the second quarter of fiscal year 2018, we repurchased and retired approximately 398,000 common shares for an aggregate cost of $2.3 million, including commissions, at an average price per share of $5.82. As of October 31, 2017, $39.2 million remained available under the $50 million authorized share repurchase program. Issuance of Series C Preferred Shares and Redemption of Series B Preferred Shares. In the quarter ended October 31, 2017, we issued 4,118,460 shares of our 6.625% Series C Cumulative Redeemable Preferred Shares and redeemed all 4,600,000 shares of our 7.95% Series B Cumulative Redeemable Preferred Shares .

SEGMENT REPORTING

SEGMENT REPORTING	6 Months Ended
	Oct. 31, 2017
SEGMENT REPORTING
SEGMENT REPORTING	NOTE 5 • SEGMENT REPORTING We report our results in two reportable segments, which are aggregations of similar properties: multifamily and healthcare. We measure the performance of our segments 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 US GAAP and should not be considered an alternative to net income, net income available for common shareholders, or cash flow from operating activities as a measure of financial performance. The revenues and NOI for these reportable segments are summarized as follows for the three- and six-month periods ended October 31, 2017 and 2016, along with reconciliations to the condensed consolidated financial statements. Segment assets are also reconciled to total assets as reported in the condensed consolidated financial statements. (in thousands) Three Months Ended October 31, 2017 Multifamily Healthcare All Other Amounts Not (1) Total Real estate revenue $ 39,734 $ 11,449 $ 2,738 $ — $ 53,921 Real estate expenses 18,888 4,373 698 1,338 25,297 Net operating income (loss) $ 20,846 $ 7,076 $ 2,040 $ (1,338) $ 28,624 Depreciation and amortization General and administrative 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 (4,932) Gain on sale of real estate and other investments Income from continuing operations 392 Income from discontinued operations Net income $ 13,139 (1) Consists of offsite costs for property management and casualty-related amounts, which are excluded in our assessment of segment performance. (in thousands) Three Months Ended October 31, 2016 Multifamily Healthcare All Other Amounts Not (1) Total Real estate revenue $ 36,187 $ 11,661 $ 2,761 $ — $ 50,609 Real estate expenses 15,566 4,151 730 1,126 21,573 Net operating income (loss) $ 20,621 $ 7,510 $ 2,031 $ (1,126) 29,036 Depreciation and amortization General and administrative expenses Interest expense Interest and other income Gain before loss on sale of real estate and other investments and income from discontinued operations 1,450 Loss on sale of real estate and other investments (103) Income from continuing operations 1,347 Income from discontinued operations 10,943 Net income $ 12,290 (in thousands) Six Months Ended October 31, 2017 Multifamily Healthcare All Other Amounts Not (1) Total Real estate revenue $ 78,164 $ 22,827 $ 5,665 — $ 106,656 Real estate expenses 36,353 8,658 1,491 3,045 49,547 Net operating income (loss) $ 41,811 $ 14,169 $ 4,174 (3,045) 57,109 Depreciation and amortization Impairment of real estate investments General and administrative 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 (18,895) Gain on sale of real estate and other investments Loss from continuing operations (13,447) Income from discontinued operations Net loss $ (140) (1) Consists of offsite costs for property management and casualty-related amounts, which are excluded in our assessment of segment performance. (in thousands) Six Months Ended October 31, 2016 Multifamily Healthcare All Other Amounts Not (1) Total Real estate revenue $ 71,229 $ 23,202 $ 5,789 $ — $ 100,220 Real estate expenses 30,445 8,343 1,456 2,963 43,207 Net operating income (loss) $ 40,784 $ 14,859 $ 4,333 $ (2,963) 57,013 Depreciation and amortization Impairment of real estate investments General and administrative expenses Interest expense Interest and other income Loss before gain on sale of real estate and other investments (52,670) Gain on sale of real estate and other investments 8,855 Loss from continuing operations (43,815) Income from discontinued operations Net loss $ (28,304) (1) Consists of offsite costs for property management and casualty-related amounts, which are excluded in our assessment of segment performance. Segment Assets and Accumulated Depreciation Segment assets are summarized as follows as of October 31, 2017, and April 30, 2017, along with reconciliations to the condensed consolidated financial statements: (in thousands) As of October 31, 2017 Multifamily Healthcare All Other Total Segment assets Property owned $ 1,409,598 $ 321,863 $ 99,720 $ 1,831,181 Less accumulated depreciation (269,976) (91,948) (22,478) (384,402) Total property owned $ 1,139,622 $ 229,915 $ 77,242 $ 1,446,779 Cash and cash equivalents Mortgage loans receivable Receivables and other assets 36,239 Unimproved land Total Assets $ 1,551,027 (in thousands) As of April 30, 2017 Multifamily Healthcare All Other Total Segment assets Property owned $ 1,251,716 $ 323,148 $ 102,617 $ 1,677,481 Less accumulated depreciation (232,183) (86,139) (22,095) (340,417) Total property owned $ 1,019,533 $ 237,009 $ 80,522 $ 1,337,064 Assets held for sale and assets from discontinued operations Cash and cash equivalents 28,819 Receivables and other assets 52,468 Unimproved land 18,455 Total Assets $ 1,474,514

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Oct. 31, 2017
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	NOTE 6 • COMMITMENTS AND CONTINGENCIES Litigation. We are not a party to any legal proceedings which are expected to have a material effect on our liquidity, financial position, cash flows or results of operations. We are subject to a variety of legal actions for personal injury or property damage arising in the ordinary course of our business, most of which are covered by liability insurance. Various claims of resident discrimination are also periodically brought, most of which are covered by insurance. While resolution of these matters cannot be predicted with certainty, management believes that the final outcome of these claims and legal proceedings will not have a material effect on our liquidity, financial position, cash flows or results of operations. Environmental Matters. Under various federal, state, and local laws, ordinances, and regulations, a current or previous owner or operator of real estate may be liable for the costs of removal of, or remediation of, certain hazardous or toxic substances in, on, around, or under the property. While we currently have no knowledge of any material violation of environmental laws, ordinances or regulations at any of our properties, there can be no assurance that areas of contamination will not be identified at any of our properties, or that changes in environmental laws, regulations or cleanup requirements would not result in material costs to us. Restrictions on Taxable Dispositions. Approximately 28 of our properties, consisting of approximately 472,000 square feet of our combined commercial properties and 3,438 apartment units, are subject to restrictions on our ability to resell in taxable transactions. These restrictions are contained in agreements we entered into with some of the sellers or contributors of the properties, and are effective for varying periods. The real estate investment amount of these properties (net of accumulated depreciation) was $323.7 million at October 31, 2017. If we are unable to structure sales of such properties as tax deferred transactions under Section 1031 of the Internal Revenue Code, we may be required to provide tax indemnification payments to the parties to these agreements. We do not believe that these restrictions materially affect the conduct of our business or decisions whether to dispose of these properties during the restriction periods. Notes Receivable. In July 2017, we originated a $16.2 million loan in a multifamily development located in New Hope, MN, a suburb of Minneapolis. The investment will be funded in installments through the third quarter of fiscal year 2018. As of October 31, 2017, $10.1 million remained to be funded. See Note 2 for additional information.

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS	6 Months Ended
	Oct. 31, 2017
DISCONTINUED OPERATIONS [Abstract]
DISCONTINUED OPERATIONS	NOTE 7 • 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 new dispositions or properties held for sale as discontinued operations during the six months ended October 31, 2017, or during fiscal year 2017. During fiscal year 2016, we determined that our strategic decision to exit senior housing met the criteria for discontinued operations, and we consequently classified 34 senior housing properties as held for sale and discontinued operations at April 30, 2016. Thirty-two of those senior housing properties were sold during the fiscal year ended April 30, 2017, and the remaining two senior housing properties were sold during the three months ended October 31, 2017. The following information shows the effect on net income and the gains or losses from the sales of properties classified as discontinued operations for the three and six months ended October 31, 2017 and 2016: (in thousands) Three Months Ended Six Months Ended October 31, October 31, 2017 2016 2017 2016 REVENUE Real estate rentals $ 683 $ 4,992 $ 1,473 $ 10,002 Tenant reimbursement — 112 — 226 TRS senior housing revenue — 916 — 1,789 TOTAL REVENUE 683 6,020 1,473 12,017 EXPENSES Real estate taxes — (112) — — Depreciation and amortization — — — 16 TRS senior housing expenses — 769 — 1,553 Other expenses 15 — 15 — TOTAL EXPENSES 15 657 15 1,569 Operating income 668 5,363 1,458 10,448 Interest expense (279) (1,395) (1,100) (2,769) Gain/loss on extinguishment of debt (6) (72) (6) (72) Interest income 117 — 661 — Other income 9 0 56 0 Income from discontinued operations before gain on sale 509 3,896 1,069 7,607 Gain on sale of discontinued operations 12,238 6,503 12,238 6,503 INCOME FROM DISCONTINUED OPERATIONS $ 12,747 $ 10,399 $ 13,307 $ 14,110 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) October 31, 2017 April 30, 2017 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 Receivable arising from straight-lining of rents — 2,283 Goodwill — 14 Total major classes of assets of the discontinued operations — 23,629 Other assets included in the disposal group classified as held for sale — 14,079 Total assets of the disposal group classified as held for sale on the balance sheet $ — $ 37,708 Carrying amounts of major classes of liabilities included as part of discontinued operations Accounts payable and accrued expenses $ — $ 52 Mortgages payable — 16,226 Other — 7,900 Total major classes of liabilities of the discontinued operations — 24,178 Other liabilities included in the disposal group classified as held for sale — 5,884 Total liabilities of the disposal group classified as held for sale on the balance sheet $ — $ 30,062

