EQUITY

6 Months Ended

Oct. 31, 2011

Notes To Financial Statements [Abstract]

Equity

NOTE 4 . EQUITY

During the six months ended October 31, 2011, the Company sold no common shares under its continuous offering program with Robert W. Baird & Co., Incorporated ("Baird") as sales agent.  During the six months ended October 31, 2010, the Company sold 1.8 million common shares under this program, for net proceeds of approximately $15.0 million, before offering expenses but after underwriting discounts.  As of October 31, 2011, the three-year life of the shelf registration statement under which the Company had reserved shares for issuance under this program, expired.  The Company has a currently-effective shelf registration statement under which it has registered common and preferred shares of beneficial interest with an aggregate public offering price of up to $150 million. The Company currently has no securities reserved for issuance under a continuous offering program.

During the six months ended October 31, 2011 and 2010, respectively, approximately 759,000 Units and 528,000 Units were converted to common shares, with a total value of approximately $3.5 million and $3.6 million included in equity. Approximately 46,000 common shares and 10,000 shares were issued under the Company's 401(k) plan during the six months ended October 31, 2011 and 2010, respectively, with a total value of approximately $330,000 and $86,000 included in equity. Under the Company's Distribution Reinvestment and Share Purchase Plan, approximately 2.3 million common shares and 766,000 common shares were issued during the six months ended October 31, 2011 and 2010, respectively, with a total value of $16.9 million and $6.3 million included in equity.