SUBSEQUENT EVENTS

12 Months Ended

Apr. 30, 2016

SUBSEQUENT EVENTS [Abstract]

SUBSEQUENT EVENTS

NOTE 21 • SUBSEQUENT EVENTS

Common and Preferred Share Distributions.  On June 2, 2016, our Board of Trustees declared the following distributions:

	Quarterly Amount
Class of shares/units	per Share or Unit		Record Date	Payment Date
Common shares and limited partnership units	$	0.1300	June 15, 2016	July 1, 2012
Preferred shares:
Series A	$	0.5156	June 15, 2016	June 30, 2016
Series B	$	0.4968	June 15, 2016	June 30, 2016

Strategic Plan Update. On June 6, 2016, we announced our plan to move towards becoming a pure play multifamily REIT and our intention to sell our remaining commercial properties.

Termination of the ATM Sales Agreement. On June 1, 2016, we and our Operating Partnership terminated the ATM sales agreement with Baird according to its terms.

Completed Disposition.  On May 6, 2016, we sold a parcel of unimproved land in Grand Chute, WI, for a sale price of $250,000.

Pending Dispositions.  On May 2, 2016, the tenant in our eight Spring Creek senior housing properties exercised its option to purchase the properties for a sale price of $43.5 million. On May 3, 2016, we signed an agreement to sell an industrial property in Fargo, ND, for a sale price of $13.4 million. These pending dispositions are subject to various closing conditions and contingencies, and no assurances can be given that the transaction will be completed on the terms currently expected, or at all.