SUBSEQUENT EVENTS

6 Months Ended

Oct. 31, 2012

SUBSEQUENT EVENTS [Abstract]

SUBSEQUENT EVENTS

NOTE 12 • SUBSEQUENT EVENTS

Common and Preferred Share Distributions.  On December 5, 2012, 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 15, 2013, to shareholders and unitholders of record on January 2, 2013. Also on December 5, 2012, the Company's Board of Trustees declared a distribution of 51.56 cents per share on the Company's Series A preferred shares of beneficial interest, payable December 31, 2012 to Series A preferred shareholders of record on December 17, 2012, and declared a distribution of 49.68 cents per share on the Company's Series B preferred shares of beneficial interest, payable December 31, 2012 to Series B preferred shareholders of record on December 17, 2012.

Transfer of Listing.  On December 5, 2012, Company provided written notice to the NASDAQ Stock Market, LLC that the Company intends to voluntarily delist its common shares of beneficial interest and Series A preferred shares of beneficial interest from the NASDAQ Global Select Market (the "NASDAQ"), and intends to transfer the listing of its common shares and Series A preferred shares to the New York Stock Exchange ("NYSE"). The Company's common shares and Series A preferred shares have been approved for listing on the NYSE. The Company expects the last day of trading of its common shares and Series A preferred shares on NASDAQ to be on or about December 17, 2012, and expects its common shares and Series A preferred shares to begin trading on the NYSE on or about December 18, 2012, under the symbols "IRET" and "IRET PR," respectively. Until they begin trading on the NYSE, the Company's common shares and Series A preferred shares will remain trading on the NASDAQ.

Disposition.  On November 27, 2012, the Company closed on the sale of its Candlelight Apartments in Fargo, North Dakota, for a sale price of approximately $2.0 million, of which approximately $1.2 million consisted of the buyer's assumption of the existing mortgage debt on the property, for gross proceeds to the Company of approximately $701,000.

Pending Acquisitions. The Company has signed purchase agreements to acquire the following properties:

· a 12-building, 116-unit multi-family residential property in Topeka, Kansas on approximately 5.9 acres of land, for a purchase price totaling approximately $7.6 million, to be paid in cash;

· a 9-building, 336-unit multi-family residential property in Omaha, Nebraska on approximately 18.5 acres of land, for a purchase price of approximately $28.6 million, to be paid in cash;

· two adjoining parcels of vacant land in Rochester, Minnesota, totaling approximately 24 acres, for a purchase price of approximately $1.1 million, to be paid in cash;

· an approximately 10 acre parcel of vacant land in Grand Forks, North Dakota, for a total purchase price of approximately $1.6 million, to be paid in cash; and

· two adjoining parcels of vacant land in Rapid City, South Dakota, totaling approximately 9 acres, for a purchase price of approximately $879,000, to be paid in cash.

These pending acquisitions are subject to various closing conditions and contingencies, and no assurances can be given that any of these transactions will be completed.