NONCONTROLLING INTERESTS

12 Months Ended

Apr. 30, 2016

NOTE 6 • NONCONTROLLING INTERESTS

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. During fiscal year 2016, Mendota Properties LLC disposed of the five properties held by the entity. Our noncontrolling interests – consolidated real estate entities at April 30, 2016 and 2015 were as follows:


	(in thousands)
	April 30, 2016		April 30, 2015
IRET-71 France, LLC	$	8,070	$	8,630
IRET-Cypress Court Apartments, LLC		1,042		1,089
IRET-RED 20, LLC		2,410		3,072
IRET-Williston Garden Apartments, LLC		3,014		3,090
IRET - WRH 1, LLC		5,266		6,138
Mendota Properties LLC		—		7,294
WRH Holding, LLC		1,195		1,206
Other		23		—
Noncontrolling interests – consolidated real estate entities	$	21,020	$	30,519