ACQUISITIONS, DEVELOPMENT PROJE

ACQUISITIONS, DEVELOPMENT PROJECTS PLACED IN SERVICE AND DISPOSITIONS	6 Months Ended
	Oct. 31, 2017
ACQUISITIONS, DEVELOPMENT PROJECTS PLACED IN SERVICE AND DISPOSITIONS [Abstract]
ACQUISITIONS, DEVELOPMENT PROJECTS PLACED IN SERVICE AND DISPOSITIONS	NOTE 8 • ACQUISITIONS, DEVELOPMENTS PLACED IN SERVICE, AND DISPOSITIONS PROPERTY ACQUISITIONS We added $153.8 million of new real estate property to our portfolio through property acquisitions during the six months ended October 31, 2017, compared to $0 in the six months ended October 31, 2016. Our acquisitions during the six months ended October 31, 2017 are detailed below. Six Months Ended October 31, 2017 (in thousands) Total Form of Investment Allocation Date Acquisition Intangible Acquisitions Acquired Cost Cash Land Building Assets Multifamily 191 unit - Oxbo - St. Paul, MN (1) May 26, 2017 $ $ $ $ $ 500 unit - Park Place - Plymouth, MN September 13, 2017 Total Property Acquisitions $ $ $ $ $ (1) Property includes 11,477 sq ft of retail space. DEVELOPMENT PROJECTS PLACED IN SERVICE The Operating Partnership placed $0 and $72.3 million of development projects in service during the six months ended October 31, 2017 and 2016, respectively, as detailed below. Six Months Ended October 31, 2016 (in thousands) Date Placed Development Development Projects Placed in Service in Service Land Building Cost Multifamily 241 unit - 71 France - Edina, MN (1) May 1, 2016 $ $ $ Total Development Projects Placed in Service $ $ $ (1) Costs paid in fiscal years 2015 and 2016 totaled $70.9 million. Additional costs incurred in fiscal year 2017 totaled $1.4 million, for a total project cost at October 31, 2016 of $72.3 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. PROPERTY DISPOSITIONS During the three months ended October 31, 2017, we sold 13 multifamily properties, three healthcare properties, one industrial property, and one parcel of unimproved land, for a total sales price of $63.4 million. During the three months ended October 31, 2016, we sold eight healthcare properties along with the adjacent unimproved land, for a total sales price of $43.9 million. The following table details our dispositions for the six months ended October 31, 2017 and 2016: Six Months Ended October 31, 2017 (in thousands) Date Book Value Dispositions Disposed Sales Price and Sales Cost Gain/(Loss) Multifamily 327 unit - 13 Multifamily properties - Minot, ND (1) August 22, 2017 $ $ $ (2) Healthcare 17,640 sq ft 1440 Duckwood Medical - Eagan, MN August 24, 2017 279,834 sq ft Edgewood Vista Hermantown I & II - Hermantown, MN October 19, 2017 Other 4,998 sq ft Minot Southgate Wells Fargo Bank - Minot, ND May 15, 2017 90,260 sq ft Lexington Commerce Center - Eagan, MN August 22, 2017 Unimproved Land Bismarck 4916 Unimproved Land - Bismarck, ND August 8, 2017 Total Property Dispositions $ $ $ (1) These properties include: 4th Street 4 Plex, 11th Street 3 Plex, Apartments on Main, Brooklyn Heights, Colton Heights, Fairmont, First Avenue (Apartments and Office), Pines, Southview, Summit Park, Temple (includes 17 South Main Retail), Terrace Heights and Westridge. (2) Approximately $626,000 of the gain on sale was deferred. See Note 2 for additional information on the related mortgage note receivable. Six Months Ended October 31, 2016 (in thousands) Date Book Value Dispositions Disposed Sales Price and Sales Cost Gain/(Loss) Healthcare 189,244 sq ft 8 Idaho Spring Creek Senior Housing Properties (1) October 31, 2016 $ $ $ Other 195,075 sq ft Stone Container - Fargo, ND July 25, 2016 Unimproved Land Georgetown Square Unimproved Land - Grand Chute, WI May 6, 2016 Total Property Dispositions $ $ $ (1) These properties include: 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.

DEBT

DEBT	6 Months Ended
	Oct. 31, 2017
DEBT
DEBT	NOTE 9 • DEBT Most of the properties we own serve as collateral for separate mortgage loans on single properties or groups of properties. The majority of these mortgages payable 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 mortgages payable range from 3.47% to 6.66%, and the mortgages have varying maturity dates from the current fiscal year through July 1, 2036. As of October 31, 2017, we believe there are no material defaults or material compliance issues in regard to any mortgages payable. Of the mortgages payable, including mortgages on properties held for sale, the balances of fixed rate mortgages totaled $593.9 million at October 31, 2017, and $629.5 million at April 30, 2017. The balances of variable rate mortgages totalled $65.1 million at October 31, 2017 and $57.7 million at April 30, 2017. Most of the fixed rate mortgages have substantial pre-payment penalties. As of October 31, 2017, the weighted average rate of interest on our mortgage debt was 4.67%, compared to 4.71% on April 30, 2017. The aggregate amount of required future principal payments on mortgages payable as of October 31, 2017, is as follows: (in thousands) Mortgage Loans on Properties Held for Year Ended April 30, Investment 2018 $ 21,398 2019 100,313 2020 92,258 2021 128,352 2022 86,812 Thereafter 229,832 Total payments $ 658,965 In addition to the individual mortgage loans comprising our $659.0 million of mortgage indebtedness, we also had a revolving, multi-bank line of credit with the Bank of Montreal as administrative agent, which had, as of October 31, 2017, lending commitments of $300.0 million (the “BMO Line of Credit”). This line of credit is not included in our mortgage indebtedness total. As of October 31, 2017, the line had a credit limit of $300.0 million, of which $247.5 million was drawn on the line. As of October 31, 2017, we believe that we and our Operating Partnership were in compliance with the covenants contained in the BMO Line of Credit. Construction debt was $21.6 million and $41.7 million at October 31, 2017 and April 30, 2017, respectively. As of October 31, 2017, the weighted average rate of interest on our construction debt was 3.58%, compared to 3.27% as of April 30, 2017. Construction debt at October 31, 2017, consisted of one loan related to our recently completed Monticello, MN property, with required interest-only payments and a maturity date of May 4, 2018.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Oct. 31, 2017
FAIR VALUE MEASUREMENTS [Abstract]
FAIR VALUE MEASUREMENTS	NOTE 10 • FAIR VALUE MEASUREMENTS Cash and cash equivalents, certificates of deposit, accounts payable, accrued expenses and other liabilities and security deposits are carried at amounts that reasonably approximate their fair value due to their short-term nature. For variable rate loans that re-price frequently, fair values are based on carrying values. In addition, the carrying amount of our BMO Line of Credit approximates fair value because the variable rate debt re-prices frequently. The fair values of our financial instruments approximate their carrying amount in the consolidated financial statements except for debt. In determining the fair value of other financial instruments, we apply Financial Accounting Standard Board ASC 820, Fair Value Measurement and Disclosures , or ASC 820. ASC 820 defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. ASC 820 establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (Levels 1 and 2) and the reporting entity’s own assumptions about market participant assumptions (Level 3). 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 October 31, 2017 and April 30, 2017. Fair Value Measurements on a Nonrecurring Basis There were no non-financial assets mearsured at fair value on a nonrecurring basis at October 31, 2017. Non-financial assets measured at fair value on a nonrecurring basis at April 30, 2017, consisted of real estate held for sale and real estate investments that were written-down to estimated fair value during fiscal year 2018 and 2017. See Note 2 for additional information on impairment losses recognized during fiscal years 2018 and 2017. The aggregate fair value of these assets by their levels in the fair value hierarchy is 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 (1) Represents only the portion of real estate held for sale that was written-down to estimated fair value. As of April 30, 2017, we estimated the fair value of our real estate investments using market comparisons and a broker opinion of value, and we estimated the fair value of our real estate held for sale using an income approach (including management estimates and cash flow calculations), projected net operating income, and an estimated capitalization rate. The significant unobservable quantitative input used in determining the fair value was a capitalization rate of 7.0% based on the location, type and nature of the real estate held for sale, and current and anticipated market conditions. Financial Assets and Liabilities Not Measured at Fair Value 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). For mortgages payable, 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 October 31, 2017, and April 30, 2017, are as follows: (in thousands) October 31, 2017 April 30, 2017 Carrying Amount Fair Value Carrying Amount Fair Value FINANCIAL ASSETS Cash and cash equivalents $ 42,464 $ 42,464 $ 28,819 $ 28,819 FINANCIAL LIABILITIES Other debt, including other debt related to assets held for sale 21,561 21,561 49,637 49,637 Lines of credit 247,500 247,500 57,050 57,050 Mortgages payable 658,965 667,646 665,440 680,941 Mortgages payable related to assets held for sale — — 21,803 21,861

