NONCONTROLLING INTERESTS

12 Months Ended

Apr. 30, 2018

Interests in the Operating Partnership held by limited partners are represented by Units. The Operating Partnership’s income is allocated to holders of Units based upon the ratio of their holdings to the total Units outstanding during the period. Capital contributions, distributions, and profits and losses are allocated to noncontrolling interests in accordance with the terms of the Operating Partnership’s Agreement of Limited Partnership.

We reflect noncontrolling interests in consolidated real estate entities on the Balance Sheet for the portion of properties consolidated by us that are not wholly owned by us. The earnings or losses from these properties attributable to the noncontrolling interests are reflected as net income attributable to noncontrolling interests – consolidated real estate entities in the Consolidated Statements of Operations. Our noncontrolling interests – consolidated real estate entities at April 30, 2018 and 2017 were as follows:



	(in thousands)
	April 30, 2018			April 30, 2017
IRET-71 France, LLC	$	6,604		$	7,425
IRET-Cypress Court Apartments, LLC	897			986
IRET-Williston Garden Apartments, LLC	1,371			1,057
IRET - WRH 1, LLC	(8,018		)	(7,904		)
WRH Holding, LLC	224			360
Noncontrolling interests – consolidated real estate entities	$	1,078		$	1,924