SUBSEQUENT EVENTS

6 Months Ended

Oct. 31, 2011

Notes To Financial Statements [Abstract]

SUBSEQUENT EVENTS

NOTE 12 . SUBSEQUENT EVENTS

Common and Preferred Share Distributions.  On December 7, 2011, the Company's Board of Trustees declared a regular quarterly distribution of 13.00 cents per share and unit on the Company's common shares of beneficial interest and the limited partnership units of IRET Properties, payable January 13, 2012 to common shareholders and unitholders of record on January 2, 2012.  Also on December 7, 2011, the Company's Board of Trustees declared a distribution of 51.56 cents per share on the Company's preferred shares of beneficial interest, payable January 2, 2011 to preferred shareholders of record on December 20, 2011.

Completed Acquisition.  Subsequent to the end of the second quarter of fiscal year 2012, the Company closed on its acquisition of a 36-unit multi-family residential property in Isanti, Minnesota, for a purchase price of approximately $3.5 million, of which $2.2 million consisted of new mortgage debt on the property and approximately $780,000 was paid in cash, with the remainder paid in limited partnership units of the Operating Partnership, valued at $495,000.

Pending Acquisitions.  Subsequent to the end of the second quarter of fiscal year 2012, the Company signed purchase agreements for the acquisition of the following properties.  These pending acquisitions are subject to various closing conditions and accordingly no assurances can be given that these transactions will be completed: two multi-family residential projects in Grand Forks, North Dakota with a total of 84 units, for a purchase price totaling approximately $8.3 million, of which approximately $1.1 million would be paid through the issuance of limited partnership units of the Operating Partnership, with the remainder paid in cash; and a multi-family residential property in St. Cloud, Minnesota, with a total of 116 units, for a purchase prices of $7.9 million, to be paid in cash.

Increase in Funding Commitment.  Subsequent to the end of the second quarter of fiscal year 2012, the Bank of North Dakota, a participant in the Company's revolving multi-bank line of credit with First International Bank and Trust, Watford City, North Dakota as lead bank, confirmed its agreement to increase its commitment from $12.0 million to $22.0 million.  This line of credit is now at its previously-announced full commitment capacity of $60.0 million.  As of December 12, 2011, the Company had borrowed $49.0 million under the line of credit.