REDEEMABLE NONCONTROLLING INTER

REDEEMABLE NONCONTROLLING INTERESTS	6 Months Ended
	Oct. 31, 2017
REDEEMABLE NONCONTROLLING INTERESTS [Abstract]
REDEEMABLE NONCONTROLLING INTERESTS	NOTE 11 • REDEEMABLE NONCONTROLLING INTERESTS Redeemable noncontrolling interests on the Condensed Consolidated Balance Sheets represent the noncontrolling interest in joint ventures 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. Below is a table reflecting the activity of the redeemable noncontrolling interests. (in thousands) Balance at April 30, 2017 $ 7,181 Net income (369) Balance at October 31, 2017 $ 6,812

SHARE BASED COMPENSATION

SHARE BASED COMPENSATION	6 Months Ended
	Oct. 31, 2017
SHARE BASED COMPENSATION
SHARE BASED COMPENSATION	NOTE 12 • 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, unrestricted and restricted common shares, and RSUs up to an aggregate of 4,250,000 shares, over the ten-year period in which the plan will be in effect. Under the 2015 Incentive Plan, our officers and non-officer employees may earn share awards under a revised 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 revised program may vary from year to year. Fiscal Year 2018 Executive LTIP Awards Awards granted on May 1, 2017, consist of 16,447 time-based restricted shares that vest as to one-third of the shares on each of May 1, 2018, May 1, 2019, and May 1, 2020. We recognize compensation expense associated with the time-based restricted share awards ratably over the requisite service periods. Awards granted on June 21, 2017, consist of time-based RSU awards, performance RSU awards based on leverage ratio, and performance RSU awards based on total shareholder return (“TSR”), each for 57,693 shares. All of these awards are classified as equity awards. The time-based RSUs vest as to one-third of the shares on each of June 21, 2018, May 1, 2019, and May 1, 2020. The maximum number of leverage ratio RSUs eligible to be earned is 115,386 RSUs. The TSR performance RSU 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 RSUs eligible to be earned is 115,386 RSUs. 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, regardless whether the market conditions are achieved and the 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, 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, and the expected term on the performance period of the award. The assumptions used to value the performance RSU awards were an expected volatility of 27.3%, a risk-free interest rate of 1.48% and an expected life of 2.86 years. The share price at the grant date, June 21, 2017, was $6.15. Total Compensation Expense Share-based compensation expense recognized in the consolidated financial statements for all outstanding share-based awards was approximately $751,000 and $865,000 for the six months ended October 31, 2017 and 2016.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Oct. 31, 2017
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	NOTE 13 • RELATED PARTY TRANSACTIONS Transactions with BMO Capital Markets We have a historical and ongoing relationship with BMO Capital Markets (“BMO”). On July 17, 2017, we engaged BMO to provide financial advisory services in connection with our consideration of the disposition of non-core properties. A family member of Mark O. Decker, Jr., our President and Chief Executive Officer, is an employee of BMO and could have an indirect material interest in any such engagement and related transaction(s). The Board pre-approved this engagement of BMO.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Oct. 31, 2017
SUBSEQUENT EVENTS [Abstract]
SUBSEQUENT EVENTS	NOTE 14 • SUBSEQUENT EVENTS Completed Acquisition. On November 28, 2017, we purchased a 274-unit multifamily property in Denver, CO for $90.6 million. Completed Dispositions . On November 22, 2017, we sold an industrial property in Urbandale, IA for $16.7 million. On November 28, 2017, we sold an industrial property in Roseville, MN for $18.7 million. On December 1, 2017, we sold two multifamily properties with a total of 64 units in Rochester, MN for $6.7 million. Pending Disposition. On November 30, 2017, we entered into a purchase and sales agreement to sell 28 medical office buildings and one office property for a total purchase price of $417.5 million. This sale is currently pending and is expected to close in the third quarter of our fiscal year. It was not classified as held for sale at October 31, 2017. Financing Activity . On November 28, 2017, we amended our BMO Line of Credit to provide for a new term loan of up to $70 million and to permit us to execute one or more hedge instruments to hedge the risk of an increase in interest rates.

BASIS OF PRESENTATION AND SIG22

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Oct. 31, 2017
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION 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 consolidated subsidiary entities. The accompanying condensed 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 30 th . The condensed consolidated financial statements also reflect the ownership by the Operating Partnership of certain joint venture entities in which the Operating Partnership has a general partner or controlling interest. These entities are consolidated into our other operations, with noncontrolling interests reflecting the noncontrolling partners’ share of ownership and income and expenses.
RECENT ACCOUNTING PRONOUNCEMENTS	RECENT ACCOUNTING PRONOUNCEMENTS The following table provides a brief description of recent accounting standards updates (“ASUs”) that could have a material effect on our financial statements: Standard Description Date of Adoption Effect on the Financial Statements or Other Significant Matters ASU 2014-09, Revenue from Contracts with Customers This ASU 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. This ASU is effective for annual reporting periods beginning after December 15, 2017, as a result of a deferral of the effective date arising from the issuance of ASU 2015-14, Revenue from Contracts with Customers - Deferral of the Effective Date . Early adoption is permitted. We will adopt the new standard effective May 1, 2018 using the modified retrospective approach. We are continuing to assess the impact of the new standard on our consolidated financial statements and internal accounting processes; as the majority of our revenue is derived from rental income, we do not expect the adoption of ASU 2014-09 will have a material impact on our consolidated financial statements. ASU 2016-02, Leases This ASU 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. This ASU is effective for annual reporting periods beginning after December 15, 2018; however, early adoption is permitted. We are currently evaluating the impact the new standard may have on our consolidated financial statements. ASU 2016-09, Improvements to Employee Share-Based Payment Accounting This ASU 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. This ASU is effective for annual reporting periods beginning after December 15, 2016. We adopted this guidance effective May 1, 2017. Upon adoption of the standard, we elected to account for forfeitures when they occur instead of estimating the forfeitures. The new standard did not have a material effect on our financial position, results of operations or earnings per share. ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments This ASU 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. This ASU is effective for interim and annual periods beginning after December 15, 2017, and early adoption is permitted. We are currently evaluating the impact the new standard may have on our consolidated financial statements. ASU 2017-01, Clarifying the Definition of a Business This ASU 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. This new standard is required to be applied prospectively to transactions occurring after the date of adoption. This ASU is effective for interim and annual periods beginning after December 15, 2017. We early adopted this standard effective May 1, 2017. We believe that 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. Adoption of the standard did not have a material effect on our financial position or results of operations. During the six months ended October 31, 2017, acquisition costs totaling approximately $245,000 from our acquisitions of Oxbo and Park Place were capitalized and allocated to the assets acquired based on the relative fair market value of those underlying assets. Standard Description Date of Adoption Effect on the Financial Statements or Other Significant Matters ASU 2017-05, Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets This ASU clarifies the definition of an in-substances nonfinancial asset and changes the accounting for partial sales of nonfinancial assets to be more consistent with the accounting for a sale of a business pursuant to ASU 2017-01. This ASU allows for either a retrospective or modified retrospective approach. This ASU is effective for interim and annual periods beginning after December 15, 2018, and early adoption is permitted. This standard allows for either a retrospective or modified retrospective approach. We are currently evaluating the impact this standard may have on our consolidated financial statements and related disclosures upon adoption. ASU 2017-12, Derivatives and Hedging This ASU clarifies hedge accounting requirements, improves disclosure of hedging arrangements, and better aligns risk management activities and financial reporting for hedging relationships. This ASU is effective for interim and annual periods beginning after December 15, 2018, and early adoption is permitted. This standard should be adopted using a modified retrospective approach. We are currently evaluating the impact this standard may have on our consolidated financial statements and related disclosures upon adoption.
IMPAIRMENT OF LONG-LIVED ASSETS	IMPAIRMENT OF LONG-LIVED ASSETS We periodically evaluate our long-lived assets, including investments in real estate, for impairment indicators. The impairment evaluation is performed on assets by property such that assets for a property form an asset group. The judgments regarding the existence of impairment indicators are based on factors such as operational performance, market conditions, expected holding period of each asset group, and legal and environmental concerns. If indicators exist, we compare the expected future undiscounted cash flows for the long-lived asset group against the carrying amount of that asset group. If the sum of the estimated undiscounted cash flows is less than the carrying amount of the asset group, an impairment loss is recorded for the difference between the estimated fair value and the carrying amount of the asset group. If our anticipated holding period for properties, the estimated fair value of properties or other factors change based on market conditions or otherwise, our evaluation of impairment charges may be different and such differences could be material to our consolidated financial statements. The evaluation of anticipated cash flows is subjective and is based, in part, on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results. Plans to hold properties over longer periods decrease the likelihood of recording impairment losses. During the six months ended October 31, 2017, we recognized impairment of approximately $256,000 on a parcel of land in Bismarck, ND. This property was written down to estimated fair value during the first quarter of fiscal year 2018 based on receipt of a market offer to purchase and our intent to dispose of the property. We disposed of the property during the second quarter of fiscal year 2018. During the six months ended October 31, 2016, 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, ND, due to deterioration of the market. 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 71.5%, 60% and 70% interest, respectively, but which are consolidated in our financial statements.
USE OF ESTIMATES	USE OF ESTIMATES The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
CHANGE IN DEPRECIABLE LIVES OF REAL ESTATE ASSETS	CHANGE IN DEPRECIABLE LIVES OF REAL ESTATE ASSETS We review the estimated useful lives of our real estate assets on an ongoing basis. Prior to our strategic shift to become a multifamily-focused REIT, which began in fiscal year 2016, we operated in five segments (office, retail, industrial, healthcare and multifamily). Accordingly, our estimated useful lives represented a blend of these segments. During fiscal years 2016 and 2017, we disposed of the bulk of our office, retail, and industrial portfolios as well as a portion of our healthcare portfolio. In the first quarter of fiscal year 2018, we determined it was appropriate to review and adjust our estimated useful lives to be specific to our remaining portfolio of assets. Effective May 1, 2017, we changed the estimated useful lives of our real estate assets to better reflect the estimated periods during which these assets will be of economic benefit. Generally, the estimated lives of buildings and improvements that previously were 20-40 years have been decreased to 10-30 years, while those that were previously nine years were changed to 5-10 years. The effect of this change in estimate in the six months ended October 31, 2017, was to increase depreciation expense by approximately $20.3 million, decrease net income by $20.3 million, and decrease earnings per share by $0.15. Of the total increase in expense, $9.0 million, or $0.07 per share, represented depreciation on assets that were fully depreciated under the new estimated useful lives in the first quarter of fiscal year 2018.
RECLASSIFICATIONS	RECLASSIFICATIONS Certain previously reported amounts have been reclassified to conform to the current financial statement presentation. On the Condensed Consolidated Statements of Operations, we reclassified other expenses into general and administrative expenses. On the Condensed Consolidated Balance Sheets, we reclassified real estate deposits and tax, insurance, and other escrow into restricted cash. We also reclassified receivables arising from straight-lining of rents, accounts receivable, prepaid and other assets, notes receivable, intangible assets, property and equipment, goodwill, and deferred charges and leasing costs into other assets. Additionally, we reclassified other long-term liabilities previously included within construction debt and other to accounts payable and accrued expenses.
MORTGAGE LOANS RECEIVABLE AND NOTES RECEIVABLE	MORTGAGE LOANS RECEIVABLE AND NOTES RECEIVABLE In August 2017, we sold 13 multifamily properties in exchange for cash and a note secured by a mortgage on the assets. The sale was recorded using the installment method, under which cash receipts are apportioned between cost recovered and the gain on sale. The $11.0 million note is presented net of approximately $626,000 of deferred gain in mortgage loans receivable on the Condensed Consolidated Balance Sheets. The note bears an interest rate of 5.5% and matures in August 2020. Monthly payments are interest-only, with the principal balance payable at maturity. During the three months ended October 31, 2017, we received and recognized approximately $119,000 of interest income. In July 2017, we originated a $16.2 million loan in a multifamily development located in New Hope, MN, a suburb of Minneapolis. The investment will be funded in installments through the third quarter of fiscal year 2018. As of October 31, 2017, we had funded $6.1 million which appears in other assets on the Condensed Consolidated Balance Sheets. The note bears an interest rate of 6%, matures in July 2023, and provides us with an option to purchase the development prior to the loan maturity date.
VARIABLE INTEREST ENTITY	VARIABLE INTEREST ENTITY We have determined that our Operating Partnership and each of our less-than-wholly owned real estate partnerships are variable interest entities (“VIEs”), as the limited partners lack substantive kick-out rights and substantive participating rights. We are the primary beneficiary of the VIEs, 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 our Operating Partnership is a VIE, all of our assets and liabilities are held through a VIE.

