COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Apr. 30, 2013

COMMITMENTS AND CONTINGENCIES [Abstract]

Schedule of Expected Timing of Ground and Air Rights Lease Payments

The future minimum lease receipts to be received under non-cancellable leases for commercial properties as of April 30, 2013, assuming that no options to renew or buy out the lease are exercised, are as follows:

Year Ended April 30,	(in thousands)
2014	$	114,118
2015		102,967
2016		92,131
2017		77,193
2018		61,744
Thereafter		195,986
	$	644,139

Schedule of Property Cost and Gross Rental Revenue

Purchase Options. The Company has granted options to purchase certain IRET properties to tenants in these properties, under lease agreements. In general, the options grant the tenant the right to purchase the property at the greater of such property's appraised value or an annual compounded increase of a specified percentage of the initial cost of the property to IRET. The property cost and gross rental revenue of these properties are as follows:

2013 Annual Report

NOTE 15 • continued

	(in thousands)
			Gross Rental Revenue
Property	Investment Cost		2013		2012		2011
Billings 2300 Grant Road - Billings, MT	$	2,522	$	299	$	291	$	226
Fargo 1320 45^th Street N - Fargo, ND		4,160		400		400		333
Healtheast St John & Woodwinds - Maplewood & Woodbury, MN		21,601		2,152		2,152		2,152
Missoula 3050 Great Northern - Missoula, MT		2,723		323		315		243
Sartell 2000 23^rd Street South - Sartell, MN		12,716		365		868		1,209
Spring Creek American Falls- American Falls, ID		4,070		352		234		n/a
Spring Creek Boise - Boise, ID		5,075		440		293		n/a
Spring Creek Eagle - Eagle, ID		4,100		356		237		n/a
Spring Creek Meridian - Meridian, ID		7,250		624		417		n/a
Spring Creek Overland - Overland, ID		6,725		580		387		n/a
Spring Creek Soda Springs - Soda Springs, ID		2,262		196		130		n/a
Spring Creek Ustick - Meridian, ID		4,300		368		246		n/a
St. Michael Clinic - St. Michael, MN		2,851		249		248		244
Urbandale - Urbandale, IA		15,218		1,153		n/a		n/a
Winsted Industrial Building - Winsted, MN		1,054		70		32		n/a
Total	$	96,627	$	7,927	$	6,250	$	4,407