ACQUISITIONS AND DISPOSITIONS

9 Months Ended

Jan. 31, 2012

Notes To Financial Statements [Abstract]

NOTE 8 . ACQUISITIONS AND DISPOSITIONS

PROPERTY ACQUISITIONS

During the third quarter of fiscal year 2012, the Company closed on its acquisition of a 36-unit multi-family residential property in Isanti, Minnesota, on approximately 1.7 acres of land, and an adjoining 4.9 acre parcel of vacant land, for a purchase price of approximately $3.5 million, of which $3.0 million was paid in cash and the remainder in limited partnership units of the Operating Partnership valued at $495,000. This property is located next to the Company's existing 36-unit Evergreen Apartments in Isanti, Minnesota. Also during the third quarter of fiscal year 2012, the Company substantially completed construction of an additional approximately 28 assisted living units and 16 memory care units at its existing Meadow Wind senior housing facility in Casper, Wyoming. The Company estimates that construction costs for this expansion project will total approximately $4.7 million. As of January 31, 2012, the Company had incurred approximately $3.8 million of these project costs.

The estimated fair values of land, building and intangible assets acquired are provisional and are based on the information that was available as of the filing of the Company's Form 10-Q. The Company will continue to evaluate the purchase price allocation as better information becomes available. The Company expects to finalize the valuation and complete the purchase price allocation as soon as practicable, but no later than one year from the acquisition date. The Company expensed approximately $40,000 and $85,000 of transaction costs related to acquisitions in the three months ended January 31, 2012 and 2011, respectively, and approximately $466,000 and $142,000 in the nine months ended January 31, 2012 and 2011, respectively. The Company's acquisitions and development projects placed in service during the nine months ended January 31, 2012 and 2011 are detailed below:

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Nine Months Ended January 31, 2012

		(in thousands)
Acquisitions and Development Projects Placed in Service	Date Acquired	Land		Building		Intangible Assets		Acquisition Cost

Multi-Family Residential
147 unit - Regency Park Estates - St. Cloud, MN	8/1/11	$	702	$	10,198	$	0	$	10,900
50 unit - Cottage West Twin Homes - Sioux Falls, SD	10/12/11		968		3,762		0		4,730
24 unit - Gables Townhomes - Sioux Falls, SD	10/12/11		349		1,921		0		2,270
36 unit - Evergreen II - Isanti, MN	11/1/11		701		2,774		0		3,475
			2,720		18,655		0		21,375

Commercial Medical
17,273 sq. ft Spring Creek American Falls - American Falls, ID	9/1/11		137		3,409		524		4,070
15,571 sq. ft Spring Creek Soda Springs - Soda Springs, ID	9/1/11		66		2,122		42		2,230
15,559 sq. ft Spring Creek Eagle - Eagle, ID	9/1/11		250		3,191		659		4,100
31,820 sq. ft Spring Creek Meridian - Meridian, ID	9/1/11		428		5,499		1,323		7,250
26,605 sq. ft Spring Creek Overland - Boise, ID	9/1/11		656		5,001		1,068		6,725
16,311 sq. ft Spring Creek Boise - Boise, ID	9/1/11		711		4,236		128		5,075
26,605 sq. ft Spring Creek Ustick - Meridian, ID	9/1/11		467		3,833		0		4,300
Meadow Wind Land - Casper, WY	9/1/11		50		0		0		50
24,795 sq. ft Trinity at Plaza 16 - Minot, ND1	9/23/11		0		5,562		0		5,562
3,431 sq. ft Edina 6525 Drew Ave S - Edina, MN	10/13/11		388		117		0		505
22,193 sq. ft Meadow Winds Addition - Casper, WY2	12/30/11		0		3,840		0		3,840
			3,153		36,810		3,744		43,707

Commercial Retail
19,037 sq. ft. Jamestown Buffalo Mall - Jamestown, ND3	6/15/11		0		822		0		822

Unimproved Land
Industrial-Office Build-to-Suit - Minot, ND	9/7/11		416		0		0		416

Total Property Acquisitions		$	6,289	$	56,287	$	3,744	$	66,320

(1)	Development property placed in service September 23, 2011. Additional costs paid in fiscal year 2011 totaled $3.3 million, for a total project cost at January 31, 2012 of $8.8 million.

(2)	Expansion project placed in service December 30, 2011.

(3)	Construction project placed in service June 15, 2011. Additional costs paid in fiscal year 2011 totaled $1.4 million, for a total project cost at January 31, 2012 of $2.3 million.

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Nine Months Ended January 31, 2011

		(in thousands)
Acquisitions and Development Projects Placed in Service	Date Acquired	Land		Building		Intangible Assets		Acquisition Cost

Commercial Office
58,574 sq. ft. Omaha 10802 Farnam Dr - Omaha, NE	12/16/10	$	2,462	$	4,374	$	1,459	$	8,295

Commercial Medical
14,705 sq. ft. Billings 2300 Grant Road - Billings, MT	7/15/10		649		1,216		657		2,522
14,640 sq. ft. Missoula 3050 Great Northern - Missoula, MT	7/15/10		640		1,331		752		2,723
108,503 sq. ft. Edgewood Vista Minot - Minot, ND	11/10/10		1,046		11,590		2,545		15,181
23,965 sq. ft. Edgewood Vista Spearfish Expansion - Spearfish, SD1	1/10/11		0		2,280		0		2,280
			2,335		16,417		3,954		22,706

Commercial Industrial
42,244 sq. ft. Fargo 1320 45th St N - Fargo, ND2	6/22/10		0		1,634		0		1,634

Commercial Retail
47,709 sq. ft. Minot 1400 31st Ave - Minot, ND	12/10/10		1,026		6,143		1,081		8,250

Total Property Acquisitions		$	5,823	$	28,568	$	6,494	$	40,885

(1)	Expansion project placed in service January 10, 2011.

(2)	Development property placed in service June 22, 2010. Additional costs incurred in fiscal year 2010 totaled $2.3 million, for a total project cost at January 31, 2011 of $3.9 million.

PROPERTY DISPOSITIONS

The Company had no real estate dispositions in the third quarter of fiscal year 2012. The following table details the Company's dispositions during the nine months ended January 31, 2012 and 2011:

Nine Months Ended January 31, 2012

	(in thousands)
Dispositions	Sales Price		Book Value and Sales Cost		Gain/(Loss)

Commercial Retail
41,200 sq ft. Livingstone Pamida - Livingston, MT	$	2,175	$	1,586	$	589

Total Property Dispositions	$	2,175	$	1,586	$	589

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Nine Months Ended January 31, 2011

	(in thousands)
Dispositions	Sales Price		Book Value and Sales Cost		Gain/(Loss)

Multi-Family Residential
504 unit - Dakota Hill at Valley Ranch - Irving, TX	$	36,100	$	30,909	$	5,191
192 unit - Neighborhood Apartments - Colorado Springs, CO		11,200		9,664		1,536
195 unit - Pinecone Apartments - Fort Collins, CO		15,875		10,422		5,453
210 unit - Miramont Apartments - Fort Collins, CO		17,200		10,732		6,468
		80,375		61,727		18,648

Commercial Medical
1,410 sq. ft. Edgewood Vista Patio Home 4330 - Fargo, ND		205		220		(15	)

Commercial Industrial
29,440 sq. ft. Waconia Industrial Building - Waconia, MN		2,300		1,561		739

Commercial Retail
41,000 sq. ft. Ladysmith Pamida - Ladysmith, WI		450		457		(7	)

Total Property Dispositions	$	83,330	$	63,965	$	19,365