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Oct. 31, 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 condensed consolidated financial statements for the three and six months ended October 31, 2017 and 2016: (in thousands, except per share data) Three Months Ended Six Months Ended October 31, October 31, 2017 2016 2017 2016 NUMERATOR Income (loss) from continuing operations – controlling interests $ 1,446 $ 2,426 $ (10,317) $ (22,488) Income from discontinued operations – controlling interests 11,375 9,174 11,874 12,445 Net income (loss) attributable to controlling interests 12,821 11,600 1,557 (10,043) Dividends to preferred shareholders (2,812) (2,878) (5,098) (5,757) Redemption of preferred shares (3,649) — (3,649) — Numerator for basic earnings per share – net income available to common shareholders 6,360 8,722 (7,190) (15,800) Noncontrolling interests – Operating Partnership 773 1,174 (871) (2,122) Numerator for diluted earnings per share $ 7,133 $ 9,896 $ (8,061) $ (17,922) DENOMINATOR Denominator for basic earnings per share weighted average shares 120,144 121,154 120,282 121,135 Effect of redeemable operating partnership units 14,623 16,264 14,912 16,276 Denominator for diluted earnings per share 134,767 137,418 135,194 137,411 Loss per common share from continuing operations – basic and diluted $ (0.05) $ — $ (0.16) $ (0.23) Earnings per common share from discontinued operations – basic and diluted 0.10 0.07 0.10 0.10 NET EARNINGS (LOSS) PER COMMON SHARE – BASIC & DILUTED $ 0.05 $ 0.07 $ (0.06) $ (0.13)

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	6 Months Ended
	Oct. 31, 2017
SEGMENT REPORTING
Revenues and Net Operating Income for Reportable Segments	The revenues and NOI for these reportable segments are summarized as follows for the three- and six-month periods ended October 31, 2017 and 2016, along with reconciliations to the condensed consolidated financial statements. Segment assets are also reconciled to total assets as reported in the condensed consolidated financial statements. (in thousands) Three Months Ended October 31, 2017 Multifamily Healthcare All Other Amounts Not (1) Total Real estate revenue $ 39,734 $ 11,449 $ 2,738 $ — $ 53,921 Real estate expenses 18,888 4,373 698 1,338 25,297 Net operating income (loss) $ 20,846 $ 7,076 $ 2,040 $ (1,338) $ 28,624 Depreciation and amortization General and administrative 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 (4,932) Gain on sale of real estate and other investments Income from continuing operations 392 Income from discontinued operations Net income $ 13,139 (1) Consists of offsite costs for property management and casualty-related amounts, which are excluded in our assessment of segment performance. (in thousands) Three Months Ended October 31, 2016 Multifamily Healthcare All Other Amounts Not (1) Total Real estate revenue $ 36,187 $ 11,661 $ 2,761 $ — $ 50,609 Real estate expenses 15,566 4,151 730 1,126 21,573 Net operating income (loss) $ 20,621 $ 7,510 $ 2,031 $ (1,126) 29,036 Depreciation and amortization General and administrative expenses Interest expense Interest and other income Gain before loss on sale of real estate and other investments and income from discontinued operations 1,450 Loss on sale of real estate and other investments (103) Income from continuing operations 1,347 Income from discontinued operations 10,943 Net income $ 12,290 (in thousands) Six Months Ended October 31, 2017 Multifamily Healthcare All Other Amounts Not (1) Total Real estate revenue $ 78,164 $ 22,827 $ 5,665 — $ 106,656 Real estate expenses 36,353 8,658 1,491 3,045 49,547 Net operating income (loss) $ 41,811 $ 14,169 $ 4,174 (3,045) 57,109 Depreciation and amortization Impairment of real estate investments General and administrative 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 (18,895) Gain on sale of real estate and other investments Loss from continuing operations (13,447) Income from discontinued operations Net loss $ (140) (1) Consists of offsite costs for property management and casualty-related amounts, which are excluded in our assessment of segment performance. (in thousands) Six Months Ended October 31, 2016 Multifamily Healthcare All Other Amounts Not (1) Total Real estate revenue $ 71,229 $ 23,202 $ 5,789 $ — $ 100,220 Real estate expenses 30,445 8,343 1,456 2,963 43,207 Net operating income (loss) $ 40,784 $ 14,859 $ 4,333 $ (2,963) 57,013 Depreciation and amortization Impairment of real estate investments General and administrative expenses Interest expense Interest and other income Loss before gain on sale of real estate and other investments (52,670) Gain on sale of real estate and other investments 8,855 Loss from continuing operations (43,815) Income from discontinued operations Net loss $ (28,304) (1) Consists of offsite costs for property management and casualty-related amounts, which are excluded in our assessment of segment performance.
Segment Assets and Accumulated Depreciation	Segment assets are summarized as follows as of October 31, 2017, and April 30, 2017, along with reconciliations to the condensed consolidated financial statements: (in thousands) As of October 31, 2017 Multifamily Healthcare All Other Total Segment assets Property owned $ 1,409,598 $ 321,863 $ 99,720 $ 1,831,181 Less accumulated depreciation (269,976) (91,948) (22,478) (384,402) Total property owned $ 1,139,622 $ 229,915 $ 77,242 $ 1,446,779 Cash and cash equivalents Mortgage loans receivable Receivables and other assets 36,239 Unimproved land Total Assets $ 1,551,027 (in thousands) As of April 30, 2017 Multifamily Healthcare All Other Total Segment assets Property owned $ 1,251,716 $ 323,148 $ 102,617 $ 1,677,481 Less accumulated depreciation (232,183) (86,139) (22,095) (340,417) Total property owned $ 1,019,533 $ 237,009 $ 80,522 $ 1,337,064 Assets held for sale and assets from discontinued operations Cash and cash equivalents 28,819 Receivables and other assets 52,468 Unimproved land 18,455 Total Assets $ 1,474,514

DISCONTINUED OPERATIONS (Tables

DISCONTINUED OPERATIONS (Tables)	6 Months Ended
	Oct. 31, 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 sales of properties classified as discontinued operations for the three and six months ended October 31, 2017 and 2016: (in thousands) Three Months Ended Six Months Ended October 31, October 31, 2017 2016 2017 2016 REVENUE Real estate rentals $ 683 $ 4,992 $ 1,473 $ 10,002 Tenant reimbursement — 112 — 226 TRS senior housing revenue — 916 — 1,789 TOTAL REVENUE 683 6,020 1,473 12,017 EXPENSES Real estate taxes — (112) — — Depreciation and amortization — — — 16 TRS senior housing expenses — 769 — 1,553 Other expenses 15 — 15 — TOTAL EXPENSES 15 657 15 1,569 Operating income 668 5,363 1,458 10,448 Interest expense (279) (1,395) (1,100) (2,769) Gain/loss on extinguishment of debt (6) (72) (6) (72) Interest income 117 — 661 — Other income 9 0 56 0 Income from discontinued operations before gain on sale 509 3,896 1,069 7,607 Gain on sale of discontinued operations 12,238 6,503 12,238 6,503 INCOME FROM DISCONTINUED OPERATIONS $ 12,747 $ 10,399 $ 13,307 $ 14,110
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) October 31, 2017 April 30, 2017 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 Receivable arising from straight-lining of rents — 2,283 Goodwill — 14 Total major classes of assets of the discontinued operations — 23,629 Other assets included in the disposal group classified as held for sale — 14,079 Total assets of the disposal group classified as held for sale on the balance sheet $ — $ 37,708 Carrying amounts of major classes of liabilities included as part of discontinued operations Accounts payable and accrued expenses $ — $ 52 Mortgages payable — 16,226 Other — 7,900 Total major classes of liabilities of the discontinued operations — 24,178 Other liabilities included in the disposal group classified as held for sale — 5,884 Total liabilities of the disposal group classified as held for sale on the balance sheet $ — $ 30,062

ACQUISITIONS, DEVELOPMENT PRO26

ACQUISITIONS, DEVELOPMENT PROJECTS PLACED IN SERVICE AND DISPOSITIONS (Tables)	6 Months Ended
	Oct. 31, 2017
ACQUISITIONS, DEVELOPMENT PROJECTS PLACED IN SERVICE AND DISPOSITIONS [Abstract]
Acquisitions	Our acquisitions during the six months ended October 31, 2017 are detailed below. Six Months Ended October 31, 2017 (in thousands) Total Form of Investment Allocation Date Acquisition Intangible Acquisitions Acquired Cost Cash Land Building Assets Multifamily 191 unit - Oxbo - St. Paul, MN (1) May 26, 2017 $ $ $ $ $ 500 unit - Park Place - Plymouth, MN September 13, 2017 Total Property Acquisitions $ $ $ $ $ (1) Property includes 11,477 sq ft of retail space.
Development Projects Placed in Service	The Operating Partnership placed $0 and $72.3 million of development projects in service during the six months ended October 31, 2017 and 2016, respectively, as detailed below. Six Months Ended October 31, 2016 (in thousands) Date Placed Development Development Projects Placed in Service in Service Land Building Cost Multifamily 241 unit - 71 France - Edina, MN (1) May 1, 2016 $ $ $ Total Development Projects Placed in Service $ $ $ (1) Costs paid in fiscal years 2015 and 2016 totaled $70.9 million. Additional costs incurred in fiscal year 2017 totaled $1.4 million, for a total project cost at October 31, 2016 of $72.3 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.
Schedule of Dispositions	The following table details our dispositions for the six months ended October 31, 2017 and 2016: Six Months Ended October 31, 2017 (in thousands) Date Book Value Dispositions Disposed Sales Price and Sales Cost Gain/(Loss) Multifamily 327 unit - 13 Multifamily properties - Minot, ND (1) August 22, 2017 $ $ $ (2) Healthcare 17,640 sq ft 1440 Duckwood Medical - Eagan, MN August 24, 2017 279,834 sq ft Edgewood Vista Hermantown I & II - Hermantown, MN October 19, 2017 Other 4,998 sq ft Minot Southgate Wells Fargo Bank - Minot, ND May 15, 2017 90,260 sq ft Lexington Commerce Center - Eagan, MN August 22, 2017 Unimproved Land Bismarck 4916 Unimproved Land - Bismarck, ND August 8, 2017 Total Property Dispositions $ $ $ (1) These properties include: 4th Street 4 Plex, 11th Street 3 Plex, Apartments on Main, Brooklyn Heights, Colton Heights, Fairmont, First Avenue (Apartments and Office), Pines, Southview, Summit Park, Temple (includes 17 South Main Retail), Terrace Heights and Westridge. (2) Approximately $626,000 of the gain on sale was deferred. See Note 2 for additional information on the related mortgage note receivable. Six Months Ended October 31, 2016 (in thousands) Date Book Value Dispositions Disposed Sales Price and Sales Cost Gain/(Loss) Healthcare 189,244 sq ft 8 Idaho Spring Creek Senior Housing Properties (1) October 31, 2016 $ $ $ Other 195,075 sq ft Stone Container - Fargo, ND July 25, 2016 Unimproved Land Georgetown Square Unimproved Land - Grand Chute, WI May 6, 2016 Total Property Dispositions $ $ $ (1) These properties include: 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.

DEBT (Tables)

DEBT (Tables)	6 Months Ended
	Oct. 31, 2017
DEBT
Aggregate Amount of Required Future Principal Payments on Mortgages Payable	The aggregate amount of required future principal payments on mortgages payable as of October 31, 2017, is as follows: (in thousands) Mortgage Loans on Properties Held for Year Ended April 30, Investment 2018 $ 21,398 2019 100,313 2020 92,258 2021 128,352 2022 86,812 Thereafter 229,832 Total payments $ 658,965

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Oct. 31, 2017
FAIR VALUE MEASUREMENTS [Abstract]
Fair Value Measurements on a Nonrecurring Basis	The aggregate fair value of these assets by their levels in the fair value hierarchy is 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 (1) Represents only the portion of real estate held for sale that was written-down to estimated fair value.
Estimated Fair Values of Financial Instruments	The estimated fair values of our financial instruments as of October 31, 2017, and April 30, 2017, are as follows: (in thousands) October 31, 2017 April 30, 2017 Carrying Amount Fair Value Carrying Amount Fair Value FINANCIAL ASSETS Cash and cash equivalents $ 42,464 $ 42,464 $ 28,819 $ 28,819 FINANCIAL LIABILITIES Other debt, including other debt related to assets held for sale 21,561 21,561 49,637 49,637 Lines of credit 247,500 247,500 57,050 57,050 Mortgages payable 658,965 667,646 665,440 680,941 Mortgages payable related to assets held for sale — — 21,803 21,861

REDEEMABLE NONCONTROLLING INT29

REDEEMABLE NONCONTROLLING INTERESTS (Tables)	6 Months Ended
	Oct. 31, 2017
REDEEMABLE NONCONTROLLING INTERESTS [Abstract]
Redeemable Noncontrolling Interest	Below is a table reflecting the activity of the redeemable noncontrolling interests. (in thousands) Balance at April 30, 2017 $ 7,181 Net income (369) Balance at October 31, 2017 $ 6,812

ORGANIZATION (Details)

ORGANIZATION (Details) ft² in Millions	Oct. 31, 2017ft²propertyitem
Real Estate Properties [Line Items]
Net rentable area (in square feet) | ft²	2.5
Multi-family Residential Properties [Member]
Real Estate Properties [Line Items]
Number of real estate properties	89
Number of apartment units | item	13,576
Commercial Properties [Member]
Real Estate Properties [Line Items]
Number of real estate properties	40
Commercial Properties [Member] | Medical Property [Member]
Real Estate Properties [Line Items]
Number of real estate properties	28
Commercial Properties [Member] | Other Property [Member]
Real Estate Properties [Line Items]
Number of real estate properties	12

BASIS OF PRESENTATION AND SIG31

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Recent Accounting Pronouncements (Details)	Oct. 31, 2017USD ($)
Oxbo and Park Place
Business Acquisition [Line Items]
Acquisition costs capitalized	$ 245,000

BASIS OF PRESENTATION AND SIG32

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Real Estate Properties (Details)	6 Months Ended
	Oct. 31, 2017USD ($)	Oct. 31, 2016USD ($)property	Apr. 30, 2017USD ($)
RECENT ACCOUNTING PRONOUNCEMENTS
Property owned	$ 1,831,181,000		$ 1,677,481,000
IMPAIRMENT OF LONG-LIVED ASSETS [Abstract]
Impairment of real estate investments	256,000	$ 54,153,000
LENDER HOLDBACKS
Decrease in lender holdbacks for improvements	1,444,000	1,925,000
Increase in lender holdbacks for improvements	513,000	614,000
Unimproved Land [Member] | Williston, ND - property [Member]
IMPAIRMENT OF LONG-LIVED ASSETS [Abstract]
Impairment of real estate investments		$ 2,800,000
Number of impaired properties | property		1
Interest in joint venture (as a percent)		70.00%
Multi-Family Residential [Member] | Williston, ND - property [Member]
IMPAIRMENT OF LONG-LIVED ASSETS [Abstract]
Number of impaired properties | property		3
Multi-Family Residential [Member] | Williston, ND - property 1 [Member]
IMPAIRMENT OF LONG-LIVED ASSETS [Abstract]
Impairment of real estate investments		$ 40,900,000
Interest in joint venture (as a percent)		71.50%
Multi-Family Residential [Member] | Williston, ND - property 2 [Member]
IMPAIRMENT OF LONG-LIVED ASSETS [Abstract]
Impairment of real estate investments		$ 5,800,000
Multi-Family Residential [Member] | Williston, ND - property 3 [Member]
IMPAIRMENT OF LONG-LIVED ASSETS [Abstract]
Impairment of real estate investments		$ 4,700,000
Interest in joint venture (as a percent)		60.00%
Assets Held for Sale [Member] | Unimproved Land [Member]
IMPAIRMENT OF LONG-LIVED ASSETS [Abstract]
Impairment of real estate investments	$ 256,000

BASIS OF PRESENTATION AND SIG33

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Reclassifications, Proceeds from Financing Liability and Variable Interest Entity (Details)	1 Months Ended	3 Months Ended			6 Months Ended		12 Months Ended
	Aug. 31, 2017USD ($)property	Oct. 31, 2017USD ($)$ / shares	Jul. 31, 2017USD ($)$ / shares	Oct. 31, 2016USD ($)$ / shares	Oct. 31, 2017USD ($)segmentproperty$ / shares	Oct. 31, 2016USD ($)$ / shares	Apr. 30, 2017property	Apr. 30, 2016segment	Jul. 01, 2017USD ($)
CHANGE IN DEPRECIABLE LIVES OF REAL ESTATE ASSETS [Abstract]
Number of reportable segments | segment					2			5
Net income (loss) available to common shareholders		$ 6,360,000		$ 8,722,000	$ (7,190,000)	$ (15,800,000)
Net income (loss) per common share - basic & diluted (in dollars per share) | $ / shares		$ 0.05		$ 0.07	$ (0.06)	$ (0.13)
Proceeds From Financing Liability [Abstract]
Mortgage loans receivable		$ 10,329,000			$ 10,329,000
Interest income		199,000		$ 56,000	220,000	$ 84,000
NOTES RECEIVABLE
Loan commitment		10,100,000			$ 10,100,000				$ 16,200,000
Discontinued Operations, Held-for-sale [Member]
CHANGE IN DEPRECIABLE LIVES OF REAL ESTATE ASSETS [Abstract]
Number of real estate properties classified as held for sale in discontinued operations | property					0		0
Discontinued Operations, Disposed of by Sale [Member]
Proceeds From Financing Liability [Abstract]
Interest income		117,000			$ 661,000
Service Life [Member]
CHANGE IN DEPRECIABLE LIVES OF REAL ESTATE ASSETS [Abstract]
Depreciation expense					20,300,000
Net income (loss) available to common shareholders					$ (20,300,000)
Net income (loss) per common share - basic & diluted (in dollars per share) | $ / shares					$ (0.15)
Service Life [Member] | Minimum [Member]
CHANGE IN DEPRECIABLE LIVES OF REAL ESTATE ASSETS [Abstract]
Estimated useful lives					10 years		20 years
Service Life [Member] | Maximum [Member]
CHANGE IN DEPRECIABLE LIVES OF REAL ESTATE ASSETS [Abstract]
Estimated useful lives					30 years		40 years
Property with Previous Nine Year Life [Member] | Service Life [Member] | Minimum [Member]
CHANGE IN DEPRECIABLE LIVES OF REAL ESTATE ASSETS [Abstract]
Estimated useful lives					5 years
Property with Previous Nine Year Life [Member] | Service Life [Member] | Maximum [Member]
CHANGE IN DEPRECIABLE LIVES OF REAL ESTATE ASSETS [Abstract]
Estimated useful lives					10 years
Fully Depreciated Property [Member] | Service Life [Member]
CHANGE IN DEPRECIABLE LIVES OF REAL ESTATE ASSETS [Abstract]
Depreciation expense			$ 9,000,000
Net income (loss) per common share - basic & diluted (in dollars per share) | $ / shares			$ 0.07
Multi-Family Residential [Member]
Proceeds From Financing Liability [Abstract]
Interest rate (in hundredths)					6.00%
NOTES RECEIVABLE
Loan commitment									$ 16,200,000
Notes receivable		6,100,000			$ 6,100,000
Multi-Family Residential [Member] | Discontinued Operations, Disposed of by Sale [Member]
Proceeds From Financing Liability [Abstract]
Number of real estate properties sold | property	13
Mortgage loans receivable	$ 11,000,000
Deferred gain on sale of properties	$ 626,000
Interest rate (in hundredths)	5.50%
Interest income		$ 119,000

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2017	Oct. 31, 2016	Oct. 31, 2017	Oct. 31, 2016
EARNINGS PER SHARE [Abstract]
Ratio of units exchanged for shares			one-for-one
Minimum holding period			1 year
NUMERATOR [Abstract]
(Loss) income from continuing operations – controlling interests	$ 1,446	$ 2,426	$ (10,317)	$ (22,488)
Income from discontinued operations – controlling interests	11,375	9,174	11,874	12,445
Net income (loss) attributable to controlling interests	12,821	11,600	1,557	(10,043)
Dividends to preferred shareholders	(2,812)	(2,878)	(5,098)	(5,757)
Redemption of preferred shares	(3,649)		(3,649)
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS	6,360	8,722	(7,190)	(15,800)
Noncontrolling interests - Operating Partnership	773	1,174	(871)	(2,122)
Numerator for diluted (loss) earnings per share	$ 7,133	$ 9,896	$ (8,061)	$ (17,922)
DENOMINATOR [Abstract]
Denominator for basic earnings per share weighted average shares (in shares)	120,144	121,154	120,282	121,135
Effect of convertible operating partnership units (in shares)	14,623	16,264	14,912	16,276
Denominator for diluted earnings per share (in shares)	134,767	137,418	135,194	137,411
(Loss) earnings per common share from continuing operations - basic and diluted (in dollars per share)	$ (0.05)		$ (0.16)	$ (0.23)
Earnings per common share from discontinued operations - basic and diluted (in dollars per share)	0.10	$ 0.07	0.10	0.10
NET EARNINGS (LOSS) PER COMMON SHARE – BASIC & DILUTED	$ 0.05	$ 0.07	$ (0.06)	$ (0.13)

EQUITY - Equity Awards (Details

EQUITY - Equity Awards (Details) - USD ($)	3 Months Ended				6 Months Ended
	Oct. 31, 2017	Jul. 31, 2017	Oct. 31, 2016	Jul. 31, 2016	Oct. 31, 2017
Equity
Units converted to common stock (in shares)	39,622		0		999,529
Aggregate cost of stock conversion	$ 246,524				$ 6,000,000
Average price of shares issued (in dollars per share)	$ 6.22				$ 5.98
2015 Incentive Plan [Member]
Equity
Equity awards issued (in shares)	0	75,000	120,792	378,000
Total grant-date value shares issued		$ 445,000	$ 502,000	$ 1,400,000

EQUITY - Share Repurchase Progr

EQUITY - Share Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Millions	Dec. 05, 2017	Dec. 07, 2016	Oct. 31, 2017
Share Repurchase Program
Repurchase period		1 year
Remaining authorized repurchase amount			$ 39.2
Share Repurchase Program [Member]
Share Repurchase Program
Aggregate gross sales price of common share of beneficial interest allowed to be repurchased		$ 50
Shares repurchased and retired (in shares)			398,000
Aggregate cost of common shares repurchased and retired			$ 2.3
Share price (in dollars per share)			$ 5.82
Share Repurchase Program [Member] | Subsequent Event [Member]
Share Repurchase Program
Repurchase period	1 year

EQUITY - Issuance and Redemptio

EQUITY - Issuance and Redemption of Preferred Shares (Details)	3 Months Ended
	Oct. 31, 2017shares
Series C Preferred Stock [Member]
Issuance of Series C Preferred Shares and Redemption of Series B Preferred Shares
Preferred shares issued (in shares)	4,118,460
Distribution rate percentage (in hundredths)	6.625%
Series B Preferred Stock [Member]
Issuance of Series C Preferred Shares and Redemption of Series B Preferred Shares
Stock Redeemed or Called During Period, Shares	4,600,000
Distribution rate percentage (in hundredths)	7.95%

SEGMENT REPORTING (Details)

SEGMENT REPORTING (Details) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Oct. 31, 2017USD ($)	Oct. 31, 2016USD ($)	Oct. 31, 2017USD ($)segment	Oct. 31, 2016USD ($)	Apr. 30, 2016USD ($)segment	Apr. 30, 2017USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment			2		5
Segment revenues and net operating income [Abstract]
Real estate revenue	$ 53,921	$ 50,609	$ 106,656	$ 100,220
Real estate expenses	25,297	21,573	49,547	43,207
Net operating income (loss)	28,624	29,036	57,109	57,013
Depreciation/amortization	(20,694)	(13,531)	(49,621)	(27,798)
Impairment of real estate investments			(256)	(54,153)
General and administrative expenses	(3,118)	(3,522)	(7,120)	(7,023)
Interest expense	(9,666)	(10,626)	(18,961)	(20,990)
Loss on extinguishment of debt	(334)		(533)
Interest and other income	256	93	487	281
(Loss) income before gain (loss) on sale of real estate and other investments and income from discontinued operations	(4,932)	1,450	(18,895)	(52,670)
Gain (loss) on sale of real estate and other investments	5,324	(103)	5,448	8,855
Income (loss) from continuing operations	392	1,347	(13,447)	(43,815)
Income (loss) from discontinued operations	12,747	10,943	13,307	15,511
NET INCOME (LOSS)	13,139	12,290	(140)	(28,304)
Segment Assets [Abstract]
Property owned	1,831,181		1,831,181			$ 1,677,481
Less accumulated depreciation	(384,402)		(384,402)			(340,417)
Total property owned	1,446,779		1,446,779			1,337,064
Assets held for sale and assets of discontinued operations						37,708
Cash and cash equivalents	42,464	68,729	42,464	68,729	$ 66,698	28,819
Mortgage loans receivable	10,329		10,329
Receivables and other assets	36,239		36,239			52,468
Unimproved land	15,216		15,216			18,455
TOTAL ASSETS	1,551,027		1,551,027			1,474,514
Amounts Not Allocated to Segments [Member]
Segment revenues and net operating income [Abstract]
Real estate expenses	1,338	1,126	3,045	2,963
Net operating income (loss)	(1,338)	(1,126)	(3,045)	(2,963)
Multi-Family Residential [Member] | Operating Segments [Member]
Segment revenues and net operating income [Abstract]
Real estate revenue	39,734	36,187	78,164	71,229
Real estate expenses	18,888	15,566	36,353	30,445
Net operating income (loss)	20,846	20,621	41,811	40,784
Segment Assets [Abstract]
Property owned	1,409,598		1,409,598			1,251,716
Less accumulated depreciation	(269,976)		(269,976)			(232,183)
Total property owned	1,139,622		1,139,622			1,019,533
Healthcare [Member] | Operating Segments [Member]
Segment revenues and net operating income [Abstract]
Real estate revenue	11,449	11,661	22,827	23,202
Real estate expenses	4,373	4,151	8,658	8,343
Net operating income (loss)	7,076	7,510	14,169	14,859
Segment Assets [Abstract]
Property owned	321,863		321,863			323,148
Less accumulated depreciation	(91,948)		(91,948)			(86,139)
Total property owned	229,915		229,915			237,009
All Other [Member] | Operating Segments [Member]
Segment revenues and net operating income [Abstract]
Real estate revenue	2,738	2,761	5,665	5,789
Real estate expenses	698	730	1,491	1,456
Net operating income (loss)	2,040	$ 2,031	4,174	$ 4,333
Segment Assets [Abstract]
Property owned	99,720		99,720			102,617
Less accumulated depreciation	(22,478)		(22,478)			(22,095)
Total property owned	$ 77,242		$ 77,242			$ 80,522

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2017USD ($)ft²propertyitem	Oct. 31, 2016USD ($)	Oct. 31, 2017USD ($)ft²propertyitem	Oct. 31, 2016USD ($)	Jul. 01, 2017USD ($)	Apr. 30, 2017USD ($)
Real Estate Properties [Line Items]
Property owned	$ 1,831,181		$ 1,831,181			$ 1,677,481
Total gross rental revenue from properties subject to purchase options	48,702	$ 45,859	96,349	$ 90,844
Loan commitment	$ 10,100		$ 10,100		$ 16,200
Subject to Restrictions on Taxable Dispositions [Member]
Real Estate Properties [Line Items]
Number of properties | property	28		28
Area of real estate property | ft²	472,000		472,000
Number of apartment units | item	3,438		3,438
Real estate investment amount of properties (net of accumulated depreciation)	$ 323,700		$ 323,700

DISCONTINUED OPERATIONS - Prope

DISCONTINUED OPERATIONS - Properties Disposed of or Held for Sale (Details) - property	3 Months Ended	6 Months Ended	12 Months Ended
	Oct. 31, 2017	Oct. 31, 2017	Apr. 30, 2017	Apr. 30, 2016
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 sold	2		32
Discontinued Operations, Held-for-sale [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties classified as held for sale in discontinued operations		0	0
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 real estate properties classified as held for sale in discontinued operations				34

DISCONTINUED OPERATIONS - Effec

DISCONTINUED OPERATIONS - Effect on Net Income from Properties Classified as Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2017	Oct. 31, 2016	Oct. 31, 2017	Oct. 31, 2016
REVENUE [Abstract]
Real estate rentals	$ 48,702	$ 45,859	$ 96,349	$ 90,844
Tenant reimbursement	5,219	4,750	10,307	9,376
TOTAL REVENUE	53,921	50,609	106,656	100,220
EXPENSES [Abstract]
Depreciation and amortization	20,694	13,531	49,621	27,798
TOTAL EXPENSES	49,109	38,626	106,544	132,181
Interest expense	(9,666)	(10,626)	(18,961)	(20,990)
Gain/loss on extinguishment of debt	(334)		(533)
Interest income	199	56	220	84
Other income	57	37	267	197
Gain on sale of discontinued operations			17,686	15,358
INCOME FROM DISCONTINUED OPERATIONS	12,747	10,943	13,307	15,511
Discontinued Operations, Disposed of by Sale [Member]
REVENUE [Abstract]
Real estate rentals	683	4,992	1,473	10,002
Tenant reimbursement		112		226
TRS senior housing revenue		916		1,789
TOTAL REVENUE	683	6,020	1,473	12,017
EXPENSES [Abstract]
Real estate taxes		(112)
Depreciation and amortization				16
TRS senior housing expenses		769		1,553
Other expenses	15		15
TOTAL EXPENSES	15	657	15	1,569
Operating income	668	5,363	1,458	10,448
Interest expense	(279)	(1,395)	(1,100)	(2,769)
Gain/loss on extinguishment of debt	(6)	(72)	(6)	(72)
Interest income	117		661
Other income	9	0	56	0
Income from discontinued operations before gain on sale	509	3,896	1,069	7,607
Gain on sale of discontinued operations	12,238	6,503	12,238	6,503
INCOME FROM DISCONTINUED OPERATIONS	$ 12,747	$ 10,399	$ 13,307	$ 14,110

DISCONTINUED OPERATIONS - Recon

DISCONTINUED OPERATIONS - Reconciliation of Assets and Liabilities of Discontinued Operations (Details) $ in Thousands	Apr. 30, 2017USD ($)
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
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
Receivable arising from straight-lining of rents	2,283
Goodwill	14
Total major classes of assets of the discontinued operations	23,629
Other assets included in the disposal group classified as held for sale	14,079
Total assets of the disposal groups classified as held for sale on the balance sheet	37,708
Carrying amounts of major classes of liabilities included as part of discontinued operations [Abstract]
Accounts payable and accrued expenses	52
Mortgages payable	16,226
Other	7,900
Total major classes of liabilities of the discontinued operations	24,178
Other liabilities included in the disposal group classified as held for sale	5,884
Total liabilities of the disposal groups classified as held for sale on the balance sheet	$ 30,062

ACQUISITIONS, DEVELOPMENT PRO43

ACQUISITIONS, DEVELOPMENT PROJECTS PLACED IN SERVICE AND DISPOSITIONS - ACQUISITIONS (Details) - Acquisitions Member $ in Thousands	6 Months Ended
	Oct. 31, 2017USD ($)ft²item	Oct. 31, 2016USD ($)
Acquisitions and development projects placed in service [Abstract]
Total acquisition costs	$ 153,750	$ 0
Form of consideration, cash	153,750
Investment allocation, land	16,418
Investment allocation, building	135,621
Investment allocation, intangible assets	$ 1,711
Multi-Family Residential [Member] | 191 unit - Oxbo - St. Paul, MN [Member]
Acquisitions and development projects placed in service [Abstract]
Date acquired	May 26, 2017
Total acquisition costs	$ 61,500
Form of consideration, cash	61,500
Investment allocation, land	5,809
Investment allocation, building	54,910
Investment allocation, intangible assets	$ 781
Number of apartment units | item	191
Area of real estate property | ft²	11,477
Multi-Family Residential [Member] | 500 unit - Park Place - Plymouth, MN [Member]
Acquisitions and development projects placed in service [Abstract]
Date acquired	Sep. 13, 2017
Total acquisition costs	$ 92,250
Form of consideration, cash	92,250
Investment allocation, land	10,609
Investment allocation, building	80,711
Investment allocation, intangible assets	$ 930
Number of apartment units | item	500

ACQUISITIONS, DEVELOPMENT PRO44

ACQUISITIONS, DEVELOPMENT PROJECTS PLACED IN SERVICE AND DISPOSITIONS - DEVELOPMENT PROJECTS PLACED IN SERVICE (Details) - Development Projects Placed in Service [Member] $ in Thousands	6 Months Ended	12 Months Ended	24 Months Ended
	Oct. 31, 2016USD ($)item	Apr. 30, 2017USD ($)	Apr. 30, 2016USD ($)	Oct. 31, 2017USD ($)
Business Acquisition [Line Items]
Land	$ 4,721
Building	67,555
Development cost	$ 72,276			$ 0
Multi-Family Residential [Member] | 71 France - Edina, MN [Member]
Business Acquisition [Line Items]
Date placed in service	May 1, 2016
Land	$ 4,721
Building	67,555
Development cost	$ 72,276
Number of apartment units | item	241
Development costs paid		$ 1,400	$ 70,900
Interest in joint venture (in hundredths)				52.60%

ACQUISITIONS, DEVELOPMENT PRO45

ACQUISITIONS, DEVELOPMENT PROJECTS PLACED IN SERVICE AND DISPOSITIONS - PROPERTY DISPOSITIONS (Details) - Disposed of by Sale [Member]	3 Months Ended		6 Months Ended
	Oct. 31, 2017USD ($)ft²propertyitem	Oct. 31, 2016USD ($)ft²property	Oct. 31, 2017USD ($)ft²item	Oct. 31, 2016USD ($)ft²property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale price	$ 63,400,000	$ 43,900,000	$ 66,862,000	$ 57,550,000
Book value and sales cost			48,577,000	42,089,000
Gain/(Loss)			18,285,000	$ 15,461,000
Multi-Family Residential [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold | property	13
Deferred gain on sale of properties	$ 626,000		$ 626,000
Multi-Family Residential [Member] | 327 unit Multifamily - Minot, ND [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Date disposed			Aug. 22, 2017
Sale price			$ 12,263,000
Book value and sales cost			11,562,000
Gain/(Loss)			$ 701,000
Units | item	327		327
Healthcare [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale price			$ 38,984,000
Book value and sales cost			26,532,000
Gain/(Loss)			$ 12,452,000
Number of properties sold | property	3	8
Healthcare [Member] | Eagan 1440 Duckwood Medical - Eagan, MN [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Date disposed			Aug. 24, 2017
Sale price			$ 2,100,000
Book value and sales cost			1,886,000
Gain/(Loss)			$ 214,000
Area of real estate property | ft²	17,640		17,640
Healthcare [Member] | Edgewood Vista - Hermantown, MN [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Date disposed			Oct. 19, 2017
Sale price			$ 36,884,000
Book value and sales cost			24,646,000
Gain/(Loss)			$ 12,238,000
Area of real estate property | ft²	279,834		279,834
Healthcare [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				$ 43,900,000
Book value and sales cost				37,397,000
Gain/(Loss)				$ 6,503,000
Number of properties sold | property				8
Area of real estate property | ft²		189,244		189,244
Industrial [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold | property	1
Other [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale price			$ 12,440,000
Book value and sales cost			7,295,000
Gain/(Loss)			$ 5,145,000
Other [Member] | Minot Southgate Retail - Minot, ND [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Date disposed			May 15, 2017
Sale price			$ 3,440,000
Book value and sales cost			3,332,000
Gain/(Loss)			$ 108,000
Area of real estate property | ft²	4,998		4,998
Other [Member] | Lexington Commerce Center - Eagan, MN [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Date disposed			Aug. 22, 2017
Sale price			$ 9,000,000
Book value and sales cost			3,963,000
Gain/(Loss)			$ 5,037,000
Area of real estate property | ft²	90,260		90,260
Other [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				$ 13,400,000
Book value and sales cost				4,418,000
Gain/(Loss)				$ 8,982,000
Area of real estate property | ft²		195,075		195,075
Unimproved Land [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold | property	1
Unimproved Land [Member] | Bismarck 4916 - Bismarck, ND [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Date disposed			Aug. 8, 2017
Sale price			$ 3,175,000
Book value and sales cost			3,188,000
Gain/(Loss)			$ (13,000)
Unimproved Land [Member] | Grand Chute, Wisconsin, Unimproved Land [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Date disposed				May 6, 2016
Sale price				$ 250,000
Book value and sales cost				274,000
Gain/(Loss)				$ (24,000)

DEBT (Details)

DEBT (Details) $ in Thousands	6 Months Ended
	Oct. 31, 2017USD ($)loan	Apr. 30, 2017USD ($)
Aggregate amount of required future principal payments on mortgages payable [Abstract]
Total payments	$ 655,903	$ 661,960
Mortgages Payable [Member]
Debt Instrument [Line Items]
Mortgages maturity date range, end	Jul. 1, 2036
Number of loans in default | loan	0
Fixed rate mortgages	$ 593,900	629,500
Variable rate mortgages	$ 65,100	$ 57,700
Weighted average interest rate (in hundredths)	4.67%	4.71%
Mortgage indebtness	$ 659,000
Aggregate amount of required future principal payments on mortgages payable [Abstract]
2018 (remainder)	21,398
2,019	100,313
2,020	92,258
2,021	128,352
2,022	86,812
Thereafter	229,832
Total payments	$ 658,965
Mortgages Payable [Member] | Minimum [Member]
Debt Instrument [Line Items]
Interest rate on mortgages payable (in hundredths)	3.47%
Mortgages Payable [Member] | Maximum [Member]
Debt Instrument [Line Items]
Interest rate on mortgages payable (in hundredths)	6.66%

DEBT - Line of Credit (Details)

DEBT - Line of Credit (Details) - Line of Credit [Member] - BMO Line of Credit [Member] $ in Millions	Oct. 31, 2017USD ($)
LINE OF CREDIT [Abstract]
Amount available	$ 300
Borrowing capacity	300
Amount outstanding	$ 247.5

DEBT - Construction debt (Detai

DEBT - Construction debt (Details) - Construction Debt [Member] - USD ($) $ in Millions	Oct. 31, 2017	Apr. 30, 2017
Construction debt
Carrying principal balance	$ 21.6	$ 41.7
Variable interest rate (in hundredths)	3.58%	3.27%

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2017	Oct. 31, 2017
FINANCIAL LIABILITIES [Abstract]
Mortgages payable	$ 661,960	$ 655,903
Carrying Amount [Member]
FINANCIAL ASSETS [Abstract]
Cash and cash equivalents	28,819	42,464
FINANCIAL LIABILITIES [Abstract]
Other debt	49,637	21,561
Lines of credit	57,050	247,500
Mortgages payable	665,440	658,965
Mortgages payable related to assets held for sale	21,803
Fair Value [Member]
FINANCIAL ASSETS [Abstract]
Cash and cash equivalents	28,819	42,464
FINANCIAL LIABILITIES [Abstract]
Other debt	49,637	21,561
Lines of credit	57,050	247,500
Mortgages payable	680,941	$ 667,646
Mortgages payable related to assets held for sale	21,861
Nonrecurring [Member]
Fair Value Measurements on a Nonrecurring Basis [Abstract]
Real estate investments	506
Real estate held for sale	$ 10,891
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

REDEEMABLE NONCONTROLLING INT50

REDEEMABLE NONCONTROLLING INTERESTS (Details) $ in Thousands	6 Months Ended
	Oct. 31, 2017USD ($)
REDEEMABLE NONCONTROLLING INTERESTS [Abstract]
Balance at beginning of fiscal year	$ 7,181
Net income	(369)
Balance at close of fiscal year	$ 6,812

SHARE BASED COMPENSATION (Detai

SHARE BASED COMPENSATION (Details) - USD ($)	Jun. 21, 2017	May 01, 2017	Oct. 31, 2017	Oct. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense			$ 751,000	$ 865,000
2015 Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares (in shares)			4,250,000
Term of award			10 years
2015 Incentive Plan [Member] | 2018 LTIP Awards [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	57,693	16,447
Restricted shares vesting percentage	33.00%	33.00%
2015 Incentive Plan [Member] | 2018 LTIP Awards [Member] | Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	57,693
Total unvested restricted share awards (in shares)	115,386
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Volatility rate (in hundredths)	27.30%
Risk-free interest rate (in hundredths)	1.48%
Expected life	2 years 10 months 10 days
Share price (in dollars per share)	$ 6.15
2015 Incentive Plan [Member] | 2018 LTIP Awards [Member] | Relative TSR Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	57,693

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Subsequent Event [Member] $ in Millions	Dec. 01, 2017USD ($)propertyitem	Nov. 30, 2017USD ($)property	Nov. 28, 2017USD ($)item	Nov. 22, 2017USD ($)
Line of Credit [Member] | BMO Line of Credit [Member]
Subsequent Event [Line Items]
Loan amount			$ 70
Line of Credit [Member] | BMO Line of Credit [Member] | Minimum [Member]
Subsequent Event [Line Items]
Number of hedge instruments | item			1
Discontinued Operations, Held-for-sale [Member]
Subsequent Event [Line Items]
Sales price of pending disposition		$ 417.5
Multi-Family Residential [Member]
Subsequent Event [Line Items]
Number of apartment units | item			274
Total acquisition costs			$ 90.6
Multi-Family Residential [Member] | Discontinued Operations, Disposed of by Sale [Member]
Subsequent Event [Line Items]
Number of properties | property	2
Number of apartment units | item	64
Sale price	$ 6.7
Industrial [Member] | Discontinued Operations, Disposed of by Sale [Member]
Subsequent Event [Line Items]
Sale price			$ 18.7	$ 16.7
Healthcare [Member] | Discontinued Operations, Held-for-sale [Member]
Subsequent Event [Line Items]
Number of properties | property		28
Office Property [Member] | Discontinued Operations, Held-for-sale [Member]
Subsequent Event [Line Items]
Number of properties | property		1